Re-imagine
Generate renovation solutions in one click!
Introduction
We propose a generative AI system to assess and enhance residential real estate units for renovation and resale. The Re-imagine platform will require developers to input property details, budget, and architectural vision, and will generate itemized renovation checklists, cost breakdowns, visualizations, and predicted after-repair-values (ARVs).
Problem
A large number of residential real-estate developments entail the renovation and resale of low-middle market units. However, this requires a high degree of expertise on the part of the development professional, especially while evaluating the potential future value of the property. As a result, many potentially valuable units are overlooked due to their existing, potentially undesirable, condition. A generative AI-driven system for the assessment of future renovation scenarios can be helpful, if integrated into the property-identification and renovation workflow.
Opportunity
We propose an integrated design-decision-making and cost-estimation tool that provides an outline of potential architectural renovation decisions that align with both the budget as well as the vision of a potential investor. The tool will require developers to input basic property information, upload multiple images, and specify a budget along with an architectural vision – and will generate a set of proposed visualizations along with and itemized checklist of renovation jobs and their respective cost components. The tool will also generate a predicted resale value of the property post renovation based on prevailing local market conditions. This integrated design-decision-making and cost-estimation tool thus aims to streamline property identification and renovation processes.