Fintech will give us more data about our properties and help us make better purchases
How much do you really know about a property you’re buying? How much does it cost to heat and cool? When was the building last inspected? There’s not really much data available.
This makes it hard for homebuyers to make wise decisions, and it makes property valuations less accurate.
But new forms of financial tech are set to change that.
“There’s going to be increasing convergence of understanding property value and the cost of running a house,” said Insight Data Solutions COO Mike Thanos this afternoon at an Intersekt 2019 panel on fintech and the disruption of property and energy markets.
“You hear stories about people who get nasty shocks after they’ve been living in a house for six months and they find out that it’s a very expensive place to live in apart from the mortgage repayments… there’s not very good data available around that.”
This was the panel’s central theme: better use of data will tell people more about their homes, such as their energy consumption patterns and the energy efficiency of their homes. This data can in turn provide a more accurate picture of a property’s value.
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