Can AI Estimate The Build Cost Of A Property

Rarely am I truly impressed with the accuracy of AI. For sure AI is evolving at an exponential rate and it is amazing what AI can do, in many fields of work, compared to just a few years ago. But hallucinations and toxicity are still plaguing the true potential of AI.

However, one day I was Googling different AI's associated with various industries and I came across GRAI. GRAI is a service focused on the real estate market; it can help to plan the build, design, financing and practically anything tangentially associated the real estate market.

I provided GRAI with a few simple prompts and diagrams of a typical build, I then asked a friend who is a builder to create an estimate using the same diagrams, and the exactness of GRAI was breathtakingly accurate.

Here are the prompts I fed into GRAI and the responses.

Challenge To GRAI?

I wanted to know the estimated build cost of building an extension simply based on 2 architecture diagrams and 1 line of instructions.?

My Question To GRAI?

Using the attached architecture diagrams please tell me the estimated build cost of building an extension to my property at location (I provided a location in South England which I am not posting here for data privacy reasons)        

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GRAI Response?

To estimate the build cost for your property extension, I will analyze the architectural diagrams and take into account the following factors:?

Estimated Build Cost Calculation?

Total Estimated Build Cost?

• ￡76,488–￡111,400 (dependent on quality of finishes and specific material choices).?

Recommendations:?

1. Obtain detailed quotes from local contractors to refine this estimate.?

1. Consider any planning permission or building regulations that may apply to your project in Surrey.?

1. Factor in potential costs for unforeseen issues, such as complex groundworks or structural amendments.?

Would you like further assistance with planning permissions, contractor recommendations, or cost optimization strategies??

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My Next Question To GRAI?

My builder friend said he uses a cost of ￡2800 per metre square, so I asked GRAI to recalculate. GRAI must now understand my next question is associated with the previous question.

Can you base above on ￡2800 per metre square and add a drainage cost??        

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GRAI Response?

Based on a build cost of ￡2,800 per m2 and including additional drainage costs, here's the updated estimate for your property extension

Total Estimated Build Cost?

• ￡113,648–￡126,648.?

Notes:?

1. Drainage: Estimated drainage costs include installation of a new gutter system, rerouting of existing drainage pipes, and ensuring compliance with building regulations.?
2. High-Quality Build: The use of ￡2,800 per m2 reflects a high-quality build standard, including premium materials and finishes.?

Would you like further assistance with contractor selection, drainage planning, or budgeting guidance??

My builder friend estimated the same build cost to be in range of ￡119,384 and ￡131,052.

Note, the last sentence from GRAI; GRAI is intelligently guiding the user with the next logical step. My continued conversation with GRAI continued to impress me.

You can go to GRAI at the following address and try it for free

https://internationalreal.estate/??