Did you know how you can still increase the value of your home? By combining convenience, security, and technology, your property can surely increase in value if you have smart home technology
How Smart Home Tech Affects Property Values
Dated: December 15 2023
Did you know how you can still increase the value of your home? By combining convenience, security, and technology, your property can surely increase in value if you have smart home technology installed in your home.
If you’re not up-to-date with real estate news, you probably aren’t aware of how the demand for smart home technology is spreading like wildfire. And it’s impacting the real estate industry in bigger ways than you think.
It’s changing the way people live and making homes more convenient and secure. With homebuyers of all ages lining up for properties with smart home technology, it’s definitely here to stay. Currently, half of the millennial population has at least one smart home technology installed in their homes. Meanwhile, 91% of those who have smart home products are likely to recommend it to others.
With the need for it growing higher and higher, saying that it might be a good idea to invest in smart home technology is an understatement.
What is Smart Home Technology?
You probably have a good idea of what a smartphone is. Just think of all the things you can efficiently do with your phone and imagine your house having that kind of technology. Sounds pretty awesome, am I right?
Smart home technology refers to network-connected products that you can control, automate, and optimize to function. This means that you can control functions like temperature, lighting, security, safety, or entertainment by a device. This device can either be your smartphone, tablet, computer, or a separate system altogether.
Some smart devices that you can install in your home include smart locks, smoke detectors, motion alarm detectors, smart security cameras, smart light devices, thermostats, and automated garage doors, to name a few.
Not only can smart devices level up your comfort and efficiency, but they can also make you more efficient. Forgot to do the laundry? Run it while you’re at work. Forgot to lock the front door? Lock it from your smartphone. It just makes life so much easier and stress-free, while saving money too by making things run more energy efficient.
How can Smart Home Tech affect your property?
It will raise the property value of your home
One of the main reasons why homeowners install smart home technology is it can increase their home value. When its value increases, owners will be able to resell it at a higher price.
What does this mean for you? When listing a property, the features and amenities are very significant factors in how much a property should cost. This also applies to properties for rent. If it is equipped with smart technology to provide the tenants more convenience, the higher rent it requests.
Some buyers turn affordable homes into an investment by installing inexpensive smart devices. Once a home becomes automated, it can have an exceptional return on investment.
In the same neighborhood, buyers would be willing to purchase homes with smart home technology up to 5% of the property price than the normal one.
It has a faster selling time
Although homebuyers consider a lot of factors when buying a home, having smart home technology definitely gives your property a cut above the rest. When it comes to time and duration on the market, houses with smart devices already installed sell faster.
In fact, according to CNET, 81% of buyers said that they’d choose to buy a home if smart products were already installed, while 71% said that they were specifically looking for smart home technology in their next home.
If you plan to resell your home in the future, better install smart devices now so your property doesn’t get left behind in the market.
Attract a Variety of Potential Buyers
I’ve talked about how smart home technology can help you sell your home with an advantage. But who are the potential buyers of this type of home?
Most people believe that smart homes are for the rich because of their “fancy” features. But according to a study, millennials are the largest home buyers and they are mostly attracted to homes with smart technology. They are easily impressed by the “wow” factor it gives when they check out its features.
Aside from millennials, smart homes also attract various buyers based on their lifestyle. Single parents are more likely to purchase a smart home than a normal one due to its security features while solo occupants purchase a smart home because of its convenient features.
Installing smart devices in your home will not only increase its value but can also widen your market.
Are You Ready to Get Smart?
Location, market, condition, neighborhood, and features are common factors to consider when buying a property. But having a smart technology will give your home a plus!
Aren’t these enough reasons to invest in smart devices for your home? Be sure to include this in your next home maintenance.
With over 20 years of experience in Marketing, Advertising, and Design, Denise decided it was time to venture away from the desk, which led her to the world of Real Estate. Applying the principles of ....
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