Smart home technology is growing quickly, and it can definitely add to market value. Appraisers make “adjustments” when they compare tech-enabled homes with similar homes that are tech-deficient. Also, smart homes not only receive higher prices but may be easier to sell. Milennials are paving the way in smart homes, but all populations are enjoying the benefits these devices offer.
What Make a Home “Smart?”
A “smart home” is one that has network-connected products (via WiFi, Bluetooth or similar) for controlling, automating and optimizing features such as lighting, temperature, security, safety and entertainment. This automation can be controlled remotely by a phone, tablet, computer or a separate system within the home.
A “smart home” should have a security feature that controls access or monitors the property or a temperature feature. In addition, it should have 2 of the following:
- Smart refrigerator/washers/dryers
- Smart TVs and streaming services.
- Smart HVAC systems, fans or vents.
- Smart outdoor plant sensors and watering systems.
- Smart fire/carbon monoxide detectors and night lights.
- Smart security locks, alarm systems or cameras.
- Smart thermostats.
Having a smart home will never deter a potential buyer. Statistics vary on how much value is added with these features, but the demand is increasing for smart home automation and is not expected to go away. According to a survey done by Coldwell Banker, the smart home features most desirable were a smart thermostat, smart fire detector, smart camera and a smart lighting system.
More Praise for “Smart Homes”
- Smart Homes Increase Safety.
- Smart Homes Reduce Stress and Anxiety.
- Smart Homes Market Well.
- Smart Homes Make Life More Convenient.
- Smart Homes Can Be Upgraded With Ease.
- Smart Homes Create More Privacy.
- Smart Homes Are Fun To Show Off.
With things like motion sensors, exterior lighting, cameras and alerts, smart features help make homeowners feel more safe and secure. Read more on safety and security that smart home offers here.
The Bottom Line:
If you’re considering installing a home automation or other “smart” features in your home, you will see a ROI at some point in the future. You may be in the red at first, but whether you take the system with you, sell the home faster, or just save on utility bills, the chances of breaking even or entering positive territory are high that they are well worth it.
Featured image credited to Dreamstime.com
