Smart homes improve the efficiency of our day to day activities, can make chores easier, and quite simply, make our time at home more enjoyable and comfortable. With all of the personal upsides, what is the tangible impact of smart technology on home value and appeal to potential buyers? Also, do these upgrades help sell a home faster?
Smart home technology was once a savvy upgrade that made a home stand out, but it’s now considered a necessity if you’re selling a home in a competitive, upscale market. According to Statista, the smart home technology industry is expected to reach a value of more than $53 billion by 2022. As a home builder, architect or investor, how will you adapt? Let’s take a dive into the current real estate marketplace to see the impact of smart home technology.
Reason #1: Smart Home Technology Increases Property Value
It’s a fact, making smart home technology turn-key accessible will increase the value of your property. Realtor.com states that this technology can boost property value by 5%. To put this in perspective, that’s $20,000 on a home that is listed at $400,000.
During the appraisal process of your property, appraisers make adjustments to their valuation when they compare technology-enabled properties with similar homes that do not contain the same features. As a result, smart homes can be valued at a higher price. Note, that it is important to have smart home products already installed in the home before listing it, otherwise, homeowners will have to wire it themselves before moving in, which isn’t ideal.
Reason #2: Smart Homes Sell Faster
It’s a staggering fact: 81% of buyers say they would prefer to buy a home if smart home products were already installed. As a result, some of the leading real estate companies in the world have created “smart home staging kits” to make homes for sale more desirable.
When buyers are walking through a home, they want to imagine their future life there, and usually make an upgrade from their current home. Smart home technology lets them envision just that, creating an ambient, modern home.
Reason #3: Smart Home Technology Creates a Move-In Ready Home
Homebuyers want a home that is “turnkey” and well-equipped to handle their needs. A survey from Coldwell Banker says that 71% of American homebuyers want a home that is move-in ready, and by presenting a smart home that’s already outfitted with the latest technology, you’re responding to what today’s buyers want.
A home that features smart lighting, climate control and shading will sell itself. During each walkthrough of the property, you can have automation go off without a hitch. Let an open kitchen welcome buyers with soothing music and elegant LED high hat lighting. Walk them through the patio that showcases a pool with smart lighting and audio solutions. Open the en-suite bathroom to expose the Séura TV Mirror, bright vanity lighting and spa-like music. When combined, smart automation really becomes your best sales associate when promoting a move-in ready home.
Reason #4: Smart Homes are More Safe & Secure
Smart home technology’s security and surveillance capabilities deliver peace of mind to homeowners.
Homes armed with smart security systems come packed with features. With a single touch, you can lock every door and arm the alarm system. Real-time updates are sent to homeowners so they can feel at ease when at work, on vacation, etc. Off-premise security access control creates an in-home ambiance, automating indoor/outdoor lights, TV and music to go off while homeowners are away. Adding a security system such as this gives a listed home a compelling advantage over other homes for sale.
Reason #5: Money Savings on Monthly Energy Bills
Yes, smart home energy savings really do exist. Homeowners save an average of 10-12% on monthly heating costs and approximately 15% on cooling costs. Enabling smart automation that is synched to your devices like smart shading, thermostat and lighting control, which create a bundle of cost savings. Smart technology is an investment for your home that pays off over time. By relaying this information to your homebuyers, you can highlight the ROI of smart home technology starting on move-in day.
Reason #6: Homeowners Want a Lightning-Fast WiFi Feature
High-speed or broadband services are a standard. If you’ve lived in an apartment or urban area, you may take this for granted. However, homes in rural areas or busy households supporting the use of numerous WiFi-based devices can find themselves underserved by Internet providers. This is where smart home networking solutions come in.
Broadband is a number one necessity for homebuyers to enjoy both high-speed Internet, 4K TV services, and emerging smart home technology. Of course, the best time to wire a home right is when it’s being built and the walls are open, allowing builders to do the job right.
Ready to Add Smart Technology to Your New Build?
Don’t just promise a smart home. Deliver one. Lifetronic Systems specializes in installing custom home technology for builders, architects and designers alike using the latest, cutting-edge technology. To request a free quote for your new build, please click here.