What Value Does a Smart Home System Add, If I Sell My House?
Most people believe that making a home smarter can increase its market value and thus make it faster to sell because of the appealing features that smart gadgets provide.
After all, design and style are among the leading factors that drive people to purchase a house. On the other hand, convenience from smart devices is also opted, especially by people who want to accomplish daily tasks and routines with the touch of a button.
When making home upgrades, the last thing on my mind is what will happen if I sell my house. Whether it's a fresh coat of paint or installing an innovative home system, I'm usually thinking in the short-term, not the long-term. However, with the current state of the housing market, you should consider all aspects of an upgrade, significantly how it'll affect your property value.
The upgrades you consider to be luxuries, such as home automation services, actually improve the overall value of your home.
Key Factors to Consider Before Installing a Smart Home System
Check out three key factors to keep in mind when debating an intelligent home system installation.
What type of lifestyle do you want at home? For example, would your life change if you could control the temperature of your home via an app on your phone? Do you travel often and want a security system you can frequently check on? Start by finding what's important and valuable to you and your family, and go from there.
Some people choose the cheapest system available due to budgetary restraints, while others opt for the most expensive option, assuming it's the best on the market. Instead, it would be best to look for a cost that works for you while keeping the future in mind. For instance, you may save money now, but is the system built to last? What if you sell your home sooner than planned and need to install a new system before doing so? Expenses should be top of mind when considering a home upgrade.
Again, think of home automation as a long-term investment. The cheapest intelligent home system won't increase your property value. Buyers will factor any smart home solutions into the equation, so make sure you consider the costs and value before you invest.
An intelligent home system can do wonders for your home, and the potential increase in property value is a huge bonus. When it comes time to sell my house, home automation is an investment I'll thank myself for installing, for all these benefits and more.
Home Automation Is in High Demand
A new study from Coldwell Banker and Vivint Smart Home offers insight into what smart home products increase property value. According to the report, consumers want voice control most of all.
If you can add a home automation system like Google Home or Amazon Echo to your home, you could attract buyers in droves and decrease the time your house spends on property listings.
The people who were interested in intelligent technology span generations and demographics. Parents, Millennials, and Gen Xers all want intelligent home functionality. Even Baby Boomers desire the features—the study shows 26% already use voice-controlled devices and applications. As for why people are interested in voice control, the survey cites three reasons: Survey respondents find voice control to be more intuitive and practical, specifically in its user-friendliness, hands-free control, and location flexibility.
To raise home value further, add other smart home connected devices of interest to homebuyers.
Things like intelligent entertainment systems, intelligent lighting options, and intelligent security elements are relatively trendy right now and could quickly increase property value.
Smart Homes Explained
For those not oriented about smart homes yet, for a home to be considered competent, it must be a residence or a house equipped with intelligent devices that allow remote navigation. A wise home is intended to provide maximum convenience, improve the quality of life, and increase efficiency for the people residing in it.
When living in an intelligent home, expect to feel the ease you can never experience in any standard home. From turning off lights using voice control to locking the door in just one tap, you can get the most out of your time and energy for the tasks and devices that matter most to you.
Does Making a Home “Smart” Add to Its Overall Value?
Today, most people in the home buying market are aware of intelligent devices that provide wide-ranging benefits- especially in terms of functionality and convenience. For this reason, many home buyers are looking forward to owning a home with such things – bright lights, intelligent security systems, smart plugs, etc.
They prefer houses that are pre-installed with innovative technology rather than having to install it themselves. With the installation of smart devices, one can increase a property’s value by around 5%.
An intelligent home shows more appeal to home buyers because of the advanced features they offer. These features can result in better productivity, convenience, security, safety, and a higher quality of life. The number one target of home buyers is to make the most out of the money they will spend when acquiring a property.
Since an intelligent home provides numerous advantages compared to a traditional house, it is more likely to be chosen by home buyers. For this reason, it will drive them to purchase the property more quickly.
Nowadays, smart homes are much sought-after. Knowing this, you can expect that investing in this venture will give you a higher ROI in a shorter period compared to standard homes.
If you observe property developers, they have recently emphasized intelligent capabilities as their over-the-top home selling point, especially with the new developments of clever technology. This is because many people are demanding the ease and convenience that comes from features that are innate with intelligent devices.
The capabilities of smart homes create a considerable gap between traditional or modern homes (without smart devices) because of their impressive advantages. Aside from that, most smart devices promote energy efficiency, which is another appealing factor why many home buyers are opting for smart homes.
Not only is energy efficiency critical for the care of the environment, but it reduces spending through electricity usage.
How Do Smart Devices Increase Home Value?
So how, precisely, can the utilization of various intelligent devices improve the value of a property? Smart home devices add security, safety, comfort, convenience, energy efficiency, and value through time, among other ways.
For a deeper look into these topics, I have listed some primary reasons people look at homes with pre-installed innovative technology.
Security and Safety
As mentioned earlier, smart devices help to provide more vital protection to a home. For most people, safety and security is the most important determining factor that goes into buying a property, despite the concern of if it is for residential or commercial purposes.
Intelligent devices such as door locks, video doorbells, security cameras, and others can improve a home’s security system remarkably, providing control to the homeowner and power over one’s place of residence.
According to a study conducted by IControl Networks, 90% of the people who responded report that family and home security is the primary reason why they establish an intelligent home or buy one in the first place.
A house that is pre-equipped with smart devices is more likely to appeal to homebuyers than those that utilize traditional equipment.
By installing a smart lock, you have equipped your home with a feature that is much more difficult to break into or hack.
With the installation of bright lights or smart plugs, you can make these features turn on and cause an appearance that you are home, even if you are away for whatever reason. These are just a few examples, but it is easy to see how intelligent devices would provide simple (as well as advanced) security systems for your home.
Comfort and Convenience
Most people believe that innovative home technology offers an even more comfortable and convenient lifestyle. It may be entertainment technologies like smart TVs and built-in headphones or the capability to monitor lighting and blinds using your smartphone.
Either way, people are more often looking for instant and convenient benefits that innovative home technology can provide.
Smart homes create hype in the home buying market, and the technology is continuously growing. Aside from that, other industries are catching up and adjusting to what consumers want. While opting for simple, smart devices, people still want to get visible benefits.
Most people adopt at least one smart device, including security devices, thermostats, speakers, lighting control, and many more. Once you have made the switch to a smart device, it isn't easy to turn back- or to not continue to invest in new smart devices.
Another reason why intelligent home devices increase home value is that the use of several intelligent devices lets you save energy consumption- including intelligent lighting, smart plugs, smart appliances, and smart thermostats, among others.
If you compare an intelligent home’s electric consumption to other homes, you will be able to show your potential buyers that the house is worth the price, especially with long-term value.
Smart homes are residences with pre-installed intelligent devices that are capable of automation. Aside from the fact that most smart devices can switch off automatically when not being used, they also come with energy-efficient components.
These usually require less energy compared to standard devices. If homebuyers become aware that they will be able to cut a skyrocketing electric and water bill every month by choosing a smart home, it will likely drive them to make a purchase.
With smart homes, people can save more money by reducing energy consumption. But aside from that, smart homes can also help you to save time. For example, you no longer need to do particular tasks for yourself, such as starting the oven, adjusting the temperature in your home manually, or remembering to lock the door.
With the wide-ranging automation that intelligent devices provide, you can increase your productivity and spend more time with other essential things like eating dinner rather than preparing it or even using the time saved to be with loved ones.
Smart homes allow you to avoid frustrations and only focus on essential things in life. It is also one of the reasons why intelligent homes claim to be capable of improving the quality of life.
Smart Home Features That Can Increase Home Value
If you are planning to sell a house faster and with a higher market value, below are some innovative features that you must consider implementing into your home. You can also check out the items that you may want to include next, assuming that some of these intelligent gadgets already exist in your home.
Selling a house that is equipped with standard appliances sells 11% less compared to a smart home filled with high-end intelligent appliances.
Another feature that every intelligent home must include is bright lighting. Of course, a smart home is not complete without that light that automatically shuts off when you are not around and switches on when it senses that you are there.
A house with a smart hub can easily attract a home buyer’s attention. This device makes it possible for you to make machines work without breaking a sweat, making it an essential component of a smart home.
Spare keys can be subjected to being forgotten, stolen and can be duplicated for unauthorized use. For this reason, most home buyers are attracted to properties with intelligent locks, especially since they provide advanced security features such as automatic locking and unlocking.
Smart Smoke Detectors
Another smart device that can increase home value is smart smoke detectors. Aside from smart locks and smart home cameras, smoke detectors with innovative capabilities are essential devices that can keep a home safe and secure.
Instead of curtains, many modern homes are now adorned with Venetian blinds. Notably, blinds or shades are much easier to maintain and are usually long-lasting.
Most home buyers are also interested in smart homes with smart thermostats. Aside from security, most home buyers are also opting for a smart feature that will allow them to manage the energy consumption inside the house.
Smart Voice Control
Nowadays, you can find different smart devices integrated with Artificial Intelligence (AI) that accept voice commands to complete tasks or respond to triggered phrases. Some of the most popular AIs today are Amazon’s Alexa, Apple’s Siri, among others.
With smart voice control, you can have a smart device work by just asking it to do so. For example, switch off the lights in your room by saying, “Good night Alexa.” Or, “Alexa, please turn off the lights.” Looking for smart devices with smart voice control will add to the convenience factor that contributes to your smart home’s value.
A home with smart speakers is another one of the best ways to increase home value. These devices allow syncing between TVs, speakers, PCs, and smart home security systems to hear a video doorbell.
A smart speaker is described as a wireless speaker that accepts voice commands through an integrated virtual assistant. You can ask it to play your recently selected playlist, ask what the weather is, and even have it read a poem for you.
Aside from that, you can also connect it to your smartphone to access your favourite songs in your phone’s storage. Smart speakers come with a different set of features that range from basic to advanced, so you should expect differences in the way the devices work.
From indoors to outdoors, smart homes are equipped with features that can make the entire home convenient, functional, and truly valuable. According to manufacturers, smart sprinklers allow homeowners to reduce costs from their annual water bill by up to fifty per cent.
Is Smart Home A Great Investment?
Establishing a smart home may cost you a substantial amount of money at first. But since smart devices add significant value to a home, they will increase the chances to sell faster and at a higher price.
If you are concerned about upfront costs, only add the most sought after smart devices to ensure that your smart home devices can capture the attention of homebuyers.
Also, make sure that all smart devices you include come with high-quality performance. Failing to do so may put your investment to ashes, especially if you opt to install low-quality devices that may quickly overheat, leading to fire if not prevented, for example.
It’s Easy to Sell the Home of the Future
Home automation systems and devices often raise the home value in terms of curb appeal. As smart gadgets become more prevalent, more homebuyers will see the benefits of smart home connected devices.
Adding home automation features rarely backfires: the gadgets offer benefits to both you and your homebuyers.