Security systems you can activate on your smartphone, no matter where you are in the world. Apps that change the lighting in a room according to your mood. Sensors that keep track of how many eggs you have left in the fridge and alert you when you need to buy more. These are all examples of actual smart systems. And they are all available to home buyers. They also drive up a home’s asking price. Are they worth all the extra money? Let’s take a look at smart home technology and whether it’s worth it.
The Statistics
Research shows that over 70% of Americans want smart devices monitoring capabilities. Only a mere 27% have invested in them. The most likely reason for this is the cost of a smart device. They can range upwards of 50% more than regular technology. On average, it costs $1,000 to install a home automation system. With high-end systems, the costs will rise to as much as $3,500.
Types of Smart Home Technology
It is an extra selling point if smart home technology is already installed in a home that your buyers want. It is harder to determine whether it’s worth the extra money. Let’s look at the different kinds of smart home technology in the marketplace.
According to Realtor Magazine, there are three main categories of smart home devices:
- Devices that offer efficiency, time savings, and convenience. Delivery people can now leave packages in the garage rather than on the porch. This technology uses centrally-controlled light switches. You can switch off all lights with a single touch. Apps also allow pet sitters from a remote location to open a smart lock.
- Devices that offer energy savings. Homeowners are always looking for new ways to save on heating, cooling, and lighting. Have you heard of smart thermostats? They are an app that tracks your home’s carbon footprint. There are apps that measure how much energy your solar panels generate. These are all in very high demand with home buyers.
- Devices that improve home security. There are now apps that show you on your phone if there is a person at your door. These apps can also unlock all the home’s locks when a smoke alarm goes off. There are many apps on the market aiming to improve home security.
What to Consider
There are two main things to consider when assessing this investment. Is smart home technology worth the extra money? First, do the installed smart devices offer value to the buyers? Make sure and figure out what is important to your buyers. Families with small children are often geared toward home security. Some buyers only want home efficiency tracking. Make sure the technology fits your buyer’s needs.
Second, smart home technology might be essential before too long. MarketWatch estimates that by 2021, over 50% of homes will have smart home technology. What does this mean to a buyer? Do they plan on selling their home at some point in the future? If so, they will want to invest in a home with a smart home system already installed.
Smart home technology is here to stay. If it’s worth it to your buyers depends on personal preferences. The biggest thing for buyers to consider are their future plans for their homes.
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