Smart home technology has grown tremendously in the past few years. Statistics estimate that the value of smart home technology will grow by 12.47% to a market volume of $222.90 billion by 2027. Therefore, if you intend to sell your home in the near future, especially to cash home buyers like Tiffany Property Investments, investing in smart home technology is beneficial in many ways.
By improving home security, saving on energy, and providing unmatched convenience, smart home technology is poised to disrupt the real estate market. Besides making your home appealing to potential buyers, smart home technology also improves your everyday life. Below are ways this technology increases the marketability of your home.
1. Automated Homes are Attractive to Millennial Buyers
Unlike before, millennials are currently the main target market in real estate. This is the generation of technologies, and they find smart home technologies very fascinating. Figures show that almost 50% of millennial homeowners use more than one smart home device in their homes. That said, investing in smart home technology makes your home attractive to millennial buyers.
2. Smart Homes are Selling Fast
Listed homes spend at least 60 days before being sold. It might take longer to close the sale of other properties based on their location, price, and general condition. However, installing smart home technology significantly reduces the time your home remains unsold in the market. Most potential homebuyers don’t like the hassle of installing these devices, especially after exhausting their budget on the home purchase.
Homebuyers are willing to spend more on a property with already installed smart home devices. Prospective buyers find the functionality of smart home devices very intriguing. If they’ve experienced it before, they’ll do everything for a home with smart gadgets.
3. Smart Homes Improve Security
Prospective homebuyers certainly won’t be interested in homes with vulnerable security structures. Smart home technology provides more reliable security than traditional security systems. While standalone smart devices, like Alexa and Amazon Echo, are personalized by users, some smart home technologies, especially security systems, become part of your home after installation.
Advancing technology has improved and made home security systems, such as doorbells, more reliable than traditional manual systems. Besides sounding an alarm, smart home security systems, such as CCTV, motion sensors, and two-way voice communication, make your home very secure. Security status is among the primary features prioritized by potential homebuyers.
4. Smart Homes Save Energy
Installing energy-saving smart home devices is another important selling point. The demand for green buildings has grown from less than $5 billion to more than $80 billion in the last few years. More people are searching for green homes and buildings with energy-saving features. With the right smart home technology, you can streamline your energy use and make adjustments that save on HVAC costs.
For instance, door and window sensors are affordable smart devices that serve many functions. Homeowners can connect doors and window sensors to their smartphones and control them remotely. This improves safety and prevents energy wastage. Automation platforms also allow homeowners to adjust lights and smart thermostats to save energy. Potential homebuyers find such features very attractive.
5. Smart Home Systems Reduce Insurance Costs
Like other homeowners, anyone who wants to buy a home will look for ways of reducing expenses after the purchase. The ability to reduce insurance premiums after the purchase increases your home appeal. Insurance providers like policies with low-risk payouts. Homes with smart home systems are very attractive to insurance providers.
Making your home safe primarily involves preventing theft from intruders and damage from unexpected disasters like fire and floods. A smart home system has interconnected devices, ranging from motion sensors, sirens, HD streaming cameras, and glass-break sensors, improving your home’s security status.
Smart home systems also provide timely alerts about disasters. For instance, smoke monitors warn in case of fire, while water leak sensors can raise the alarm immediately to detect dangerous water levels. Insurance companies can also collect information from your smart home systems, making it easier for them to process claims. Reduced risks often compel insurance companies to offer low premiums.
Which Smart Home Technologies Should You Prioritize?
There are endless smart home installations that can transform your ordinary home into a modern home. You should prioritize the following:
- Smart lighting – smart lighting is among the key features that modern home buyers prioritize. This technology incorporates several elements, including automatic bulbs, dimmer switches, and many other devices. Smart light bulbs can automatically turn on and off when someone enters the room, switch to bright white light, and dim. As such, there is no need to have light switches to control your lighting.
- Smart thermostats – most homeowners rely on manually controlled heating and cooling systems to keep their homes comfortable. However, you can control your home temperature physically and remotely with a thermostat. You can increase or decrease indoor temperature remotely before getting home. This improves comfort and saves on energy bills.
- Smart home locks – investing in a smart lock system eliminates the trouble of fumbling with a bunch of keys every time you get home. Smart locks have keyless and keyed options that allow homeowners to lock and open their homes using a key or code. Advances in smart home locks, such as burglar protection, fingerprint technology, automatic relocking, and wireless alerts, improve your home’s security.
- Smart water systems –smart home technologies have extended beyond the kitchen and living areas to the bathroom. New technologies, such as automated faucets and self-closing toilet seats, save water and improve your quality of life.
- Water leaks and mold detectors – apart from security and lighting, potential homebuyers also appreciate smart home systems that favor their health. Water leak and mold sensors can detect water leaks, significant humidity changes, and mold growth. Homeowners allergic to mold will find this installation very beneficial.
Smart technology, be it the Internet of Things, smart devices, or smart connected devices, are beneficial to homeowners in many ways. Homeowners staging their homes for sale should consider installing smart home systems. Doing so increases the marketability of your home and property value. With millennials ruling the real estate market, making these installations can prove overly beneficial to property sellers.