With technology, the property market has changed. The high range of high-tech appliances that control lighting, cooling, music, and security are fast changing the property market consideration.
The property market has moved online; with just a click of a button, a client can analyze a property to their liking.
Smart homes are getting a substantial popular demand in the property market. Being the young generation, new homeowners consider convenience and ease of living compared to the older generation, whose valued consideration was security.
Coldwell banker study clearly shows that 25% of adults have smart home automation, and this doubles up in the younger generation. The research also shows that most of the smart home users highly recommend it to others. The study shows that home automation saves 30 minutes per day for the users; hence the demand for convenience is expected to increase. This will consequently increase the demand for smart homes, with its growth notable in the last few years.
1. Voice Control
According to Coldwell Banker and Vivint smart homes, most customers want voice control most of all. Systems like amazon echo and google home will attract many buyers and increase the chances for your property to get a buyer. Most buyers want voice control for its flexibility and its practicality.
Home automation systems will most certainly increase the value of your home. Smart devices are more prevalent, and most buyers will find the value for money in smart devices connected.
2. Smart Lighting
Smart home technology cuts costs in energy through heat regulation and smart lighting. This, therefore, creates considerable interest in the property market. Saving money in any business, including the property market, attracts many clients, and smart homes’ value increases as a result due to the high demand.
Insecurity is a major concern for home and property owners. Security affects the convenience and efficiency of a home. Smart devices in home automation can detect burglars, fire, and moisture levels. These can be viewed remotely through a smart device. This makes it convenient for homeowners, and the feeling of a secure home is a priority for any home user. Smart appliances save costs that may arise in maintenance and insurance premiums since these devices can detect any defects in time.
Many potential clients in the property markets would be willing to pay more for smart home systems and upgrades. The value of smart home systems is undeniable, and home automation will have an appraisal check-off box.
4. App Control
Every buyer in the property market will be impressed by a smart doorbell, smart security system, climate control, and built-in speakers with app control. Comfort, ease of living, and security will convince a buyer to pay more when purchasing a property.
5. Smart Products
Smart products are a long-term asset in terms of return on investment. Most smart products are mostly movable and can be valued. With the decrease in energy maintenance costs, buyers will be willing to pay more as they will save more with time. The value of a home increases whether it’s for rent or sale. Old houses have been renovated, and still, the resale value has not increased, but with technology, the resale value of an old house with smart devices will definitely increase.
Most property agents are online now, and buyers will review the modern installations in a house even with a higher price than their budget in the interest of convenience. With more interested buyers, the probability that a house with smart modern automation will convince a customer to pay more than they budgeted, is high.
The current market focus is the young generation and most purchases are made online, so the more appealing a home is online, the more buyers will be willing to come and view and also convinced to buy.
The key then is knowing what upgrades increase the value when the time to sell inevitably comes. Your return on investment is dependent on the type of house you’re selling and whom you’re selling to.
Strategic analytics report that in 2020, spendings on smart home automation will reach $158 billion globally from $76 billion in 2016. This is indicative of how much value upgraded your home will add. Once upgraded, then you should consider consulting We Buy Any Home for free evaluation to understand how much your property is worth.