5 Ways a Smart Home Increases Your Property's Value
The Internet of Things (IoT) is expanding as fast as the internet itself, and we are seeing a rise in the use of smart devices in homes that can seamlessly connect with other gadgets, like your phone or laptop. Smart home features like smart lighting, smart security, smart HVAC, wireless locking etc. add to your comfort level, save time and cut utility bills.
Whether you currently have your home on the market or not, statistics say you'll either be looking to sell or buy a home in the next 10-15 years. Understanding the value of a smart home on a property's value can be the difference of between making or losing tens of thousands of dollars.
A fresh coat of paint or a nicely staged room might increase curb appeal, but they rarely impact property value. Home automation, however, increases both curb appeal and property value by delivering cost savings on bills and insurance, enabling greater convenience, safety and security and creating a modern technologically advanced smart home.
Here are the 5 ways a smart home increases your property's value:
#1) Wow factor increases selling prospects
Home buyers oftentimes do not solely focus on the price but give more importance to other attributes of the home put on sale. Smart homes with cutting edge automation features that bring another “wow” factor are a big hit among potential buyers.
#2) Smart home wiring helps in getting the desired asking price
Many homes use motion detection systems that automatically turn the light and temperature systems on or off based on the human activity in the premises. As the world continues to become more technologically advanced, homes that aren't wired for smart technology will languish in the housing market.
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#3) Adding to the value proposition
While first-time buyers are usually just happy to get into the market, seasoned buyers are more likely to go for the value proposition of a property. Features such as automated blinds, smart thermostats, connected devices, etc. differentiate your home and make your property stand out. In fact, in luxury housing markets, smart home amenities are expected and help to support a buying decision.
#4) Integrated connectivity and safety features
Home security systems have always been a priority for the buyers, especially those looking for high-end properties. Security cameras, alarms and other integrated accessories that can be operated through your smartphone make your property a big draw for the buyers... especially those that are more technologically advanced.
#5) The Savings
One of best selling propositions is that smart homes literally helps to pay for itself. When you are able to use home systems and appliances only when they're actually needed, you'll quickly notice the savings in your utility bill. The financial savings are apparent, but more importantly that, you'll also be saving time.