How Smart Home Technology Impacts Real Estate
Home technology is no longer just a luxury. As of 2015, 28% of all U.S. households incorporated some type of smart home technology, and this trend has no plans of slowing down.
If you’re looking for a way to make your buyers’ home or investment a smarter choice, here are three reasons you should consider incorporating home technology.
How Does Smart Home Technology Impact Real Estate?
To real estate agents, developers, and investors: We specialize in customized smart home technology solutions to enhance their buyers’ living experience upon move-in. Whether your buyer is looking to update the technology in their new home or if you’re looking to add value to your latest project, we’d be happy to help!
- Increase Property Value
The biggest—and arguably most important impact—is that home technology increases property value (including rental properties). The reason is pretty simple: When it comes to determining the price of a home, its features and amenities play a vital role. The more features a property has, the more you can ask for it.
According to the National Association of Realtors (NAR), smart homes sold for about 5% more than its non-technology-equipped competitors in the same neighborhood. Additionally, smart technology has proven to increase the resale value of a property as well, making it advantageous both for the buyer and seller.
- Attract Younger Buyers
As of 2020, 38% of home buyers in the U.S. were Millennials (born 1980-1998). Furthermore, a whopping 77% of Millennials have purchased a smart home product, according to a survey conducted by Home Advisor.
Since it’s projected that Millennials will own about 30 million homes by the end of the next decade, investing in home technology is a safe bet. While not enough data is available for Gen Z, it can be inferred that those buyers will be looking for smart home technology as well.
- Sell Your Property Faster
The final reason you should incorporate smart home technology into your latest development is that it has been shown to help homes sell faster. While there are a lot of factors to consider when listing a property—price, conditions, features, location, etc.—about 40% of realtors believe that smart home technology is directly responsible for increased home prices.
In the aforementioned Coldwell Banker report, 81% of home buyers said they would buy a home just because it already has smart home products installed.
Additional takeaways from the Coldwell Banker survey:
- 45% of smart device owners claim to save an average of $98.30 monthly due to increased energy efficiency
- 57% of smart device owners claim to save an average of 30 minutes a day through streamlined operations
- 60% of realtors see more intelligent devices featured in listings
- When asked to state the main benefits of smart tech, 54% of Americans opted for convenience (54%). The first choice for 44% was security. The primary interest for 38% was savings through reduced energy costs, while 21% stated the increased value of their home as the core benefit of the smart home kit.
What Home Technology Impacts Properties Most?
Knowing the benefits of smart home technology, here are some products to consider for your next project:
Installing a smart home security system can help protect what you love most. From smart locks to security cameras, we can help keep your home safe. Since security is one of the most important reasons people choose smart home technology, these options will most likely give you the highest ROI.
With full-home automation, you can connect voice control, lighting, shades, and your thermostat to your phone, making daily life more efficient.
Whether you’re hosting a party or looking to motivate your at-home workout, whole home audio can improve any space. Our solutions are customized to your specific needs and products are seamlessly designed to fit the space.
If you work in the custom home business and are looking to take your next project to the next level, reach out to schedule a free consultation. Additionally, if you’ve recently sold a property and the buyers are looking to update the home’s existing smart technology, we’d love to connect with them. Our team specializes in custom technology design and installation for properties of all kinds.
You can reach us at:
Northern Arizona: (480) 907-7095
Southern California: (562) 597-5450