Have you heard about smart home tech? Does it interest you? If not, it really should. This industry is booming, and if you buy in now, you could make your home more livable and less stressful while also boosting your home’s value. Here’s what you need to know.
How and Why Should I Make My Home Smart?
Smart home tech, at its most simplistic definition, is technology that uses the internet and local networks (WiFi) to automate and/or give remote access to various home systems. A device is “smart” because it learns about your habits and makes adjustments, can respond to voice commands, is connected to apps, and can “talk” to other smart devices.
Smart home tech is poised to become a $130 billion-plus industry by 2020. There are dozens of smart home devices on the market, many of which are leveling out in terms of price. What was once a dream of the very rich is now accessible to the average homeowner. Smart tech includes hub devices like Amazon Alexa and Google Home, speakers, security systems, cameras, locks, lighting, thermostats, electrical outlets, appliances, and much more.
Will Making My Home ‘Smart’ Definitely Increase Its Value?
The honest answer here is maybe, maybe not. It depends on a lot of factors, including your location and specific home market, which smart upgrades you install, the overall starting value of your house, and the specific buyers you’re targeting. Real estate experts told NY Mag that the more you spend on smart home updates and the less niche they are the better chance you have at recouping your money or boosting your home’s value. Homes in Sanibel, Florida, for example, have sold on average for $683,000 in the last month, and being aggressive with the smart home installation may help you add even more value than that.
It’s also important to remember that even if a particular smart home improvement doesn’t net you extra cash on sale, it does add to the overall package of your home and could very well lead to more interest and a faster sale. Be sure that your realtor is well-versed in smart home technology so that they can explain the benefits of each device to potential buyers.
What’s the Biggest Bang for My Buck?
If you’re not worried about whether a smart home device will increase your home’s value, then you can simply install whatever you want. It’s all about your own comfort and enjoyment. If, however, you do care about ROI, these smart upgrades are more likely to boost home value.
- Smart thermostats. These devices not only allow for granular control of your home’s climate, but top-shelf models are also smart enough to self-regulate, helping to save you money on energy costs every month.
- Smart sprinklers. If one of your home’s big selling points is a spectacular outdoor space, you can tout that your smart sprinkler system is saving up to 30 percent on water usage.
- Smart home security devices. These can be full systems, cameras, and/or smart locks. All of these promote added security and remote control, and for what they offer, these devices are not that over-the-top expensive.
- Smart lighting. One of the original smart home devices, lighting solutions are not only among the least expensive of the smart home tech, but they are also the most desired.
- Smart energy solutions (solar panels). These may be the most expensive up front, but their ability to save homeowners thousands of dollars on energy is a real draw.
In the end, you should begin to add smart devices to your home if you believe they will make your daily life more enjoyable and a little bit easier. That’s number one concern. Then, you can think about increasing your home’s value with smart tech. It’s not a sure thing, mind you, but smart homes have many advantages that make them more appealing to potential buyers. For one, they are often safer, and they also save the owner money and can make home life more manageable. It may be time you get smart about smart home tech.
Photo by Caspar Rubin on Unsplash
Article provided by Suzie Wilson of HappierHome.net