Do IoT devices boost your property’s value?
Many homeowners believe that bringing IoT devices inside their homes can boost their market value and make them sell faster because they have appealing features.
At the end of the day, real estate buyers are looking for more than design and style in a home, and they want to invest in a property that offers them increased comfort. Smart devices are convenient because they make it easier to accomplish daily routines and tasks with the touch of a button.
Statistics show that there are 175 million smart houses around the world. And as technology capabilities expand, more real estate buyers will search for properties that offer the convenience of these devices. Therefore, the value of smart devices cannot be overestimated.
No matter if you’re upgrading your house to increase your level of comfort or increase its value before listing it on sale, this article can help you.
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What is a smart home?
You often hear the term smart home thrown together in articles about the Internet of Things, but you don’t know how many devices a house should feature to be considered a smart property. Real estate specialists state that there’s no rule about how many IoT devices a smart home includes. The average smart home has a setup where the homeowners use technology and mobile devices to control their appliances remotely from their smartphones or networked devices. Smart homes can have wireless or hard-wired systems, depending on the user’s preferences.
Connected devices require an internet connection to function and need a smart home device or home to control different activities. The more smart devices the homeowners use, the more apps they need to install. Sometimes it’s overwhelming to manage the multiple apps that control the home environment.
However, homeowners can also use a hub that functions like an all-in-one network, making it easier to control all devices and appliances. Hubs aren’t necessary but facilitate the process of managing a smart house.
Are smart houses more valuable?
Millennial real estate buyers are usually looking for properties with IoT technology. A house with smart devices can appeal more to millennials because younger generations grew up using mobile devices and tech for daily activities.
Most people think IoT devices are home upgrades and represent a strong selling point. If you want to sell your house fast, integrating the Internet of Things can encourage buyers to spend more.
Real estate specialists predict that the number of smart homes will reach over 64 million by 2025. This means that the interest in houses featuring smart technology is growing.
Green living and sustainability will also gain more ground in the real estate sector because younger generations are concerned with making the world a better place. Millennials who reached the home-buying age prefer properties with a small carbon footprint, and Internet of Things devices can help them limit energy usage and save on monthly expenses.
Smart home tech upgrades that can boost house value
Research shows that the cost of lighting an average house amounts to around 12% of the total annual energy bill. You may think this isn’t a lot, but every bit adds up, and innovative technology can make it easier to cut down on energy usage. Install sensor systems and a lighting dimmer to turn lights off when you’re not around. You can use an app installed on your smartphone to perform certain actions and control your lighting system remotely.
Smart outdoor lighting also enables you to increase your property’s security because when you pair it with motion detector sensors, it turns on the light when someone comes near your house.
Homeowners have been using programmable thermostats for a long time, but the issue with them is that the average clock-type thermostat can be confusing to use. Not everyone understands how to take advantage of programmable thermostat features. Smart thermostats on the other hand remove the guesswork because they sense when the owners are at home or not and adjust the interior temperature accordingly.
Research shows that most real estate buyers are interested in the security aspect of a house. Undeniably security is a crucial feature when selling a property, and smart devices can make it easier for sellers to match their house with a buyer. Secured properties offer an increased sense of control and peace and allow people to improve their anxious symptoms associated with their surroundings. Nowadays, it’s easy to install a smart home security camera that allows you to monitor your property remotely. You install an app on your smartphone and view the live footage of the area where the camera is installed.
A property equipped with smart appliances sells 11% more expensive than a property with traditional appliances. Millennial buyers are looking for cosy properties that meet their functional needs, and this is why they prefer to invest in real estate that comes with smart appliances. However, it’s crucial to research the smart appliance provider before buying anything because not all manufacturers provide the same level of security. If you fall victim to a data breach due to ineffective cybersecurity measures, you can ask for data breach compensation. Unfortunately, IoT devices are vulnerable to cyber threats, especially when the manufacturer ignores to equip them with the necessary security tools.
Keys are often subjected to being stolen, forgotten, or duplicated for unauthorised use. This is why many homeowners prefer to equip their houses with smart locks that boost the property’s security features.
Using a smart device to lock and unlock your house automatically eliminates the vulnerabilities associated with traditional locks. Surveys show that over 63% of home buyers are looking to purchase properties that feature smart locks.
Do smart homes sell faster?
Market research shows an increased demand for home automation nowadays. The upgrades mentioned earlier seem to be the features consumers desire the most. However, if your budget allows it, you can add other smart home upgrades to make your living more comfortable and boost your house’s value.