Just a decade ago the idea of smart homes was a children’s channel original movie. A house that could manage climate, keep us secure inside, and even manage it itself was simply an idea of imagination. This is no longer true in the age of hands-free homes using Google Home and convertible furniture that can be a shelf, seating area, or bed at our whim. Smart Homes are now, and unlike many real estate trends, this one is worth keeping an eye on. Whether we’re looking for a rise in our real estate pricing or to stand out among the crowd, installing smart home products can be ideal for many looking to move a property.
The Potential for Return on Investment
Many agents know that if the homeowner were to install trendy hardwood floors or a new backyard water feature the value of the home will go up. Smart home products can effect real estate pricing, but in the current market, a rise in price for home automation technology isn’t guaranteed. While this does make an investment in smart home products less likely, there is value to automating a home for sale. What these products like Nest and other buzzworthy home tech creations will help the house sell more quickly. To expedite a sale using smart home products it is necessary to purchase things that buyers will respond to.
Which Products Are Worth It?
There are lots of wonderful smart home technologies emerging from coders and creators across the world. An article in New York Mag suggests that the best products to install in a home for sale are those that a consumer would recognize. Products like the Nest thermostat have made headlines and even a non-techie would have a bell ring when they heard that name from a real estate agent. For those truly interested in adding concrete value to their property a real investment is necessary. For example, the Control4 automated system that integrates into the entire house would definitely add to the real estate pricing but it would also cost $12,000 upon installation. Before knowing which products are worthwhile for us to buy we need to identify what we’re looking for from the products.
Modern Buyers Want Modern Homes
Two years ago a Coldwell Banker survey revealed that Millenials would be willing to pay up to $1500 more for a home integrated with smart home technology. This generation is slowly taking over as the prominent homebuyer, and as such, the real estate industry is bending to their needs. One of these needs is smart home products. Survey after survey shows that the elder Millenials (aged 27–36) will pay more for a smart home while the younger members of the generation don’t find it as essential. These facts allow us to predict that while smart homes are hot right now, it is possible they won’t have the staying value of marble countertops.
The trend of smart homes isn’t going anywhere yet, but it may not be so prominent forever. Investing in a $200 Nest to move a property is more valuable to real estate agents than building a condo integrated with Control4. Want to invest in Smart Home products right now? Check out real estate commission advances from Payfully for a small fee.