Smart home technology is growing rapidly—its expected to be a $130 billion industry by 2020. Predictably, millennials are leading the smart home charge, but all demographics are enjoying the powerful features these devices can offer.
What exactly is a smart home device? These are connected devices that combine artificial intelligence (AI) and Wi-Fi connectivity to help automate or streamline features and tasks in homes. Examples include smart lighting to automate your lights, smart speakers to control other devices and smart TVs that stream media and learn what you like to watch.
To help you better serve your clients, here are some of the key things buyers and sellers should know when it comes to smart home devices.
Does Having Smart Home Tech Installed Boost the Value of a Home?
Sellers may ask more for homes that include smart features. When looking at homes, buyers want to make sure that the seller isnt asking more than what the features are worth. Generally speaking, individual devices arent terribly expensive, but an entire house outfitted with smart security cameras can be pretty pricey. Buyers could end up getting a decent deal if they look for devices they plan to install anyway.
For sellers, having smart tech installed can be a huge benefit. Surveys have indicated that 44% of millennials are willing to pay $3,000 or more to have or install smart features in their home. Needless to say, this tech is in demand. Smart homes can command higher prices and may be easier to sell as a result.
What Types of Devices Should I Look For?
In general, anything that is tough to install is a potentially good investment. Being able to bypass a long, drawn-out installation procedure can be a huge blessing during what can be a very stressful time (moving into a new home). Beyond that, this largely comes down to personal preference — smart security devices, smart lighting, and smart garage door openers can all be appealing to different people.
Voice control is big right now — lights, thermostats, and other appliances that can be controlled by voice are probably safe buys if sellers are looking for an investment. Another big one in terms of resale value is a smart home security system. These systems are getting increasingly more high-tech, and the best security systems include great features and benefits like voice control, enhanced security options, and lower insurance premiums — which all look great to a potential buyer.
What Benefits Do Smart Home Devices Offer?
Tons! The benefits of smart home tech fall into a few categories, often with quite a bit of overlap:
Convenience — Many devices provide convenience features, like the ability to control smart devices directly from a mobile device.
Security — Devices like smart door locks and smart cameras can help make your home more secure.
Energy efficiency — Many smart devices are designed to be highly energy efficient, like smart thermostats. These devices learn your temperature preferences and adjust automatically. As a result, they end up using significantly less energy because they […]
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