You may decide to install smart home technology (such as Alexa, Google Home, or the Nest Learning Thermostat) in your house simply because it makes life more convenient. But did you know that smart home technology can actually increase the resale value of your house?
As smart home products flood the market, more and more buyers are making these technologies “must have” items on their list of criteria for their perfect home. For almost every aspect of being a homeowner, there’s a smart home product to make taking care of your home easier and more efficient. From smart lighting systems to keyless entry, it’s easy to see why these features are appealing to buyers.
According to a 2015 survey by Coldwell Banker, 91% of homeowners currently using smart home technology would recommend smart home products to others. And 81% of buyers say they would be more interested in a house if it came with smart home technology. We can assume those numbers have only increased in the last couple years.
An absence of smart technology may not deter a buyer who otherwise loves a home, but it does add an extra wow factor that could win over a buyer who’s on the fence or earn you a higher offer than you would have gotten otherwise.
How can smart home technology help with resale?
Market Value – Market value is an assessment of all the features and amenities in a home. Smart home technology will increase this value.
Time on Market – Realtors report seeing home with smart technology selling faster than other homes, regardless of price point.
Attracting Buyers – As mentioned above, 81% of buyers would prefer to buy a home with smart technology. Smart technology can expand your home’s appeal to a wider array of demographics.
Which smart home technology will increase the resale value of your house?
With all the smart home products on the market, it can be hard to decide which are the best investment for improving the value of your home. Here are three of the most popular smart home additions that will increase the resale value of your house.
1. Smart Lighting
Smart lighting is so popular because installing smart lighting products can enhance your home in a variety of ways, including ambiance, convenience, and energy efficiency. Smart lighting products come in many different forms, ranging from smart bulbs to smart switches and even smart outlets.
Which products you choose will depend on how committed you are to creating a fully connected lighting system. Learn more about choosing between smart bulbs and smart switches.
2. Smart Thermostats
45% of Americans with smart technology installed in their home report that it saves them an average of $98.30 a month. That amounts to over $1,100 in energy savings over the course of a year! And a signification chunk of those savings come from smart thermostats.
Smart thermostats, like the Nest Learning Thermostat, monitor and “learn” your habits in order to adjust the temperature in your house accordingly. For example, if you’re away from home between 8 am-5 pm every day, it will lower the temperature during those hours.
Unfortunately, many people with smart thermostats don’t see those savings because they don’t take the time to actually learn how to use their thermostat effectively. Learn how to use your programmable thermostat to actually save money.
Interested in installing a smart thermostat in your home? Bonfe has partnered with Nest to bring you even more savings.
3. Home Security & Safety
No matter where you live, home security is important to home buyers. How many stories have you heard of people with home security systems that go berserk on them, triggered more often by the homeowners themselves than any home intruders? Smart technology can enhance home security and eliminate these kind of mishaps that cause many homeowners to simply turn off their home security system rather than dealing with the hassle.
Smart home security products include smart door locks with keyless entry and smart security cameras that send a feed directly to your phone. For home safety, there are various smart sensors that can detect anything from a water leak to the presence of carbon monoxide.
Smart home technology is changing the real estate game. As more and more buyers look for smart home features in their new home, adding smart home products to your home can increase the resale value of your house. Talk to your realtor about which products would most enhance the value of your home.