Smart home technology plays an increasingly important role in today’s real estate market. Studies show that both buyers and renters highly desire smart technologies, that buyers are willing to pay more for them, and smart home systems are now being factored into appraisals for home sales. Here are some important factors to consider.
Technology Makes a Home More Desirable
A Cinch (home insurance provider) study found 77% of respondents were favorable toward smart homes, though what they found most attractive varied by age. Generation Z was most likely to value convenience offered by smart home products (94%), while baby boomers favored security features (70%) and energy efficiency (63%). Smart security cameras and thermostats were the most desirable products.
Smart Technologies Increase Home Value
Smart home technology adds to market value. Appraisers make value adjustments when comparing tech-enabled homes to similar but tech-deficient homes. Additionally, technologies make the home look more appealing during viewing and highlight the home’s responsiveness which increases the home’s perceived value. The National Association of Realtors states that having smart devices can increase a home’s value by 5% over a home that does not in the same neighborhood.
What is Driving the Technology Demand?
While homeowners and renters both want smart home devices for lots of different reasons, increased security, convenience, and energy management are among the most important factors, according to the National Association of Realtors. Their recent study found that smart thermostats were among the most popular and desirable features according to homeowners and renters.
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