Does Adding Smart Home Features Increase Your Home Value?
Smart home technology is growing rapidly, it’s expected to reach a value of more than 53 billion US dollars by 2022, according to Statistica.com. Millennials are leading the smart home charge, but all demographics are enjoying the powerful features these devices can offer.
According to Coldwell Banker Real Estate, 71 percent of buyers in a sample of 1,250 American adults want a “move-in ready” house and sixty-one percent of millennials would favor smart-tech homes, as would 59 percent of parents with children living in the house.
Things To Know About a Smart HomeTo qualify as a “smart home” the home should be equipped with “network-connected products (via WiFi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.”
This comes from CNET, who recently partnered with Coldwell Banker to develop an industry standard.
The home needs to have either a smart security feature that controls access or monitors the property, or a smart temperature feature. It should also have at least two features from this list:
Does a Smart Home Increase a Home’s Value?Smart home technology can definitely add to market value. Appraisers make what they call “adjustments” when they compare tech-enabled homes with similar but tech-deficient houses. Smart homes command higher prices and may be easier to sell as a result.
The key is having smart products installed and functioning before you list your home, because most buyers don’t want a prewired home that still needs products installed.