Does a Smart Home Increase Value?
In today’s market, most buyers love the idea of a smart home. Particularly popular with millennial buyers, with busy schedules and a knack for technology, smart homes can give a property an edge over others. From home security systems that improve safety to energy-efficient energy systems, there are a ton of benefits to owning a smart home.
Keep reading to learn what a smart home is, does a smart home add value, and what the benefits are of selling a home with smart features.
What is a Smart Home?
A smart home is a home installed with cutting-edge technology that saves homeowners time and money. On the lower end of the spectrum, a smart home has a programmable thermostat.
Such systems can be controlled via an app when away from home. They typically lower temperatures when no one is home and increase them at pre-set times to warm the property before people get home.
On the higher end of the spectrum, a smart home contains a home security system. This can include a professionally installed security system or a DIY home security system. Depending on the features needed, these systems can identify someone at the front door, allow two-way communication even from a remote location, and record any movement inside the house.
A home security system can even send a real-time feed to the owner’s cell phone. This can be beneficial should a home invasion or break-in occur and the information needs to be sent to local law enforcement.
Does a Smart Home Increase Value?
Over the past several years, smart technology has had a major impact on the real estate market. Of all upgrades or changes a seller can do, making their home smarter is a practical choice in the long run. Advanced technology, including a home security system, can dramatically increase the value of a home.
According to DIY Smart Home Solutions, research suggests that smart homes can increase a property’s value by between 5% and 35%, depending on the area and complexity of the systems installed.
Because the buyers who gravitate towards a smart home are different from the average buyer, it’s essential you work with the right real estate agent. A good agent who understands the benefits of a smart home can promote your house and the technology that comes with it accordingly. By targeting the right group of people, there’s a much better chance of you getting your asking price and closing the deal fast.
Remember, making your house more marketable does not mean going all out with installing the technology. Since security is the biggest attraction among buyers, a reputable home security system is a great place to start. Other smart home features, like thermostats, fridges, lights, and appliances, are a bonus, but won’t necessarily add value to a property.
What are the Benefits of a Smart Home?
The fact is that a lot of potential buyers love the technology of a smart home. So, if you have systems installed that save time, offer better protection, reduce energy use, and make it possible for homeowners to spend less, there’s an excellent chance that people will show interest.
Here are the main benefits of a smart home to buyers.
1. Quicker Sales
An advantage of a smart home is that most don’t remain on the market very long. In other words, compared to homes without technology, smart homes sell much faster.
If you’re in a hurry to move but don’t want to discount the asking price, installing a smart home system can lead to a quicker sale. Even something as simple as a DIY security system can make a huge difference in how quickly an agent can find a buyer for your home.
Otherwise, another way to sell your home fast is to sell your property to an investor. At Brotherly Love Real Estate, we buy houses fast for cash at a reasonable price.
2. Better Protection and Peace of Mind
Another benefit of a smart home is that it offers buyers the protection and peace of mind they look for in a house. Having a secure home is a top priority for many people, especially families. A smart home generally increases security, preventing the likelihood of break-ins and home invasions.
This is particularly important for interstate buyers moving from one state to another. Because they don’t know the area as well, a property with a home security system installed from day one can be a major draw to buying your property.
Considering how affordable a top-of-the-line system is, it’s a small investment with a big return. Plus, before the house sells, you and your family can enjoy the same benefits.
Summary: Does a Smart Home Increase Value?
With so much demand for home security, as well as other advanced technology, you can’t go wrong with installing smart home features, whether you plan to move or not. Even if you live in a low-crime area, a home security system can still provide that much-needed reassurance to buyers.
When choosing the right security system for you, consider whether you prefer a self-monitoring system or a company-managed service. Personal systems allow you to monitor your home security and alarms from your phone. While others provide 24/7 monitoring for a fee.
Smartphone systems are more easily transferable from owner to owner, so these can often be more desirable. But managed systems provide even more reassurance and security in the event of a break-in or home invasion.
Overall, a smart home can make your house more attractive to buyers. Depending on the features, it can even increase home value, particularly if it inspires a bidding war on the property.
Are you thinking about selling your house? We buy houses fast for cash at Brotherly Love Real Estate. If you need to sell your house fast in Philadelphia or San Diego, we can take your property off your hands in as little as 21 days, with no mortgage closing fees.
Contact us today to get your instant offer or call our expert team for a chat to learn more at (215) 769-9875.