Today, 40 percent of realtors emphasize smart technology, believing it can help a home sell faster regardless of price. If you’re a homeowner thinking of putting a home on the market, it’s worth noting that adding smart technology can help you get substantially more money for your house. Millennial homebuyers are increasingly demanding the convenience, energy efficiency, and user friendliness that smart home technology can offer. These upgrades are also beneficial for people with disabilities and seniors because they help automate certain daily activities. And contrary to what many believe, it can be considerably less expensive than making major home renovations.
Reardon & Associates shares some popular smart features that make great selling points for discriminating buyers.
Appliances
If your home has smart appliances, you can expect an 11 percent ROI bump over the value of standard appliances. A smart refrigerator/freezer allows you to remotely control specific functions such as ice making and temperature, along with compressors and evaporators that provide ideal temperature settings in both the freezer and refrigerator. Some smart fridges are able to communicate with their owner and with other appliances, coordinating kitchen operations in an efficient and timely manner. Appliances offer the highest ROI of smart home features.
Smart Lighting
Automated lighting also drives ROI, thanks in large part to the fact that LED bulbs can save as much as 75 percent on energy costs and allow for agile and timely remote control. Room lights can be controlled by sensors, which note when someone enters and leaves the room. Smartphone apps, meanwhile, allow for off-site control, a useful energy-saving feature when too many lights are accidentally left on by homeowners who have gone on vacation or are out for the entire evening. The energy savings offered by smart lighting is a particularly important selling point for many younger homebuyers.
Home Security
Smart home security technology has become a very popular feature in many parts of the country. It’s another agile, high-ROI application featuring smart security cameras that let homeowners monitor their house remotely through a smartphone or tablet. Locks can also be manipulated remotely. Realtors report that buyers appreciate the reassurance they get from being able to monitor and control their home’s security. Locks that operate via Bluetooth or WiFi signal eliminate the need for spare keys and concerns over children being locked out of the house and stranded. According to a Coldwell Banker Real Estate survey, more than 60 percent of homebuyers are interested in homes with smart locks.
Thermostat Control
Energy efficiency is high on the list of many buyers looking for houses with smart home technology. Smart appliances, lighting, and shades can all be had relatively inexpensively, as can smart thermostat control, another important high-ROI energy-saving asset. One popular system works through Alexa voice control and learns when to turn on your home’s heating or cooling based on a specific energy profile to ensure both comfort and efficiency. It can also sense whether someone’s home and which rooms are unoccupied.
Smart home technology is an increasingly popular feature for both sellers and buyers these days. Its potential for driving ROI is important enough to have garnered the interest of homeowners across the country, and its potential for delivering energy efficiency -- along with its convenience -- is a must-have for an unprecedented number of young buyers.
Help maximize your retirement income and minimize taxes by working with the financial professionals at Reardon & Associates. 928-272-1917 or 909-543-0201.