Are you in the market to buy a house? Or are you looking to sell your house? Have a look at the interesting effects smart home technology has on the housing market. It may help you in your house hunting quest.
Smart Homes In A Nutshell
Smart homes are the collective smart appliances and devices in your house that help you automate things you usually need to do manually. It is interconnected and it works in unison. It is generally connected to a central hub or brain that facilitates the communication between all your devices. These devices usually contain a degree of Artificial Intelligence (AI).
What do the stats say?
32% of Americans own smart home products. 7,5% of homes in America are actually equipped with those products. It is estimated that 19,5% of homes will be equipped with smart home products by the year 2022. The majority of owners are between the ages of 25 – 34. Second to them are those aged 35 – 44. These are people who tend to make up a large part of the housing market’s moves. They will certainly place emphasis on the smart home readiness of prospective purchases.
How will it help to sell your house?
Like any market, the housing market runs on the basic principles of supply and demand. Houses that are in high demand will be more expensive. According to the stats, 81% of home buyers in America have said they would prefer buying a house with smart home products already installed.
So in essence, having smart home products in your house will most likely increase the number of prospective buyers. And a higher demand may also lead to a higher price. Just remember these devices will be sold with the house.
62% of Americans claim home security as the top benefit accompanying smart home products. Three out of five Americans buy smart home products to monitor their homes via their smartphones. Homes that are equipped with smart security devices like security cameras, smart locks, motion detectors, etc. will enjoy a higher demand in the current scheme of things.
Security of a home is generally one of the prevailing selling features and considerations for most prospective buyers. Employ the necessary security measures to bolster the value of your house.
Sensors and Detectors
Sensors and detectors have been proven to be invaluable to the safety of your home and your family. One thwarted disaster and they have made up for their own cost. It serves a warning before things get out the hand. These warnings will even go straight to the local Fire Department if you set it up like that.
Smoke detectors and flood sensors pre-installed on a house will definitely add value. It might not add a significant amount to the price of the house. But, it will surely rank the house higher than its counterparts in the same price bracket.
Shed Some Light On It
Smart lights are handy. They are ingeniously designed and can be operated from a smartphone app. Hopefully, you sell your house with operating light bulbs, and you might as well make sure it is able to merge with a smart home setup. Possible buyers with their own smart home setups will take joy because of the effort and time it will save them.
Many houses are sold with normal blinds pre-installed. Smart blinds can be operated through other smart devices. It will even open and close based on the user’s pre-set requirements. Just make sure your smart blinds are compatible with most of the available 3rd party platforms used to connect smart devices.
Thermostats are one of the staples of the home fitting. Smart thermostats devices have changed the way we think about normal home appliances. It can save customers about 20% per year on heating and cooling costs. This is a huge saving on a monthly budget and buyers will enjoy this feature.
Selling a house can be tricky when the market conditions aren’t in your favor. Don’t play the victim. Look for ways to attract more buyers. Add some smart home features to your house and increase your chances of selling at your desired price.