We’re sure that you have heard horror stories from your parents about the time they went away on vacation and came home to find that their refrigerator had failed, or that a toilet had overflowed and covered the floor with two inches of water.
To avoid these issues, we used to frantically try and find someone to monitor our homes when we were away. We gave keys to neighbors and asked relatives to do a drive-by a couple times a week just to “make sure everything was OK.”
Smart home products are the answer
While simple motion detectors and home security cameras first led the way, there are now numerous products that will allow you to monitor and control the systems in your home from wherever you are. Check out the newest smart home products:
- Doorbell cameras that let you see and even speak with someone that has come to your door.
- Locking systems that can be controlled through your iPhone.
- Thermostats that can be controlled from anywhere; some even sense hot or cold spots.
- A light switch that connects to your WIFI and interfaces with Alexa and similar products.
Not your father’s house
Obviously, there’s now a lot more to home security than a deadbolt lock and an alarm company sign on your front lawn, and if your home is equipped with these types of devices, you can definitely add to your property’s value in the long term.
Can you merely add up the features you have installed and expect to be able to simply add that amount to your asking price? It may not be that easy, as the addition of certain items may not exactly translate into the price you paid, but be assured that young, techy buyers will appreciate your efforts, and will understand the price differential between your technically up-to-date home and a similar home without improvements.
Just take a second to think about all of the innovations that are available today in 2018. Amazon’s personal assistant Alexa, smartphone apps, A/C unit technology, smart locks, smart plugs, smart outlets and more! The innovation is amazing and it’s truly a value-add for your property. And studies have shown that first time buyers and renters want innovative technology in their homes.
On the renter side, almost a quarter of renters, when surveyed, told Software Advice that they already own a virtual personal assistant and would like to see them in a place they rent. Condo and apartment dwellers, in the same survey, said they’d be more likely to pay for a place which has smart devices installed compared to homes that do not have this technology. So, clearly, the opportunity is there.
If you do install new smart home products, be aware of privacy concerns. Some unsophisticated buyers may worry that an outsider could easily hack into your systems so you will have to reassure them that the property security measures are in place.
Also, someone that likes your home because of its layout for example, might be worried that the systems you have installed are too complicated or might be prone to failure. You will have to ally these fears with education and conversation about the benefits of smart home technology.
The fact of the matter is that for most people purchasing a home in 2018, up-to-date features will be an important factor in their buying decision process. But, remember, each buyer is different and you must educate them on the smart technology benefits for their life, not for yours. While you may use one feature in your house every single day, a potential buyer might never notice it.
Generally, however, it’s a great idea to present a technologically up-to-date home to prospective buyers. The peace of mind gained by being able to self-monitor your home while away can equal higher asking and eventual home sale prices.
Think about your experiences in buying a home in Rochester. What has grabbed your attention? Was it the out-of-date fireplace and old wallpaper; or was it the up-to-date features that make every minute of your life easier and more convenient. From monitoring your children’s rooms, to remote access controlling your lights and security systems, it all makes for a much more convenient lifestyle.
Adding smart home technology to your property may not have instant impact on your price. But one thing to remember is that the upgrades you make might help to facilitate a faster sale of your home. Why? Well, outside of the luxury market, smart home technology has yet to be widely adopted by homeowners. Many owners, and buyers for that matter, view smart home technology as something that will fade out of popularity.
This isn’t the case. If you’re able to differentiate your home from the rest, specifically suburban homes, you’ll potentially have much better bargaining points when it comes to finalizing a sale. You’ll be able to talk to buyers about the lifestyle that smart home technology brings to both them and their entire family. The main reason for the implementation of these products is service and lifestyle, right? Isn’t that what buyers want?
You can show how this will change and affect their lives and how they interact with their brand-new home — now that’s a great selling point. For example, if a buyer walks into five different suburban homes in Rochester, but only one of those homes showcases the amazing new smart home technology — thermostats, smart lighting, motion detectors, music systems, smart hubs, smart baby monitors and more — this will surely be the house that stands out from the rest.
Is there a downside?
All that being said, is there a downside to implementing smart home technology? As mentioned above, some buyers are weary of complication at home. So, as a seller, should you be concerned about this, too?
We don’t think so. Although a few buyers may worry about data-privacy issues, complications, technology failures and other issues, it’s unlikely that many buyers will view smart home technology as a burden or a negative. As a seller, you need to work with your agent to educate the buyer about the amazing impact smart home technology can have on the sale price. You might consider putting a smart TV in place during showings to show the ease of use and impact that this smart tech might have on the home and the living conditions. This will help ease the mine of any concerned buyers.
Check it out
So, that’s a complete review of the benefits and drawbacks of adding value to your real estate with smart home technology.
Whether you live in a booming metropolis like Denver, Colorado in which rent rates are sky high and you don’t think you can afford smart home tech; or if you’re a renter of a Eugene, Oregon apartment living in a small market, we urge you to inquire about smart home technology and how it can create a more safe and efficient lifestyle for you and your family.
Remember, when you get people through the door who are eager to purchase a home, make sure you educate them on the benefits of smart home tech for their lives.
This post was provided to us by ABODO, which helps renters find their next apartment.