Are smart homes really smart investments?
Smart technology, especially devices for the home, have a predisposition to be fun and upbeat. However, some smart installations are really functional and practical, cutting energy costs, help secure your home, or make our homes more intelligent overall.
Still, there is need for caution.
The more connected your home is, and the more you know about it, the more you’re going to enjoy your home. But smart technology just for the fun of it does not guarantee and increase in the value of a home on its own. It’s got to serve a modernist, utility purpose, it has to translate into an increased perceived value in the eye of a future buyer. If a homeowner who invests a lot of time and money in smart features likely takes good care of their home, and a well cared-for home is worth more.
Technology that ensures safety or saves a homeowner money holds more value than tech that just plays music or turns on lights. It’s not a case of a one size fits all model. However, technology is still exciting, innovative and worth investing in–albeit, smartly. Here’s what you should know about what’s worth your time and money.
1. Read the fine print
“Technology usually comes carrying multi-year contracts. If you’re not planning to be there long, or you end up selling the next year, you’ll still be required to pay for the full term of the contract to the service providing company.
2. Tech does have a home in new construction
Installing smart tech in the new home market has its place and guarantees you the big win. Modern bbuilders are investing in smart appliances, so be sure to ask for and take advantage of these upgrades. In new construction and property listings, the prevalence of the word “smart” has more than doubled since 2010.
3. Smart tech, energy save
Tech that helps your home use energy more efficiently is more likely to enhance your home’s value. A fully interconnected solar panel system that generates power to backup batteries has a very real and direct impact. A smart toilet, on the other hand? That seems like a very personal, subjective decision, and you can’t have any expectation the next buyer is going to see that same value that you saw when you made that installation.
4. Creating safer neighbourhoods
“People who use tech equipment are connecting on neighbourhood watchlists, Facebook groups and other forums to share footage or intel about a suspicious person or lost package. As community members form bonds and neighbourhoods become safer as a result, home values can benefit.
5. Check into the luxury market
Smart tech investments go further in neighbourhoods with higher home values where buyers more often prioritize and expect features like automated lighting, blinds, and customized finishes. However buyers who are focusing on affordability are less likely to seek or want to spend more on a home that has extravagant high-tech features. So, if you’re going to make your home a smart one, look into placing it in the luxury end of the market.
Smart home features definitely are where the market is inevitably headed in time to come. In the meantime, the smart ways to create smart homes will ensure that your home ups in value, and is one that fills practical needs.