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Smart home technology is on the rise, and those planning to purchase in the near future can expect to see serious upgrades in their next homes. In the last few years, there has been a big shift in real estate technology with great impacts on the market. For buyers that don’t have experience with this technology, though, what should you be looking for when it’s time to buy? Real estate agents and savvy buyers chime in on what tools are must-haves in today’s smart home, so you can do your homework before you buy.
Smart Homes Make A Statement
One key reason that homeowners have embraced smart home technology is that these tools enable them to live their commitments, whether that’s increased energy efficiency and conservation, greater convenience, or worries about security – and as a buyer, you should look for homes that reflect your priorities, as well. Especially popular among buyers are smart home thermostats that study movement patterns to reduce energy waste, and can cut utility costs by more than $100/year. That’s not much when you’re buying a house, but it can add up over years of ownership.
Affordable Options
In addition to supporting personal choices, smart home technology has also made gains in popularity because the devices are more affordable. As such, homeowners are more likely to add them before they sell in hopes of giving their property a price boost, while buyers are more likely to consider the systems “standard.” Still, the tools aren’t a top priority. According to realtors, 40% of clients are interested in smart home features, with 22% eager to purchase a fully equipped property. As for owners, the majority of millennials are willing to invest at least $1,500 to upgrade their property to smart home status, with a smaller percent setting their investment level as high as $3,000.
Home Sales Savvy
Though homeowners who have previously invested in smart home tech and buyers interested in these tools form the foundation for growth among smart homes, the tools wouldn’t be gaining so much traction without the support of realtors – so how are realtors supporting this new niche? In part, their success is contingent on ongoing education. At Henderson Properties, a Charlotte, North Carolina realty group, realtors provide a full-service, community-centered approach to sales, which includes understanding the new tools on the market, how sellers can leverage them, and why these tools may appeal to buyers. More broadly speaking, realtors are also responsible for developing the sales language that bolsters interest in smart home devices.
Youth Market Movers
Finally, greater interest in smart home technology has received a significant boost by the entry of millennial – and even Gen Z – buyers into the real estate market. These young buyers are much more inclined to invest in full home automation with a central smart hub, featuring elements like lighting and sound, a personal assistant like Siri or Alexa, and security components.
Furthermore, such smart home systems are great for entertaining, making them ideal for young, childless homeowners who are more likely to host friends regularly. Young, tech-savvy buyers are also more comfortable with the potential “intrusions” of smart home technology; such tools feel normal because younger buyers have grown up online.
It will take time for the market to make the leap to full smart home automation, but the tools are slowly becoming normal, if not universal. So whether your next home is smart or not, it’s important to understand these new devices. The odds are good you’ll be using voice control to manage your home and unlocking your door with your phone before you know it.