Not so long ago, having a microwave in your home seemed futuristic. Today smart home devices have become such a large industry that it’s expected to reach a value of over $53 billion by the year 2022.
But it’s not just the smart home device business itself that is booming. Smart home devices also increase home values.
If you’ve been thinking of installing smart home features into your home, it’s not just a wise investment for yourself. There’s a good chance when you go to sell your home, that smart home technology will also increase property value for you.
For those still wondering why and how smart home devices can increase the value of a home, keep reading. We’re sharing with you everything you need to know.
How Smart Home Devices Increase Home Values
Buying a home isn’t just about how much square footage or how many bedrooms there are. Homeowners are now looking to find a way to save time and money at home.
And smart home devices can do both.
According to the Bureau Labor of Statistics, the average man spends one hour and 25 minutes performing household chores. The average American woman spends two hours and 15 minutes on household activities.
If we’re working for eight hours and sleeping for another eight hours, that only leaves us with about six hours of time each day to devote to other activities such as spending time with family, eating, and exercising.
Thankfully, smart home devices can help ensure many tasks are done without having to get up or even be at home.
Tasks Can Be Performed Remotely
Smart home devices make life easier. And much of it can be done while you’re away such as adjusting your thermostat.
Many smart home devices also come with voice commands. That means you no longer have to find your phone or even move to another room to make an adjustment to your device or appliance.
Can Control Your Home Using Your Voice
As long as you’re within range of your smart speaker, you can control your home simply by using your voice. Voice commands allow you to perform the following tasks without lifting a finger or even being home:
- Close your garage door
- Change your thermostat settings
- Turn on or off lights
- Lock the front door
Smart technology is also self-learning. It can actually determine when you’re home and when you aren’t. It then adjusts to how you like your home cooled or heated depending on whether you’re around or not.
Saving money (and the environment) is also a huge plus, especially when you’re buying a new home. And heating, cooling, and lighting make up the majority of total energy consumption in most homes in America.
Just by turning your thermostat back 7?-10?F for eight hours each day from its normal setting, you can save around 10% each year on heating and cooling. If you live in a milder climate, you may be able to enjoy even more savings.
Can Automatically Adjust Temperatures
And since no one likes coming home where it’s too hot or too cold, you can adjust the temperature in your home while you’re away. You can also program your smart home device to automatically make adjustments, making it easier for you to focus on other activities.
The automated home valuation that saves money is an attractive quality to any homebuyer.
Everyone wants to feel safe, especially in their own home. There were an estimated 1,401,840 burglaries in 2017. The estimated amount of property losses that year as a result of those burglaries was $3.4 billion dollars.
That’s an average dollar loss of $2,416 per burglary.
Stay Safe Even When You’re Away
One way to easily increase property value is by being able to lock an unlock your doors from anywhere. But the extra security measures that home automation provides don’t end there, you can also perform the following tasks remotely:
- Automate your lights
- Trigger an alarm to ring when unexpected entries or motion occur
- Receive immediate alerts when doors or windows unexpectedly open
And you can keep track of everything as well such as:
- When your kids arrive home from school (or leave in the middle of the night)
- If a car has arrived in your driveway
- If your pet escaped from your home
You can even monitor and secure areas around your home that may be dangerous or off-limits with sensors.
Spot Issues Before They Become Problems
It’s not always easy to spot potential problems before they become expensive issues. But a smart home has the ability to spot those issues before things get too bad.
Your smart home device can now notify you the moment excess water is detected in an area it doesn’t belong. Soon, big leaks will be a thing of the past.
Demand is Strong
In a recent poll, 54% of Americans said they would install or purchase smart home products before they put their home on the market. They want to do so because they believe it will help them sell their home faster.
And it’s not just younger generations, either. Everyone from Millenials to Baby Boomers wants smart home technology especially since these devices are getting easier to use.
Not Just for Luxury Homes
And while you may think smart home devices are too expensive, they aren’t. Many are quite affordable.
In fact, Americans who earn between $50,000 and $100,000 are adapting to smart home devices at almost the same pace as those who own luxury homes.
What Makes Property Value Increase
There are several factors that help increase property value. They are:
- Comparable homes in a neighborhood
- The location of the home
- How large the home is and how much of it is usable space
- How old the home is and what condition it’s in
- The local real estate market
- Interest rates
- How well the economy is doing
Another factor that makes your property value increase are the updates and upgrades you make to your home. And that’s especially true in older homes that tend to have older and often outdated features.
Smart Homes are a Good Investment No Matter Where You Live
What project or upgrade you make to your home often varies depending on which market you’re in as well as your existing home value. While a finished basement is highly valuable in Portland, far fewer people care about that feature who live in Atlanta.
However, it doesn’t matter where you live if you have a smart home. It’s myriad time and cost benefits are in demand across the nation.
The Best Smart Home Features to Increase Value
If you’re going to invest in smart home devices, the smartest thing you should do is evaluate your budget and compare it to your needs and wants.
However, if you’re planning on selling your home in the near future, you should also choose smart home features that are hot ticket items to help increase your property value.
A 2017 Concept Community study found that smart appliances upped the average ROI (return on investment) up by 11% over standard appliances.
The Kenmore Elite 81982?even includes delivery and hookup.
Smart hubs like the Samsung SmartThings Wifi Mesh Router?are a must-have because they can manage many of your home’s activity from one connected device such as your:
And smart hubs are a great way to capture the attention of would-be buyers. Especially to those generations who are familiar with and prefer to use technology in their lives.
When a homeowner installs a smart lock like the Ultraloq UL3 BT, it means they never have to worry about getting locked out of their home. It also eliminates the need to try to hide a spare key somewhere outside where thieves can find it.
Also, you can unlock or lock them remotely or even automatically upon arrival. You can even program a smart lock to give family members, guests, and even repair workers special access.
Smart lighting helps save energy and reduces utility costs. These smart lightbulbs are even better than LED bulbs.
They are also eco-friendly and some will even let you control devices by voice.
Keeping your shades closed in the summer helps keep the heat out. It also reduces your energy costs.
Smart shades like the SmartBlinds Automation Kit Bundle might be a small feature, but installing them can really pay off. It also shows you do not need to make big investments in home renovations.
Another option for motorized blinds and shades is to go with a company that does it all for you?including integrating your smart shades with the other elements of your smart home integration system. With Hunter Douglas? PowerView motorization, you can set schedules, save settings and favorites?controlling everything from an app, or simply integrated with ?if this than that? technology. Adjustments can be made from across the room, or from anywhere in the world.
Smart Smoke Detectors
Between 2012-2016, nearly three out of five home fire deaths were caused by fires where there were no smoke alarms on the property. 40% of homes had no smoke alarms while 17% had smoke alarms which failed to operate.
There is a 54% less risk of dying in a home fire with a working smoke alarm. But it’s not just smoke you need to worry about.
Comes With Carbon Monoxide Detection
Carbon monoxide gas is not only deadly, but it’s odorless. Smart smoke detectors have the ability to keep you and your family safe by having:
- Carbon monoxide detection
- A smart hub connection
- The ability to identify smoke or fire down to its exact location
It’s also a pain to have to check and change your smoke alarm batteries once a year. It’s even worse when a battery starts to die leaving you to investigate where that annoying beep is coming from.
Instead, you can rest assured knowing everyone is safe and sound when you invest in a smart smoke detector such as the one sold by First Alert.
Smart thermostats such as the Honeywell RTH9585WF1004 are easy to use and are a big plus with homeowners looking to save on their utility bills. Smart thermostats also have a high ROI.
That means you can add a video doorbell and you won’t even have to get up to see who is at the door.
Water is one of our planet’s most precious resources. We cannot live without fresh water.
Watering the lawn can use a tremendous amount of water unnecessarily. One way to save on your water bill, help the environment, and still have the best looking lawn on the block is by installing smart sprinklers.
You can program the Aeon Matrix?Yardian Multi-Functional Indoor/Outdoor Smart Sprinkler Controller?sprinkler system to automatically start and stop. And you can even adjust it according to the weather.
Smart Voice Control
It takes even less time to get your home working perfectly when you can speak a command rather than having to press buttons. A simple smart device such as Amazon’s Echo can be interfaced for voice control.
You can then control your things in your home such as:
- Security system
- Smart appliances
And it all works just by speaking out loud.
Smart Home Security
Two-thirds of homebuyers are willing to pay a premium for a house that comes with smart home technology already installed. And the truth is, it’s hard to put a price tag on knowing you and your family are safe in your home.
The best part is that you can run your smart home security system via an app on your smartphone.
How to Stay Safe with Smart Technology
Of course, with new technology, there are concerns about hackers or previous homeowners using your devices to spy on you. There are a few ways to you can prevent these problems from happening such as:
- Buying smart home products from a major brand with an established and good reputation
- Always change any and all passwords once you move in
- Keep your software up-to-date
- Set up two-factor authentication
You should also consider changing your default settings.
One of the best ways to increase home values is to stay informed of what’s important to most homebuyers. It’s a good idea to at least invest in at least three home devices that are most important to people in your neighborhood.
Often security is the most appreciated smart home device no matter where you live. But you also need to know which apps are the best to work with.
We can help. Click here to find out how to protect your home with the right home security apps.