Smart homes are becoming a more affordable reality for many Americans. According to statistics firm Statista, the smart home market is expected to grow by 12 percent annually to reach a market value of $43.7 billion by 2023, which is nearly double its current market value of $27.7 billion. Furthermore, these technology investments are positively impacting the real estate market. In a 2017 Coldwell Banker industry survey of 3,000 realty agents, 90 percent responded that selling a home with smart technology is easier than selling one without. Additionally, the same survey concluded that 80 percent of agents reported that homes with smart technology sell faster.
If you are preparing your home for a sale, or know that you will be selling within the next couple of years, it pays to be aware of the benefits of outfitting your home with smart technology. Here are 5 recommended smart home upgrades that will catch the eye of both professional property appraisers and potential buyers.
Smart Security Systems
When it comes to smart tech, a smart security system is the number one concern for homebuyers (36% of participants surveyed). Installing such a system will make your home safer and more valuable to prospective buyers and appraisers.
All worthwhile smart security systems have an associated app that turns your phone into a central command post. Most are compatible with one or more smart home ecosystems, including Amazon Alexa, Google Assistant, or Apple HomeKit. Some must be professionally installed, while others are marketed as DIY systems. Consider the following smart security options you can incorporate into your security system to increase your home’s value.
Security Systems with Real-Time Video Feed
You can set up cameras on your property that are accessible to you anywhere there is an internet connection. The implications of this feature cannot be understated. Being able to monitor your home from essentially anyplace means you can check on your pet when running errands in town, or check in on your property from across the globe.
In addition to the cost of the cameras, many smart home surveillance systems can optionally provide you with 24/7 monitoring and security for an annual service fee. In 2019, top-rated home security options include the ADT Pulse, SimpliSafe, Vivint Smart Home, and Adobe iota All-in-One Security Kit systems.
Smart Door Locks
This feature can be incorporated into many home security systems and essentially renders house keys obsolete (though you can still use them with some smart locks). Again, from anyplace with an internet connection, you can lock and unlock doors from your phone. Are you on vacation and need a friend to check on the cat? You can grant them access and lock the door when they are finished. In 2019, top-rated consumer smart locks are available from August, Schlage, Kwikset, Nest, Lockly, and Yale.
Energy Management Systems
After security concerns, prospective homebuyers were most interested in smart devices that could help them save on their energy costs, prevent damage to their homes, and reduce their carbon footprint (26% of participants surveyed).
As with smart security systems, most smart energy management devices are also compatible with the leading smart home ecosystems. By incorporating the following smart devices into your home, you are preparing for the future of utility services.
Smart Leak Detectors
Consider installing a smart leak detector, which can automatically shut off water to the damaged area, prevent frozen pipes, and inform you of any problems that occur via your smartphone.
By having these measures of protection, you could potentially save your home from thousands of dollars in repair costs as well as easily monitor your home’s water usage. Some will require professional installation. Water Hero, LeakSmart, Zircon Leak Alert, StreamLabs Smart Home Water Monitor, Guardian Leak Detector, and Phyn Plus are among the products available.
Smart thermostats differ from regular programmable thermostats in that they can learn your living patterns and preferences, provide you with a comprehensive breakdown of your energy usage, and can be accessed from anywhere through your smartphone. They are regularly becoming more integrated into homes, being the second most common smart device in American households after smart speakers. In 2019 the top-rated smart thermostats are produced by ecobee, Google Nest, and Honeywell..
Smart Entertainment Systems
After smart security and energy management systems, smart entertainment systems were the third most common concern among homebuyers (21% of buyers surveyed). This is definitely a more cosmetic option, considering 62% of homebuyers were more interested in smart security and energy management. However, if you have already prioritized smart security and energy management and you have the funds to spare, consider that smart entertainment system.
Smart Speakers and Smart Entertainment
To give your home a competitive edge in the marketplace, consider putting that gloss finish on your home by incorporating a smart multi-room entertainment system. These systems allow you to control music and other media all over the house from a smartphone or through voice control with Alexa, Google Assistant, or Apple Siri (when used with a compatible smart speaker).
The biggest names here are the Sonos, Bose, Amazon Echo, Google Home, and Apple HomePod speakers. Do some research to find what best fits your desired needs, preferred music sources, and budget.
Get Planning to Effectively Boost Your Home’s Value
To maximize your home’s value with smart technology, prioritize security first and energy management second. Then, if you have the funds left over, go for the smart entertainment devices. By doing so, you can make your home a top contender on the market when it’s time to move on. And, keep in mind it’s always best to talk with your local realtor about what smart features are moving houses in your area.