June 1, 2018.
Just like you’d trade in your old phone for a newer model, upgrading your home’s features with smart home technology can be easy. Much easier than taking on a major home improvement project and with the potential to make your home sell faster. Although the return on your investment is nice, it’s non-monetary benefits like these that are enticing so many homeowners to make smart upgrades.
According to a 2017 survey conducted by T3 Sixty, a brokerage consulting firm for residential real estate, 40 percent of realtors believe smart homes sell faster, regardless of price.
This smart home selling potential has increased 33 percent in the past year. “Style, safety, and comfort have always been the most attractive features within a home, but in recent years, energy efficiency has become a key factor that millennials are looking for or upgrading on their current houses,” Kevin Miller, Director of Growth at Open Listings, an all-in-one homebuying service, says. “I do see upgraded homes sell very quickly. They have greater appeal among the younger generation now entering the real estate market.” Miller predicts that smart home features will become standard as “the new normal.”
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Read on to find out what makes a home so smart (and so valuable).
11 smart home features you won’t regret installing
It’s never polite to brag. But after making the upgrade, you’ll have fun showing your guests the many ways your smart home makes you look even smarter:
1. Smart appliances
Smart appliances win big in the ROI game, expected to bump the average ROI up 11 percent more than standard appliances. In the 2017 Concept Community study conducted by MFE, 18.2 percent of people listed appliances as the smart home feature with the highest ROI.
2. Smart home security camera
Home security and video, confirms T3 Sixty research, is the fastest growing sector in smart home technology. The T3 Sixty survey shows that 36.4 percent of homebuyers ask most often about smart home security. “Owners can get some peace of mind knowing a home is secure at all times. All by using an app on the phone. This peace of mind is priceless to a homeowner,” Rudy Cortes, real estate investor and co-founder of Property Coin offering Crypto for investors, says.
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3. Smart hub
A smart hub can manage thermostats, appliances, lighting, music, and more, as well as the activity on any connected device. For homeowners preparing to sell, throwing a smart hub in with the property listing is a quick way to grab attention. Julie Gurner, a staff writer at Fit Small Business specializing in real estate, says, “Millennials are the largest share of homebuyers at 36 percent, according to the National Association of Realtors’ 2018 report. Thermostats, alarms, lighting, and smart locks can all be appealing to a generation who prefer and are familiar with technology.”
4. Smart lighting
Over 8 percent of MFE Concept Community survey participants also ranked automated lighting for having a high ROI. It’s probably because smart LED bulbs save up to 75 percent more energy. One way to showcase smart home features when selling a home, Gurner says, is to calculate the cost savings they offer. “For example, if you have a smart lighting system, highlight your energy savings or low utility costs. Compare this to similar homes when putting together your open house information.”
5. Smart locks
Doors equipped with Bluetooth and/or Wi-Fi smart locks eliminate the need for a spare key. They can also unlock remotely or automatically upon arrival. Smart locks can even be programmed to give guests, family members, and repair workers special access. At least 63 percent of homebuyers are looking for smart locks, a 2018 Coldwell Banker Real Estate Smart Home Marketplace Survey confirms.
6. Smart shades
Smart shades cut costs on heating and cooling. Installing even a small feature like this can pay off, Nick Hodapp, associate broker at the Atlas Real Estate Group, says. “The connected home is a remodeling trend that can be done without replacing all appliances with smart home products. Instead, it can be accomplished by making small investments,” he explains. “Practical and functional additions are minor projects that have a major impact in listings.”
7. Smart smoke detectors
With carbon monoxide detection, smart hub connection, and the ability to identify smoke or fire down to an exact location, it’s no wonder 75 percent of homebuyers want pre-installed smart smoke detectors, according to 2018 Coldwell Smart Home Marketplace Survey stats.
Upgrading your home is a smart move when you can get more for the same (or lower) monthly payment. Contact a Cornerstone loan officer to learn how.
8. Smart speakers
Over 21 percent of the homeowners surveyed by T3 Sixty ask about smart home entertainment features often. To up the ante, homeowners can sync speakers, TVs, and PCs to a smart home security system — putting a video doorbell to good use.
9. Smart sprinklers
For starters, manufacturers estimate that using smart sprinklers can reduce annual water use by 30 to 50 percent — benefiting monthly bills and the environment. Then there’s the convenience factor. A smart sprinkler system can be programmed automatically, at home or away. It can also be adjusted to weather.
10. Smart thermostats
Right behind home security, T3 Sixty data shows that 26.7 percent of homebuyers are frequently interested in smart home energy management. Likewise, smart heating, cooling, and utility control were ranked by 10.1 percent of MFE 2017 Concept Community survey participants as a high ROI feature. Cortes says he sees the same spike in interest among buyers looking to keep monthly bills to a minimum.
11. Smart voice control
Even a simple smart device like the Amazon Echo hub can be interfaced for voice control of smart appliances, lighting, and security systems. Syncing a smart home security system with an Echo enables cameras, locks, and alarms to respond to voice command.
Within the T3 Sixty report, Coldwell Banker and CNET say a “smart home,” should have a minimum of three smart devices, with at least one geared toward temperature or security. The modern-day smart home lets homeowners control their homes using smart devices, either from the couch or remotely. Smart home controls — which include temperature, lighting, appliances, safety, entertainment, and more — can be managed from the office or while traveling to cut down on energy use and check home security. For many homeowners, never having to worry about leaving the stove on or asking a neighbor to check in on vacation is well worth the cost of installation.
With smart home technology now accessible and affordable, “not-so-smart” homes are taking a backseat. If you’re ready for a smart home upgrade, we’re here to help. Join the homeowners who are making the move to bigger, better, and smarter homes — without changing their monthly payment.
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For educational purposes only. Please contact a qualified professional for specific guidance.
Sources are deemed reliable. But not guaranteed.