How Does Smart Technology Affect Home Value? - Dean Miller Real Estate

When Star Trek came out, many of us thought it was an unachievable dream to have a computer run the household electronics. However, technology has made giant leaps since the first episode of the famous show.

Smart technology is found in nearly every household now, mainly due to the wide use of our cellphones. However, if you want to stand out from the competition, you should consider selling your home with smart home technology.

Are you wondering about the many benefits smart tech offers? Keep reading!

What Is Smart Technology?

SMART is an acronym for “Self-Monitoring Analysis and Reporting Technology.” That means that your home needs to have this technology to allow remote monitoring.

Smart technology is being introduced in many different aspects of our life. As mentioned briefly above, our smartphones have the capacity for remote use whenever you call on your device’s assistant, whether Google, Alexa, or Siri, you use smart tech.

But, as you will see later on in the article, the sky is the limit with smart technology. There are so many options that could make all of our lives easier.

Are Smart Homes Safe?

Many people are concerned that big brother is listening to their every word. Not to mention, hackers could connect to the wifi and control the house, including security systems.

However, you can take some safety measures to reduce the risk of hackers. For example, you can put all your smart devices on a separate network, use strong passwords, and regularly update your devices.

Because updates often include more powerful safety features, they are also crucial for optimal performance across all devices.

Is Smart Tech for a Home a Safe Investment?

The upfront cost of smart tech is quite significant. However, it does have a good return as well. In fact, most potential buyers would prefer to buy a home that already has smart tech installed.

Some experts claim that adding smart tech will raise the value of your home by 3-5%.

They also provide value in ways other than monetization. We will discuss those below!

How Have Smart Homes Changed the Real Estate Industry?

One of the most significant considerations of the price of a home is the features and amenities your house provides, so if you have a setup that makes the next homeowner’s life easier and more efficient.

Some experts say that smart homes spend less time on the market. Considering that most of the population would consider buying a home with the tech installed, that is easy to say why.

Smart homes also tend to attract Millenials as they are the largest demographic looking for these features. They also happen to be the generation entering the homebuying phase at this time.

Pros and Cons of Smart Tech

As with all things, smart tech has its pros and cons. However, you’ll see that the pros far outweigh the cons.

Pros

Most of these pros won’t necessarily apply to you if you sell your home. But maybe these benefits will convince you to buy a smart home yourself.

While some may be wary about the security risks, smart technology can increase the safety of your home if installed correctly. As you will see below, there are entire security systems, including camera surveillance, alarms, and locks.

Additionally, it also saves a lot of time for many households. With just a command, you can have your lights on, your heat on, and the home theatre system will work again. Instead of going around to each device, you can control all these items from the comfort of your couch.

Smart technology is also geared toward energy efficiency. Since it is programmable, you can set specific devices to be more efficient. For example, you can set timers to turn the lights on and off just before you arrive from work.

Or if you accidentally left a light on, you can turn it off from your phone! In addition, the devices usually have energy-saving features, which means that they will likely consume less energy than your traditional devices.

Cons

The downside of smart tech is its expense. As you will see below, the upfront costs are high.

However, that is negated by the resale value of your home. As a result, your home will likely increase in price and cover the purchase and installation costs.

Of course, as mentioned above, hackers may attack your system. But if you take the proper steps to protect your home from hackers, like adding passwords, second networks, and regular updates.

Make sure you buy these devices from trusted sources as well. Unfortunately, some devices hit the market before they are thoroughly tested.

Smart Home Technology: 10 Features that Increase Home Value

While there are some security risks to smart technology, it also provides many benefits that cannot go unnoticed. From convenience to comfort to savings, all of these benefits add up.

While looking at the list below, you might be shocked by some of the prices. However, remember that your return on this investment will likely pay off. In addition, some upgrades make sense if you are already buying new devices, like kitchen appliances, for example.

However, you can add small features that will spruce up your home and create a house that belongs in the future.

1. Smart Speakers

If there is one thing you should add to your home system, it is a smart speaker. You have heard of Amazon’s Alexa, Google’s Home, and others that provide excellent audio, and helpful information and have the capabilities to communicate with you and your devices.

With these speakers, you can communicate with your home assistant, listen to music, and command other devices to do your bidding.

Cost and Installation

The cost and installation will depend on the brand you choose. However, they are similar in price and performance.

For instance, for both Google and Alexa, you will have the option of a few different tiers. On the other hand, the Echo Dot, the Google Mini, and other small speakers come with plenty of features and reasonable prices.

If you want to upgrade the system to something with more oomph, you can check out brands like Sonos One, Bose, Braun, etc.

Prices can range from $70-$300.

2. Smart Lighting

Smart lighting is something that every homeowner enjoys and seeks out. Turning on the lights minutes before you arrive is convenient and safe. Having lights on will deter a number of thieves from targeting your home, and you won’t have to walk into your home not knowing what is waiting for you in the darkness.

Cost and Installation

You have two options when installing smart lights: smart bulbs and smart plugs.

Smart bulbs will allow you to use your lights as dimmers, too. With a simple voice command, you can set the lights to any percentage you wish. Some light bulbs also allow for a change in colors, perfect for Christmas or other seasonal holidays.

Light bulbs range in price; depending on the functions, a four-pack can range anywhere between $30-and $60.

Smart plugs are also a great option to control your lights. The benefit of smart plugs is that you can use them for many devices, not just lamps. The drawback with these is that you cannot dim the lights or change the colors.

Most smart plugs are around $40 for a four-pack. Alternatively, you can also purchase power bars to plug several devices in at once. You can program and control each outlet separately.

The power bars usually cost around $30.

3. Smart Thermostats

Thermostats are great for saving energy, as you can control them remotely from anywhere. For example, if you are on vacation and hear that an unexpected frost is coming, you can turn on the heat with a click.

Most thermostats also allow for monitoring of peak usage so that you can conserve energy during the most expensive times of the day.

Cost and Installation

A smart thermostat will replace your old analog one. Installation is relatively easy and usually takes about 20-30 minutes. Most thermostats will come with instructions on installing them on your wall and connecting it to your smart home system.

Thermostats can range anywhere from $120-$300. First, make sure that the thermostat is compatible with the rest of your home system.

4. Smart Kitchen Appliances

The kitchen is often the heart of the home. So, it makes sense to upgrade the devices in the room. Buying new appliances can increase the value of your home as well.

Going the extra mile will set your home apart from the rest.

Ovens

Smart ovens offer several benefits, from preheating to voice control to notifications and automation.

You can also program specific settings to customize your cooking. For example, if you have a frozen meal, you can set the oven to reflect that, which thaws the meal without burning the outside.

It also combines several functions such as convection oven, microwave, and steaming, depending on the type of oven you purchase.

Cost

The cost of a smart oven can be pretty high. However, considering the benefits it provides, it might be worth it.

The price can range from $150 for a small counter appliance to $5,000 for a fully outfitted smart oven.

Coffee Makers

America runs on coffee. One hundred fifty million Americans drink coffee, around half of the population. About 85% of those coffee drinkers drink their first cup at home.

If you are a night owl and have difficulty getting out of bed, a hot cup of joe might be the right motivator to get you moving in the morning.

Coffee makers, cappuccino machines, or other specialty coffee makers are now programmable to start before you wake up. You can even schedule it with your morning routine if you have a whole smart system. (More on that later!)

Cost

Coffee makers come in all shapes and sizes without considering the smart features. So the cost also ranges considerably. You can buy a smart machine for about $130, or it can go up to $2,000.

You can purchase coffee makers that work off of a timer or machines that will connect to your wifi. Sometimes, you can even program your favorite cup of java under your name.

Fridges

Smart fridges, much like smart ovens, will change your life in a way you didn’t think was possible. You can not only control the appliance from your phone, but the additional features are mind-blowing.

For example, you can set expiration dates for your products, create grocery lists, add a bulletin for your family to see, and look up recipes right from the viewing panel.

Cost

Smart fridges will start at around $3,000 and can go as high as $6,000. Make sure that the fridge can connect to your wifi and home system.

5. Smart Smoke Detectors

Smoke detectors are mandatory in every household. However, they don’t do much good if you aren’t home.

Smart smoke detectors reduce the risk of a fire getting out of hand even when you are not home. It will notify you on your phone, and in some cases, the fire department is alerted automatically. Just make sure you don’t burn your toast too often!

Cost and Installation

You can install smart smoke detectors the much the same as regular detectors. However, you will need to connect it to your wifi and your phone.

These devices can range from $100-$150.

6. Smart Doorbells

Smart doorbells help with insurance as well. Most smart doorbells have a tiny camera that records whoever comes to the door. Then, if something happens, you can use the video as evidence for your insurance claim and a police report.

You can also speak to your visitors before you let them in, even if you are from home. For example, if you are waiting for a package to arrive, you can give the delivery person instructions on where to hide the package, and if you have smart locks, you can even let them inside so they can put it inside the house.

Cost and Installation

The cost of these doorbells is pretty high, unfortunately, but it will significantly increase the security of your home. Many buyers will appreciate the extra measures you have taken to install this device.

Prices can range from $200-$300. The higher-end units will have facial recognition as well.

Installation is an easy DYI project. Most doorbells are battery-powered, so you only have to hang them in the right spot and connect it to your wifi.

7. Smart Security System

Your security doesn’t have to stop with a doorbell. You can set up an entire smart home security system throughout your entire home.

This system can include cameras at entry points, sensors on your doors and windows, etc. They can alert just you through your phone if there is any activity, but you can also set it up with your local authorities. If they see any suspicious behavior, they will clarify with you first before sending a team to investigate.

Cost and Installation

The home size and different types of monitoring equipment will determine pricing for a security system which could be $200-$2,000.

You could install these items yourself with the proper tools, or you can hire a contractor to do so. The installation costs will likely range from $50-$200.

8. Smart Locks

Smart locks also add an additional feature of security to your home. For example, you can open the door from your phone once you have confirmed who is at the door, get notifications when the door is opened, and more.

You can also have it set that the door locks a few moments after you leave. Then, you wouldn’t have to wonder anymore if you forgot to lock the doors.

Additionally, they also work with keypads. So if you forget your keys, you won’t have to call the locksmith and break into your own home.

Cost and Installation

Most smart locks cost around $200. However, depending on the features, prices can go as high as $2,000. In addition, if you are having it installed by a professional, you can probably add another $100-$200 to the cost.

However, if you know how to replace regular locks, you can install smart locks with ease. Smart locks are battery-powered and will connect to your wifi.

9. Smart Shades

If you are renovating your bedroom, you should consider adding smart shades. Smart blinds are great for regulating the temperature of your home. In addition, you can set timers or control them from your phone while you are away.

The blinds can block out the sun when needed and let the natural light in with just a button.

Cost and Installation

You can have a professional install the shades or do so yourself. However, if you are ordering custom shades, the price may include installation.

Alternatively, you can order an attachment for around $150 to turn any shades into smart shades. This gives you the option of choosing the style and colors you want while adding the convenience of a smart shade.

10. Smart Home Assistant

To control all of these devices, you can use your phone. Each member in your household can install the respective app on their phone and control the devices. You can even set restrictions on certain features.

However, many households opt for a hub that they place in their house. This is especially beneficial for guests or members that do not have a phone.

With Home Assistance, like Alexa and Google, you can set routines where the settings of each device are activated or shut off.

For example, let’s say you start your mornings at 7 am. Your heat is low for the night, your lights are off, shades are down, and your coffee is ready for brewing.

Your morning routine will make sure that all of these items are automatically operated right as you wake up. The shades will open, let it in that glorious sunshine, your heat will turn on so that you don’t have to brave the cold, and your morning coffee will be waiting for you in the kitchen.

Sound like a dream, right? Imagine selling that dream to potential buyers? People will fall in love with your home before seeing the unique features your house undoubtedly offers.

Cost and Installation

Google offers Nest Hubs starting at $99.99. Depending on your TV, you can also set your control apps like Netflix on your TV from the hubs.

However, as mentioned before, all of these settings can be accessed from your phone. This is great if you live alone or with another adult.

Installing it will take some work. First, you need to connect all of your devices to the same network and program them according to your routine. However, once this is done, you are set for a long time!

Smart Tech Home Inspirations: Start Living Smart

Smart technology can make your life easier, safer, and more convenient. If you can offer these systems to the new owners of your house, you can bet that the house will sell fast!

Remember, you won’t have to buy all of these items to entice new buyers, but even a few of these features can set you apart from the competition. Plus, you will know how each device works if you decide to make your next home smart as well.

Are you looking to sell your home in Nassau County? Check in with our experts to see how we can help!

SHare on Social
Facebook
Twitter
LinkedIn

Leave a Comment

Your email address will not be published.

Scroll to Top