We’re already living in a digital age, but the era of IoT is just coming upon us. While it is true that IoT has been around for quite some time now, it has still not become mainstream with the majority of the homeowners, but we do feel like that is about to change relatively soon. Why? Well, because the technology behind it is no longer just about convenience and comfort – it’s about value, too.
Nowadays, technology can boost your home’s value up to 20%, according to some research. And while many find that very hard to believe, there have been various instances that prove that property technology does pay off. Since we don’t want you to just take our word for it, we’ve decided to dig in a little deeper and tell you exactly how different property technology can increase your home’s value.
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Let’s get started.
It Can Provide and Instil A Sense Of Security
A secure home is a valuable home – there’s no doubt about it. A prospective buyer will always pay more for a home they will feel safe in. Even if they’re buying it to re-sell it, they will keep it in mind because they know that the next person, the one who will live in the house, will want to feel safe.
Smart security devices allow for just that. Just imagine equipping your home with smart locks and doors that don’t require a key but are instead locked and unlocked directly from your phone. Also, imagine a smart, motion-detected CCTV system that feeds directly to your device but also uploads the feed to a secure server that you can access at any given time. These things attract home buyers.
Therefore, investing in smart devices that secure and protect your home is not only a smart and responsible thing to do but it’s also a good investment. According to various research, smart devices like security cameras, smart locks, smart doors, smart doorbells, and other smart security gadgets and prop tech can increase your home’s value up to 5%. Depending on where you live, that can be quite the lump of money.
It Brings Convenience And Comfort
What are the things most people spend their spare money on? Nowadays, people spend most of their extra money on things that bring them comfort and convenience. You spend money on things that make your life easier and stuff that makes you feel good. Property technology checks both of those boxes.
You want to feel comfortable in your home, but you also want to experience convenience. Wouldn’t it be easier if you could just adjust the thermostat right from the couch as you’re watching a movie than to pause the movie, walk all the way to the kitchen or wherever your thermostat is? Of course, it would. What’s even better about it is people are willing to pay for it.
We’re already heavily invested in technology, and we’ve gotten accustomed to things being quick and easy and at the push of a button – so why not add that to your home? Why spend time opening and closing your blinds in the morning and in the evening when you can program them to open and close automatically at the same time every single day? Why spend time watering the lawn when you can set your sprinklers to turn on automatically each day at the same time?
Believe us, once you experience this level of comfort and convenience, you won’t be able to resist upgrading your smart devices and smart-ifying your home, and prospective buyers won’t be able to resist paying a little extra for all those gadgets.
It Makes Your Home Energy Efficient
Property tech isn’t just about Alexas and Google Home Assistants – it is about a lot more than that. Sure, as we have previously highlighted, comfort and convenience are one part of the equation, but another part of that equation is also efficiency. More precisely – energy efficiency.
Let’s face it – energy resources are getting depleted by the day, which means they’re getting more expensive by the day.
Therefore, unless we adapt to new, sustainable and renewable energy resources – we’re doomed. Luckily, there are several options to choose from when it comes to “alternative” energy sources, with the most popular one being solar energy.
Equipping your home with solar panels will be quite an investment, but it will undoubtedly add to the value of your home. It will increase your home’s value in two ways. The first, and the more obvious one, will be the value of the panels themselves.
You won’t get a full return on your initial investment, but the other thing will compensate for that. The other thing is energy efficiency and long-term savings.
Imagine a house equipped with solar panels and smart gadgets. Not only will the smart gadgets turn off and on based on usage, but you will also get to enjoy virtually free energy. Once you factor in the long-term savings you get from both of these, it is easy to see why someone would be willing to pay more for a home if it saves them money in the long run.
According to some studies, a home like this one could see an increase in the price up to 10%.
Non-Smart Technology Matters Too
According to real estate agents, most people will rather buy a fully furnished, ready-to-move-in home than an unfurnished one, despite having to pay more. Why is that? Well, it’s mostly because it will save them money, but also – convenience.
Since we’re back to convenience, we have to talk a little bit about non-smart property tech that can also increase your home’s value. For instance, a home cinema room, depending on the features, can increase your home’s value by several percent.
Naturally, you can’t just make a cinema room if that means losing a spare bathroom or a kids’ bedroom, but if you have room to spare – it’s better to turn it into a tech-enthusiast one than leave it empty.
Final Thoughts
Since we’re still in the early to mid stages of going completely digital, we still can’t fully grasp the importance of technology in our homes and how it might affect the value of homes in the long run. But, what we do know is that it certainly won’t hurt.
Every home improvement job will add something to the overall value of your property, and upgrading your with some property tech is definitely a home improvement job.
