How Smart Home Tech Affects Property Values
Did you know how you can still increase the value of your home? By combining convenience, security, and technology, your property can surely increase in value if you have smart home technology installed in your home. If you’re not up-to-date with real estate news, you probably aren’t aware of how the demand for smart home technology is spreading like wildfire. And it’s impacting the real estate industry in bigger ways than you think. It’s changing the way people live and making homes more convenient and secure. With homebuyers of all ages lining up for properties with smart home technology, it’s definitely here to stay. Currently, half of the millennial population has at least one smart home technology installed in their homes. Meanwhile, 91% of those who have smart home products are likely to recommend it to others. With the need for it growing higher and higher, saying that it might be a good idea to invest in smart home technology is an understatement. What is Smart Home Technology? You probably have a good idea of what a smartphone is. Just think of all the things you can efficiently do with your phone and imagine your house having that kind of technology. Sounds pretty awesome, am I right? Smart home technology refers to network-connected products that you can control, automate, and optimize to function. This means that you can control functions like temperature, lighting, security, safety, or entertainment by a device. This device can either be your smartphone, tablet, computer, or a separate system altogether. Some smart devices that you can install in your home include smart locks, smoke detectors, motion alarm detectors, smart security cameras, smart light devices, thermostats, and automated garage doors, to name a few. Not only can smart devices level up your comfort and efficiency, but they can also make you more efficient. Forgot to do the laundry? Run it while you’re at work. Forgot to lock the front door? Lock it from your smartphone. It just makes life so much easier and stress-free, while saving money too by making things run more energy efficient. How can Smart Home Tech affect your property? It will raise the property value of your home One of the main reasons why homeowners install smart home technology is it can increase their home value. When its value increases, owners will be able to resell it at a higher price. What does this mean for you? When listing a property, the features and amenities are very significant factors in how much a property should cost. This also applies to properties for rent. If it is equipped with smart technology to provide the tenants more convenience, the higher rent it requests. Some buyers turn affordable homes into an investment by installing inexpensive smart devices. Once a home becomes automated, it can have an exceptional return on investment. In the same neighborhood, buyers would be willing to purchase homes with smart home technology up to 5% of the property price than the normal one. It has a faster selling time Although homebuyers consider a lot of factors when buying a home, having smart home technology definitely gives your property a cut above the rest. When it comes to time and duration on the market, houses with smart devices already installed sell faster. In fact, according to CNET, 81% of buyers said that they’d choose to buy a home if smart products were already installed, while 71% said that they were specifically looking for smart home technology in their next home. If you plan to resell your home in the future, better install smart devices now so your property doesn’t get left behind in the market. Attract a Variety of Potential Buyers I’ve talked about how smart home technology can help you sell your home with an advantage. But who are the potential buyers of this type of home?Most people believe that smart homes are for the rich because of their “fancy” features. But according to a study, millennials are the largest home buyers and they are mostly attracted to homes with smart technology. They are easily impressed by the “wow” factor it gives when they check out its features.Aside from millennials, smart homes also attract various buyers based on their lifestyle. Single parents are more likely to purchase a smart home than a normal one due to its security features while solo occupants purchase a smart home because of its convenient features.Installing smart devices in your home will not only increase its value but can also widen your market. Are You Ready to Get Smart? Location, market, condition, neighborhood, and features are common factors to consider when buying a property. But having a smart technology will give your home a plus! Aren’t these enough reasons to invest in smart devices for your home? Be sure to include this in your next home maintenance.
The Top 3 Upgrades To Make To Your Property Before You Sell
In today’s real estate market, when selling your home, you probably will have to make improvements and renovations to your property to stay competitive and receive the highest offer for your property. Home improvements can include refurbishing, remodelling, repairing, or renovation projects in your home. All improvements are not created equal. Some improvements add more value to your home than others. Here are the top three improvements to prep your property for a faster sale and higher sales price. Kitchen Renovations & Upgrades Prior to Selling Your Home If you want to increase the value of your home through improvements, the best room to start in is the kitchen. Appliances are very important to most home buyers. In fact, it’s one of the first things that home buyers notice when home shopping. As such, old appliances should be replaced; this is especially true if you have mismatched appliances in your kitchen. If your budget allows, installing new countertops together with new appliances is ideal.Additionally, when it comes to kitchen improvements, two of everything adds additional value to your home. Two ranges and two dishwashers are popular with those who enjoy entertaining or have large families. Built-in chopping block areas and trendy marble are also renovations to consider. Painting your cabinets or even just changing the hardware (i.e., the knobs, handles, or pulls), are cheap renovation ideas to spruce up the kitchen. Replace your Flooring Prior to Selling Your Home Improvements made to the flooring will have the most dramatic effect on your living space. If your property still has carpet installed, you may want to consider swapping out the carpet for something else. Specifically, there are so many inexpensive flooring options available such as, hardwood, stone, and laminate, all of which are more durable, easier to clean and last longer than carpet. As such, there is no reason to have old and outdated flooring in your home. Replace the Fixtures Prior to Selling Your Home Upgrading and investing in quality fixtures throughout your property is an easy way to elevate and modernize your property without spending a lot of money. Upgrading small things such as light switch covers, door handles, installing new locks are all easy yet effective upgrades. You can also install new ceiling fans and light fixtures throughout the entire house, as another way to modernize the residence. Upgrading the faucets in the kitchen and the bathroom are easy yet important upgrades to make to your home, especially because these fixtures tend to wear easily. Additional Pro tips for Selling Your Home: A new coat of paint in both the interior and the exterior, never hurts your home’s chances of selling faster. Use neutral colors to appeal to as many home buyers as possible.Additionally, landscaping has a considerable effect on the visual impact of a home. A professionally landscaped yard with flowers, adds a nice touch to your property’s exterior appearance. Storage is often a top priority for families. As such, sellers can look for cheap ways to increase storage throughout their property. For example, sellers can install shelving, install walls storage, and add organizational units in the closets. Lastly, it should go without saying, but a clean house without clutter sells a lot faster than a dirty and cluttered home.
How To Sell Your Home To Millennials
Millennials now represent the largest cohort of home buyers. Real estate agents and builders eagerly anticipated the entrance of millennials into the housing market. This generation is much bigger than the baby boomers. In 2018, millennials represented the largest cohort of home buying at 37%. Millennial homebuyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of high prices and the limited selection of homes in most markets. But due to their lack of experience as homeowners, they do not compromise on the condition of the home. So, there are a few things which millennials look while purchasing the house: Make Your Home Move-in Ready:Millennials want the finished product at closing. They shift jobs and locations far more frequently than their parents’ generation so there’s no time for rolled out home improvements. So, if you are looking to entice the Millennial audience, you have to deliver a move-in ready home that looks like it has tumbled off a magazine cover. Get Sociable: Young buyers are sociable creatures and most of them want a space where people can gather, mingle and socialize. Overall, they are more attracted to open floor concepts than a layout that compartmentalizes the home. Some of the renovations you might consider include knocking down walls to provide an open concept cooking/living/dining space and outdoor decks for entertaining. Install Eco-friendly Features:Millennials are a responsible generation with a collective social consciousness. Green lifestyle choices are a part of their DNA, and not embracing the move towards sustainability could be a deal-breaker for some younger buyers. If your home falls short of the latest environmental standards, it may be worth boosting your home’s green credentials with a cost-effective retrofit. Energy-efficient heating, cooling and insulation are a selling point, or you could include sustainable materials such as bamboo into your flooring or kitchen cabinets. Bottom line, selling to Millennials is not complicated as you might think. Using these tips, you’ll be better equipped to prep your home to sell to this up and coming home buying generation.
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