According to one survey, 47% of people between 18 and 34 own smart home products. But just because millennials are the most likely to incorporate smart devices into their homes doesn’t mean that other generations don’t use them. For example, baby boomers love using voice commands to activate AI assistants such as Amazon Alexa or Google Home. Even seniors can benefit from smart homes that enable them to live independently for longer. But the real impact smart homes have may be on real estate.
Smart Homes Sell For More
Smart home devices increase the value of a home, up to 5% more than “dumb” houses in the same neighborhood, which means sellers stand to make a more significant profit if they spend a bit of time making a home smarter. But why is this a trend? Potential buyers are attracted to the convenience, safety, and future savings that smart homes provide, even if it’s a greater investment in the present.
Smart Homes Sell More Quickly
While no one can predict precisely how long it will take a home to sell, some factors can shorten sale time. Aside from location, condition, and price, features play an essential role in how long a house is on the market. Smart devices certainly count as alluring features that will help a home sell faster.
Smart Homes Attract Tomorrow’s Buyers
Even if homeowners have no plans to sell in the near future, they’ll do well to remember that more millennials will be entering the housing market in the future. And almost half of that demographic already uses smart home devices. Homes that do not include those devices won’t be as attractive to those futures buyers.
Smart home technology may still be developing, but there are already several options for homeowners and sellers to consider. Consider the following.
- Smart thermostats can be controlled from a variety of mobile devices and can be programmed to turn on the heat only when people will be home, promising comfort and cost savings.
- Smart home security options include cameras, locks, sensors, and carbon monoxide detectors, all of which can alert homeowners when necessary.
- Smart lighting is ambient and convenient and can even save homeowners money.
This article was originally published on JasonCohenPittsburgh.org