Smart Home technology is becoming a more accessible and affordable luxury. Smart Home automation may allow for comfort and convenience for the homeowner, but it also provides a more attractive incentive for home buyers. While the baby boomer generation upgraded cabinets and countertops, the upcoming millennial home-buying generation is more interested in the latest technology and how it integrates into the modern home and lifestyle. According to a 2015 survey by Better Homes and Gardens, 64% of the millennials they surveyed were interested in having Smart Home technology in their homes. A recent study by the National Association of Realtors on buyer’s trends reports that this millennial generation represents the largest share of potential home buyers. This is an emerging market that cannot be ignored and will have different expectations in their home purchases. So as a homeowner, what Smart Home technology will increase the value of your home?
Smart Door Locks
Do you ever worry about whether you locked the door after you left the house? Smart Door locks provide the peace-of-mind and convenience of locking, or unlocking, your door from anywhere in the world from the app on your smartphone. Need to let someone in your house? No problem! Just open the app and grant them access. Never fumble for keys again, or guess which rock you hid the spare key under.
The programmable thermostat may not be a new invention, but newer smart thermostats take out all the guess work and allow the user to control the settings right from their smartphone. Set your preferences based off specific hours of the day, or days you’re not home at all. With an estimated average savings of $173 per year, your smart thermostat pays for itself in no time.
Energy Star reports that the cost of lighting your home amounts to about 12% of your home’s annual energy bill, or around $264 per year. Smart lighting provides a solution to cut back on energy usage. Smart lighting dimmer and sensor systems allow homeowners to easily turn on and off the lights from a smartphone app. Smart lighting can also be customized to perform certain actions, like slowly getting brighter as you wake up or automatically switching off when you leave home. Another great use for Smart lighting is the increased security by serving as a motion detector, making it safer for you to venture outside your house at night and be alerted when there’s movement outside your home.
Although there may be an initial investment in upgrading these features in a home, each and every Smart Home feature provides a valuable bonus that is attractive to potential buyers. Plus, the homeowner will also reap the convenience and efficiency benefits of a Smart home system. As Smart Home technology gains popularity and the millennial generation abruptly emerges into the home buying market, you can expect the influx in demand for Smart Home features to rapidly increase. Make your home the smartest, and most valuable, home on the block.