I remember the first time hearing about text messaging, thinking what a dumb idea it was. It’s a phone, no one wants to type out messages to another person, having to punch the #4(GHI) button on your flip phone five times just to say hi. Unless you’re stuck in a class, church or held hostage, why wouldn’t you just call instead? Well 10+ years later and I don’t think I’ve actually had a real conversation with anyone in my family for weeks, yet I feel I know more details about the day-to-day lives of each of my siblings then I ever cared to before texting, including where and what time my sisters are meeting for at Chic-fil-A for lunch today. I’m constantly bombarded by constant notifications from every possible combination of family group texts. “Who are we allowed, or not allowed to talk about in this group?” I have to constantly ask myself. Needless to say, texting has become a ubiquitous part of everyday communication for most of us in the western world at least.
Home automation feels very much the same way that texting did years ago. On first hearing about robot vacuums, smart refrigerators with a camera inside, locks connected to my phone...they all seem admittedly a little too first world to many of us I’m sure. But smart homes are changing the way we live and many of these advantages of the smart home will become a ubiquitous part of our lives in the years to come. While falling asleep the other night, I shut my laptop, and realized I needed to turn all the lights off and lock the front door still. It seemed like a monumental task at the time to awaken and take care of it. What a time we live in where with one simple voice command to Alexa, lights are out and doors are locked without having to open my eyes.
Apologies for the long winded intro, but this landscape has created a unique opportunity for home owners today to significantly add to the convenience of day-to-day life at home, while concurrently investing in the value of the the home for the long term Home value can increase by 5% with home automation(Consumer Reports link). That’s 15K on a $300,000 house. Home automation can be a great investment which allows you to enjoy the convenience of living in a smart home today, while at the same time providing a worthwhile investment for the future. The demand for smart home technology continues to skyrocket in almost every demographic. The smart home industry is predicted to reach a whopping $143 billion in 2020, three times its market value in 2014 (Statista research link). This is due in large part to the adoption of smart home technology my upcoming millennials. As the this group and its successors move into home ownership in the near future, smart homes will become the norm. With this in mind, the decision to invest in connected home infrastructure can add significant value, and a differentiating selling point to sellers in the foreseeable real estate market.
Can give a home an edge about the rest.
20 years ago, smart home tech was too expensive and lacked seamless integration to allow for any real convenience for the common everyman(woman) homeowner. All that has changed as we see connected homes becoming a mainstream reality for homeowners in 2019 and certainly in the years to come.
Smart home tech has become a long term investment with the potential to increase the value and competitive differentiation of homes. Not to mention these are all home benefits that you can take advantage of today through conveniences and cost savings, regardless of how the enhancements add to the value of the home when/if you decide to sell.
Smart thermostats - for energy savings through heat and AC regulation
Nest study (link) - Consumers save an average of 10-12% on heating and 15% on cooling
Smart lighting - Overall energy costs can be cut down by ⅓ by taking advantage of smart home lighting capabilities (link from Tio Home article).
Safety & Security
Survey from Icontrol Networks (link in Tio article) - 90% of respondents said home security is a top reason to invest in a smart home. Smart devices can also detect fire, carbon monoxide, moisture levels, radon and more, all from the convenience of your iPhone or Android device or tablet.
Plus the cool factor
Car commercial as an example. Cars are sold based on the cool accessories or technology features that set them apart, not the bulk of the car cost which all cars have in common.
These benefits increase both the actual and perceived value of the home. Especially in older neighborhoods where the vast majority of homes lack such capabilities in the latter case. New potential home buyers will see the cost savings, lower home insurance premiums and conveniences as significant differentiators when comparing homes on the market.