Will Smart Home Technology Affect Real Estate in 2021?
In this day and age, “smart” is the word buzzing around, from our smartphones to our smart homes. Whether or not this will affect real estate is the big question. Will things be so advanced that the real estate business suffers as a result? Or will it improve?
In this article, we will be addressing the ways that smart home technology affects real estate and what the future might look like.
So, What IS Smart Home Technology?
The main factor in smart home technology is automation. This is something that most people are fairly familiar with already. For example, when your heating system or coffee pot runs on its own when you’re out of town or at work, that’s an example of automation.
With smart home technology, this automation goes a step further. This technology allows you to control everything through automation – including your TV, lights, security, Wi-Fi, phones, and much more.
The question is though, is every common person ready or attracted to using this technology?
Merging Real Estate and Lifestyle
Historically, real estate and lifestyle have always been intertwined. The most important aspects of having successful real estate are location, safety, and security. Smart home technology takes this safety and security to a whole new level, therefore benefitting the real estate business and its success in return.
It has been projected that in the coming years, the popularity and want for smart home technology will rise by almost 20%. This means it’s incredibly important for the real estate industry to take advantage of this technology.
Smart home technology reaps many benefits – ranging from accessibility and monetary benefits as well as comfort and safety.
It Is Easier to Sell a Smart Home
As the popularity of having a smart home rises, so will the resale value of the property. Buyers will start becoming more and more interested in buying a home that is equipped with smart home technology.
Adding this technology and automation can only do good for the resale value of a home, as long as it is accompanied by good location, condition, neighborhood, market, and age of the home. If these factors are involved, a home equipped with automation will sell better than one without.
Quicker Selling Time
In order to successfully sell your house, you have to appeal to your buyer. This means having features about your house that sets it apart from others.
A home with smart home technology already equipped will be way more enticing to a buyer because they won’t need to install this automation themselves. If your home already has this technology equipped, it will be way more likely to sell faster.
Attract a Variety of Buyers
When smart home technology was first making its way into the real estate industry, it was mainly something that attracted buyers of higher incomes and gifted technology. However, as it continues to become popular and more accessible, it attracts a variety of buyers with all types of background