Smart home technology undoubtedly brings convenience and security. However, it is also increasingly impacting various areas of the real estate industry. Adding home automation features can do everything from increasing home value to decreasing the time a home spends on the market. In fact, smart home technology has even led to the emergence of entire smart developments. Here are just some ways home automation is impacting the real estate industry.
Different Ways Home Automation Is Impacting the Real Estate Industry
- Increases Home Value. Potential homebuyers are actively seeking homes with smart home technology. Smart homes can be sold for around 5 percent more than non-smart homes in the same neighborhood, and these smart features similarly affect investment and rental properties.
- Leads to Less Time on the Market. Homes with smart home technology often spend less time on the market. Adding just a few smart devices can significantly impact the ability to sell a home.
- Attracts More Tenants. For real estate investors, installing smart devices can attract more tenants and increase the value of a rental property. This is especially apparent when it comes to Millennial renters.
- Making Way for Smart Developments. Smart home technology has led to the emergence of entire apartment complexes marketed to those seeking full home automation. If this continues at the current pace, it will soon become the norm in new developments.
For more information on installing smart home devices that will increase home value, contact iQ Home today.