As technology continues to advance, real estate buyers and sellers are gravitating towards the modern conveniences of a smart home. Why? Technology upgrades are not just smart systems—they’re smart investments when buying or remodeling a home. Read on to learn how home technology systems can increase the value of a home, make that home more sellable, and open up insurance incentives available to those with home technology upgrades.
Home Tech Upgrades
According to CEPro.com, 64% of realtors say home buyers are more interested in high-tech amenities compared to just a few years ago. Smart homes sell faster than others, and with the number of smart homes on the rise it’s important to ensure your home can compete in the market. Karen Bernardi with Coldwell Banker and owner of The Bernardi Group Residential Brokerage notes: “In Boulder County we’re really seeing prices continue to climb. The luxury market especially has become much more competitive, especially in the $2 million plus market. As older homes are being purchased, expanded, in size, and completely redone, or scrapped completely and rebuilt the interior finishes are often a similar variation of a warm modern décor. We are seeing more and more the integration of tech features in these new homes as a way to both distinguish them from the competition, and make usability of the sophisticated new energy systems a lot simpler. Adding square footage or gourmet kitchens isn’t enough anymore for buyers in the luxury market when there are several options to choose from.”
Smart Home Renovations
In a recent survey conducted by Houzz, almost half of renovating homeowners say they are incorporating smart home devices in their remodel projects, citing the want to increase comfort and safety of their homes/families as key motivating factors. Among some of the more popular smart home upgrades are security systems, home theaters, climate control systems, and lighting features. Click through for a glimpse of what technologies renovating homeowners are turning to and why.
“A 2015 survey by Better Homes and Gardens reported that 68% of Millennials surveyed think that smart home technology is a good investment for their homes, and a recent study of buyers’ trends by the National Association of Realtors found this demographic represents the largest share of potential homebuyers.” (Click through for the story.) As of 2016, 33% of Coldwell Banker agents agreed that houses with smart home features sell faster, up dramatically from previous years. If you’re considering putting your home on the market, smart home technologies might offer the ideal solution to make your home stand out in the crowd.
Insurance Incentives for Smarter Homes
The home technology market continues to evolve, and the home insurance industry is taking note. Some insurers are offering discounts and incentives to those with smart home upgrades. We encourage all of our clients to talk to their insurance company to see what discounts they might be eligible for. Click here to learn what kind of discounts might be available to you. Whether you’re looking to sell, looking to buy, or looking to upgrade—smart home technologies offer solutions that will benefit your lifestyle and your wallet for years to come.