How smart technology increases home value
Category The Property Market
Smart technology in homes is on the rise in South Africa. Many buyers are searching for homes that come with state-of-the-art technology that would ensure the safety of their families as well as make their daily life more convenient.
What is a smart home?
A smart home is widely considered as "a home that is equipped with network-connected products." You can use smart products to control, automate and optimise functions such as temperature, lighting, security, safety or entertainment. These smart products are generally connected via Wi-Fi, Bluetooth or similar devices. Reliable internet connection is also required to ensure connectivity. Smart homes are functional either remotely by a mobile phone, tablet, computer or a separate system within the home itself.
Having top equipment in your smart home can cost a small fortune but in turn, also increases the value of your home. They can include smart security cameras which alert you when an intruder is detected, smart light bulbs that you can be programmed to turn on or off at a given time if you are not at home, as well as smart refrigerators that notify you when you are running low on your favourite treats.
Smart home virtual assistants like Apple's Siri, Google's Assistant and Amazon's Alexa are AI (Artificial Intelligence) devices with built-in smart speakers that are able to interact with your voice. They can read the news, give weather forecasts, advise on traffic conditions, play music, control other smart home devices, and more. As a result of continuous upgrading software, their voice services and features are expanding all the time.
How does smart technology in homes affect value?
The millennial property market has become more attracted to homes that have style, safety, comfort, and energy efficiency in recent years. Having a smart home appeals to these desires that will make their busy lives easier. Not only do smart products increase the value of a home, but having a smart home can also influence a quicker sale.
Setting up a complete smart home from scratch can be expensive and time-consuming. A ready-made smart home will, therefore, appeal to buyers who have an interest in smart home technology. Also, depending on the location of the home, there may be a growing expectation among buyers that homes are required to have smart devices, such as CCTV security surveillance.
Just as how a home with no electricity or water would be a no go for buyers currently, in a few years time buyers may feel the same about purchasing a not so smart home that lacks vitals such as a smart locking system, or automated sprinklers.
With recent government encouragement for the shift to electric vehicles, the demand for smart garages is set to increase in the country. New homes and garages are being built with additional space for DC chargers, while existing homes may require plug points to be moved to the side of the garage walls for easy plugins. This trend will influence home buyers to consider their charging requirements when buying a home. The lack of a smart garage can decrease the value of a home.
As the property market becomes more and more competitive on a daily basis, having a smart home is a huge investment which can differentiate it from similar homes on the market. Potential buyers also look at the long term savings when purchasing a smart home.
With smart home technology now more accessible and affordable, 'not-so-smart' homes are taking the backseat. Contact Knight Frank today and we will assist you in finding the perfect smart home. Our team of area specialists await your call.
Author: Knight Frank