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From programming the TV, setting the thermostat, and checking for water leaks, to turning off the lights and locking the doors, advances in technology mean we can now control many household functions with just the swipe of a finger. But what do these, and other smart home features mean in terms of real estate?
WHAT IS A SMART HOME?
A smart home is usually considered any home with televisions, lights, computers and home security systems that can be controlled over a central network. It might also include connected appliances, irrigation, alarm systems, smoke detectors or other security detection devices.
Smart homes operate on emerging technologies. Devices installed three years ago may be very outdated by now. Not all homebuyers are interested in outmoded smart homes, which means if you have one, it might be more difficult to sell.
If you currently have an adjustable rate mortgage (ARM), then you may want to refinance into a fixed-rate loan. Making this decision will likely get you a better rate, but more importantly, it will get you a stable one. Some may even decide to simply adjust their ARM to extend their already low rates. Either way, stability in loan terms provides a sense of reassurance.
ARE SMART HOUSE UPGRADES WORTH IT?
MAKING A SMART HOME APPEALING
If you have already spent the money creating a smart home and have installed multiple connected devices, you’ll need to do more than just offer up the “smart” features to potential buyers. Some things you can do to help sell your smart home include:
Highlighting energy savings: newer appliances with the Energy Star rating are always in demand by economically (and sustainability!) minded home buyers. If any of your smart home installs aim to save on energy costs, this is incredibly valuable.
Selling with the necessary technology: you may not want to take all the smart devices with you when you leave. Consider making them part of the whole package.
Installing a user-friendly smart home system: not all systems are easy to use, especially for non-tech savvy folks. Be sure to also check whether the system has customer or technical support--that way, people who aren’t used to smartphones and smart home technology have someone to call when something goes awry.
A smart home is a great feature, but it isn’t for everyone. Install a smart home system if you plan on enjoying for a few years. Save the expensive upgrades for the kitchen and bathrooms (as rooms that have a traditionally strong return on investment). planned additional costs.