When it comes to the real estate industry and specifically the housing market, the introduction of Smart Homes, leveraging IoT technology, has seen a rapid increase over the past decade. Ranging from automatic thermostats to remotely controlled security systems, Smart Home Automation provides everything to enhance lives of the people. Smart homes are proven to be a blessing for differently abled people to enhance their lives in the place where they spend most of their time.
Although the actual smart home is still considered in its infancy worldwide, large companies such as Google, Philips Hue, and Nest are taking otherwise common products and re-creating them with IoT technology. Beyond this, with millennials now being the largest group of homebuyers, smart home automation is poised to become mainstream over the next decade due to the desire for technology integration across our daily lives.
Digitization and transformation are reaching their peak and it is seen across all industries globally. Cutting-edge technologies like IoT solutions, voice-first technology using Smart speakers, Artificial Intelligence, Augmented Reality and Virtual Reality, Smart Meters, and many more are already implemented in the market and used extensively leveraging custom IoT app development.
As a consequence, Smart Real Estate Solutions are now being proposed by many IT solutions providers. Smart home automation and surveillance solutions are the core amongst all the other real estate solutions and hence let us have a look at what implications it may have on Real Estate Industry as a whole.
For homebuyers who are looking to increase the closing price of their home, adding in pre-installed smart home tech boosts the final resale value by up to five percent. Why? Millennials are willing to pay more for homes that have smart home technology installed, anywhere from $1,500-5,000 more than the typical home.
The combination between current homebuyers looking at smart homes, the desire for modern layouts, and the need for integrated technology, has smart homes flying off the market up to two months faster than traditional homes. Beyond this, since smart homes are in their infancy, high-market value, competition, and high-demand causes snapped backed listings. More individuals would also be willing to leave smart home technology like the Nest thermostat, SmartThings Hub, and Philip Hues bulbs, installed in the home if they believed that the home would sell faster.
With more than forty percent of millennials having smart home products, choosing to go with a smart home just makes sense. Reasoning? Most individuals are already familiar with smart technology and have become used to the benefits of the technology. For instance, most individuals have smartphones which save them an average of thirty minutes per day and almost $100 a month. Wrapping this type of technology into a home via pre-installed tech makes the home that much more desirable to a millennial homebuyer.
Smart home technology gives homebuyers the ability to customize their home based on the technology that they want. For example, a millennial may want the ability to automate their blinds, speakers, lights, and thermostats, whereas, an older person may want to save money on utilities or have enhanced security systems in place.
Beyond these points, smart homes and apartments are going to impact the rental market as more individuals are willing to pay an increased rate for places that have updated IoT technology. So for homeowners and landlords looking to rent out their smart homes, they offer an opportunity for increased rent growth and revenue. Shifting focus towards smart homes and Internet of Things technologies that come with them is critical for companies who want to meet the demand for connected living.
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