Today’s home buyers are still looking for traditional selling points like a great location, liveable layout, and a beautiful space to call home. However, that’s not all. These days upgrades with predictive features and automated smart home technology are also catching buyers’ attention.
When it comes to upgrades that add value to your home, it’s best to understand the fine line between what is of value to you while living in your home versus what upgrades may add value to a potential homebuyer.
Top Value Increasing Upgrades:
According to sources like Consumer Reports and US News and World Report, the most popular technology upgrades to a home that seems to have a high return on investment (ROI) fall under three main categories: Safety, Ambiance, and Convenience.
Safety upgrades include things like smart home security systems, smart locks, and front door monitoring systems. Motion detecting lighting outside and radon and smoke detecting devices continue to be popular. And nowadays, these systems are mostly automated with the use of apps from a smartphone.
As for ambiance, tech upgrades like automated lighting, blinds or window shades, surround sound, and remote climate control via smart thermostats are big selling features. And not only that, but many of these additions are a relatively small investment that has a big payoff.
Under the convenience category, one of the newest upgrades to hit the scene has been smart appliances like the app-controlled refrigerator. Have you ever gotten to the supermarket only to draw a blank on whether or not you’re out of milk? No worries, just log in to your refrigerator’s app and take a peek inside your fridge in real-time. According to a 2017 Concept Community Study, smart appliances ranked as the highest ROI of all technology upgrades.
Take It or Leave It:
As a homeowner who is installing and spending on this tech, be sure to consider on the front end how attached you are to it. Will you leave these upgrades in the home for a future buyer, or are there any that you plan to take with you to your next home?
If you plan to remove anything, be sure that it is evident in the home listing what is and is not included in conveying at the time of sale. Additionally, you’ll want to have a plan for recovering surfaces or cleaning up any blemishes or vacancies left by systems or hardware you’re taking with you.
If you have not yet made the switch to adding technology updates to your home, but are considering it, keep these data points in mind:
● Two of the largest demographics of homebuyers are GenXers and Millenials. These groups heavily rely on technology in nearly every aspect of their lives. Having a home enabled with such features is of high value.
● Safety features like surveillance systems offer value even during the home selling process. If you have PCS’d with your home still on the market, having the ability to view your property in real-time can help you to protect your asset.
● The demand for smart homes continues to grow and climb. Being able to add these updates to a real estate listing can help your property stand out among its competition.
● According to Consumer Reports, if you have only $1,000 and a short amount of time to invest, be sure to use it for these essential upgrades: a smart thermostat, smoke detectors, a doorbell, smart locks, smart light bulbs, and a smart speaker to assimilate all of the devices as mentioned earlier.