5 Smart Upgrades That Can Boost Your Home's Value
Every homeowner is chasing one thing: resale value. Most properties will naturally appreciate in value by sheer nature of the market, but there are also many things you can do to update, upgrade, expand, and otherwise improve your home in order to boost its value. In addition to big, bright kitchens and converted garages, the latest feature Millennial buyers are chasing are smart upgrades.
That’s right, the home of the future is here, and you can easily elevate your property to that status by including some select smart features. From appliances to lighting, anything can be made “smart”.
Advantages vs. Disadvantages
The cost is the main barrier to entry here, but while the upfront investment is not inexpensive, by any means, the added value is entirely worth it. It is estimated that smart upgrades increase the value of your property by 5%-6%, in addition to the added interest in generates among potential buyers.
Otherwise, there are virtually no drawbacks, as long as you pick carefully. Technology becomes outdated at an extremely rapid pace, so you want to ensure longevity at least for the foreseeable future.
What Are Your Best Options?
Thankfully, there are more options available on the smart market than ever before. Here are 5 of the most popular choices that will attract buyers and add value to your property.
Smart Kitchen Appliances
Everyone knows that it’s the kitchen that sells the house. So why not increase your chances to sell – and your profits – by making your kitchen smart? Believe it or not, there are quite a few features you can upgrade here, from major appliances to small conveniences.
The big one is, of course, the smart fridge. Enabling you to essentially “peer” into your fridge remotely, the appliance automatically detects the contents and lets you know what you’re running out of, and what’s about to expire. It can successfully replace the traditional shopping list, and increase convenience. That’s added value, right there.
But smaller appliances can be made smart, as well. There are smart stoves that automatically turn off after a set amount of time or that you can turn off remotely, thus eliminating the age-old anxiety about having left the stove on.
Even a simple coffee maker can add value. It makes coffee automatically at the scheduled time, creating the ideal wake-up scenario: fresh coffee brewing, without lifting a finger. Now that’s something buyers are willing to pay extra for.
Smart Heating & Cooling
One of the primary features buyers are looking for is for the home to be cost-effective and sustainable. Not only do they want to see a few years’ worth of energy bills, they also expect that the house is kitted out with smart heating and cooling systems.
This achieves two things: first of all, it enables the homeowner to completely control their environment and the temperature in the house at all times. If you’re most comfortable at 70F and nothing else, then you can rest assured your home will always be optimally heated and cooled.
More importantly, you also have ownership over the amount of energy that is being consumed and saved. There is no longer any loss of energy in a smart home where the thermostat allows you to control the temperature no matter where you are.
In addition, it also brings a level of comfort and convenience that is simply lacking in non-smart homes. The ability to change your level of comfort without getting up from the couch or without even being home is extremely valuable, as demonstrated by the increase in value that this sort of feature brings.
One other major potential waste of energy is lighting. It’s no secret that people are comfortable, lazy, or simply forgetful. Have you ever left the lights on downstairs and been too tired to turn them off? Or forgot the lights on when you left for work? That adds up tremendously, not just on your bill, but for the environment.
Smart lighting aims to solve both of these problems by allowing you an unparalleled level of control over your energy consumption, as well as your overall environment and atmosphere.
Similar to heating, smart lights can be controlled remotely, including turning on or off, dimming or brightening – all on your phone, or smart home hub. That level of customization is not commonplace in traditional homes, but it’s certainly desired, particularly by young, environmentally conscious buyers. Decreasing their carbon footprint is an integral part of their lifestyle, so features that encourage and support that are highly sought after.
Millennials are particularly concerned with security, so one of the most popular smart home features is smart security – and they are willing to pay for the luxury. Smart doorbells are practically a requirement nowadays, and luckily, it’s also one of the lesser investments to be made.
But in addition to that, there’s a series of other features you may consider adding to help increase the value of your property. Smart locks are an incredibly practical add-on, even if you’re not making other “smart” changes. They lock automatically and unlock via a numerical keypad, rendering physical keys unnecessary. The access code can be changed at any time, increasing safety and convenience.
If you really want to provide value for the 66% of buyers who are interested, you can also add smart cameras. Streaming a 24/7 live feed of your house, they’re the ultimate way to keep an eye on your home when you’re far away, and a very attractive feature for buyers.
Unsurprisingly, the main feature that takes your property to the next level and that most people are seeking is the ability to control multiple features around your home via a smart assistant. Its main attraction is the convenience it enables, as it effectively streamlines your tech.
Google assistant, Apple Siri, and Amazon Alexa are the most popular options on the market, and they all present advantages and disadvantages. They all work the same way they do on your phone – as long as you have the hardware and it’s connected to Wi-Fi, you can summon it by talking to your device and asking your assistant to perform different tasks for you, from checking the weather, to dictating a recipe or turning off the lights downstairs.
As a homeowner, increasing the value of your property is always on your mind. Especially if you’re getting ready to sell in the near future, you might be looking for easy or low-cost investments you can make to position your property in a more attractive way on the market.
It’s a matter of studying today’s buyers, what they want, and what they’re willing to pay for. Among others, homes with smart features are at the top of Millennials’ lists. They’re convenient, comfortable, cost-saving, and move-in ready. Whether we’re talking about a smart thermostat, smart doorbell, or something as small as a smart coffee maker, approximately 65% of buyers are happy to pay extra if these features are pre-installed in the home.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.