Homebuyers are Willing and Expecting to Pay More for ‘Smart’ Homes

Homebuyers are Willing and Expecting to Pay More for ‘Smart’ Homes

It looks like homebuyers are willing to spend a little more cash for “smart” homes.

Smart-home” technology might be the next big thing when it comes to increased real estate sales. According to The Washington Post, if smart products — like high-tech lighting, security systems and network-connected thermostats — are installed before the house is listed, buyers will jump at the chance to buy the house. If those features aren’t included, thought, buyers, most likely, won’t even bother to purchase them because they don’t want to go through the trouble of installing them.

Coldwell Banker Real Estate found that roughly 71% of buyers (out of 1,200) want to buy a “move-in ready” home. Of those potential buyers, 57% of them who are looking at older homes would consider purchasing if they were updated and installed with smart-home features. About 54% admitted that if forced to choose between otherwise identical houses, one with smart features and one without, they’d purchase the smart home.

There has been some debate over whether or not smart homes are really that “smart” just because they contain Nest thermostats and an advanced alarm system. CNET and Coldwell Banker tackled this issue head-on and developed an industry standard for the term “smart home”:

A true smart home should be equipped with network-connected products (via WiFi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.”

Whether a home is burning pellet wood for fuel, which has a fossil energy ratio of 12 to one, or is connected to a series of network apps, it seems as though buyers are content with mixing both conventional home features with new futuristic “smart” ones.

Even in homes that are nearly 100 years old, sellers are now incorporating smart-home technology to appeal to the modern homebuyer.

“It helps you stand out,” said Danny Hertzberg, a Miami Coldwell Banker agent.