Is Smart Home Tech a Smart Investment?
Smart homes are becoming more and more popular especially under modern homeowners. It might be something small or quirky that you can show off as a party trick, or it can be something that changes the way that you maintain your home.
There are many different gadgets at your disposal like smart security systems and smart entertainment systems.
It has been proven that smart homes save on utility bills and it is convenient. But is it as smart of an investment as everyone says it is, or is it just a gimmick that will fade away after the novelty has worn off?
Here's what you should know before investing:
Read the fine print
If you install smart systems in your home, you might have to sign contracts with smart companies to ensure that the systems are maintained. This is especially important to note when installing smart security systems.
Many companies let you sign multi-year contracts. If you are not planning on staying there very long, you might then end up paying for something you aren't using anymore. Don't just look at the fine print; read it thoroughly and ask questions if you don't understand.
There is room for tech in new construction
If you want to make the most profit by investing in smart home technology, then you need to look at the new home market.
Builders are investing in smart appliances and smart upgrades when they build new homes.
This is where the advantage lies. Many young homeowners are drawn to newer, modern properties so that they can suit their lifestyle.
Smart homes have become all the more desirable with the prevalence of the word 'smart' doubling since 2010. With technology developing at a rapid rate, your investment will be secure and deliver definite returns.
Use smart tech to save energy
We are all trying to lead more environmentally-friendly lives and the best way to start doing that is to save energy at home.
Smart tech has been a huge help in saving energy and electricity, and it cuts costs on utility bills but be careful that you install something that will return your investment.
An interconnected solar panel that generates power to back up batteries has a definite impact and this is something that the next buyer might pay a bit more for. A smart toilet, however, might not appeal to everyone.
It helps in protecting neighbourhoods
Many neighbours are standing together against crime and trying to create a safer environment for everyone in the area. Smart technology has been playing a vital role in neighbourhood security.
Homeowners are using equipment to connect on neighbourhood listservs, Facebook groups, Whatsapp groups, and other forums to share intel that they have discovered in the area. It can be anything from a missing package or a suspicious person walking up and down the street.
As neighbourhoods become safer and homeowners are benefiting from it, property values can easily increase.
Look at the luxury market
The luxury market is the best way to determine how successful the implementation of a smart home system is. Because the home values are much higher, homeowners aren't shy to splash on features like automated lights, blinds, and customized finishes because this is what the market expects.
However, buyers who are not in the luxury market might not prioritise these features because of their budgets. Many other smart gadgets can be installed to meet the financial needs of every homeowner.
If you are thinking of investing in smart homes, you must do your research and consider all your options before investing.