As the real estate market evolves, so do homebuyers’ expectations. In recent years, the demand for smart home technology has been on the rise, prompting questions about its impact on property value. To shed light on this trend, we spoke to two seasoned real estate professionals, Gavin Zeitz, Director and Auctioneer at G and H Property, and Oren Flamm, General Manager and Auctioneer at Hodges Caulfield. Here’s what we learned about the role of home automation in the real estate landscape and how it can affect property sales.
Can Home Automation Systems Help My Property Sell?
In competitive real estate markets like Melbourne, standing out is crucial. Both Gavin and Oren emphasise that home automation systems can provide the “wow factor” that sets your property apart from others. Automation features, such as automated heating and cooling, as well as automated blinds, can add value and appeal to potential buyers. These technologies create a unique selling point and can drive interest in your property.
Which Smart Home Technologies Make the Most Difference?
Buyers are showing a growing interest in technology features when looking at properties. Oren highlights that prospective buyers are seeking information on available pay TV options, such as Foxtel, phone and internet connectivity, data points, and smart wiring. High-speed internet connectivity, multi-room stereo systems, indoor and outdoor televisions, automatic blinds, and smart garage doors are among the sought-after technologies. While budget considerations still play a role, technology is becoming more affordable, making it accessible to a wider range of buyers.
How Important Are Security Systems?
Home security systems have traditionally been a priority for luxury property buyers, but Gavin emphasises that the demand for security systems and cameras now extends to apartments as well. Renters looking for increased safety are leading this trend, and property investors are taking these preferences into account when choosing properties to invest in. Not only are security systems offering peace of mind, but the presence of security technology can significantly enhance a property’s appeal and value, too.
Is Demand for Home Technology Increasing?
Both experts foresee that the demand for home technology is expected to soar, especially among younger, more tech-savvy generations. Homeowners will likely seek the convenience of controlling their home’s technology from their smartphones, driving the trend towards whole-home automation. Additionally, touchscreens have now become the norm for operating home security and entertainment systems, so it’s highly likely that technology will become more present in more areas of our households.
Advice for Builders and Renovators
Builders and renovators need to carefully consider home automation, as it can significantly impact a property’s long-term value. Oren recommends partnering with an automation specialist to integrate smart wiring and essential technology. Many buyers now consider smart wiring and high-speed internet access as must-have features; ensuring these are in place can discourage potential buyers from seeking other options. Additionally, automated heating, blinds, and lighting can make a property stand out in a competitive market.
Can Smart Home Automation Increase Property Value?
The demand for smart home technology is palpable, as potential buyers often express interest in properties equipped with built-in technologies during viewings. The more automation features a property already has, the more appealing it becomes. This increased appeal can lead to a higher number of interested buyers, creating competition that may drive up the property’s selling price.
Final Thoughts
Buyers’ expectations are evolving, and home automation is becoming a key consideration when assessing property value. Investing in smart home technology can make your property more attractive to potential buyers, potentially increasing its market value. To explore the world of home automation further and understand its potential impact on your property, consider consulting with a real estate professional or a home automation expert. This can help you make informed decisions on the best home automation options to invest in and how they can positively impact the value of your property.
