Smart Home Technology - How Will It Affect Your Home’s Value?

Smart Home Technology - How Will It Affect Your Home’s Value?

Smart Home Technology - How Will It Affect Your Home’s Value?

Posted on Thursday, July 21, 2022

Smart home devices can increase your home’s resale value in several ways. For example, energy efficient devices are attrctive because they can reduce your bills and lower your carbon footprint. Security systems can give you peace of mind when away from home. And automation devices can improve well-being and home comfort.

What are the best innovative home products that will add value to your home? This article contains the answers.

Smart Home Technology to Increase your Home’s Value

With soaring energy costs, everyone is looking to reduce gas and electricity bills. Additionally, if you are thinking about selling your home, you must have a good energy performance certificate (EPC). So, reducing energy costs is a strong incentive to invest in energy efficiency.

According to a Department of Energy and Climate Change report, homeowners can increase their property’s value by 14 per cent by improving its energy efficiency. For example, in Bristol and the South West, a property could increase in value by £16,342 when moving from EPC D to B.

Some ways that energy users can cut costs and increase the value of their home include connecting smart thermostats to new technology.

Here are a few smart-home projects to consider:

  • Heat pumps—Air source heat pumps are an ultra-energy efficient way to heat your home and get hot water. They are three times more efficient than an old gas boiler.
  • Solar panels—Bristol gets up to seven hours of sunshine daily. So why not make use of this free energy source by installing solar panels? After the initial installation cost, you will see energy costs drop and your home’s value increase.
  • Thermal energy storage—Heat batteries are a relatively new technology. They store energy and then provide you with hot water and heating when you need it.

Smart Home Systems Make Your Home Easier to Sell

Apart from making your home worth more, digital technologies can also make it more appealing to potential buyers. Some estimates say that you could increase your home’s value by several thousand pounds by spending a few hundred on smart gadgets.

But would people be willing to pay a higher price for your home just because it’s equipped with smart home technology products? Many people think so. For example, the Washington Post reported that fifty-four per cent of buyers would choose a ‘smart home’ when choosing between two otherwise identical houses.

Additionally, sixty-five per cent of people would be willing to pay more for a home that is equipped with smart systems.

What are some of the top budget-friendly smart devices for a modern home? Here are a few.

Smart thermostats

A smart thermostat allows you to control your heating from your smartphone. You can turn the heating on and off remotely to avoid wasting energy. It’s also possible to check the temperatures of individual rooms and set the device to adjust heating based on the weather forecast and outdoor temperatures.

Smart appliances

Many smart appliances on the market can make your life easier and increase your home’s value. From washing machines to ovens and fridges, connected devices add convenience and better control to various aspects of home life. But, of course, smart appliances will only increase your home’s value if you include them in the house sale.

Smart security systems

Connected security systems devices like CCTV and smoke detectors can give you peace of mind. For example, smart security cameras can start recording only when they pick up motion. Or smart doorbells allow you to see who is knocking, and you can answer them even if you’re not home. In addition, smart smoke and Co2 detectors can send alerts to your smartphone and monitor air quality.

Apart from adding to your home’s value, smart security systems could also reduce your insurance premiums.

Are you thinking of selling your home? Selling your home fast and at the best price depends on getting a proper valuation. At Hydes of Bristol, our team of local property experts is ready to provide realistic and competitive validations for homes in Bristol. Click here to arrange a no obligation property valuation.