Residential
The Impact of Smart Home Technology on the Real Estate Industry
March 17, 2023
Have you ever had to get out of a cosy bed to switch off the lights or spend ages searching for a lost TV remote? Well, with the advent of smart home technology, these hassles are all set to become obsolete. From smartphones to smart homes - automation and digitalization have pervaded every industry, and real estate is no exception.
However, smart home technology goes beyond mere automation and involves fitting communication technology in basic home amenities, such as entertainment systems, security systems, air conditioning, washing machines, etc. This enables residents to control and communicate with their devices across long distances, increasing convenience and ease of use. Brigade Valencia is a project developed with provisions that could make it a smart home. Smart home technology also allows individuals to connect all their devices to smartphones, eliminating the need for multiple switches, buttons or remotes.
This manifestation of Industry 4.0 in real estate has had a range of effects on the industry and promises to transform both residents and developers' thinking.
Quicker Selling Time
Unfortunately, there is no one-size-fits-all formula for determining how quickly a property will sell. A range of factors such as location, condition and listing parameters need to be considered. However, current patterns indicate that properties with smart-home technology tend to sell fast, as home-buyers are increasingly becoming drawn to technology-based solutions. Houses with pre-installed smart-home devices eliminate the need for buyers to purchase and install these devices themselves, which is definitely a bonus!
Increased Resale Value
The resale value of a home is arguably among the essential parameters for a potential buyer. One of the most significant impacts that smart-home technology has had is the increased resale value of smart homes. This comes as no surprise since the value of a home is mostly determined by the amenities it offers, thus enabling smart home technology to raise resale values. The increased value applies to rent, and smart homes can obtain higher rents than comparable homes without smart-home technology.
Appeals to Millennial Buyers
While smart homes were initially seen as exclusively for the rich and famous, the advancement of technology has enabled them to be accessible to a much larger audience. Smart-home technology largely appeals to tech-savvy millennial buyers, who constantly look for ways to enhance their lives through technology. As the real estate market is expanding to include younger people, smart home technology has provided a means for homes to cater to the millennial mindset. However, smart homes' target audience is not solely limited to millennials, as smart devices offer a range of features and solutions that appeal to individuals across communities and generations.
The Fusion of Real Estate and Lifestyle
Today, real-estate does not merely involve owning a piece of land, and home-ownership is beginning to be seen as a lifestyle choice. While this fusion between lifestyle and real-estate has been in existence for a long time, the advent of smart-home technology has served to intensify this link. Smart-home technology drives home the idea that developers must not just focus on location or size, but also on the property's amenities. For eg, Brigade Calista by Brigade Group promises downtown living experience along wuith excellent connectivity at Budigere Cross. Buyers today are looking for houses that offer the lifestyle benefits of the latest technological trends, and developers are increasingly striving to meet this demand.
Smart-homes: Yay or Nay?
Every coin has two sides, and smart-home technology is no exception. Aside from the obvious perks of increased convenience, smart home technology also offers a wide range of advantages such as increased accessibility and sustainability. Voice-command systems offer excellent solutions for the elderly and disabled, and the programming of temperature and lighting controls according to usage can significantly aid in reducing energy consumption. However, the potentially high initial installation charges and vulnerability to internet outage need to be considered before jumping on the smart-home bandwagon.
From remote light control to smart alarm systems and sensors - the range of possibilities offered by smart-home devices is endless. Brigade Plus's smart homes offer a range of home automation systems with Internet-connected devices, enabling remote monitoring and management. This offers a highly customizable, convenient and cost-effective means to add a smart digital touch to your everyday lives. We live in an exciting digital age, and smart-home technology promises to revolutionize how we see homes. Make your homes smarter, and enter the new world of digital living!
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