Americans are willing to pay more for a smarter home



Most buyers will pay extra for a so-called “smart home”, several new studies have revealed. If modern technologies like network-connected thermostats, security devices, appliances and lights are already installed in a home, that property can command a higher price and should be sold much more quickly, reports the Washington Post.

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One survey of 1,250 American adults, conducted by Coldwell Banker Real Estate, shows that 57 percent of home shoppers would consider buying an older home that’s been updated with modern technologies. And 61 percent of millennials in the same survey said they’d prefer to buy a home with smart features, while 59 percent of parents living with kids said the same thing.

A second survey by John Burns Real Estate Consulting held up those findings, saying that Americans heavily favor and are willing to pay more for smart home features. Its survey of 22,000 home buyers found that 65 percent would be willing to spend more on a smart home. In addition, more than half said they’d pay extra for interior and exterior security cameras, network-connected appliances, doorbells with text alerts and access to security cameras, smart air filtration vents and other capabilities.

The trend towards smart home features is also rubbing off on appraisers, says the Washington Post. It reports that many have begun making adjustments when comparing smart homes with similar homes that lack smart features.

“Smart-home technology can definitely add to market value,” said Pat Turner, an appraiser in Richmond, Va. “If you have the data showing that houses with smart technology sell for more, then you’ve got to.”

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.