Can Smart Home Products Help Sell Home in Canada?
So, you’ve got your eye on that ‘SOLD’ sign and wonder, “How can I make my home stand out in the Great White North?” We get it; the process of selling can be a bit overwhelming. That’s why we’ll answer on “can smart home products help sell home?” and whether adding a touch of smart home products could be the game-changer you’ve been looking for.
Can Smart Home Products Help Sell Your Home?
Recent statistics reveal a notable trend, with millennials emerging as the largest demographic of home buyers. Incorporating smart home technology features in residences is a significant factor influencing their choices. The allure of a home equipped with these cutting-edge products is particularly appealing to millennials.
Imagine the “wow” moment when a millennial steps into a home with smart goodies. It not only makes a good impression but also makes them say, “This is the one!”
According to Today’s Homeowner, 81% of consumers seriously consider snagging a new crib decked out with smart technology. As the word gets out about the perks of having a connected home, it’s becoming less of a choice and more of a must-have for potential homebuyers. They’ve had a taste; now, they can’t imagine settling for anything less.
Moreover, based on Statista’s research, the Smart Home market in Canada is projected for significant revenue growth. And it is expected to persist, forecasting an annual growth rate (CAGR 2024-2028) of 9.41%.
The Selling Power of Smart Homes
In a 2023 online survey by Statista involving 2,008 Canadian respondents, 28% of the participants affirmed possessing smart home devices designed specifically for electricity and lighting, exemplified by using gadgets like smart plugs and connected lightbulbs. This insight sheds light on the growing integration of intelligent technologies into households, focusing on enhancing electricity management and lighting control among Canadian consumers.
Thinking of investing in one or more of these smart setups? It might just amp up your home’s price tag or even land you a speedy sale, perhaps even both.
Does Smart Home Technology Increase Home Value?
Integrating smart home tech can significantly boost your property’s value, with appraisers adjusting for tech upgrades. Smart homes often command higher prices and enjoy increased market appeal.
However, it’s crucial to find a balance. Over-improving, like implementing extensive automation in a modest home, may exceed buyer budgets. The key is installing fully functional smart products before listing, as most buyers prefer turnkey smart homes over pre-wired ones.
Can You List a House as a Smart Home?
Yes, as long as your home boasts the right mix of features. But what exactly constitutes a “smart house”?
A smart home is equipped with network-connected products, often called ‘smart products,’ linked via Wi-Fi, Bluetooth, or similar protocols. These products are designed to control, automate, and optimize temperature, lighting, security, safety, and entertainment. Crucially, these functions can be managed remotely through a phone, tablet, computer, or a dedicated system within the home.
To qualify your residence as a smart home, it should have smart security, smart temperature control, and reliable internet service. Additionally, to meet the criteria, your home should feature at least two more smart tech elements, such as lighting, appliances, entertainment, or safety.
Is It Easier to Resell a Smart Home?
When it comes to real estate investment, there’s a key factor that deserves your attention: the property’s value. Unveiling a noteworthy influence, home automation systems and devices emerge as silent heroes, skillfully elevating the resale value of a property. They’re more than convenience as they effortlessly add a touch of allure to the overall curb appeal of a home.
With the rising tide of smart home technology, prospective buyers are catching on to the perks of investing in a tech-savvy dwelling. Incorporating home automation features and amenities is a strategic game-changer.
While location, market conditions, overall condition, neighbourhood, and age have long significantly impacted the property’s market value, there’s a new player in town – technology. Cutting-edge technology is swiftly claiming its spot as an equally significant factor determining a home’s value.
From AI-powered thermostats that nail the perfect cozy vibe to security systems that make Fort Knox look like child’s play, the options are as vast as the prairies. That’s why sellers don’t settle for a run-of-the-mill listing when they can create a smart home narrative that’ll make even the most skeptical buyer do a double-take.
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