I was recently posed with the following question, “Does a home being a smart home add sales value?” The simple answer is yes. The longer answer is much more difficult to answer…. “How much Value?” based upon the first line of this blog many would agree most the tech we buy is obsolete as soon as we get it out of the box…
What I can share with you is I have not met a consumer that is not attracted to a home outfitted with a home audio system and speakers built in. That same consumer does not see the speakers and system integration adding value to the home equal to the cost of the equipment and installation. Playing devils advocate though, that same consumer may not be as attracted to a particular home if it has zero home audio integration.
I recently sold a home that was outfitted with over $150,000 in home automation equipment. Everything from security cameras, climate control, window covering control, TV’s, and speakers everywhere. The brain to run all of this alone was $50,000. Now did this add over $150,000 in value to the home? That is the million dollar question, no pun intended. It is very hard to say. The home was special in many ways and the home automation added to that special touch.
The advice I give to my clients is to make choices that you will enjoy while you own the home and that will add value to the home upon sale. Home automation will add value but it will not add the same value say a completely remodeled kitchen or new floors will add in a dollar to dollar comparison.
In our last development project 321 Lomita St we wired the home for everything one could imagine. The goal with this was to enable the buyer to automate the home however they saw fit. We did install speakers throughout the home and prewired for additional outdoor speakers if the buyer wanted them. Each consumer sees technology in a home differently, therefore, we wanted the choice to be theirs. We also didn’t want to not wire and ultimately limit the prospective buyers from automating.
I will end with this…. Technology is sexy and it plays a huge role in the sale of a home but full home automation will never give you the return on investment you may think, at least not here, not yet. I personally love the system I put into my home. It has given me the base brain to build off of into the future as home technology evolves.
Happy tech to you and Please never hesitate to reach out to me with any and all of your real estate questions.