Smart Technology and Millennials Setting New Home Standards
The millennial generation is defined by their ability to quickly adapt to technology, and to access just about any service they could possibly need with just a click of a button. In fact, 87% of millennials use between two and three tech devices at least once on a daily basis — it makes sense that these technology trends are creeping their way into the realm of real estate. According to the National Association of Home Builders, the millennial generation is specifically looking for homes that cater to their advanced technological needs. Because millennials are leading the way in implementing smart home technology into their daily life, homes on the market are now being held to new standards.
Internet connectivity and smartphones are two of the driving forces in the development of smart home devices. Millennial consumers value a device based on its ability to sync with multiple electronics. Smart home systems boast advanced technology with lighting systems, integrated security, blinds automation, home cinema and digital door locking technology; all accessible on the go thanks to smart phones. One in four Millennials have already installed at least one of these smart home devices in their home, compared to only 12% of the total population. Not only do millennials appreciate smart technology for it’s usability, but they love how it benefits the environment by saving buyers as much as thirty minutes worth of energy a day.
This growing demand for smart homes from this younger generation is quickly changing the state of the housing market. Along with other typical factors that determine a home’s value, so will the presence of smart technology in a property. In a 2016 survey by Coldwell Banker, 72% of millennials said they would pay $1,500 or more for properties with smart home systems, while 44% said they would pay up to $3,000 more.
As a seller trying to appease to millennial buyers, you may want to consider making environmentally friendly upgrades to your home before putting it on the market. Upgrades like installing a Smart Thermostat, or even motorized window shades that can be controlled by a smartphone app are very appealing to millennial home buyers.
This customization though, is not reserved just for homeowners– millennial renters also look for these smart advancements in their rental properties. If you are planning to rent out a property, chances are you’ll attract more renters by adjusting the property to be more technology friendly.
As more and more millennials become homeowners, the more you will have to stay on top of technology trends as a seller. Before you put your home on the market, consider making necessary upgrades to your home in all contexts. As smart technology is getting implemented more and more into homes on the market, it will prove to be instrumental in the ushering of the next generation of connected consumers and future homeowners.
What are some smart technology that you’ve implemented in your home? If you haven’t what would you consider? Comment and like below.