When the time comes to make some home improvements, many homeowners strive to find a balance between renovations that the family will want and those that increase the value of the home.
But what about technological renovations and smart products? These days, homeowners also have to decide whether to invest in features such as smart appliances, smart thermostats, contactless taps, and even solar panels and spray foam insulation.
Jill Simmons, director of communications for Zillow, explains to Digital Trends: “As with any home improvement, spending money on expensive features, materials, etc., does not necessarily increase the value of the house by the same amount. You have to take into account the neighborhood, the style of your home, and its price. If you are thinking of selling, think about the characteristics of a smart home that will attract most buyers. The more buyers you can attract, the better. Therefore, we have selected some technological improvements that may be worthwhile and at the same time increase the resale potential of your home.
Smart thermostats and security systems
Cheap technology, such as smart thermostats and smart home security systems, can make your home stand out and you won't have to spend thousands of dollars for it.
“The new security systems, smart thermostats, etc. they are excellent features to attract a buyer, ”explains Simmons. Most major security providers, including Comcast and ADT, now offer affordable smart security. In addition, you have the option of buying a home security system to do it yourself (DIY), like SimpliSafe, for about $ 300 dollars. Thermostats such as Honeywell Lyric 5 Thermostat sell for around $ 115 dollars at Amazon, while others, such as Nest Learning Thermostat, sell for $ 250 dollars.
Tankless water heaters
Tankless water heaters never run out of water because they heat it on demand, instead of storing 40 or 50 gallons of hot water. This will make your home run more efficiently, and it can also save you around $ 80 a year on the bill. The only drawback is the initial cost. A typical tankless water heater can cost between $ 500 and $ 2,000 dollars, depending on the model. In addition, installation costs will also mean an additional $ 1,557 dollars on average, according to Home Advisor.
However, a Zillow analysis indicates that these products may be worth their initial investment. Thus, households with tankless water heaters sold for 4% more than their expected value. And not only that. These houses also sold 43 days faster than expected.
Solar panels can save their owners up to $ 2,000 dollars a year on their energy bills. But, as of 2016, the typical cost of solar panels in the United States is between $ 3 and $ 4 per watt. This means that a 5 kW system costs about $ 12,500, according to Energy Sage.
However, according to Zillow, the homes that mentioned solar panels in their description sold for 1.8% more than expected and 41 days faster.
Before updating home technology
It is a good idea to try to put yourself in the shoes of a buyer. Homebuyers want to get the most out of their money and want to make smart investments. For example, if you live in a homebuyer neighborhood for the first time, it is probably not the best idea to fill your home with a million-dollar home-level technology. But, on the other hand, if you live in a high-end neighborhood, you may not want to skimp on the latest technologies.
"Sellers should try to maintain the character of the house and the neighborhood," Simmons explains. “In general, smart home technologies may have potential for high-end homes, he adds.