It may not seem like it, but we’re almost living like the Jetsons! Smart homes are becoming highly sought after when first-time home buyers and millennials start looking for places to own.
Apple’s HomeKit, Amazon Echo and Google Home are different platforms that help tie different devices together — from controlling the HVAC, security system, lights and video chatting with your pets while at work — and properties that have any of this upgraded tech seem to have a competitive advantage.
A recent study conducted by Houzz surveyed 100,000 first-time buyers and millennials in the U.S. and found that 28% of respondents consider smart homes a priority. Although most homes on the market aren’t equipped with smart tech, buyers are still willing to spend some cash on upgrades and renovations.
Some other tidbits the survey found:
- First-time and repeat buyers on average remodel 4 or so rooms
- 23% of surveyed used a credit card for renovations compared to 21% in 2015
- 11% increase in investment in living spaces spending compared to 2015
- 87% of surveyed hired professionals instead of DIY home improvement compared to 85% in 2015
Another survey of 1,000 renters from Wakefield Research on behalf of lock company Schlage uncovered that people are also willing to pay higher rent if an apartment is equipped with smart home technology. This finding could definitely translate over to when looking to purchase a house that may have already been upgraded with some sort of home automation.
The survey results likely come as no surprise as we venture into the future. Smart homes are definitely something to consider when buying and can be a huge advantage when selling. It looks like we may have to start keeping up with the Jetsons instead of the Joneses.