More consumers than ever start to see the benefits of buying a home with smart technology. A 2016 survey found that owners believe smart home technology makes their home safer, saves them money and saves them time. The same survey also found that 54 percent of homeowners would buy or install smart home products if they were selling their property because they believe it tends to make the home sell faster.
In order to help agents and consumers understand the common smart home benefits and buzzwords, CRT Labs put together a guide. Below are some highlights:
Smart home terms and facts
What are the benefits of technology?
Smart home technology automates household tasks like adjusting a home’s temperature, unlocking the front door or opening the garage door using voice-activation devices. Smart devices can work together to offer owners safety by alerting them if something in their home seems amiss, and it can save owners money by automatically controlling the temperature and energy of a home. Insurance companies and utility companies may offer significantly lower rates and rebates for homes with smart devices.
Who owns the data, how is it used and are there security risks?
A home’s smart home data can be used in a number of ways, according to CRT Labs. Data is “generally used by smart device companies to further improve product development and provide additional services to their customers,” but: “You should also read the vendor’s privacy policy to see what they are legally allowed to do with the data. They may allow themselves to sell your data to third parties, so read carefully.”
What’s the affect on selling prices?
On a large scale, the financial impact is not yet been seen since the technology is so new, but survey results showed that 72 percent of millennial owners would spend $1,500 or more to add smart home technology. Fifty-nine percent of parents with children would also pay more for a smart home, according to the survey.
3 smart home phrases to know:
IoT (Internet of Things): This buzzword describes automated devices like lights, thermostats and locks that work together and are generally connected by the Internet. IoT products use data to simplify things that previously weren’t automated.
Hub: In the realm of smart homes, a hub is actually like a universal remote, according to CRTLabs. A hub is the main device that connects all the various smart home products together so they are all automated.
SmartMeter: These electric and gas meters help owners monitor their utility usage by sending real time meter readings.