With the global smart home market growing to a $3.3 billion quarterly revenue behemoth, it’s a worthy exercise for property investors to consider the smart home for their portfolios. While properties have always formed part of the wealth building strategies of investors, smart homes are a fairly new addition.
Investing In Smart Homes Is Key To Attracting The Ideal Tenant
One of the biggest factors that affect a tenant’s decision when looking for accommodation, is whether the utilities justify the cost of the rental. Smart homes have a slight edge over the traditional properties as they tend to make use of appliances that are energy efficient. Smart homes also often rely on solar energy to at least partly provide power for the property. Even water usage can be reduced in a smart home thanks to technology that regulates the water pressure and temperature. The combination of these provides smart homes with great leverage in terms of the utility bill.
Smart Technology Offers A Streamlined Integration Of Daily Tasks
While devices are becoming multifunctional and also have the option of an extended battery life, there are others that can link together and provide the user with access from their smart device. The Internet of Things is an integral part of the smart home as it allows devices to communicate with each other. It also allows the user to set their preferences from a remote location and even set up various timers and personal settings to ensure their home offers maximum comfort and convenience when they step through the door.
The age of technology opens up the possibilities of devices telling the home occupants what is required to function optimally, such as the fridge running low on ingredients or the angle of the windows that need to adjust to make the most of the late-afternoon sunlight. By 2025, 50% of US homes areestimated to make use of smart technology. Already, the use of the smart speaker dominates the way Americans search for things online and manage simple tasks such as setting up a music playlist.
Smart Homes Provide A Good Wealth Base On A Larger Scale
As property developments need to consider the landscape around their build site, they also need to pay careful attention to the infrastructure. IoT is already crossing over into commercial applications and street lamps, traffic lights and even illuminated pedestrian walkways are making their appearance. For property investors who are considering smart homes, the surrounding area will be the deciding factor. Smart home technology is essential in areas where the commercial IoT already plays a part, or will in the near future. This is due to the fact that collaboration between the different service provides will shape the future home building.
Smart homes provide a fresh new focus for property investors, whether on a small scale or development sized. As technology provides more comfort and convenience than ever before, it only makes sense to incorporate it in the household and cash in on the results.
- Chrissy McCarthy