Smart homes are the future due to how our society is now more interconnected than ever before. Today we expect new appliances and devices to be interconnected through the internet. With that being said, the growing popularity of smart homes is nothing short of unprecedented. A Statista analysis on Spain’s smart home market reveals that revenue is projected to soar to $570 million (€462 million) this year on the strength of household penetration, which is expected to reach 10.9%.
Tellingly, household penetration is anticipated to nearly double to 19.4% by 2025, resulting in a market volume of around $1.02 billion (€828 million)—with each smart home installation giving installers like enControl and Wattio an average revenue of $274.27 (€222.26). It goes without saying that there is now a smart home revolution in Spain. But is it worth it? Does going smart add value to your property?
The smarter, the pricier
Incorporating smart technologies can add to the value of a property, more so in this digital age. In fact, a £179 (€197) investment to make a property smart can drive its price up by around £16,000 (€17,632).
Add to that the extra layer of security that smart homes offer thanks to motion-sensitive lighting that automatically lights up when it detects movement. Factor in too the growing popularity of smart homes here in Spain and it makes even more sense for property developers and homeowners to upgrade.
Best smart home upgrades to consider
Here are three smart home upgrades that will increase any property’s value:
- Home security system
As an article on ‘5 Tips to Secure Your Building’ points out, safety always comes first, which is why secure doors and security cameras must be installed, and physical locks fortified. That said, traditional security installations are starting to give way to more modern ones as smart technology both advances and becomes more affordable. A HomeServe Living feature on smart homes highlights how smart locks, doorbells, garage doors, cameras, and motion detectors help keep a property safe from intruders. If you include these smart features in the home when selling, then you will be able to market the home as a smart secure property, which will help drive up the value.
- Climate control
Climate control systems allow for occupancy-based automation—meaning, the air-conditioning and heater will only be turned on or operate at full capacity when there are occupants inside. This kind of automation, in turn, ensures maximum comfort for whoever is inside the property. Just as important, a climate control system is an energy-saver, as it stops using electricity when no one is around. In turn, this combination of convenience, comfort, and savings will make the property more appealing, especially for younger buyers where sustainability is a key selling point.
- Smart lighting
An article on The Guardian discussing smart home devices details how smart lights are a huge selling point. This is because a property’s lighting is often one of the biggest expenses on an electricity bill. The lights can be turned on or off remotely, as well as being set to switch off automatically. A smart lighting system throughout a home can be a key selling point to prospective buyers as they will easily be able to visualize how this will benefit them.
Smart homes are the future of the property development and can add real value to a home. At the moment smart tech is still a novelty, which means sellers can be competitive in their asking price.