With the increasing integration of Internet of Things (IoT) devices and intelligent automation systems, smart home technology has emerged as a pivotal factor, revolutionizing the real estate industry. It may seem counterintuitive to invest given the market backdrop, riffed with unprecedented levels of inflation and interest rate regimes, however, there are many economically viable reasons to deploy smart home technology in the current environment.
Smart Home Technology simply refers to a network of intelligent home devices designed to automate appliances utilized by homeowners on a daily basis. This umbrella term encapsulates everything from popular virtual assistants like Amazon Alexa, Google Home, and the Apple HomeKit to smart thermostats, high-tech home security systems, and more. Customised based on personal needs, preferences and budget, smart home automation aims to deliver enhanced comfort, security, and energy efficiency.
The buyer age is a key demographic variable that needs to be considered as a real estate stakeholder. The majority of homebuyers and renters in the country are currently millennials, lying in the age bracket of 25-45 years. Several studies indicate that this generation stands out for their widespread use and comfort with technology, making them one of the most tech-savvy groups to date. At the heart of this transformation lies the millennial desire to create a nurturing abode that reflects their aspirations and accomplishments.
The younger generation seeks to upgrade their lifestyles with modern amenities and features that enhance their daily experiences. In essence, millennials are seeking more than just a place to reside – they are looking for a space that nurtures and inspires them.
Therefore, as service providers continue to constructively address bottlenecks of complexity, cost, and privacy, smart home technology will keep making advances at wider adoption, presenting massive growth prospects.
For instance, smart heating and lighting systems are able to analyse household usage patterns and optimise performance accordingly. These features not only help in slashing down monthly energy bills but also provide a greener alternative by reducing carbon footprint. For the property, this translates into improved energy efficiency ratings and value, which in the wake of an ongoing global energy crisis, serve as attractive attributes for potential buyers. Same holds true for smart cameras and door lock technologies.
As NCRB suggests, robberies, burglaries and thefts continue to plague the country, which makes home security and safety a constant concern for its owners. Security cameras with sensors act as round-the-clock guards that send notifications and live feeds to your mobile devices.
Meanwhile, smart door locks allow you to access your home remotely and ensure the door is locked in case of doubt. This facility to monitor your home when at work or holiday, gives a sense of security and protection that unquestionably contributes to the value of the house. Some of the other types of smart home technology that make good selling points include sensors to detect smoke, carbon monoxide and water leaks. These devices provide cost and time savings by triggering maintenance needs before the problem at hand grows out of proportion.
While smart home devices can both increase the demand of the property and its propensity to sell, one might want to look at their adoption rates before making the crucial investment decisions. Although, the penetration of smart home devices in India is lesser when compared to western countries, the pandemic has aided to the shift in the adopter’s mind set from convenience driven to necessity driven and hence is accelerating the adoption of connected devices in the country.
Thus, if you are looking to maximise the value of your property, you need to focus on more than just stylish layouts and interiors. You can begin with installation of devices with proven Return on Investment like smart lighting, meters, and security systems before investing in full scale integration. However, there is no doubt that as smart home technology gets increasingly factored into appraisal of property sales and shortens sales cycles, you also need to embrace digitisation as the rest of modern India is doing.
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