How Smart Home Upgrades Raise Home Equity

0
126

When we talk of home upgrades, most people visualize modular kitchens with state-of-the-art appliances, affluent bathrooms and thorough security systems. While all of that’s great, home renovation has become so much smarter than that. When we say Smart Home Upgrades, we’re talking in-house climate control, remote-controlled lighting and built-in sound systems. 

All the things that make us remember suave spy movies are not just doable, but getting increasingly common, and why wouldn’t they? They make our homes safer, more comfortable and more appealing. 

There’s one benefit of smart home renovations that tops all — they make your home more valuable. Yes, home renovations add to the monetary value of your home, if you’re looking to sell.

While high-end renovations of any and all kinds increase the equity of your home, tech-savvy renovations are the cherry on top of the cake, given that the housing market is healthy. This is reiterated by the fact that  91.3% agents and brokers have reported that smart home technology benefits the selling process. 

So what are the renovations that help you grab the bigger buck for your place? Here are some must-haves:

  1. Smart thermostats and smoke alarms,
  2. Smart lightning and automated blinds or curtains, 
  3. Smart home security systems, locks and garage doors,
  4. Smart appliances in the kitchen and bathroom, and, 
  5. Smart home entertainment systems.

One big distinction between what types of smart home renovations increase your home’s value is ownership, i.e. knowing whether the renovations and upgrades are the type to leave with the seller or stay with the buyer? To illustrate further, temporary fixtures such as security cameras and speakers, essentially anything that’s not hardwired to the house’s structure, can leave when the seller does. More permanent fixtures such as heated floors, automated blinds and lighting — are they ones that stay with the home add to its value.

Whether that value is limited to being qualitative — of the sort that just attracts more buyers to the house, or becomes quantitative and adds directly to how much the house costs, depends on how well you, as the owner, negotiate. 

When you look at home renovation through the lens of home equity, it appears to be more of an investment than an expenditure. It’s not surprising to then know that the home renovation industry is booming and is estimated to reach US $143 billion by the end of 2020.

Love your home again

Dan is happy to meet with you, listen to your ideas and provide you with a free site quotation no matter where you are in the renovation decision process. No charge…with no pressure, no obligation and no strings attached. We promise. We simply want you to have all the information you need to make the best decisions related to your Toronto home renovation or addition.

Book a free site quotation

Dan Robinson
President
Dan Robinson Construction Management
416-519-9577