‘Smart homes’ are now a definite possibility in a time of lightning-fast technological innovation. The real estate market is undergoing a revolution thanks in large part to the growing integration of Internet of Things (IoT) devices & intelligent automation solutions. Considering the current market environment, which is characterized by historically high rates of inflation & interest rate regimes, investing may appear paradoxical. However, there are a number of economically sound reasons to use smart home technology today.

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What does “Smart Home Technology” encompass?

A network of intelligent home appliances created to automate daily appliances is simply referred to as “smart home technology.” Smart thermostats, cutting-edge home security systems, and well-known virtual assistants like Amazon Alexa, Google Home, & the Apple HomeKit are all included under this broad phrase. Smart home automation offers improved comfort, security, and energy efficiency. That is tailored to individual needs, preferences, and budget.

A demographic variable to consider

The age of buyers is a crucial demographic factor that real estate stakeholders should take into account. The majority of current renters and homeowners are millennials between the ages of 25 and 45. According to studies, this generation is the most technologically adept one to date due to its widespread usage of and familiarity with technology. The desire to build a caring home that showcases their successes and aspirations is at the core of this metamorphosis. This generation aspires to modernize their lifestyles with features and services that improve their daily activities. In essence, millennials want a place that nurtures & inspires them, not just a place to live.

Therefore, as long as service providers keep tackling the issues of complexity, cost, and privacy in a constructive manner, smart home technology will move towards wider acceptance, offering tremendous growth potential.

Smart heating & lighting systems, for instance, may monitor household usage trends and improve efficiency. These elements assist in lowering recurring energy costs and provide a green option by lowering carbon footprints. This results in higher energy efficiency ratings and a higher property value, which, in the context of a persistent global energy crisis, are appealing qualities for potential buyers. The same is true for door lock technology and smart cameras. As the NCRB notes, the nation is still plagued by robberies, burglaries, and thefts, making home security and safety a continual worry. Sensor-equipped security cameras serve as 24-hour guards that update your mobile devices with notifications and live feeds.

Smart security & safety tools, as well as their market value

Smart door locks let you enter your house from a distance and confirm that the door is locked if in question. The ability to remotely monitor your property offers you a sense of security and protection. Which undoubtedly raises the value of your home. Other forms of smart home technologies that are effective selling points include water leak detectors, carbon monoxide detectors, and smoke detection sensors. By alerting the user to maintenance requirements before an issue gets out of hand, these devices save money and time.

Although the demand for and likelihood of selling real estate can be increased by smart home technologies. Evaluating their adoption rates is essential before making an investment choice. The market for smart homes is expected to develop at a CAGR of 10.0% between 2023 and 2028, going from a projected size of USD 101.7 billion in 2023 to USD 163.7 billion in 2028. By 2022, there will be around 13 million smart houses in India. By 2025, it is anticipated that the adoption of smart home technologies would increase by 12.84%. Despite India’s lower adoption of smart home technology than that of Western nations. The pandemic has facilitated the transition from a convenience-driven to a necessity-driven perspective. As a result, the country’s adoption of linked gadgets has increased.

Conclusion

So, if you want to increase the value of your property. Pay attention to more than simply fashionable interiors and layouts. Before making a large-scale integration investment, start with installing gadgets with a shown Return on Investment. Such as smart lighting, metres, and security systems. Modern India would need to embrace digitalization on a massive scale as smart home technology gets increasingly taken into account in the appraisal of property sales & shortens sales cycles.

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