Buying your dream home is one thing. Living in your dream home – where technology is just as important as the choice of flooring and wall color – is another.
Today more than ever, we rely on our phones and other devices to stay updated and connected to friends, family and the office. The same is true for the home, where the Internet of Things (IoT) offers us a connected home that provides efficiencies, savings and convenience.
Constant connectedness is now the norm for many, especially for younger people who virtually grew up with a pacifier in one hand and an internet-connected tablet in the other. We expect fast and efficient delivery of everything from streaming high-resolution video to telecommuting with colleagues and clients (not to mention the analog delivery of that large sausage and onion pie from your favorite pizza shop while catching up with Netflix).
Welcome to the smart-home generation and its seamless connectivity where, just like phone apps, appliances and devices stay up to date with software upgrades throughout their lifespan.
The rapid adoption of smart tech to the home – with North America comprising nearly half of all smart-tech purchases worldwide – is having a major impact on manufacturers (Honeywell, Samsung, LG, Whirlpool, Siemens, Amazon and many others). The global smart-home market is expected to become a $151 billion business within four years, according to Kenneth Research, which forecast a 25% annual growth rate of the industry between 2018 and 2023.
We have explored smart kitchen appliances, home security features and even smart bathrooms in past blog posts. And there is much more to consider on the “smart spectrum” – from audio systems, window shades, fans and thermostats. Piece by piece, get ready to experience the ultimate intelligent home.
Technology purchases continue to be key additions to home renovations. A survey of homeowners by houzz.com listed home assistants (aka voice assistants or smart speakers), light fixtures and thermostats as the top purchases when upgrading their place.
The survey also indicated one in seven owners who renovated in 2018 bought a smart-home product that can be controlled by and monitored from a mobile device or computer. Millennials, more than any group, are embracing the home-tech craze, led by purchases of smart security systems and thermostats.
Similar to other products, smart devices and systems generally hit the market at a high price point only to see the items become more affordable over time (think PlayStations or video recorders/players). The cost of research and development is often paid by the initial wave of consumers. In some cases, smart-tech devices are dropping in price, particularly when a homeowner makes a bundled purchase of devices and hubs. And, some insurers will reduce homeowners’ insurance premiums when the property is deemed more secure from the new tech.
Getting started doesn’t have to break the bank. Most people begin with a voice assistant such as Amazon’s Echo (powered by Alexa), which can run about $75. Echo is compatible with more than 7,000 brands and understands three languages. Once you and Echo are connected, the world is your oyster.
To use one example, many people upgrade their thermostat. Top-rated smart thermostats, according to Consumer Reports, are priced around $150. They include the Aprilaire 8600 for about $130 or the Honeywell RTH8560D for roughly $60.
Add voice assistants throughout a larger home and you suddenly have the potential for IoT on steroids – connected kitchen appliances, bathroom fixtures, window shades and entertainment systems. The more you add, the most value you can bring to your home.
And when the time comes to sell the home, owners should ask their listing agents to showcase all the bells and whistles to potential buyers. If possible, have the owner set up a tablet with instructions, so guests can experience hands-on demonstrations. That’s high-tech curb appeal!
Having a smart home can be both a convenient upgrade and a smart investment.