{"id":8421,"date":"2018-03-06T15:15:36","date_gmt":"2018-03-06T23:15:36","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8421"},"modified":"2018-03-03T10:39:06","modified_gmt":"2018-03-03T18:39:06","slug":"much-value-add-smart-home-technology","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/much-value-add-smart-home-technology\/","title":{"rendered":"How Much of A Value-Add is Smart Home Technology?"},"content":{"rendered":"<p style=\"text-align: justify;\">While Canadians have been slow adopters of smart home technology, the luxury market has embraced it with gusto\u2014and condominium developers have taken note.<\/p>\n<p style=\"text-align: justify;\">Additionally, smart home technology augments a home\u2019s value, says Forest Hill Real Estate sales agent Matt Smith.<\/p>\n<p style=\"text-align: justify;\">\u201cAny time technology can save time, money and energy, there is a major value-add,\u201d said Smith. \u201cThese features can really perk up a buyer\u2019s interest, not only because of its unique nature but because there are significant savings involved. Nest thermostats claim they can reduce an owner\u2019s heating and cooling bill by up to 20%. How much extra a buyer will pay for that is up to the individual buyer and how much value these conveniences are worth to them. There is no general rule of thumb here, but we typically see these smart technologies more frequently in the higher end of the market where sellers are already looking for a premium. These technologies help justify the existing premium.\u201d<\/p>\n<p style=\"text-align: justify;\">Smart home technologies are also being democratized, as a growing number of builders in the condo sector are using these technologies to incent purchasers.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is common for condominium builders to use these as an incentive to buyers, attracting a new segment of the market and differentiating themselves from the other developments taking place throughout the city,\u201d said Smith. \u201cAs more and more millennials begin to enter the housing market, I expect to see this trend magnify and increase in popularity.\u201d<\/p>\n<p style=\"text-align: justify;\">According to Smith, smart home appliances, like fridges, stoves and ovens, as well as smart heating and cooling systems, and smart alarm and monitoring systems are incredibly popular because they\u2019re controlled by Wi-Fi and buyers can exercise control and customization.<\/p>\n<p style=\"text-align: justify;\">\u201cBuilt-in USB ports are expected now,\u201d he said. \u201cSmart elevators are being incorporated into some of the larger developments downtown to cut wait times and improve speed. Automated lighting and automated window coverings are increasingly becoming popular. In the high-end properties, they are now expected, just like stainless appliances and granite countertops are expected.\u201d<\/p>\n<p style=\"text-align: justify;\">Anita Springate-Renaud, broker of record at Engel &amp; V\u00f6lkers Toronto Central, says smart home technology is practically mandatory in luxury homes, and added that they can add value even to moderately-priced homes\u2014within reason, of course.<\/p>\n<p style=\"text-align: justify;\">\u201cI think it adds value, but I don\u2019t know if it\u2019s a huge value-add,\u201d she said. \u201cIf a luxury home doesn\u2019t have it, it\u2019s a hindrance. I don\u2019t know if you\u2019d quantify it as X dollars more if it was in a moderately-priced home.\u201d<\/p>\n<p style=\"text-align: justify;\">But she says smart metres, like programmable thermostats or light controls, can help increase a home\u2019s asking price.<\/p>\n<p style=\"text-align: justify;\">\u201cIt depends what you\u2019re doing,\u201d she said, \u201cbut a programmable thermostat, where you can turn the heat down when you\u2019re away and turn it up when you\u2019re on your way back, or controlling the lights, or a Sonos System, where you can play music in different areas of the house, add value. One person can listen to the opera in the living room and in the kitchen somebody else can be listening to Elvis Presley.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/how-much-of-a-valueadd-is-smart-home-technology-238339.aspx\" target=\"_blank\" rel=\"noopener\">How Much of A Value-Add is Smart Home Technology?<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Canadians have been slow adopters of smart home technology, the luxury market has embraced it with gusto\u2014and condominium developers have taken note. Additionally, smart home technology augments a home\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/much-value-add-smart-home-technology\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8421","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much of A Value-Add is Smart Home Technology? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/much-value-add-smart-home-technology\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Much of A Value-Add is Smart Home Technology? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"While Canadians have been slow adopters of smart home technology, the luxury market has embraced it with gusto\u2014and condominium developers have taken note. 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