The Internet of Things will soon start to find its stride and start to deliver on at least a little bit of that hype we have all been hearing about for years now. Large organizations including local government have started to adapt and adopt IoT. They are really paving the way for smaller companies to learn and implement similar solutions.
Would you pay more for a “Smart Home”?
As we already have seen, consumer IoT is fast growing and is adopted widely, from Amazon Alex to automated security system and more. Smart-home technology is surging and is key to selling and renting homes. Buyers are placing a larger value on “Smart Technology” already being implemented in homes. While smart-home products can fetch a higher sale price for example; 44 percent of millennial buyers say they’re willing to pay an extra $3,000 or more for a home with smart features, according to Coldwell Banker’s 2016 Smart-Home Marketplace Survey!
Still a lack of Understanding
Even with all of this happening, there is still a large lack of understanding of what even construes a “Smart Home”. Clients and buyers are often left to guess or assume that if it’s labeled “Smart Home” it must be a smart home. Honestly, it really does come down to what the buyer thinks of IoT or in this case “Smart homes”. For one person it could simply by a wifi connected thermostat and security system. For others, a home that learns through artificial intelligence what they do, and will eventually do the automation without interference from them. Both are radically different, but again it comes down to the individual’s view of what a “Smart Home” really is.
The Technical Mixup
When setting up a smart-home system many consumers think that if there is just a wifi connection then all will work right out of the box. This is false, yet it’s often not explained very well. When buying all your new smart-home devices, some may use wifi while others use Bluetooth, Thread, Zigbee, or Z-Wave. None of which will talk together, leaving you with problems getting everything set up and automated.
Investing in your own “Smart Home”
Ultimately, if you are investing in setting up your home to be “Smart” you may have to weigh the cost of a DIY or getting a professional to come install your system. When DIY you just need to make sure you fully understand how all the devices will work together, make sure you are buying compatible devices. If hiring a professional, I would hope they understand how to make things talk. When it comes time to sell your “Smart Home” you may see a larger bump in that 44% willing to pay $3,000 or more, boosting your sales price. Hey, who couldn’t use another $3,000+?