The latest data from a Coldwell Banker Real Estate survey has us wondering where to dig up cash for our next big property updates.
According to the survey of more than 1200 people, a majority of Americans (57%) are ready and willing to pay more for properties that have been updated with the latest technology. Furthermore, 61% of Millennials said they’d prefer a home with smart features, even if it cost more money.
This is supported by a second survey from the John Burns Real Estate Consulting group (with a sample size of more than 20,000 home buyers), which reports that 65% of people would pay more for a smart home. That includes interior and exterior security cameras, network-connected appliances, phone alerts for security anomalies, and smart air filtration vents.
Still not convinced? Here are a few more stats from the surveys:
- 54% of shoppers say that if they had to choose between nearly identical homes, they’d choose the one with smart technology already installed (Coldwell Banker).
- 71% said they want a move-in ready home, and 57% of those people consider smart technology part of the ‘move-in ready’ package (Coldwell Banker).
- 65% of home buyers said they’d pay more for smart home technology ‘packages’ (John Burns).
Some experts are even saying that shoppers aren’t just asking for smart home technology–they expect it.
Do you think it’s time to invest in updates at your properties? We certainly do. But we’re not going to tackle these updates on our own: A property management company is better equipped to oversee a project of this size, from start to finish. In fact, they’re already busy researching the best deal on Nest home thermostats?
Ready to hire a property manager of your own to oversee your next big renovation? Just click here to find one in your area.
Robin Burinskiy is the Senior Content Writer and Managing Editor for the All Property Management Blog and Buildium Blog. She cut her teeth as a marketing copywriter at Wayfair and TechTarget, and she spends her free time perfecting her lifestyle blog, Feather & Flint. She holds degrees in psychology, sociology, and songwriting.