How Automated Thermostats Can Improve the Value of Your Home
Technology Is Everywhere
Programmable technology has become part of our everyday lives. Where once the home computer was a bulky, slow, and limited appliance, now computers are everywhere in the home, and they’re becoming more ubiquitous all the time.
It’s quite possible that sometime in the not-too-distant future, computers as we know them will cease to exist, and we’ll be surrounded by everyday objects with integrated technology that effortlessly integrates to make our lives easier. If this seems like science fiction, consider smart or automated thermostats.
For a long time, thermostat technology remained pretty much unchanged – you turned the knob, and your climate control system went to work. Then programmable thermostats came out, which allowed you to automate home temperature changes based on the time of day.
The Thermostat of the Future
Smart thermostats go several steps beyond the capabilities of programmable thermostats. They actually learn about your lifestyle, and adjust your climate control system accordingly. They know when you’re home. They get to know your schedule, and they use the data they gather to help you save money and stay comfortable.
They also allow you to take control of your HVAC system remotely. Want to get the AC going while you’re on your way home from work? Just open your smart thermostat’s mobile app. Need to save some cash on your energy bills? Make some tweaks to your heating and cooling program, and your smart thermostat will calculate your long-term savings.
A Smart Investment
The prices for smart thermostats vary, generally falling between $200 and $500. Nest, one of the most popular smart thermostat brands is at the lower end of that range, at $249.
The company boasts that their thermostats help customers save an average of 11% on heating bills and 15% on cooling bills, so the thermostat pays for itself relatively quickly.
The Smart Home Premium
But does having a smart thermostat actually add value to your home? Well, that depends on whom you ask. To some potential buyers, a smart thermostat is a must-have feature, but it’s one that they can easily purchase and install themselves.
Still, when it comes to home values, the appeal of a smart thermostat is less about the device itself, and more about the savings. Like solar panels, smart thermostats can help make a home more energy efficient, and that can increase the value of the home.
The value premium on smart home technology is multiplied when multiple systems are integrated and can be easily managed via smartphone or tablet. This is especially true for high-end homes, and for buyers who are especially enthusiastic about emerging technology.
All else equal, smart thermostats and other smart home technology can be a key differentiating factor when putting your home up for sale, especially in highly competitive housing markets.
Will Smart Thermostats Improve Your Home’s Value? Maybe
True, it not may add a ton of money to the sale price on its own, but it very well could be the icing on the cake that makes multiple buyers fall in love with your home. If that happens, you could end up with a bidding war on your hands – and that means a higher sale price for you.
So while we can’t definitively say that smart thermostats boost your home value, they certainly can’t hurt. And if you’re planning on living in the same home for the foreseeable future, they’ll almost certainly pay for themselves. Plus, they’re really cool.