The latest in home technology innovation is always so tempting to property owners. The marketing promise of enhanced comfort and convenience, not to mention becoming the envy of the neighborhood, does not always translate into increased home value despite the sometimes lofty price tags.
To tackle the question as to what degree Fairfax home value is influenced by technology, it’s useful to first put into perspective how this ranks in importance for home buyers. The primary factor is of course location. Beyond there, lot size, structure age, and a workable floorplan are all high priorities to most consumers.
So, most would argue that home tech is less important than proximity to the best schools, efficient transportation, and amenities like hospitals, airports, and great places to eat. As a home seller the addition of modern technology upgrades gives you the chance to stand out in a competitive market, but not for the obvious reasons.
Listed below are modern technology upgrades that may attract buyers:
Together with the technologies listed above, the movement towards control and reporting by way of application and remote device interface is expanding. Further, the integration of home assistant programming and control of home technology through popular platforms such as Amazon’s Echo Dot and Alexa.
The more permanent and more expensive technology upgrades don’t move the needle on home value like an owner may expect. Adding smart lighting, embedded surround sound, smart thermostats and locks don’t appear to be visually all that different when showing a home. Remember, the priority for the home buyer is the location and layout.
One major drawback of so called hard-wired improvements is that they lack universal appeal. They’re highly personal and user specific. The utility that one (1) homeowner gains from a smart garage door may be lost on 100 other potential buyers.
Compounding this issue is the rapidly evolving nature of home technology. Last generation surround sound systems for example are wired, challenging to install, look like an add-on, and don’t perform as well as modern systems. This may in fact detract from buyer appeal.
Home owners are more inclined to pack up and move their personal technology upgrades with them when they sell. Much like unplugging a router, today’s tech is portable. Knowing that you don’t have to sell your suite of home technology along with your house, allows for greater freedom and flexibility when investing.
The addition of innovative home technology systems may increase the appeal of your home to prospective buyers, but not in the way you might expect. The presence of newer systems sends the message that the home has been well maintained and is potentially free of electrical system problems that an older home may have. This is not based on fact, but it creates the impression in a buyers mind that time and energy has been applied to improving the house.
Alternatively, a home showing without the clutter of electronic devices and wires also enhances appeal. If you feel that your upgrades are so out of date and offensive, then you can always not even mention them. You don’t have to point out every feature of the home, unless it’s a material defect.
Investing in technology for the purpose of enhancing your home value is not a simple cost benefit analysis. Forecasting widespread consumer appeal forces thinking beyond your own tastes and preferences. If you’re planning on selling your Fairfax home in the near future, investing in portable technology improvements reduces your risk considerably. If you’re staying for the long-term then make your house functional and comfortable for you and your family and upgrade without fear of jeopardizing a sale and turning away discerning buyers.