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Real estate and lifestyle have always been closely related. Where you live or have lived defines the way you think, look and act i.e., your lifestyle.
In modern times, real estate is not just about where you are i.e. your location. Real estate also includes what you can actually do in a given location. What you can do is greatly influenced by smart technology.
Technology is something that has a great impact on the lives we lead. It is something that makes our lives easier and as technology continues to advance, so too will our lifestyles continue to improve.
With the emergence of smart home devices: the real estate industry has progressed to the next level. It is these, Internet of Things (IoT) enabled, home devices that have led to the concept of the smart home. Smart home automation (also called domotics) has become increasingly popular across Africa, in places like Nigeria: particularly with regards to buying luxury housing.
In this guide we’ll discuss how smart home technology is impacting the contemporary housing market, some of the benefits, as well as present a few popular home automation systems.
What is smart home technology
Have you ever wondered if you have switched off the air conditioning in your room or locked the door after you on your way to work? These are the sorts of questions smart home technology can answer for you.
Smart home technology is based on the Internet of Things (IoT). The IoT refers to appliances or products that are interconnected and communicate through digital networks. Many of the electronic home devices and products you purchase today are IoT ready, from your fridge to your heater to your television.
The growing popularity of smart homes
From bungalows to apartments to grand mansions, residents across the world are experiencing the luxury lifestyle that can come about with smart home devices.
The global demand for smart home automation has consistently risen, primarily from house buyers under the age of 40.
In Nigeria, the need for smart home technology is also fuelled by the high number of brand new residential developments springing up: especially in Abuja and Lagos. As awareness of the technology continues to grow and prices become more affordable, adoption rates will only increase.
Accordingly, numerous prominent real estate development companies have invested in smart home technology. This has allowed them to differentiate themselves from competitors, by enhancing their offerings in a competitive market.
Benefits of smart home technology
If you haven’t already thought about buying a smart home or adding smart technology to your existing house, you would do well to consider some of the benefits this will bring to you:
Convenience
Convenience is among the top reasons for purchasing a smart home. Smart tech gives people control and easy access to many of the systems in their properties such as cooling, heating, entertainment, intercoms, security and lighting.
Savings
Many smart home devices are eco-friendly, with energy-saving features that allow you to reduce utility bills like electricity, gas or water.
Security
Smart homes can have security systems which help to protect your property from both internal and external dangers.
Increased home value
As smart home technology is in demand, from both those looking to buy as well as rent, home automation increases the value of real estate. This gives investors potentially higher returns on investment if and when they decide to sell.
Smart home real estate sells faster
Although there is no telling exactly how long it will take for a house to sell, there are factors that influence this. Apart from price, location and condition: a home’s features has an effect on its selling time. A house with smart technology usually has more features, distinguishing it from other houses, thus allowing it to sell faster than a house without smart tech.
…To be continued
Source: Villa Afrika(2020)