Smart technology, such as Internet-connected thermostats, locks, security systems, appliances and even lightbulbs, is attractive to home buyers and may help sell your home faster and for a higher price. A survey by John Burns Real Estate Consulting found that 65% of home shoppers would be willing to pay a premium for a home with smart-home technology packages.
The downside of having a smart home is that the presence of these devices may complicate the sale. Whether you are buying or selling a home, you need to consider which devices stay with the home and which move with the seller, as well as how the transfer or deactivation of any devices staying in the home will be handled to protect the privacy of both buyers and sellers.
Choose one email address that is only used for accounts related to the home’s Internet of Things devices.
Several members of the seller’s family may have apps on their phones and tablets, and perhaps even in their cars, that control technology in the home. CSOOnline.com asks, “How do the sellers untangle from all of these accounts, passwords, SSIDs, cloud-based services, apps, etc? And how does the new owner gain assurance that someone in the seller’s family can’t still get into the garage or mess with the thermostat?”
One tip CSOOnline offers to make the transfer easier is to choose one email address that is only used for accounts related to the home’s Internet of Things devices. When the home is sold, the seller can simply give the new owner the password to that email account and the new owner can change the password.
The Federal Trade Commission recommends that sellers:
- Make a list of all smart devices in the home, especially those that may not be obvious to the new owners (such as light bulbs). Leave the owner’s manuals behind for the new owners.
- Cancel or change all account settings and logins, and reset the devices to factory settings. This protects your personal information and ensures that the new owners can set up their own accounts.
The FTC suggests that buyers of smart homes:
- Reset all devices to factory settings and review the privacy settings and permissions for the smart home devices and any mobile devices that will interact with them.
- Review the warranties and support policies. Although warranties may not transfer to a new owner, it is important that the new owners keep the devices current as security updates are released.
According to Coldwell Banker agent Danny Hertzberg, in his experience buyers not only prefer smart home technology, “but they’re expecting it and asking for it.”
