Smart home devices are becoming more and more common. The advance of the Internet of Things (IoT) creates the desire for pretty much everything to be integrated into the digital sphere in some capacity.

These smart home devices allow multiple controls throughout living spaces to be connected to each other and to apps via the Internet. This could include a garage door opener, security camera system, thermostat, or entertainment system.

Wouldn’t it be nice to control all these aspects of your home with one remote or, better yet, on your smartphone? But how much do these home updates actually cost? And do they add any value to homes for home builders?

Let’s look at what’s popular, the costs, and the potential for a return on investment for home builders.

Cost of home smart devices

A survey of 2,177 adults conducted by the home-automation company Wink indicated that 71 percent of Americans would like the monitoring abilities that come with smart devices. However, only 27 percent have actually purchased these devices.

The reason? It could have cost.

Most of Apple’s devices that can connect to their Home app are no more than a couple hundred dollars each. But, these costs can quickly add up depending on how much is controlled. Smart devices cost 30 to 50 percent more than their conventional counterparts.

The average cost to install a home automation system nationwide is just a little over $1,000, with the high-end price at $3,500.

So, it can be expensive. But not that expensive considering all the other high costs of running a home.

“Some products are too heavily promoted as DIY, then you see all the parts and it’s ‘Wait a minute, I don’t think I can do that.’”

Morgan King