Examples of innovation that are making a positive impact across all phases of homeownership: Buying & Selling, Maintaining, Renovating, Monetizing & Enjoying.
Advances in innovation and technology are creating opportunities for homeowners in areas that were previously met with challenges and frustrating limitations. From buying and selling a home, and everything in between, bold startups with disruptive technologies and business models are rapidly delivering new forms of value to consumers that are:
- Lowering the Cost and Inconvenience of Homeownership
- Facilitating Invaluable Flexibility
- Improving One’s Overall Home Living Experience
Though dealing with rapid change can be intimidating – especially to long-standing incumbents like real estate agents and mortgage bankers – the onslaught of technology can and should be used to improve the quality and level of output for everyone involved. The key is to understand how best to leverage new technologies and marketplaces, while providing highly sought-after value. A good example of this is how innovative real estate agents are partnering with iBuyers.
Here are quick glimpses of how innovation is positively impacting key phases of homeownership:
Buying & Selling
From home buying to selling, new real estate services are available that help consumers purchase and sell in the quickest and most efficient methods possible. The real estate industry has finally addressed previous challenges such as the timing of selling one’s home in order to buy a new home, and financing a deal with all cash offers when competing in a hot market.
Home sellers are being helped with cost-efficient services such as “pay when you sell” pre-sale renovations, as well as virtual staging design services, when real staging and renovations are not feasible.
Disruptors are also addressing the financial needs across a wide spectrum of prospective buyers. On one end, financially challenged renters have new options to gain footholds through partial-homeownership programs.
On the other end, more affluent, equity-rich homeowners have more financial opportunities to use their equity without taking on more debt. They are now able to invest in second homes and vacation properties, as well as invest in a new generation of REITs, which offer flexible investment requirements.
For additional Buying & Selling examples see:
ADUs • all cash offers • home inspection technologies • researching neighborhoods • pre-sale renovations • proptech • real estate • virtual staging
Need help maintaining your property? A subset of consumer products within the large industry of Proptech (short for Property Technology) has that covered from robotic lawnmowers to virtual appliance repair to water leak detection sensors that send alerts should a leak suddenly develop while you are at or away from the home. New advances in sensor technology are also useful for detecting pests in and around the home, air quality for indoor and outdoor use and soil quality for smart irrigation systems that water your lawn only when needed.
The guiding model of state-of-the-art home maintenance is Prescriptive Maintenance, which not only proactively makes homeowners aware of issues, but can concurrently make remedies to the problems at hand. Other products invaluable to maintenance purposes provide two major benefits, such as products that provide UV protection, which extends the life of your furnishings and décor, while reducing your cooling costs.
For additional Maintenance examples see:
home inspection technologies • insurance & safety • legal & consumer protection • maintenance • plumbing • proptech • sustainability • vendor selection • warranties
Technology is also helping homeowners who are renovating their properties by offering new design methods, tools, construction services and products that improve both the quality of life and long term outlook to allow you to live in your home longer than previous generations. Besides helping to sell properties, virtual staging services, for example, are also helping homeowners visualize major renovations prior to starting a project.
These innovations are enabling flexibility to afford homeowners longer tenures in their homes. Aging in Place and Multi-Generational Living are two such concepts that continue to gain popularity among a broad population of US homeowners with evolving needs. As we continue to understand the importance of safe and healthy aging within our society, along with the benefits of multi-generational living, homes are being modified for long-term flexibility.
A popular example of tremendously valuable flexibility is what ADUs (Accessory Dwelling Units) can offer homeowners over decades of use, e.g.: supplemental rental income; detached home office/studio; on-site boarding of a full-time caregiver; downsizing from the main house to the ADU for multi-generational living and income generation from the main house.
For additional Renovation examples see:
ADUs • budgeting • construction • contracts • decor • design • financing & ROI analysis • home inspection technologies • inspiration • insurance & safety • legal & consumer protection • permits • planning • pre-sale renovations • plumbing • proptech • renovations • sustainability • vendor selection • virtual staging • warranties
A newer concept to older homeowners is the concept of monetizing your home. How can you make money from the single most valued asset that you own? Companies such as Neighbor, Swimply, and Airbnb, are just a few of the online marketplaces that can help you turn your property into a self-monetizing asset to help offset mortgage, tax and maintenance expenses.
We expect to see younger generations of entrepreneurs and homeowners expand monetization opportunities, while concurrently influencing local laws that will be more conducive to a future rife with flexibility needs. One’s home has become a natural extension of the “Gig/Side-Hustle/Sharing Economy”.
For additional Monetization examples see:
ADUs • home equity contracts • monetization • proptech • storage • tenant screening
Enjoying your home is perhaps the main reason for your purchase, but are you aware of the new technologies and design techniques that can improve this enjoyment? The scope and definition of “Enjoying One’s Home” continues to expand and evolve, with Home Wellness playing a central role.
More homeowners are increasing the enjoyment of their homes by improving their overall well-being, by investing in spa bathrooms to improving your home’s acoustics to increasing work-at-home productivity with lo-fi music.
Flexibility is also key to enjoyment. No matter the size, layout or capabilities of one’s home, every homeowner will eventually want and need to transform the usage of your home conveniently.
This challenging need is best addressed with Transformable Design, an approach to designing products and spaces that enables homeowners to improve the functionality and utility of their homes with seamless ease at any time. Transformer Table is a perfect example of this design practice, a table that provides functional seating from 2 to 12 guests. Another example that also improves the energy efficiency of one’s home is Phantom Screens. Their solutions of retractable screens also enhances continuous indoor-outdoor living throughout all four seasons.
acoustic panels • amazon prime home shows • bathroom • decor • design • health & wellness • hulu home shows • inspiration • kitchen • lo-fi music • multigenerational living • netflix home shows • TGIFO • upcycling • wine storage • youtube home channels
Related Articles from Purgula
- 10 Creative Ways to Monetize Your Home
- Why Homeowners Should Invest in a Prefab ADU
- Best Online Legal Services for Homeowners & Property Owners
- What Homeowners Should Know About Proptech
- How to Tap Into Your Home Equity Without Adding Debt
Legal Disclaimer: The information provided in this article and on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available in this article and on this site are for general informational purposes only.
|Purgula is reader-supported. When you click on links to other sites from our website, we may earn affiliate commissions, at no cost to you. If you find our content to be helpful, this is an easy way for you to support our mission. Thanks! Learn more.|