Technology has changed our lives in many ways. Work, personal finance, healthcare, investments, the list goes on. But what about within the real estate sector and the day-to-day lives of homeowners? This area is often overlooked but warrants a look due to the way technology and the internet are being used to make people’s lives easier and more efficient.
Online house buying
Did you know that a growing number of people are buying houses without even setting foot in them? Unseen purchases are surging, particularly since the pandemic as more and more people are signing on the dotted line without seeing the property in real life. This is partly due to an increase in technology that facilitates online purchasing. For example, you can browse and even tour available properties online. Technology like online property search engines can provide prospective buyers with options and even tours using virtual reality.
Even financing and mortgages can be done entirely online. Using a mortgage broker and comparison site like Trussle, buyers can see what lenders are offering. By inputting information such as deposits, terms of the loan, and income, they can evaluate and see the right fit. This technology saves buyers lots of time and effort, making the process significantly more straightforward. There are even additional guides for first-time buyers too.
IoT and the home
The Internet of Things is the concept of a network whereby devices owned by the same person are all connected. For example, phones, watch, cars, speakers, tablets, and even home security systems can all communicate and share data. This means users can switch on their heating from their home, book flights via a smart speaker, or check their bank balance while taking a bath. In terms of specific functions for the home, intelligent home systems are growing in popularity.
These systems connect home security, heating, lighting, and entertainment devices and mean they can all be managed from a single location. It also means homeowners can check their security system or switch on the heating before getting home. The benefit for individuals is monitoring the home and enjoying increased convenience with a variety of household management matters.
Blockchain and property records
In many countries, land records and the registration of deeds can be complex. There are many disputes over land ownership, deeds can be lost or forged, and ownership disputes can take years to resolve in court. Furthermore, solving these issues can be highly costly for all involved. Transitioning property records to the blockchain has significant advantages for all concerned. Firstly, the immutable nature of blockchain means that documents cannot be edited, removed, or tampered with in any way. In India, for example, blockchain is being used by the UNDP to help settle community property disputes.
Once they are there, they are there forever. This would put an end to many disputes and issues that arise. When a house is bought or sold, the use of smart contracts would allow the seamless transfer from one owner to the other.
In the not-so-distant future, we can expect to see these systems becoming more widely used. We also expect to see them develop and new technologies emerge. Technology will become so intertwined with our everyday life that we will likely stop wondering at the new uses cases we find just like we have stopped wondering what to watch next because there are so many options available on Dramacool.
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