Fulmer says the protocol has been to review invoices and other cost proofs provided by the builder, then compare similar houses with and without similar technology complements, which can be a cumbersome process. "But at least it gives us a starting place," he says.

IRR-Residential is a national home appraisal franchiser based in Chicago, with 47 franchises in 23 states. Thomas Munizzo, chief appraiser and compliance officer for the company, says his polling finds that builders are assigning average values of between $35,000 and $50,000 to home theaters in new homes priced at $1 million-plus.

However, appraisers are assessing the technologies' added value at between $15,000 and $20,000, in part because of the faster depreciation cycle of consumer electronics.

"But we're also finding that homes that have those technology features are selling faster than homes that don't," he says, and that builders can generally count on getting at least the appraised value of the technology back from the sale price. "At that price level, you have to have the technology to sell the house, but appraisers do recognize its value."

But there's more to it than simple number crunching.

"Appraisals have to reflect the attitudes and preferences of the buyers in the area," explains Tony Iaccio, a certified appraiser and a partner in the appraisal firm Blake &Iaccio LLC in New York City, who describes an interesting phenomenon.

"Appraisers are constantly checking their markets to see what buyers want in a home. If no one is mentioning structured wiring or whole-house audio, it's going to be off the appraisers' radar, too," Iaccio says. "So even if a new house has a lot of new technologies, they may be worth less than their costs if the local buyers don't recognize them as valuable in their lives."

On the other hand, if the appraiser's research indicates that builders of comparable new homes in an area are getting their investments back from the integrated home systems, the trend can be reversed and the technology can enhance the valuation of a house.

The Builder and the Appraiser

Often, there is a disconnect between builder and appraiser over home technology. Builders who have been successful using technology to differentiate and sell houses can be frustrated with appraisals that don't fully take into account long-term benefits, such as LEED certification through systems like smart meters and photo-sensitive automatic shades.