I have < $1,000 invested in home IoT (security sensors, a couple of light switches, garage door opener, thermostat, and the hub) and have been very happy with it.
Personally I see IoT as augmentation not total replacement. Don't replace lights/switches for the sake of it - wait until you have a valid use. Buy devices that use commonly used standards and you should avoid vendor lock in issues.
IoT threads always get the "Why would you need a smart house" answers...
Some of my use cases so far...
- Remotely control home heating - peace of mind when on vacation and being able to sit at DIA and come home to a warm house is awesome
- Used "smart lighting" when I had infants in the house during the frequent middle of the night trips to the kitchen/laundry etc
- Remotely open the garage door - useful if a family member calls in to pick up something when no one is home. Useful when HomeLink in the car fails for some reason.
- Security system - we've had issues with neighbourhood kids trying to get into an external hot tub. The security system turns on external lights when there is motion and notifies me. If someone tries to open a door/window is sets off an alarm and turns on a small lamp so I don't wake up in pitch black conditions.
- Water sensors under sinks and by the sump pump - our house was destroyed by a leak several years ago. The peace of mind from having this monitored is worth it alone for my family.
- Lighting - external holiday lights. Also hooked up the security system to give anyone prowling around a festive surprise (my long term goal is to combine this with opensprinkler...)