Recently, the most expensive home in UK history sold, and it was largely because of home automation. Granted, it was a gorgeous home to begin with, but it was the high tech features and sheer amount of home automation that really made the sell. As home automation becomes more common and the kinks are worked out, Americans are jumping on board and syncing up their home with their tablets. Is this a smart investment for landlords?
If you have rental investment companies, you’re always on the lookout for upping your property values. The more in-demand your properties are, the higher the rent and the more lucrative your passive income. You’ve already secured a top property management company to take care of the dirty work, but if a lease is coming up and you want to update a property, try checking out home automation in addition to the usual updates such as new flooring or paint.
You might be surprised by how quickly it pays for itself.
Automated options abound
Some of the most popular options include sprinkler systems, garage openers, music, lights and fireplaces. These home features can easily be synced up with a home automation hub and managed by your tenants and/or you from anywhere in the world. However, make sure to check with an attorney if you also want access to controls while the property is being leased. There may be privacy concerns in some parts of the country.
There are also a number of home automation startups that offer fantastic features at more affordable prices. Options like Ninja Blocks can help set your rental property apart. There are many professionals, such as contract engineers, who are techies but can’t buy a property because they might be transferred at short notice. If you live in a tech-heavy region such as San Jose, California or Portland, Oregon (to name just a couple), home automation might be a wise move.
Features to skip
If you’re looking at a home automation option that hasn’t been around long and/or hasn’t been proven, it’s best to skip. Otherwise, you’re basically going to be paying to be a beta tester. Plus, as a landlord you’re still responsible for providing a property that’s safe and will keep your tenants safe. With technology that hasn’t been proven, it’s a risk you just can’t take.
Home automation is cool, but it’s also constantly evolving. Don’t overspend, and choose features that the vast majority of renters would salivate over.