You’re already familiar with smart home technology that can automate the control of garden irrigation, finding the best HVAC contractors, lighting, entryways, and general home security. And, like every homeowner or real estate investor, you’re looking for ways to add value to your real estate property with the smallest investment possible. Therefore, check out these six great reasons for putting smart technology on the top of your investment property improvement list:
If you’re owning a rental property in rural Lexington, Kentucky, smart home tech might not be on the top of your list. But let’s face it, home buyers and property investors want the newest tech innovations. Even if you have a totally remodeled and up-to-date physical space, buyers are still not going to be satisfied until they see an integrated and automated smart app system that will allow them to control all of the home’s mechanicals and security systems. Sure, fixer-upper type buyers may feel that they can add smart functions later, but most serious prospects want to see smart technology installed and in use.
Smart technology makes your real estate property safer. Yes, cameras linked to a smart app are an obvious way to increase security, but smoke, flooding, carbon monoxide, and even radon levels can be detected by a smart app. And your smart entryway system can be unlocked or locked remotely, saving you and your tenants the “OMG, did I lock the door?” moment.
You’ll Save Energy
It’s a no-brainer—smart thermostats can save energy dollars. A recent Nest study showed that consumers can save close to $150 per year or more on home energy costs by installing a smart thermostat.
Smart washing machines, according to Consumer Reports, can shave 13 gallons of water usage from each load. In water-short states like Texas, that use reduction can add up to big dollar savings.
You’ll Save Time
Using smart apps and devices simply saves time because all of your rental property’s functions will be accessible from your chosen device. And, with a sophisticated automated system, all of your apps will be integrated and synced while you or your tenants control them from your couch, or while you are on vacation 2500 miles away.
Installation Is Easy
DIY smart app installations are very doable, and it’s not necessary to employ a tech to handle system integration in your home. You, as a real estate investor, can start with a smart outlet that merely plugs into an existing electrical outlet, download the phone app, and you’ll be ready to control an appliance from your device.
Millennial and Boomer Friendly at the Same Time
Millennials love convenience. From laundry services to food ordering to home technology; they want it all. That said, different generations may be looking for different rental styles and looks. Millennials may not care about large yards and formal dining rooms, just as baby boomers may not get that excited about a high-tech media room. Regardless, smart apps along with total home automation is an idea that crosses generational levels and is something that is attractive to most home buyers and renters. When these buyers realize that your real estate property is wired and integrated, they’ll be much more likely to pay you a higher price. Sure, homes without smart technology sell every day, but you’ll have a better chance for a greater return if you go smart.
So, whether you are renting out your property and need to attract tenants or you are selling your investment property and need to market to buyers, smart technology will help you out as a real estate investor.
If you are still looking for a high return on investment rental property to starting investing in real estate in 2019, sign up for a free trial of Mashvisor to see how we can help you.
This article has been contributed by our friends at ABODO Apartments.