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Pros and Cons of Smart Home Technology in Rental Property

Technology is a game-changer for everyone. It has dramatically transformed how we think, act and live.

Turn around your head and think about all the changes that technology has brought in your lives. You will see a significant shift from newspapers to e-papers, from candy phones to touch screen phones and traditional learning to the online classes.

In the last few decades, we have seen changes in Smartphones, Smart education, smart driving and now we have come face to face with smart home technology!

And before you ask, here is your answer on

 

What exactly is a smart home technology?

A smart home technology makes use of a network (most commonly LAN or Wi-Fi) for automated use of appliances like lights, switches, locks, thermostats etc. The owner can connect the selected devices to a network and control the appliances using smartphones or a tab.

Do you know?

Smart home tech. is now useful for creating smart cities and running them more efficiently. Also, the first contemporary Smart home technology products became available to consumers between 1998 and the early 2000s.

Coming back to the present

Nowadays, many homeowners and developers are building ‘smart homes’ with smart home technology in their apartments and are also inclined towards automated appliances. There can be numerous reasons behind this, such as maintaining a statement, pulling off a high living standard and offering the ease of living.

In addition to it, many landlords are incorporating Smart Home Tech in Rental Property to boost rental property income.

But as Sir Issac Newton said, every action has an equal opposite reaction; there are also pros and cons of smart technology in a rental home. 

Let us talk about a few. 

 

Advantages of smart home tech in rental property

There are many reasons why a homeowner might install a smart home feature in his/her rental property. Here are a few I experienced while living in 3 BHK Flats In Jaipur.

1. Additional Security to your home 

With the introduction of cameras and voice-controlled devices in a rental property, you can easily keep a check on the perimeter of your home. Furthermore, if you are sceptical about the visitors, you can also keep a check on the guests that visit your property.

Additionally, the cameras act as a significant advantage of smart home technology as they give a sense of security and safety to the tenants. They can keep an eye on the door and outdoor areas in case of any suspicious activity depending upon the angles and the number of cameras.

2. Smart locking systems for convenience

What happens when you leave the key inside your home or lose them? All the hassle of changing locks and calling the locksmith comes in the way!

Now imagine a scenario where there is no hassle, and you can open the lock with just a tap on your phone, and that’s precisely what a smart locking system does for you! It lets your whole house be connected with a smartphone to make your life easier and to free you from all the hassle.

For example, if you want to let someone inside your rental property for a visit and you aren’t available at the site, then the smart home lock system is the best way to go! This will create an impression on the prospect tenants of opting a tech-savvy home and will save you the hard work as well.

3. Smart Lights for the smart home

With smart lights/voice-controlled lights, you will never have to keep a check on your kids or continuously interrupt them for switching off lights. You can easily ask your smart AI device to do the work for you.

You can also use energy-efficient LED bulbs in areas like hallways. This one simple task of home improvement will surely attract tenants who love environment efficient living.

4. Electric appliances

You can install thermostats in your rental property to maintain temperature according to the weather patterns. This will not only save you money but will also make your tenants feel good about living in your property.

Installing an energy monitor will be a wise choice as the expenditure will be on a per room basis and will also help in pointing out the faulty issues. Now let’s look at the flip side,

Disadvantages of smart home tech in rental property

 

No matter how many benefits you notice about modern technology and AI devices, there are also some drawbacks.

1. High upfront costs

Smart home technology will not burn a hole in your pockets, but there are few financial aspects that a homeowner should consider.

Installing some suitable smart devices and systems can cost approximately 2-3 lakhs. Although the returns on your well-maintained rental property will cover the cost of your expenditure, you must always consider the financial bracket before investment.

2. Privacy concerns for tenants

Needless to say, security systems offer unmatched safety to the tenants and the homeowner alike. Many security concerns tags, along with installing the cameras and monitors.

Some people might think of it as interfering with their private lives, and undoubtedly, they will demand some boundaries and certain levels of privacy. Hence, before installing any monitors, make sure to keep in mind the comfort of tenants as well, or a right decision might prove to be a negative smart home feature.

3. WiFi connected devices

As the dependency on devices increases, you tend to rely on them more than you actually should. If you solely depend on smart home technology, you might face an issue once in a blue moon!

Sometimes when the servers and the network in your area is down, the products might not respond or become slow and pose unwanted problems.

Make a smart move with tech-savvy homes

Smart technology homes can prove to be a boon for you and your tenants as well. Being well-versed with the newest automation is necessary to get significant returns from your 2 BHK or 3 BHK rental property.

Install these modern technologies to be the most tech-savvy landlord on the block.

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