As a landlord, you will constantly be looking for ways to keep ahead of the curve and stay competitive in the property market. One innovation that has taken Britain by storm is the installation of smart technology in households and businesses. From energy-saving appliances to digital assistants, this futuristic technology is growing in popularity – but is it worth the investment? We take a look at how it could benefit you.
Security
The security of the property will be at the forefront of any landlord’s mind. Both whilst tenants are in occupancy, and when it changes hands, it’s important to keep the property as secure as possible, and smart technology can do a lot to help in this department.
Whilst tenants are occupying the property, cameras and sensors can be installed to help protect them and their personal belongings. Smart locks are another handy bit of kit when it comes to security. When the leasehold is up and you need to find new tenants, instead of having to manually change the locks, most smart locks can be easily rekeyed. Not only will this put your mind at ease, but also saves you a job at these particularly busy times.
Upfront costs versus long-term savings
One of the biggest potential reservations any landlord may have about installing smart technology is the upfront cost. Experts suggest that to install basic heating, lighting and security controls throughout the entire home will set you back on average £10,000. Before letting this figure scare you off completely, there is a recommended alternative.
Many homeowners will decide to focus their tech efforts into just one room where it can be most useful, such as the kitchen. Installing heating and lighting into a single room costs on average £600, offering a more affordable compromise to the costly whole-house makeover.
There is no getting around the fact that these modern innovations can be expensive, and you may be left wondering whether it’s worth the investment. But the truth is that smart technology is here to stay, and it could become standard in years to come, with 57% of Brits admitting to already owning at least one smart product within their household.
Commerciality
Modernising your property with smart technology is a great way to improve its saleability. Smart technology is finding its way into more homes than ever, and it’s a key feature that young prospective tenants will be looking for. Not only does it provide a more contemporary feel to the home, it also means the residents will be paying less on their bills – an attractive prospect for any renter. In fact, it’s estimated that a smart home can save anywhere between 30-40% of energy consumption, which not only saves tenants money, but also does good for the environment.
What’s more, some insurance companies consider smart homes to be safer than conventional ones, and will therefore offer more favourable premiums. This is another way that smart technology can improve the commerciality of your property.
Geoff Aldis, Content Producer and Researcher
