Smart technology is a relatively new innovation that makes people’s lives easier through advanced processes. And through the years, it’s been growing in popularity.
The global market for smart home technology is expected to reach £114 billion by 2024, according to UK Tech News. That’s a huge leap from a few years ago. In 2017, the global market revenue was at £31 billion. But with so many innovations from tech giants like Google, Apple, and Amazon, it’s no surprise that more and more people are opting for a smart home. So should landlords and property investors be doing the same?
Is it the right time to invest in smart technology?
Some landlords might be hesitant to allot funds for property renovation, given the economic impact of Brexit and the recent pandemic. FXCM’s report on Brexit highlights how the GBP reacted violently to the onset of COVID-19, which caused volatility in the housing market. While 2021 looks to be much more stable, the pandemic will continue to shape the market, especially as more people move away from urban areas and rent in rural areas. In order to attract new buyers used to urban living landlords need to invest in modernising their properties. And one way to have a competitive advantage is through smart technology.
What smart devices should you invest in?
With the sheer amount of smart devices on the market, it can be overwhelming to consider every one. To make it a bit easier, here are just some examples of smart technology that would greatly benefit your rental property business:
- Smart security systems
Smart security systems comprise multiple devices, from security cameras to smart alarms, and even motion sensors. This usually depends on the package you end up ordering. You will need to plan the installation of these devices if building a new property so they are fully integrated into the home. Regardless, setting up the system will give both you and your tenants some peace of mind and will be a key selling point.
- Smart lighting
Smart lighting is a great way to save on electricity bills. They’ve come a long way in terms of energy efficiency, compared to their traditional incandescent counterpart. A feature on the BBC details that the old bulbs only converted 2-3% of energy into light. Today, newer models convert almost all their energy into light. Plus, with the remote control and timed features of smart light bulbs, you’re able to save much more money, even when you’re not at the property.
- Smart thermostats
Smart thermostats are AI-powered devices that automatically adjust the heating. This feature can be calibrated straight from a smartphone. Alternatively, you can adjust it manually with the remote control features. By doing this, it gives your tenants the option to better control their heating. Saving you both money in the long-term.
- Smart home assistants
These home assistants let you take control of your property with your voice. Some of the leading home assistants include Amazon Echo, Google Home, and Apple HomePod. You can use them to play your favourite tunes over a speaker, record a TV show or even tell you a joke. A landlord that has this feature already installed will be able to promote themselves as being truly modern. And if they are building from scratch it will be much easier to include these smart assistants in the overall architecture of the home.
Smart technology is changing the way we live, and landlords would be wise to follow suit. Doing so can increase the value of the property, ensure the safety of the tenants, and overall, make for smoother business transactions. And despite disruptions from the past year, choosing to invest in smart technology now will be worthwhile for the years to come. All it takes is some smart budgeting, and maybe a little help. For some more advice on improving your property, check out these Five Ways To Maximise Buy-to-Let Profits in 2021.
*Article written by J Briggs.