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What was once a fantasy of a high-tech future is now our reality – not the dreams of flying cars and robot servants who take care of the cooking and cleaning, but the futuristic fantasy of smart home devices. However, can these devices help you create more modern and appealing rentals?
Let’s take a look.
Smart home devices have evolved to take over almost all aspects of the modern home experience, so it is not hard to imagine a reason why rental properties with these luxury features are capable of fetching a high price on today’s market. While it is true that these features are more expensive to implement, it may be worth it to make that investment on some of your more luxurious rental properties in order to increase the return on your investment.
If you would like to learn more about how these smart systems can help you build value in your property and could potential lead to higher appraisal amounts on a refinance, click the link below to book a free strategy call today.
What Are Smart Home Devices and Smart Systems?
One of the first things you need to do when looking to understand what exactly constitutes a smart-home device is to understand the difference between a smart system and a smart device.
Smart devices are essentially single devices that are meant to perform some sort of smart feature. This can range from smart plugs that limit and control electrical usage to smart thermostats that control a home’s climate to smart hubs such as the Amazon Echo or a Google Home Device.
A smart system is the interconnected network of smart devices designed to make a property operate as a single unit. These systems usually require a hub device that connects to, and controls all associated devices by Bluetooth connection or over the property’s wi-fi connection. Alternatively, some of these devices can be controlled via specialized apps on your phone or other devices.
What Types of Smart Home Devices Are There?
When building a smart home, there is a wide variety of devices you may consider while building your network. While not all of these will be necessary for each property, it can be useful to understand the full scope of what is possible so that you can craft the smart home experience that is best for you and your tenants.
These are your control centers. While their primary purpose is to act as receivers for any commands or input you are trying to give your smart home, many of them also act as speakers and entertainment/information hubs as well.
For example, using a device such as an Amazon Echo Show, the user is capable of not only controlling their smart lights, but they can also listen to music, check weather, receive updates on breaking news stories and more.
Some of these devices are meant to be universal hubs that go to most devices, while others are specialized products meant only to control devices built in the same technological ecosystem. For example, the Phillips Bridge is a hub meant primarily to control Phillips Hue smart lights. So, make sure that any smart hubs you purchase work with all of your intended devices and vice versa.
These are some of the most popular forms of smart devices. Smart lighting allows for the user to turn off and on lights with simple commands or inputs as well as a variety of additional features such as dimming the lights, changing the temperature of the lighting, or even adjusting the colours to set custom moods. These come in the form of smart bulbs, light strips, lamps, or even direct device hookups to create immersive entertainment experiences.
If you are looking to optimize home features such as climate control or power usage, smart utilities are the way to go. One of the most common smart utilities you will find are smart thermostats that are designed to accurately control and update the temperature, airflow, and humidity in a property with a combination of voice commands, timed routines, and remote inputs.
Another form of smart utility control is smart plugs. These remotely controlled power outlets can be automatically shut off at the push of a button, on a timer or by voice command to limit power usage when you are not planning to use power.
Smart appliances such as smart fridges and smart ovens/stovetops have recently taken the kitchen appliance market by storm. With features such a remote temperature control, automatic timers, and more these can be very helpful for people who care a lot about cooking.
Smart ovens also come with a variety of valuable features such as remotely pre-heating the oven, automatic shut off and fire detection and special alerts to ensure whether you meant to leave the oven on when leaving the house.
Finally, one of the most popular forms of smart home technology is smart security systems. These systems can operate security cameras, home alarms and smart doorbells that notify you when people approach the property.
Discover How To Rent A Property With This Step By Step Guide
Understanding the Downsides of Investing in Smart Home Devices
Smart home devices do come with a few downsides you will need to consider.
While these devices are typically quite safe and secure, there is a stigma around the idea that they could potentially be tampered with or tapped into. While this is largely untrue, the concerns persist to this day.
Many of these devices also require accounts and logins in order to utilize to their full potential which means that during tenant turnover you would have to go through the process of changing your passwords in order to prevent previous tenants from interfering with your properties after they are gone.
Smart Homes Start with a Smart Mortgage
If you are looking to dive into the world of investing, it is important that you make the smart choice. That means going with a broker like LendCity to secure the lowest available rates for your investments.