With new technological upgrades happening every single day, you may wonder whether or not you should get that Nest thermostat, or if you should keep the smart technology out of the rentals. Well, here is the answer to that.
First of all, millennials and Gen X buyers love smart technology, and once understood, it does make life easier. Combination door locks are good because it helps if you forget your keys somewhere, and you don’t have to shuffle for your keys. Virtual assistants are great for changing the channel, or even turning on the lights and turning them off. Electronic doorbells allow for you to see who is at the door so you can stay safe. But are they worth it?
The best answer is, to stick to what you believe is useful. Many people don’t necessarily think Alexa is worth it, but Nest thermostats, for example, are great. The reason for that being, when you rent out a place, you never know what the damage will cost. It’s better to replace a cheaper item with something that is pricer, for obvious reasons. It increases the worth. you’ll start to realize what will happen over the next few years though.
The thing with technology in the home is that in 10 years, they will be antiquated. If the buyer needs to have the newest Nest thermostat, and it affects whether they’ll rent or buy, chances are you probably won’t want this person anyways, and they won’t’ care about a piece of tech that’s 10 years old.
As an investor, you should consider what people will buy. If they want just a Nest thermostat, you can just put one in. That will have the advantage over the traditional thermostats that you have to get up and change. If the properties in the area don’t have these, that will put you at an advantage. You want to look at, as an investor, what will give you the best bang for your buck.
If you have a property that’s been on the rental market for far too long, chances are you should consider putting the upgrade in. even if it’s just smart bulbs, you will put the property over other ones, because people desire smart technology. But, if you’re someone that never has properties that sit on the market for a long time, you should definitely not worry too much about these. But, if you notice this is what people want, then you should ultimately consider these upgrades, for they will help you get the property to a sold deal.
Technology is constantly advancing, and as a property manager or investor, you need to consider what you want to put in. Is the 400-dollar upgrade worth it? In many cases yes, in many other cases no. you have to make the call yourself, and figure out financially which ones will provide the best ROI for you, and what will get tenants into a property way faster.