Why more buy to let investors are using smart tech in their properties
The advice to buy to let investors is to consider using smart tech in their properties but to think about tenants first.
Are you looking for ways to enhance profits from your rental properties? As the current market becomes more competitive for buy to let investors and landlords, you may want to consider smart tech as a way to appeal to future tenants and to give you the edge over your competition.
The future of smart technologies for landlords and tenants appears to be increasingly important with the smart home tech market growing significantly in recent years. Everything from smart doorbells to thermostats, fridges, and even smart light bulbs have become the ‘smart choice’ for many homeowners, landlords, and tenants.
Many of us rely on apps to monitor and perform our daily tasks. There’s an app for banking, ordering food, and booking a taxi, to name but a few, so it’s understandable your property will want a slice of the action too. While these devices are an advantage to homeowners, it’s crucial for landlords and buy to let investors think about the potential before spending more than you may regain in value or increased rental income.
The advice to buy to let investors is to consider using smart tech in their properties but to think about tenants first. Will it make your life as a landlord easier, allowing you to charge a higher rent? Does it really appeal to tenants? Continue reading to find out about some of the benefits of using smart tech.
Increases the Property’s Value
Upgrades such as home automation or smart tech are the next set of investments that could add value to your property. People are looking for smart home functionality in their future homes, so if your property is fitted with the latest technology, you can more than likely increase your asking price or rental fees. This is worth noting if you choose to sell your buy to let in the future.
If you’re hoping for a higher rental income, you may want to consider matching the smart tech systems with the demographic you are renting to. For example, a young professional with a high income may look for an entertainment system when renting a property.
Makes the Property More Energy Efficient
Landlords should do everything possible to improve energy efficiency in their rental properties, and in recent years it has become a requirement for anyone letting a property. Since April 2018 any new tenancies, in order to be rented, must have a minimum energy rating of ‘E’ and can be found on the Energy Performance Certificate for the building. And from April 2020, this applies to all tenancies, including existing.
If you choose to include energy bills in your rental cost, then smart tech could almost certainly benefit you. Installing smart thermostats can indicate when someone’s in a room and adjust the controls accordingly. Smart plugs and smart light bulbs, all controlled by apps, can also save a ton of energy and reduce the cost of bills. This could help tenants save money making properties more appealing.
Smart technology seems to be the ‘go-to’ in new properties and modern apartments, especially throughout cities in the UK. Research property investment companies such as RWinvest who make use of efficient lighting and automated security systems throughout many of their high-end apartments.
Protects the Property
As a tenant, and a landlord especially, you want to protect your property investment with the best possible security. Smart security systems can help tenants feel safe and provide peace of mind to landlords if they don’t live close by. Invest in smart doorbells, locks, and alarms and integrate with a security camera system to maximize protection potential.
Easier to Maintain
Some people may include smart tech for easier maintenance. Being able to automate and conduct tasks remotely can make your buy to let property easier to maintain. If a property has been vacant for a while, you may wish to test light bulbs or switch on the heating ahead of property viewings to make sure everything is in working order.
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