When renting out a piece of property to tenants, you want to find a balance between making the property worthwhile for someone to pay a premium for in monthly rent and not putting unnecessary upgrades into a property that won’t make the appropriate profit.
One way you can get the best of both worlds here is to make some smart upgrades to the property that will make life more convenient for your tenants while also giving you some benefits as the landlord.
To help you see how this can be done, here are three smart home features that will make your rental property more valuable and help you feel safer renting out your space to others.
Increased Security Features
The safety and security of both your property and the people renting out your property should be one of your main concerns as a landlord. And without a property management company to help bear the burden of this responsibility, it’s up to you to find ways to put the right security features to work. Luckily, installing certain smart upgrades can help you here.
According to Julie Ryan Evans, a contributor to SecurityNerd.com, some of the best smart security features to include in a rental property are smart locks, a doorbell camera, and a security system. By giving both yourself and your tenant access to these features, you can both keep an eye on the property. Just make sure, however, that you’re not invading your tenant’s property with these security features. But with the right rules in place, both you and your tenant can feel a lot more at ease about the security of the property.
A Smart Thermostat
Another smart upgrade that could prove to be beneficial is installing a smart thermostat. Depending on your property’s location and the lifestyle of your tenants, a smart thermostat could be a huge selling point and could make your life easier as a landlord, too.
Ramsey Solutions shares that many renters look for properties that have smart thermostats because they know that these properties will have less expensive utilities for them to pay into each month. Now, whether you’re paying for utilities on behalf of your renter or not, it’s still true that smart thermostats, when used correctly, can save both money and energy. So if there is an upgrade to make, this would be it.
Automate Cleaning
One of the hardest things about renting out your own property is worrying whether your tenants are taking care of it for you. But since you can’t go in every day to ensure that things are being cleaned and cared for, you’ll have to get creative when it comes to helping to maintain the property.
To do this, LandlordTips.com suggests that you help your tenants automate cleaning by providing a smart robot vacuum with the property. While this might cost you a bit up front, it can give you peace of mind knowing that the floors of your property are being cared for even when you can’t keep things clean yourself. And when it comes time to find new renters, having had this smart robot vacuum could save you money on replacing the flooring. Not to mention how this added amenity could allow you to charge a bit more in monthly rent, too.
If you’re wanting to make your rental property more valuable to your tenants and protect and maintain the property on a higher level, consider using the tips mentioned above. You’ll learn which upgrades will work best for you and where you should be spending your money now for savings into the future.