Is it wise to turn an investment property into a smart home?

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Is it wise to turn an investment property into a smart home?

Tiffany Locus
Member since 2017 · 7 posts · 0 votes

I own a property that I rent out to families.  There has been a number of water and fire incidents that give me pause and concern.  I need to know immediately when there is a water or fire event in my home so that I can mitigate the damage as much as possible.  None of my tenants end of being very bright people despite my best efforts to find reliable tenants.  We all know that finding a good tenant is hard to do.  I am looking to convert my house into a smart home to protect my home from continuous damage.  For example, I have a ring doorbell installed at the front door.  What smart home features makes sense to have on an investment property?

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Deneuve Brutus
Investor · Woodbridge, VA · Member since 2019 · 162 posts · 64 votes
5y

I agree with @Nathan Gesner, you may want to think about adding an addendum to the lease which states something with regards to training will be provided on the systems, or even have instructions on how to use the system or if such and such system fails due to misuse and it is not something that stops enjoyment based on local laws such as a thermostat, the tenant will be responsible. I added smart devices to my home as well to increase the appeal to the younger generation. So far so good!

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  • John Alosio
    Rental Property Investor · Stroudsburg PA · Member since 2020 · 119 posts · 74 votes
    5y

    @Tiffany Locus
    I'm not so sure it would be a good investment at the end of the day. If you have the money to burn then sure, smarten up the walls. You might want to have a clear statement in the lease of what you need to be aware of immediately. I've even heard of someone putting together a cheat sheet for the tenant to keep on their fridge. Important info, landlord, local police and fire Department #s. I'm sure you could include some important notes like:
    -in case of fire, GTF out of the house. Call the fire dept, notify landlord immediately!
    -water is running anywhere but down the drain, drop everything and call your landlord!
    food for thought. An ounce of effort working with your current could save you thousands of dollars. If all else fails, give them the boot for neglect of the property.

    cheers

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  • Tiffany Locus
    OP
    Member since 2017 · 7 posts · 0 votes
    5y

    This is helpful.  Thank you!

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  • Lina Bibikov
    Developer · Danville KY · Member since 2015 · 87 posts · 110 votes
    5y

    @Tiffany Locus Besides ring, what kind of smart technology?

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  • Nathaniel J Mott
    Raleigh, NC · Member since 2019 · 62 posts · 30 votes
    5y

    I think humidity sensing bath fans may be a good investment. I'd imagine restoring a bathroom wall damaged by steamy showers is probably more expensive than the fan.

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  • John Alosio
    Rental Property Investor · Stroudsburg PA · Member since 2020 · 119 posts · 74 votes
    5y

    @Tiffany Locus

    would this be a short term rental? Do you ever use it for personal use?

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  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    These days standalone sensor with alarm is cheap and good, if you want to use integrated one like simplisafe, it's good as well. I will do it if I were you.

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  • Tiffany Locus
    OP
    Member since 2017 · 7 posts · 0 votes
    5y

    Right now, I have only the Ring doorbell

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  • Tiffany Locus
    OP
    Member since 2017 · 7 posts · 0 votes
    5y

    I also have the Nest thermostat

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  • Tiffany Locus
    OP
    Member since 2017 · 7 posts · 0 votes
    5y

    I am considering getting the following money saving technologies: water leak sensor, smoke alarm/carbon monoxide alarm, and  smart lock for the back doors

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  • Tiffany Locus
    OP
    Member since 2017 · 7 posts · 0 votes
    5y

    The home already has an alarm already

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    If your tenants aren't very smart, odds are they won't understand how to use the smart technology, particularly when it's not functioning properly.

    Technology does some really neat things, but it can also cause some really big problems. I have a remote vacation rental so I put a smart thermostat in it so I could monitor/control temperature remotely. It failed and ran the A/C and heat simultaneously for an entire month before I discovered the problem. That was a $1,000 mistake. I switched to a manual $30 thermostat and then installed a WiFi monitor for temperature and humidity and it does just as well without the risk of problems.

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  • Jennie Ballard
    Brazoria County · Member since 2020 · 69 posts · 24 votes
    5y
    Originally posted by @Nathaniel J Mott:

    I think humidity sensing bath fans may be a good investment. I'd imagine restoring a bathroom wall damaged by steamy showers is probably more expensive than the fan.

    You can get a humidity sensing switch to replace the standard one that controls the fan from Home Depot or Lowes. Was simple replacement and worked great.

    1Reply
  • Deneuve Brutus
    Investor · Woodbridge, VA · Member since 2019 · 162 posts · 64 votes
    5y

    I agree with @Nathan Gesner, you may want to think about adding an addendum to the lease which states something with regards to training will be provided on the systems, or even have instructions on how to use the system or if such and such system fails due to misuse and it is not something that stops enjoyment based on local laws such as a thermostat, the tenant will be responsible. I added smart devices to my home as well to increase the appeal to the younger generation. So far so good!

    1Reply
  • Nathaniel J Mott
    Raleigh, NC · Member since 2019 · 62 posts · 30 votes
    5y
    Originally posted by @Jennie Ballard:
    Originally posted by @Nathaniel J Mott:

    I think humidity sensing bath fans may be a good investment. I'd imagine restoring a bathroom wall damaged by steamy showers is probably more expensive than the fan.

    You can get a humidity sensing switch to replace the standard one that controls the fan from Home Depot or Lowes. Was simple replacement and worked great.

    That's a great tip, thanks!

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