Do You Own A Rental Property? Invest In A Home Security System To Enjoy Financial Benefits
Posted on: 14 October 2016
The place where you want to feel most secure is likely in your own home. So it makes sense to invest in a home security system for the home in which you live, but it might not cross your mind to add such a feature to the rental property that you own. It does require an initial investment and comes with monthly costs for 24/7 monitoring, but the financial benefits that you can enjoy should not be underestimated.
Make Your Rental Listings More Appealing
The first thing that installing such a system will do is make your rental more appealing. It is possible to include home security in the heading, subheading, or at least in the list of features for the property. You want every person who looks at the listing to know the place has a monitored security system. This not only encourages people to contact you to learn more or to see the rental in person, but it gives you an opportunity to charge a little more on rent, which can lead to a clear increase to your income over time.
Provide a Safe Home for Tenants
Having tenants come and go on an annual basis is something that rental property owners would typically like to avoid because it means they have to go through the process of marketing every year. It is ideal when you are able to keep the same tenants for a long time while still increasing rent by a small margin to keep up with inflation. It eliminates the need to spend resources on advertising, and it keeps you from having to worry about any gaps in your income from not having any tenants to give you rent checks. Providing a safe and secure home will encourage tenants to stick around for a long time. Adding a home security system is just what you need to maximize the chances of having this kind of outcome.
Gain a Home Insurance Discount
Whether you require tenants to carry renter's insurance or not, you will still need to have homeowner's insurance. A home security system is a great way to save money on your premium—up to 15% with some companies. It may be worth calling your insurance provider beforehand to see what exactly leads to the biggest discounts. Then, you can decide whether you want to add additional security features when installing the security system.
Investing in home security on a rental property is a smart idea for numerous reasons. Contact a company like Amped Security to learn more.
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