Here’s a home upgrade you may not have thought of: Home security. It’s not as aesthetically pleasing as new hardwood flooring or as much fun as an in-ground pool, but it can increase the value of your home and make it more attractive to potential renters and prospective buyers.
Gains in technology have made home security slicker, more innovative, and easier to manage. How slim or robust a system you choose depends on the location of your home, its size, and your personal preference. These days it’s easier than ever, as a fully automated system allows you to view your property via computer or smartphone, and even lock doors automatically.
A security system will give you greater peace of mind and put money back in your pocket, as most insurance providers offer a discount for homes with monitored alarm systems. If you’re considering purchasing a system, speak with your insurance company first to learn about what is eligible for such a discount.
It may also be an attractive feature for prospective buyers. A modern system that has already been installed is a value-add, both for reasons of personal security and because of the insurance discount (if applicable).
As well, home security can give you a competitive edge when renting out a property in a crowded market. For renters in urban areas-especially tenants who will be living alone-an apartment with an alarm system can be a huge draw; many landlords who offer security systems will likely be able to charge premium rent.