In terms of home security systems and your Greensboro rental property, there are so many more alternatives than ever before. You might be questioning if nowadays is the best time to install a home security system in your rental properties.
There are numerous convincing arguments to do so, but there are also vital pieces to think of before proceeding with the installation. From tenant, privacy to the amount, and all that in between, the more you understand concerning home security systems for rentals, the more effortless it could be to pick the right decision for your properties.
Installing a home security system may seem like a great idea. In any event, what tenant wouldn’t yearn to feel more secure in their rental home? But, bear in mind, as the Greensboro property owner, it is principal to reflect on all elements of your situation before determining if a security system is a good decision for your rental property.
One crucial component to look at is how much are you willing to spend. Lots of security companies will provide a low-cost installation, but then will bill you a monthly monitoring fee or other expenses. If you install a security system in your Greensboro rental property, you have to first resolve whether or not it is sensible to do so and who will be responsible for paying any related fees. In locations where high crime rates are a real issue, a security system can thus be necessary to keep your property and your tenants out of trouble.
Though a security system can also send the wrong message, in particular, if your potential tenants already have existing problems in regards to the neighborhood. Then there are the costs. If you are spending on the security system yourself, make sure to factor that into your monthly cash flows. If you hope your tenant will pay for it, make sure they agree to do so before signing the lease. If you simply assume they will pay for it, but the tenant doesn’t want to, you may run into problems.
A tenant may not want to have a security system for other reasons of their own. As an example, they may feel that the neighborhood is safe, therefore a security system is unnecessary. Or, they may exert a lot of effort to find out how to navigate the system correctly and eventually give up out of frustration. You don’t want to install a system that does little to enhance security on the property.
It could also happen that your tenant will not like the security system or security company that you picked and would possibly like to install their own security measures. Most tenants want the control and benefit of having a home security system linked to their smartphone, and so may decide to settle it themselves.
Always remember to reflect on the issues of privacy. These days, several security systems include integrated cameras. And even though, such systems are low-cost, it is imperative to always remember that it is illegal to take photos or videos in any area where your tenant would have a reasonable expectation of privacy.
In a rental house, that is it when talking about everything inside of the house. If you’d like to install security cameras on the exterior of the home, ascertain that they do not capture areas of the property or a neighbor’s property that they shouldn’t. It is best to check with the neighbors before installing exterior cameras to ensure that they know and are comfortable with which areas of the property are being recorded.
While doing research on every potential income property is a lot of work, Real Property Management of the Triad can help lighten your load. We offer free rental property analyses for investors, which can help you more easily identify whether the income property you want to buy is a profitable option. Contact us online or call us at 336-355-6677 or 336-777-7444 to learn more!
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