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Having a smart home is slowly picking up in Australia, where you can install technological devices that make operating your home one step easier. The Internet of Things (IoT) is slowly impacting how we plan our homes. You could cover the expenses by using your home loan to do these tech renovations or even take out a personal loan to get the job done. However, there are at least five things you need to keep in mind before finding financing to take care of the renovations.
Will it go beyond suiting your personal needs?
Think of your home as a long-term investment. However, there might come a time where you need to cash in on your investment and put your house up for sale to move onto something better. Whatever technological upgrades you put in need to increase the value of your home or be practical enough to sell to a potential buyer. This is why it is important that you put in adequate research on which technology will affect your house for the better or worse.
The ongoing cost
Having the latest in tech gear installed in your home to make it modern can come with its perks, but it does come with ongoing costs such as replacing and updating systems to run at their optimum level of efficiency. Before getting sensors, smart lighting technology, or even cybersecurity in your home you will have to create a budget.
Asses the risks
Although you might be able to tailor make your home to suit your personal needs, you will need to assess the possible risks that come with installing such tech ware. Will you be financially ready to handle malfunction, malware and security breaches? Keep in mind that if you use an internet connection to secure your front door, there is a possibility that your systems could be open to being hacked.
Calling the professionals
When it comes to altering your home in a way that meddles with the wiring in your home it is advisable to call in the professionals. This will ensure that your home gets the tech renovation it needs without burning it down. The cost of wiring can cost you up to $600 while an electrician’s hourly rate can range from $70 to $130 per hour. Even if you believe you could do it with your eyes closed, it is best to get professional advice.
Use industry advice from experts
There is a growing number of home automation systems that are increasingly becoming available on the market to help make your home functional and practical literally at a push of a button. However, speaking to an industry expert in terms of which device will best work to enhance the practicality of your home and improve on your security system will help you get more bang for your buck. The initial costs of getting your home automated into a smart hub can be costly, but when you look at the long-term effects of having savvy technology in your home you will realise that you could save. It also allows for more flexibility and completing tasks with minimum effort.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
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