I remember when my wife and I bought our first home. We thought we were reasonably aware of our total costs going into it. We were wrong. Between closing costs, paying the attorney, having a professional inspection, and so much more, the sticker shock was real. And like all new homeowners, we immediately started putting money into our new home.
One thing we didn’t add right away was home security. Perhaps we should have, but we purchased our first home more than 25 years ago. Back then, home security was a lot more expensive than it is today. Today’s first-time buyers have access to so many more affordable options. They can equip their new homes with security devices without adding to the sticker shock of that first-time purchase.
You Don’t Have to Start With Premium
We live at a time when electronics have become integral to virtually everything we do. And on the home front, both security and home automation have never been more popular. Furthermore, nearly half of all millennials have embraced home automation and security. Gen Zers are not far behind. But here is the problem for first-time home buyers hoping for a house full of electronic gadgets: most older homes do not have automation and security features built in from the ground up.
That means first-time buyers are more likely to have to add automation and security features themselves. Here’s where the sticker shock comes in. If a first-time buyer assumes he must go with a premium system right from the start, he’s likely going to be surprised by how much it costs him. Premium home security is certainly worth the investment. But it is expensive. And for singles or couples who have just laid out tens of thousands of dollars to get into a new home, an additional few thousand for home security could be too big an ask.
The good news is that going premium from the start isn’t necessary. Home security systems are, by and large, scalable. A first-time buyer could start small. He could invest in an entry-level system that fits into his budget, then build on that system over time.
Affordable Options Are Out There
Another piece of good news for first-time home buyers is that affordable options are out there. In recent years, an increase in competition among security providers has forced them to do better on price. For example, Vivint Home Security has introduced its HomeProtect plan. It’s billed as an affordable entry-level plan for new customers
HomeProtect offers both contract and no-contract options. The contract option comes with a lower upfront cost for equipment, free installation, and a slightly lower monthly monitoring fee. The no-contract option eliminates the need to be bound to a monitoring contract for 3-5 years. Homeowners pay a bit more upfront for equipment and installation.
Some of Vivint’s competitors have their own affordable plans as well. For the first-time home buyer, it’s a matter of comparing plans and costs. But buyers shouldn’t focus exclusively on bottom-line price. They should also consider value – what they are getting for the amount of money they are spending.
There Is Always the DIY Route
Of course, first-time home buyers could also go the DIY route. DIY home security doesn’t add nearly as much to the sticker shock. However, it does require a bit more effort on the homeowner’s part. You trade a lower cost for an investment in time.
First-time buyer sticker shock is real. Fortunately, home security doesn’t have to add to it. Home security can be very affordable if a buyer knows what to look for.