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Anyone who has invested in home security knows how easy it is to spend a lot of money. With new technologies and so many options, spending more than you initially planned is not unusual. The challenge is keeping things affordable but still putting together an adequate system.
For the record, this post was prompted by Vivint Home Security’s recent release of their new HomeProtect program. One of HomeProtect’s hallmarks is affordability. Vivint offers an entry-level system at a fair price along with the option for monthly monitoring. HomeProtect is also offered without a contract.
The deal is awfully tempting for someone who is looking for affordable home security. Affordability was not something I thought about – especially when making big purchases – until my wife and I started budgeting. It turns out that the details of one’s budget provide a lot of direction for purchasing a home security system.
How much can you afford to spend on equipment?
A good way to analyze home security affordability is to divide your budget into four categories. The first is the equipment category. How much can you reasonably afford to spend to purchase that first round of equipment? Bear in mind that a good entry-level system includes:
- Entry sensors for first-floor windows and doors
- At least one video camera (for the front door)
- A central hub for controlling everything
- A companion mobile app for remote access
HomeProtect systems come with all four components. Consumers can add extra cameras, sensors, etc. as their budgets allow. The key here is what you can reasonably spend. Think in terms of either cash or the amount you can put on your credit card and still pay the bill at the end of the month.
How much can you afford to spend on monitoring?
For some consumers, the dividing line on affordability is monthly monitoring. Monitoring subscriptions can cost as little as $20 per month. You could also spend $100 or more. The thing about monthly monitoring is that it may require a contract. Does your budget support yet another monthly expense? If not, go with a no-contract option or handle monitoring yourself.
DIY monitoring is not as convenient as professional monitoring, but it doesn’t cost anything extra. Personally, I think I would go with monthly monitoring via a company that does not require a contract. I could discontinue the service if I could no longer afford it.
How much can you afford to spend on installation?
Installation can be a big expense with some systems. So much so that DIY home security has become increasingly more popular over the last decade. Again, you have options. There are companies, like Vivint, that offer free installation. But they make up for it with slightly higher equipment prices.
You can always choose to save money with DIY installation. But will you pay for it by way of a heavy time commitment and a considerable lack of knowledge? Only you know. I would default to free installation from the service provider and pay a little more for equipment.
How much can you afford to invest in the future?
Finally, starting with an affordable base system almost always means adding to that system down the road. How much can you afford to set aside for future devices? And if you are choosing DIY monitoring initially, will there be room in your budget for professional monitoring down the road?
As with anything else, affordable home security is found in the details of your budget. Without a budget in place, the risk of spending more than you can afford is very real.