The interconnected nature of the world today, means that we are all more dependent on the internet than ever. It is no longer just at the forefront of day to day entertainment, a growing number of people rely on the internet to make important decisions on a daily basis. The number of people working from home is equally soaring worldwide. It is, therefore, surprising that many landlords do not understand how slow broadband speeds can reduce the value and attraction of their property.
In different parts of the world, home buyers and renters are paying more attention to broadband speed. A recent study in the UK showed that poor broadband speed could knock off up to 20% of the property value. The study also found that more than 3,000 people to broadband details being more important for them, than information on transport links or schools for their children when it comes to making a decision on settling down in a particular property.
In North America, the situation is similar. A recent study conducted by researchers at the University of Colorado and Carnegie Mellon University found out that fast broadband speed can increase the value of a $175,000 property to over $180,000. This means fast broadband speed is as valuable as a new bathroom or a fireplace for home buyers and renters.
Fast broadband speed is one of the primary reasons why upwardly mobile professionals and entrepreneurs are most likely to live in the main cities or the country capital in developing economies. They understand the role of the internet in the actualisation of their set goals and objectives.
Why is Broadband Speed so Valuable?
Work that involves the steady movement of sizeable amounts of data regularly is hard with slow broadband. At a time when more people are going into tech-related jobs that require a constant connection to the internet, it is easy to see why many home buyers and renters (especially those in the millennial bracket) are particular about broadband speeds.
Similarly, entertainment almost entirely resides online these days. Slow broadband can turn a relaxing session on social media or online video entertainment platforms into a nightmare. Anyone that has had previous experience with poor broadband speed will be more cautious about their property choices, in relation to broadband speeds.
What Can Property Owners Do?
The first step to ensuring that your property won’t be neglected by the current generation of buyers and renters is to make sure you always invest in property in areas where there are broadband providers offering speeds that are AT LEAST up to the national average.
If your property is located in a prime area, broadband-wise, and you have an adequate package, check your broadband setup before any house viewing to be sure possible buyers and renters are impressed. Consider reshuffling the broadband connection. Move your router to a better position or get a new router if yours is dated. Gadget Review has covered the best router options to consider today.
If you already have property in an area where there is inadequate coverage from providers, you need to find a solution that will deal with the concerns of the homebuyer or renter such as satellite internet.