Homeowners in search of affordable home security might opt for a DIY system that includes self-monitoring. But is it possible to get 24/7 monitoring and still land an affordable rate? Absolutely. It is a matter of shopping around and finding the right provider.
Vivint Home Security is one such provider. It recently launched its HomeProtect package designed specifically for customers looking for home security on a budget. You get quite a bit for the amount you are paying.
You should note that Vivint offers different pricing based on whether you are willing to take on a contract. If a three-year monitoring contract is acceptable, you get a lower price on the equipment and monthly monitoring subscription. Installation is free. If you prefer no-contract home security, you pay a few dollars more for monthly monitoring and a higher price for the equipment.
More About Home Security Contracts
Home security contracts are essentially monitoring contracts. They are offered by companies like Vivint as a way of offsetting the costs of discounted equipment and free installation. By locking customers in for several years, it is able to recoup its costs and meet its profit margins.
By contrast, going with no-contract home security usually means paying a bit more for the equipment. You are also buying the equipment outright rather than renting it. The advantage is not having to pay a monthly monitoring fee unless you absolutely want to.
Upfront Cost or Long-Term Commitment
Deciding between a contract or no-contract system often boils down to a question of which you would prefer to deal with: higher upfront costs or a long-term commitment. It is really a trade-off in the truest sense of the term. If you are willing to pay a higher price for equipment upfront, you can monitor yourself or get a month-to-month monitoring subscription. You maintain control over your total spend.
On the other hand, being willing to agree to a multi-year contract allows you to get away with a cheaper equipment cost. And at least in Vivint’s case, no-contract home security does not include free installation. You pay extra for that service. So again, it is a trade-off.
Is a Month-to-Month Subscription Worth It?
At first glance, it might seem as though you have nothing to gain with a no-contract option and the ability to pay for monitoring month-to-month. Over the course of a typical three-year contract, you would probably end up paying about the same, anyway. So why choose the no-contract option? Because no-contract home security gives you a bit more flexibility.
When you sign a multi-year contract, you are agreeing to pay for monthly monitoring for the entire term. What happens if your budget tightens up in the second year? Attempting to cancel a contract early will likely mean having to pay early cancellation charges. Those charges could be high enough that you don’t save anything, anyway.
On the other hand, a month-to-month subscription allows you to cancel at any time. If your budget suddenly gets a bit too tight, you can cancel monitoring with no additional fees. You can then self-monitor until your budget allows paying for service again.
Whatever Is Most Important to You
There is no black-and-white answer to whether or not no-contract home security is best. It depends on what is most important to you and your family. If you need to save money upfront, a multi-year contract could mean significantly lower prices on the equipment. But if you are looking at long-term budgetary savings, a no-contract option might work out better. You just need to sit down and do the math.