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6 smart locks that will knock off your socks

(TECHNOLOGY) Smart locks are a growing part of the smart home – know these for yourself and/or your clients and you’ll be sock-less (get it?).

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Smart locks can offer a great deal of flexibility and convenience, but there are a few things you might want to consider before installing or recommending one to a client.

Smart locks give you and anyone you choose, the freedom to come and go without carrying a key, however, that’s also the first thing you may want to consider: in order for smart locks to be “smart,” they need power. This means you’ll need plenty of good quality batteries and the foresight to change them regularly; otherwise your smart lock won’t function. 



Also, renters will need to check with the landlord before making any changes to the existing locks, as some leases do not allow you to alter your locks in any way (although there may be a sneaky way around this if folks are so minded, but please bear in mind, you could be evicted or even be breaking the law by installing a smart lock, or any lock, without permission).

Aside from these few considerations, and the rare possibility of the lock malfunctioning, the benefits for most people, over using a traditional, physical key, outweigh the drawbacks. Here are seven of our favorite smart locks on the market:

1. Kevo Kwikset Smart Lock ($215)

kevo smart lock

The Kevo Smart Lock by Kwikset is a favorite for a few reasons. First, Kevo uses a Bluetooth-based close-range authentication system (which is more secure than the geofence auto-unlocking that many other locks utilize). Kevo also gives you several different options for controlling the lock: you can use a physical key, the smartphone app, or a wireless key fob (like the one you likely use for your car).

By accessing the app, you can control eKeys, as well who has access to the eKeys. Kevo also offers a “Kevo Plus” upgrade ($100), that allows you to monitor your Kevo when you’re away from home. This includes the Kevo Plus wireless gateway for monitoring. 

To unlock your door, simply tap the top of the door lock and it will communicate with your phone via Bluetooth and unlock; if your phone battery happens to die before you get home, you can use a physical key, the fob, or log in to your Kevo account from another smartphone and your eKeys will be transferred allowing you access.

The Kevo lock uses multiple levels of encryption to increase digital security and contains Kwikset’s patented SmartKey technology, which is tested to the most stringent lock picking, key bumping, and physical security standards. Nothing will be 100% secure, but Kwikset has been manufacturing locks for more than 60 years and the Kevo is an American National Standards Institute (ANSI) Grade 2. There are 3 levels, 1-3, with number 1 being the highest rated.

2. August Smart Lock ($200)

august smart lock
Remember when I said there might be an exception for apartment dwellers and renters? The August Smart Lock is the exception. It is a good solution (remembering the caveats mentioned above) for renters who want a smart home but aren’t explicitly allowed to change their locks.

The drawback to this lock is, you’ll need a gateway, the August Connect, much like Kevo Plus, for remote access. The August replaced just the interior plate and lever of your existing deadbolt, so the exterior hardware remains unchanged.

You can also add a few accessories: a keypad, the app, and a wireless connection bridge. In order for the August to be compatible with Echo/Alexa, HomeKit/Siri, or Google Home/Assistant, you will need the Wi-Fi Bridge which is not included. There have also been reports that this lock is particularly bad at draining batteries. While it does have a few drawbacks, it is a good choice for anyone happy with their existing locks, but still looking to add a lock to their smarthome setup.

3. Schlage Connect Touchscreen Deadbolt ($230)

schlage
The Schlage Connect Touchscreen Deadbolt is the most unique smart lock on this list because you’ll never have to deal with a key or an app to use it. Instead, you use the digital touchscreen. Schlage’s lock integrates with several different home automation systems, including Amazon Alexa.

One of the most unique features about this smart lock is that if anyone tampers with the lock/door, you’ll be notified and if anyone pushes against the door too forcefully, a piercing alarm will sound and you’ll be alerted to help deter break-ins. Schlage’s lock is also the only lock in this list rated one by ANSI. If you’re looking for a lock that will still let friends and family in without giving out a code, this lock still has you covered. You can lock and unlock from nearly anywhere using Schlage’s Z-Wave® technology.

This technology was developed by Schlage in 1999 and uses wireless radio frequency (RF) communication for home devices allowing you to give access on-the-go.

4. Yale Assure Lock SL ($219)

yale smart
Yale Real Living Assure Lock SL is the slimmest smart lock on the market, and if purchased with a Yale iM1 Network Module, it is HomeKit-compatible, so it can be controlled using the Apple Home app, the Yale Secure app, and via Siri voice commands.

It’s available at major retailers, including Lowe’s, Best Buy, PC Richard & Son, and on Amazon. This lock has a reputation for ease of use and reliable integrations.

5. Lockitron Bolt ($99)

lockitron
The Lockitron Bolt is a great choice for users looking to try out smart locks, but are also a bit more budget conscious. The Lockitron is compatible with both Bluetooth and Wi-Fi.

It can be integrated and automated through IFTTT (If This, Then That). If you’re not familiar with IFTTT, we’ve written extensively about it. Lockitron is introducing what they call Key Match, so this will be another great option for renters as this will allow you to keep your current set of house keys and still use a smart lock. Soon, they will also be introducing the Lockitron Bridge so you can control your lock from anywhere in the world, giving you gateway connectivity. The Bolt is more secure than you might think, given the price tag. They use robust encryption using open, published standards. It is secured at both the protocol and application layers and if you’re worried about security, you can check their security page.

The Lockitron Bolt gives you a basic, affordable smart lock, with a sleek, easily accessible mechanism that is still secure and functional. If you’re looking for a smart lock with all the bells and whistles, however, the Lockitron Bolt, may not be your best option.

6. Friday Lock ($249)

friday
Friday Lock is a true competitor for the August Smart Lock in a sleeker design. Friday Labs ambitiously bills itself as the world’s smallest smart lock at a mere 2.7”. It is ergonomic, small, and functional for everyone. Friday lock securely connects to your phone wirelessly, giving you the ability to lock or unlock your door as you leave or approach, as well as effortlessly share access with anyone you choose. You’ll also receive notifications on your phone for every action your lock takes (every lock/unlock).

Friday Lock comes in seven colors and can also be connected with the Apple HomeKit and Secure Remote Access. It works with all single cylinder deadbolts and can easily be installed with a screwdriver. Friday replaces the thumb latch on the inside of your door, so changing out the lock is simple.

It also has a rechargeable battery in the baseplate, saving you money on batteries. While this lock is a bit on the pricey side, Friday rotates 360 degrees, making it compatible with any deadbolt. If you’re looking to add a sleek, small smart lock to your home automation, Friday is a great choice. 



The takeaway?

While smart lock technology has come a long way, there are still several things to consider before recommending one to a client or installing one yourself: do you still want to be able to use physical keys? Do you need remote access? Should it be compatible with your home automation system? Are you going to be replacing batteries or recharging them?

And for most people, can you afford to switch out all your locks at once, or will you need to do it one at a time? Smart locks certainly offer a level of convenience that cannot be beat by physical key locks, but there are some drawbacks mentioned above.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Homeownership

Real estate continues to be a top wealth generating vehicle

(REAL ESTATE) From an investment perspective, real estate continues to be the top source of wealth in this nation, even after the economy suffered in past years.

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Franklin D. Roosevelt said, “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

Roosevelt died almost 75 years ago, but the sentiment remains true. Even after the Great Recession of 2008, real estate is regarded as a safe investment. But will it build wealth?

According to the Morgan Stanley Wealth Management Investor Pulse Poll, 77 percent of millionaire investors own real estate and 35 percent own related investments.

The poll asked about alternative asset classes and professional investment advice, but its findings that relate to real estate are especially convincing arguments to use when asking a person to invest hundreds of thousands of dollars in real estate.

Why is real estate different from other investments?

The American Genius talks a lot about cryptocurrency, stocks and alternative investing, but real estate consistently has value, not only for high-dollar investors, but also for average Joes. Investorys buy in hopes that an item will appreciate to be able to sell it for a profit – gold, art, jewelry, and crytpocurrencies typically sit in a vault until you’re ready to sell.

Real estate, on the other hand, has the capability of pulling in money each month. Hopefully, the rent you can take from a property is more than the expenses. Unlike other investments, where you really taking a gamble on appreciation, with real estate, you can crunch the numbers to make sure your property *will* generate income.

You’re not betting on whether the price will rise. As long as the cash flow covers your expenses, you’re safe.

Real estate continues to have the best chance of building wealth. Most investments do appreciate, but it’s at the whim of the markets.

Real estate gives you options to increase the value of the asset without waiting for the market to improve. Fix and flip properties are a common method, but investors don’t have to buy a fixer-upper to add value to a property. Combining inflation, appreciation and equity improvement, it’s easier to see how real estate can give you big results.

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Homeownership

Austin startup crafts 3D-printed homes that are up to code in U.S.

(REAL ESTATE) The first ever 3D-printed home has been created that is up to code in America – it’s affordable, and could crush the elitist tiny home movement.

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This is America – you know it’s not cheap to build a house these days. In fact, HomeAdvisor reports that the current U.S. national average cost to build a home comes in at just under $300,000, or about $150/square foot for a 2,000-square-foot home.

Sadly, this price is out of reach for many Americans’ budgets, so what are those with limited funds supposed to do?

One answer in recent years has been the tiny/manufactured/prefab house industry, a trend toward homes with smaller footprints with roots in the minimalist and green-building movements. But this option is not without its obstacles, often pertaining to jurisdictions not keeping up with the code and zoning issues surrounding these smaller, sometimes off-grid homes.

And another issue has popped up: Some of these so-called “tiny” homes are still relatively quite expensive per square foot and can take a long time to build (for those going the custom route). In fact, many believe that tiny homes have become a badge of honor for elitists.

These limitations and obstacles seem to have left a wide-open hole in the market for fast-built, low-cost homes that could eventually be built on a mass scale. Enter ICON, a construction technologies company based in Austin, Texas, whose website says it is “leading the way into the future of human shelter and homebuilding using 3D printing and other scientific and technological breakthroughs.”

The company announced last year that it has built the first permitted, 3D-printed house on site in the United States.

The 350-square-foot home was created in approximately 48 hours of total printing time and for around $10,000 (printed portion only). ICON predicts that the production version of its printer, which they named the Vulcan, will be able to print a single-story, 600-800 square foot home in under 24 hours for less than $4,000.

But you won’t be able to buy your own 3D-printed home from ICON quite yet. The company currently isn’t working with individuals, choosing to focus on its partnership with the nonprofit New Story. Together, they plan to tackle housing shortages around the world. In fact, the Austin house serves as a prototype for the work they plan to do.

While there is some (understable) criticism of the tiny home movement — mostly due to the more elitist, ridiculously expensive trends making waves in the industry — what ICON is doing seems like a major step in the right direction.

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Homeownership

Homeownership rates slumping for the self-employed

(REAL ESTATE NEWS) A decade after the housing crisis, certain pockets of Americans are still falling behind when it comes to homeownership.

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The Urban Institute’s Housing Finance Policy Center recently released a new brief, and the stats for self-employed homebuyers and homeowners aren’t so great — or all that surprising. The report, “The Continued Impact of the Housing Crisis on Self-Employed Households,” is the latest proof that while the median income for self-employed households remains higher than the median income for salaried households, self-employed Americans have been slower to recover from the now decade-old housing crisis than salaried households.

The brief looked at American Community Survey data from 2001 to 2016. According to the survey, nearly 12 percent of American households earned their entire income — or a part of their income — from self-employment in 2016.

That same year, self-employed households earned a median income of $66,900; salaried households earned $56,100. (It’s important to note that the self-employed median income is still $5,800 lower than in 2007.) Despite the self-employed earning more money, they saw a much larger drop in homeownership rates (down 6.3 percent from 2007-2016) than salaried households (down 3.1 percent).

Additionally, mortgage use for self-employed homeowners fell more than for salaried homeowners in that same time period (13 percent for self-employed vs. 6 percent for salaried).

So why do entrepreneurs and the self-employed continue to lag behind in both homeownership and mortgage use?

Some point the finger at the mortgage industry’s strict loan requirements, which often work against those who are self-employed. Wrote off your business expenses? That could lower your income (on paper) and your chances of qualifying for a sufficient loan. Are you an independent contractor? Since you don’t have pay stubs to show the lender, you’ll need to hold on to the last two years’ (at minimum) tax returns as well as client receipts, deposit slips, and bank statements.

The good news is it’s not impossible for the self-employed to qualify for a loan, even without paying higher interest rates or needing a co-buyer. Homeownership isn’t out of reach.

They just might have to jump through a few more hoops. Consistent work, good credit, enough cash on hand, and the ability to provide a large down payment will go a long way toward helping these hardworking entrepreneurs buy their dream home.

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