This topic contains 2 replies, has 2 voices, and was last updated by a Security Professional 6 years, 9 months ago.
September 10, 2012 at 11:32 pm #1168
My friend is opening an Asian Fusion restaurant. This has always been her dream and I’m so happy for her. However, she’s having problems with the technical details like security. It really doesn’t help that she has excellent credit and so many vendors are trying to sell her on a new system. Some actually stop by the store, some telemarket. She doesn’t want to make a bad choice. What do y’all think? Should she own or lease her security equipment.
September 11, 2012 at 1:12 am #1169
Leasing a security system is an attractive idea, at least at the beginning. Just like leasing your home is less expensive than purchasing it, this option usually has relatively few upfront costs. Companies oftentimes will lease equipment for free or low-cost in exchange for a two or three year contract. You can choose the top-of-the-line products for no extra upfront cash. They will even throw in free installations much of the time, or offer you do-it-yourself installation to lower your costs. However, user beware, because oftentimes you will end up paying more per month for these options. Furthermore, in exchange for not purchasing the equipment, you sign a contract that sets you in for a certain amount of time. Should you decide before that time that you are unhappy with the service or want to make changes, you will have to pay off the rest of the contract and maybe a hefty fee as well.
Buying a security system is a much larger cost upfront. You have to pay for the alarm, the security cameras, and other components like pressure sensors and motion detectors. These components can be quite expensive depending on how high quality they are and how much you need them to do. They may also come with a limited warranty, after which maintenance, parts, and servicing will all be your responsibility. However, there is no required contract for monitoring service (if there is with purchased equipment, do not hire that company). Many companies offer free or reduced-price installation when you buy the equipment. And if you decide you dislike the service you receive, you can cancel anytime and switch to a new home security monitoring service relatively easily, usually with no extra cost. (Be sure your equipment is “unlocked” when you buy it in order to assure this is the case.) Plus, the costs for monthly service are generally lower since companies are not trying to recoup the cost of the equipment.
For your friend looking to operate an Asian Fusion restaurant until retirement, the long-term costs will be much lower by purchasing the equipment. Over just a three year period, the higher upfront cost will be outweighed by lower monthly service, even if she never switches companies for additional hefty fees. She will also get better service, and if she opts for equipment with a lifetime warranty, she will save even more.
September 11, 2012 at 9:43 pm #1170
a Security Professional
Leasing the home alarm equipment ensures a fixed monthly expenditure, but will always end up costing more in the long run than purchasing the equipment upfront. Plus, leased equipment tends to fall into a "basic alarm package", so more than likely you're not getting all of the equipment that you need to protect your home.
You can always get quotes from different alarm companies for both options and then compare the results to come to your own conclusions.