Smart Utility Management for Millennials.

These are my preliminary findings and understanding on a thriving Property and tech assistance for young people that is being drained on sustaining their homes

I have moved around my home country and abroad multiple times for the past 10 years and how the bills and sustaining my home impact my pocket and how I respond to eventualities is something that pushed me to read like crazy about the real state world and how utilities work per region. We just do not think about it and I just wanted to know.

I am sharing here some important things that I had no clue about but I hope can be helpful to acknowledge the basics before making important decisions that may become hard to sustain about the place where we go to. We all know it is just not about location and amenities around but its real costs to avoid enslaving ourselves to work to barely keep up with our monthly living requirements. I wanted to know what else makes my wallet expenses fluctuate so hard from time to time.

The consumption of goods and services related to properties’ sustainability is a pivotal component of economic wellbeing, with this being said, it is the main indicator of living standards and properties profitability in general. A property holder income is what supports the property utilities’ consumption.

The premise is that property worth and the profit it can generate depend on the expenditure savings. Income, consumption and wealth are three dimensions of the resulting concept of economic well-being that we must pay entire attention on to achieve a prosperous property, and it is important to
understand the relationships between them. Therefore, when it comes to utilities’ consumption, it can be difficult as there are many variables being considered.

Government, economy experts, and specialists when it comes to this matter have try to mark a guideline on how to measure the consumption needs according to the type of property and the holder’s purpose. We can recognize three groups in the real estate market well defined by the property use. A property can be an asset for enterprises, as it can be a product for realtors and a cost for a homeowner. This last one is a mare consumer of a country economy. Nevertheless, for any of those, tracking and assigning values to utilities is the most useful tool for healthy financial property administration.

Over time, your tracked pattern can indicate changes in the spending rhythm in utilities and use it in your specific favor according to the economic group you belong to. Understanding the logic behind will give to the consumers the right choices and the level of property satisfaction they look for. As there is no constant information feeding understanding and following this up can be a hard task.

As explained, the household expenditure have been developed for different purposes, there are often a number of differences in the resulting estimates of expenditure where analysts can get you lost and this tends to be really difficult to relate with. You cannot apply it to your own needs nor apply it to your own property purpose. These differences can be due to scope or to conceptual and methodological differences.

Two main data streams must be broken down to subtract the factors related to your own specific group to understand. That is firstly the macro data (Government regulated utilities, deregulated services, social policies, taxations, subsidies and resources for the utility production, etc.), and secondly property micro data (Property development, infrastructure, inhabitants, electrical equipment, devices and general occupations). We will get in depth with these terms in future analysis in our articles. So stay tuned.
In general focus, for now, we must keep in mind the main items we spend the income on: Energy, water, telecommunications, gas, trash, maintenance and other miscellaneous services.

Expenditure statistics of these items can be used for creating, implementing, monitoring and analyzing the financial strategy to support the different groups of consumers. Having this information updated, unified and handy will help you to have an instant evaluation to understand the property consumption and guide you to reduce the disparities between the utilities’ fluctuations per region and economical group.

The problematic lays on governments taking from 2 to 5 years, even 10 years, depending on each country’ administration policy, to release clear census and provide utilities data and its socio-economic impact, which is huge while following up if your property’s worth goas on a high or a low. This data census and integrations tends to come late and totally out of context.

In contrast, private services are dedicating the work to innovate with digital trace that you can acquire to keep your own collected data, per utility service, as part of normal service provision. In efforts to achieve energy efficiency tracking programs and graphical data projection may represent the most important for your financing strategies and tech companies are working to customized all elements involve in a simple graphical formula that you can control, from small charges levied on customer electricity bill ranging from simple lighting bulbs replacements, when it comes to home energy to the
costs of the whole-building retrofits. Keep into account the gas (in certain cases) as well as other fuels and power sources.

All this can be documented and broken down to be adjusted according to your specific needs. It is the same situation for water supply tracking systems, which can not only be used for your economic expenditure but also to provide information that can be used to prevent and control health and environmentally-related issues.

It will be important to collect data on water quality measures and contaminants. The same happens when it comes to miscellaneous services such as trash, Wi-Fi connections, reparations, etc. It is also possible to keep your records and react according to your consumptions patterns.

Regardless of which real state economical group you belong, Consumer behavior, lifestyle and activities, the financial situation of households, utility production is key when it comes to tackle the effects of economic hardship, upcoming and unexpected social policy, including, for example fiscal changes ( as a results of government activities). You can float at the economic downturns while controlling the factors within.

Housing economics and real state trends can be foreseen and you can act promptly according to the challenge. Knowing these factors is critical to standardize your own microeconomic assumptions and procedures for an effective utility management and capitalize the worth of your property.

Tracking and predicting your patterns will not only serve for your analysis but also will guide you to act upon real estate markets, for mortals like me, it will help when it comes choosing a home and how aqcuiring anew place will impact my pocket.

Business legal advisor and operations counselor. Writer by passion.