Self-storage has been in existence from time immemorial. Back in the day, getting a self-storage space involved just hiring a storage unit from the storage equipment present in the neighborhood.
With technological advancements, self-storage has become available in many forms, with the movable and ship-to-shore methods amongst notable options.
In this guide, we’ll be examining the concept of self-storage, the uses of storage units, and what to look out for when choosing a storage unit. The financial aspects of self-storage are not left out, as storage units and what investment opportunities are associated with it.
What Does Self-storage Entail?
With so many definitions across the board, one stands out. Self-storage, also known as storage units, is rented out to tenants to store their belongings safely. Tenants include businesses and individuals who rent out storage units, usually on a short-term basis.
The subsequent subtopics below will border on considerations when looking to invest in storage units like Self Storage Investing.
How Does Self-storage Work?
Self-storage involves renting out spaces to individuals and businesses on a short-term basis. In comparison, an individual’s space stores, mostly household items, excess inventories, and archives are stored by firms.
It’s pertinent to note that some self-storage facilities put up for sale locks, boxes, and packaging supplies to help tenants secure and packaging their goods.
In self-storage, insurance plays a vital role. With most self-storage facilities offering insurance during purchase, the tenant can be covered by his/her policy or purchase insurance from a third-party to protect the items.
Security of rented spaces is left with tenants. Unlike warehousing, self-storage employees are restricted access to a tenant’s storage space(consequently, in the event of a break-in, the facility isn’t held liable for theft).
Uses of a Self-storage Unit
People make use of self-storage units for a whole host of reasons. Here, we’ll be examining seven reasons why people make use of self-storage. They include;
- Life transitions
- Home renovations
- Business storage
- College storage
- Military living
Self-storage is used to store possessions when moving into a new home, passing through leases, living in temporary housing, and cross-country relocation.
Whether you’re going through a divorce, downsizing due to retirement, or working through a disaster, self-storage helps to cushion the burden when those life issues arise effectively.
When moving into a larger home or office, ensuring that your space is clutter-free is achieved by moving items you don’t necessarily need to a storage facility.
With the remodeling of a home or office taking several weeks or months, you’ll need to move furniture and appliances to a safe place temporarily. Here, the services of a self-storage facility come in handy.
From time to time, small to mid sized businesses rent storage for additional spaces needed to store inventories, files, materials, and equipment.
Heading home for summer and freeing up dorm spaces are top reasons why college students rent storage close to their university campuses.
If you’re in the military, chances are you’re typically always on the move. With the sudden nature of these changes, renting self-storage is crucial.
Factors to Consider When Choosing the Storage Unit that Best Suits Your Needs
We’ve seen reasons why investing in a storage space is ideal, right? Now let’s shift our concentration to choosing the best storage unit that will serve your needs.
When renting or looking to buy a storage unit, there are many decisions you’d need to take. Not to worry though, we’re here to help. So keep reading on what to look for in a storage unit.
Determining the Purpose of the Storage Space
Knowing why and how you need storage can go a long way in figuring out what storage unit size would best suit you.
If you intend to travel or move and don’t need access to storage space until you plan to remove items, a smaller storage unit would be the right fit. And since you don’t require much room for walking around the storage space, you can stack items on top of one another, thereby optimizing space for storage purposes only.
Additionally, if you need space to walk around the storage unit, opting for a larger storage unit would be better.
Measure Everything You’re Storing
Storage facilities have differently sized storage units. The best storage facilities give you quite a whole lot of options to pick from, but there’s no sense in paying for more space than you need.
So if you plan to store appliances and furniture, it’s not always easy to estimate how much space you might need. So it’s pertinent to measure larger items and save yourself the hassles of paying more for a space you didn’t need in the first place.
Add Extra Space for Ventilation
While some storage facilities often come with “climate control,” cramming everything together and still expecting everything to be in good shape when you get back is almost impossible. Natural items need to breathe.
Make sure there’s extra space for ventilation when choosing a storage unit.
It’s a good idea to find a storage facility that provides round-the-clock security. You want to ensure that everything you’re storing is safe. If you’re going to a storage facility at odd hours of the night, the assurance that there’s a top security outfit handling the place will make you feel safe and secure.
Location plays a crucial role in determining the right facility closest to you that matches all your requirements. However, if the storage facilities closest to you don’t meet your needs, do not settle.
Insurance gives protection against bug infestations, inclement weather, or theft, as they can happen anytime.
Visiting the Storage Facility In-Person Before Committing
It would be best if you took out time to visit the various storage facilities in your area. Doing this ensures that you find the right facility to place your stuff in.
Investing in Self-storage
With the self-storage industry lucrative these days, investing in self-storage is sure to yield positive returns. It’s pertinent to note that while investing in self-storage facilities is lucrative, making sure the investment is the right fit for you is vital.
Investing in self-storage is characterized by the following:
- Rapid adaptability
- Stable cash flow
With all these characteristics, self-storage investing is considered the best form of real estate investment.
At this juncture, you should know everything about self-storage and self-storage investing, the pitfalls to avoid when choosing a storage unit, and its relation to businesses and individuals.