Beginners’ Guide on Self Storage and Storage Unit Investments

There’s a whole lot to consider when renting or buying a storage unit for the first time. Which storage unit size is the best fit for you? Does it have climate controls fitted or not? Fortunately, we’re here to answer all those nagging questions. We’ve put this guide to enable you, the individual, to learn the basics of self-storage, storage unit investments at Self Storage Investing, buying a storage unit, and familiarizing yourself with self-storage units within your vicinity.

What Is Self Storage?

The self-storage industry is one in which storage spaces, also known as “storage units,” are rented out to tenants, usually short-term. Self-storage tenants include businesses and individuals.

 

Unlike other services that offer full-service storage, where the customer has limited access to their and relies on the service provider to store and manage their belongings, self-storage offers full autonomy. You can control and arrange your storage unit however you’d like, gain access to your storage unit during the location’s open hours, store and take things out whenever you want to.

Why Should You Own a Storage Unit?

There’re so many reasons why an individual or a business should own a storage unit. Although this isn’t an exhaustive list, these are our top six reasons:

Relocation

Preserving possessions while moving to a new home, the passage of different leases, relocating across the country, and living in temporary housing, are some of the reasons for owning self-storage.

Home Renovations

Refashioning a home or office space takes several weeks or even months to get completed, and this might require you to get furniture and appliances out of the way. This need is one of the areas where owning a storage unit comes in handy.

Extra Space for Business

Whether you’re working from home or you have an office, extra space is a must-have. The reason being that inventories, supplies, and other business-related items have to be stored properly.

Dorm Room Space

In the U.S, storage units around local universities and colleges are usually packed full, and that’s due to kids leaving for summer and needing space to store their things.

Storing a Vehicle

Cars, motorcycles, boats, trailers, commercial vans, and RVs can be stored safely within a vehicle storage unit.

Decluttering

The best way to avoid moving into a bigger office or home while also maintaining a clutter-free space is to move items that you don’t need at that particular moment to a storage facility.

Points 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 for various needs. The best storage facilities give you many 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. Therefore, it’s pertinent to measure larger items and save yourself the hassles of paying more for an area 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.

Security

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

Always look for the storage facilities closest to you that can provide you with all the options you’ll need. However, if the storage facilities closest to you don’t meet your requirements, do not settle.

Get Insurance

Even with the most secure storage facilities, things happen. A bug infestation, bad weather, or theft is always likely to happen.

Visiting the Storage Facility In-Person Before Committing

Taking out time to visit the storage facilities in your area is vital. Seeing the various facilities and what they offer will help you find the right place to store your stuff.

Self Storage and Storage Unit Investment

Most people believe that investing in storage units is recession-proof.

According to the Self Storage Association, self-storage facilities number up to 54,000 in the U.S generates over $35 billion in revenue. That’s a whole lot!

One example of public storage investment is a publicly-traded REIT (Real Estate Investment Trust). It owns over 6% of the total self-storage square footage in the U.S. This massive 12-story building is located in the heart of downtown New York City.

Conclusion

Storage units are of great importance to individuals and businesses alike, as spaces these days, when found, are quickly crammed. There are self-storage units near you that offer various sized units priced differently.

On the investment side of things, investing in storage units has its rewards. They’re in strong demand, are more recession-resistant, and offer diverse ways to invest based on your goals, abilities, and interests.