Owning self-storage units can be as advantageous as owning an apartment complex, office buildings, or a shopping center as they do include certain similar incentives to buy such as: tax advantages, appreciation, passive income, the opportunity to be your own boss. With the struggling economy, it is also important to make sure that you are saving as much money as possible with each of your investments. Investing in self-storage units is very cost effective. Self-storage benefits include a low operating and maintenance costs..
With the continually evolving economy that we live in, and the constantly changing job market, which has led to the elimination of many jobs, people are using self-storage to hold their possessions. As people move to seek a better future, they need a place to store all of their valuables, and this is why self-storage units are in very high demand in these tough economic times.
The downfall of the economy and of the housing market, have caused many individuals to fill the pinch. They are doing all that they can just to save a dollar. With many homes today facing foreclosure, homeowners are being forced to sell their dream homes in order to scale down to something they can afford. Moving to a smaller home, though, for most people means that they do not have the space that they once had to keep all of their valuables in. For many, selling a home that has been lived in for a great amount of time is hard enough, selling their belongings in order to have enough room in their new smaller home is too much of a loss to bear. With this being the case individuals are looking for a safe, secure space to keep all of their heirlooms and treasured belonging during this time of transition.
Self-storage units are a very cost effective storage solution as they can offer a great amount of flexibility to the renter. As jobs are scarce everywhere, many people are forced to move more than once in order to find what they are looking for. This may mean that certain individuals are looking to rent for short periods of time, until they are able to find out where their next destination will be. When buying a storage unit, renters are often given the option to rent from month-to month. This gives the renter the power to use the space for as little, or as long as they need to, letting them save the money they would be paying for a space that they were not using. If you are planning on investing in self-storage, this is a great option to offer to your customers, especially in light of the current economic situation.
Here are a few things you, as owner, can do to keep your units in high demand:
1.) Offering climate control in your units can help the space to become more enticing to buyers as the space protects valuable from damage by temperature and moisture.
2.) Make sure that your unity is as secure as possible. To ensure that your customers feel safe leaving their valuables in your space, monitor your storage unit with video cameras, and also provide renters with individual door locks and alarms. Providing this type of security is vital, as many of the items placed in a storage unit are of high value to the owner.
When you assemble all the pertinent information you need, it is time to put your ideas into a solid business plan, as this will be essential to attracting any private capital or getting a bank loan to fund your venture.
Self-storage units are a great investment. There has never been a better time to get involved with self-storage units then in today’s market. As the demand for self-storage continues to grow the benefits of owning self-storage with its tax advantages, appreciation, passive income, the opportunity to be your own boss, remain constant.