Renters come up with numerous reasons why the cost of a storage unit is worth it. As a potential storage unit renter yourself, consider the counterpoint. Storage units may not be worth your pretty penny. Convenience seems like a good enough reason to invest in a unit. Unfortunately, the cost outweighs that convenience. Just as business owners need to budget entertainment expenses, you must budget storage costs. Read on to discover why the cost of a storage unit is not worth it.
A Good Location Costs More
First off, you want to store your belongings in a nice area. Location plays a major role in the price of a unit. Depending on what you plan on storing, you may have to travel to find better location. Typically, renters favor more populated, urban areas. It is a good idea to keep your possessions in a safer area. Nevertheless, renters pay the price. The safer the area, the more expensive the storage unit. To stay on budget, you would have to either opt for the less safe location. Investing in distressed property can be stressful. It can be nearly impossible to stick to your budget if you want to safely store your items. Depending on the price increase, the cost of a storage unit may just not be worth it.
Another reason why the cost of a storage unit is not worth it involves insurance. When renting a storage unit, you must insure your belongings. Certain homeowners policies cover possessions kept outside of the home. Likewise, some renters policies also provide such coverage. However, if you are not a renter nor a homeowner, you have to pay for insurance. Furthermore, if your policy does not cover your stored belongings, you will have to pay for extra insurance. Therefore, you will be spending far over the price of the storage unit itself. That increased cost is simply not worth it.
Climate Control Is Extra
Temperature is another costly feature of storage units. Depending on what you plan on storing, climate control might be a necessity. For instance, perhaps you plan on keeping expensive artwork in a storage unit. Specific types of art need to be kept at particular temperatures. A painting cannot sit in a 90 degree room for months on end. It will most definitely deplete in value. With that in mind, you could be looking at a hefty price increase. Therefore, you have even less of a chance of remaining on budget. You could save a great deal of money by storing your belongings in your attic or basement. The cost of a storage unit climate control feature is far too pricey to be worth it.
Little Patience With Late Payments
Additionally, storage owners have little patience when it comes to late payments. Imagine you do rent out a storage unit. One month, you suffer from an injury. The medical bills pile up. You are unable to make your storage unit payment on time. Much like a landlord of an apartment complex, you can be thrown out. As you know, a storage unit is very different from an apartment. Instead of human beings living inside, your belongings do. Therefore, when a storage unit owner “throws you out”, the situation differs. They really obtain power over your belongings. Your possessions can be auctioned off along with the unit. The cost of a storage unit is not worth losing precious family heirlooms or memorabilia over.
You Are Likely To Buy More
Lastly, you are more likely to purchase more goods when you already have some in storage. Many renters find themselves spending more than they need to on stuff they do not need. The reasoning behind this is that they have more room for that extra stuff. They have more room because they are already paying thousands of dollars a month on a storage unit. Not only does the cost of a storage unit take a huge chunk of cash out of your wallet. After moving belongings into storage, you also fall into a trap of excessive buying. You could go as far as to taking out home renovation loans now that you have more space. More cash vanishes from your wallet after renting a unit. It is not profitable whatsoever.
The cost of a storage unit may seem rather low at first. However, various factors go into increasing that original price. Foremost, renters pay more for better locations. Separate insurance is required. Climate control to protect certain possessions is costly. There is a chance that you could lose your items due to late payments. Finally, you are likely to buy more after storing some belongings. These are all ways the cost of a storage unit is not worth it.