Over the years self storage has earnt a bit of a bad reputation due to unscrupulous businesses operating using distasteful business practices. In most cases this has involved charging unreasonable rates for storage space. However, there have been changes to the industry in the last few years that have helped to rebuild the image of self storage facilities. The biggest changes have focused on more reasonable pricing plans and shorter term contracts. The outcome has been positive and increasing numbers are now turning to self storage. One thing that you might not have considered is that self storage could actually help you make money.
Valuable room space
Most homeowners will find over the years that they accumulate a large amount of possessions that, although they don’t use or need, they want to hold on to. Often these items have been gifts or hold great sentimental value for others reasons. So rather than throw them away; we store them in the spare bedroom, the basement or the attic. There they sit, collecting dust and not doing any harm, right? Whilst they aren’t doing any harm, they are taking up valuable space that could be making you money.
Lending problems
In the current economic climate it is difficult for first time buyers to get on the property ladder. Money lenders are more cautious about who they lend to and are asking for larger deposits on houses. As a result there is a higher demand for rental property whilst first time buyers save enough money for a deposit on a home. In addition many are looking to rent a room in a home rather than a full house or flat, which is of course cheaper. This way they can save up their deposit in less time.