You've got stuff to store, but you aren't sure if it is a sound financial idea to pay the monthly fee for self storage. In some cases, the smartest thing to do from a financial standpoint is to declutter and get rid of anything you can't fit in your home. However, in other cases, it makes financial sense to hire a self-storage unit.
Wondering if self storage is right for you from a financial standpoint? Here are five signs it is:
1. Increasing your rent to live in a larger home would be more expensive than renting a storage unit
Just because you can't fit your toys, collections or gardening tools in your current home, doesn't necessarily mean you shouldn't own those items. If you live in a small rental and moving to a larger place would drive up your monthly rent costs, it may be financially more advantageous to hire a self-storage unit.
To crunch the numbers, take the potential amount of rent you would pay for a larger rental home and then subtract that from your current rent. If the cost of a self storage unit is less than that amount, you are saving money.
2. Moving costs exceed storage costs
In addition to higher rent or mortgage costs for a larger place, you also need to consider the cost of moving. If you have lots of stuff you need to store, it is typically cheaper to just pay for storage then it is to move to a place with a larger garage and more closets.
However, if you love to pack, have found a place you can afford and have friends to help you with the move so you don't have to hire movers, it may make more sense to move.
3. Your stored items may increase in value
In other cases, the financial advantages or disadvantages of self storage aren't as closely tied to your living costs. Instead, you need to think about the value of your items. If you have a trading card collection, treasured antiques or anything else you expect to increase in value, it may be financially savvy to pay for storage for those items. Especially if your collection is beginning to overwhelm your home. As you pay for storage, your items are hopefully increasing in value, meaning you may come out ahead.
4. Not having storage may damage your items
In other cases, it isn't necessarily about your objects appreciating in storage. Rather, it is about those items depreciating if you don't put them in storage. If you have ATVs, go-karts or other items that you are currently storing outside, they may get worn down. If you want to protect them so they last for a long time, it may make financial sense to rent a storage unit.
For more information, check out companies such as Allsafe Self Storage Complex.