Are you thinking about buying or renting a storage condo but don’t know where to start? Storage condos are the perfect solution for those who need extra space but don’t want to rent a traditional self-storage unit. They offer many unique advantages that make them an attractive option, whether you’re trying to organize your home, business or other possessions.
In this blog post, we’ll take a quick look at what exactly a storage condo is and how it can benefit you. We’ll also provide insights into the cost considerations associated with renting one and share tips on how to find the right storage condo for your needs.
What is a storage condo?
A “storage condo” is a luxury storage facility that you OWN. These units are similar to how a regular condominium association works. They provide a temperature controlled space for endless opportunities from personal storage, to business storage, or anything else in between. Best part is you don’t have to worry about maintenance, lawn care, or snow removal. All this is covered through the association. Storage condos are becoming increasingly popular as more communities are being built with limited space and increasing regulations on what people can store outside.
Are storage condos a good investment?
Storage condos can be a great investment in many different ways. Since you own the space and like most real estate they continue to increase in value over time. They also can be rented out and people are seeing very similar cash flow as you would see on residential investment properties. With concrete floors and steel walls, say goodbye to large repair bills after tenants leave. One of the most beneficial things is they are storage units and people can’t stay in them. The regulations are different for those unfortunate situations if a renter stops paying, or does not follow the rules.
Just like any investment, we encourage you to do extensive due diligence to make sure this is something that would work for you.
What items can I store in a storage condo?
A storage condo is a great solution for many different situations.
To name just a few:
- Temperature controlled environment
- Store toys that are too big for home garage
- Home based business is getting too big
- Place to expand your hobby
- Create a “man cave”
- Endless other possibilities.
What is the difference between a storage locker and a storage condo?
Storage lockers and storage condos are both forms of storage. However, there are some key differences between the two.
Storage lockers come in a range of sizes, from extra small to large. They are usually located inside a building or warehouse and accessed by an individual customer with a code or key card. Lockers typically feature walls built from metal or concrete that provide water and airtight security. These spaces are very limited and in most all situations they are rented for a period of time.
Storage condos, on the other hand, refer to dedicated physical spaces within a facility that customers can purchase or rent similar to an apartment unit or condominium. These condos are designed for the ultimate FlexSpace with bathrooms, ability to build a mezzanine and heaters the options are truly endless.
How much does it cost to rent a storage condo?
The cost of renting a storage condo varies depending on location and features offered. Expect to pay $1,000-$1,500 per month depending on what area you’re looking in.
How much does it cost to buy a storage condo?
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The cost of purchasing a storage condo depends on several factors, including its location, what final options are chosen, and when you purchase the unit. Some facilities around the area are well over $200-300,000 starting out where others start well below that at $120-180,000.
What are the benefits of owning a storage condo?
Owning a storage condo can provide many benefits. One benefit is convenience and accessibility as you will have your own Storage condo that is easily accessible 24/7. This eliminates the need to drive back and forth to public storage facilities, saving you time and money. Additionally, owning a storage condo can be cost effective since it provides you with complete control over the rental rates for other tenants which can help generate passive income. Having your own private space also ensures greater security than most public facilities since only you will have access to it. Finally, there are potential tax advantages available to businesses that own this type of unit.
Conclusion
We hope that this crash course to storage condos has given you the information you need to better assist with making the right decision for you. With increasing demand for extra space, storage condos have become an attractive solution for many people.
Finally, remember to always look for customer reviews on the individual unit or the entire complex as well as other tenants’ experiences when searching for your own facility.
