This blog contains some simple tips and advice from two regular guys. We're not accountants, financial advisors, or brokers, so follow, ignore, or discuss our ideas as you see fit.

Monday, October 22, 2007

Paying For Storage

Posted By Paul

I have read that rented storage is becoming a huge trend in the United States as household possessions grow beyond their owners means to contain them.

One solution to this is storage rental, which can be done through numerous storage facilities that dot our landscape.

Rates for these storage facilities vary but I did a quick check and found a 5x5x10 storage room for about $50 a month. That's the price of the smallest storage room.

One rule that I live by is to always think hard before taking on a new monthly bill. In this case, look closely at what you plan to store. Is it something that you really need to hold onto? If it's equipment for a hobby you haven't pursued in years, or furniture that you just don't have room for, consider selling it or giving it away.

It's easy to fall into a trap where (for example) you get a storage unit to hold that couch that doesn't fit in your house currently but might if you move into a bigger house someday. If you don't ever need the couch you're spending the money for nothing and if you DO ever have room for it, you may very well have spent more money storing it then it would cost to buy a new one.

I've also seen people who get so used to storage rental that they treat their storage unit like an extra garage. Unfortunately it's an extra garage that comes with a bill every month.

My advice? Storage rental is great for any temporary needs (like I know some people who sold their old house and moved into a new one but the way the dates worked out they had to live in a hotel for a month and had to store their furniture), but if you ever find yourself getting a storage unit for a situation where you don't have a specific end date for the storage need, think long and hard about what you're storing and if it's really worth the expense.

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