Due to unforeseen circumstances, you might find you need extra space to keep your items. Whether it is to renovate or move or free up some office space. At this time, you start researching and brainstorming for a viable solution to this problem. One of the most common options will be using a storage container. If you’re planning on going that route, you will need to consider your storage needs and select an option that aligns with them. Some of the questions you need to ask yourself are;
- What is your budget estimate?
- Do you plan on mobilizing or transporting the container?
- How long will your space issues last?
- What amount of space do you need?
- Do you wish to customize the space?
Once you can answer these questions, you can narrow down to whether you need to lease or purchase the storage containers. You can easily figure this out by writing down a pros and cons list for each option. The choice should be one whose benefits outweigh the disadvantages.
Pros of buying a storage container
If you are planning on storing your items for a long period (more than five years), it is necessary that you fully pay for the item. Even though the monthly costs are cheaper, the cumulative payment will outrun the overall cost of the container.
Ability to sell the container
The conditions that gave you the need to purchase the storage unit are not permanent. Therefore, whenever a change occurs, and you do not need the unit anymore, you have the option of selling it.
No additional insurance is needed
If you are already a homeowner, you will be exempted from paying the insurance fees for the storage unit.
Safety and convenience
You will be able to transport the unit to where it is easier to access and assured of your items’ safety.
Cons of purchasing the storage unit
- Large upfront investment unless you are renting-to-own, which makes the unit extremely
- You are responsible for its maintenance and upkeep
- A lot of consideration has to be put in place regarding relocation.
Pros of leasing a storage container
In case you have a temporary space issue, renting the unit is a financially viable option.
Buying a storage unit is such a huge investment, especially if you are not certain about the future plans. This does not give you room to change your mind about relocation or starting in new places. However, with a leased one, you can easily look for the same services elsewhere.
The other advantages of renting a storage container:
- No maintenance fees
- Availability of gated facility with 24-hour security
- You can be able to choose from a variety of container types depending on your needs.
Cons of renting a storage unit
- Accumulation of penalties for late payment
- Reoccurring rental payment
- It is inconveniencing to transport your items to and fro the facility
- You are not allowed to customize the space
To find a solution for the shortage of space, you need to find an option that perfectly fits your needs. If you are at a crossroads on choosing between leasing and buying a storage container, this article gives you clarity.