Buying a storage facility as an investment? You’re on the right track. This venture can be highly lucrative, offering a steady income stream and a relatively low-maintenance business model. However, to reap these financial benefits, careful planning and consideration are key. And you need to weigh the pros and cons. Let’s explore ten tips that can guide you through this exciting journey.
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Before you take the plunge, it’s crucial to arm yourself with knowledge. Conduct thorough market research to understand the demand for storage units in your target area. Look into factors such as population growth, local economy, and competition. A feasibility study can provide valuable insights, helping you determine if the location is viable and if the projected income justifies the investment.
If you’re considering buying an existing facility, assess its current performance. Review occupancy rates, rental rates, and financial statements. Look for facilities with consistent revenue and minimal vacancies. Also, inspect the physical condition of the property. Poorly maintained facilities may require significant investment in repairs and upgrades.
You’ll want to choose a facility type that matches your market demand and investment capacity. There are several different kinds of storage facilities, including:
These are the most common and offer units of various sizes.
This storage model is ideal for sensitive items that need temperature regulation.
Vehicle storage includes spaces for cars, RVs, and boats and may be paired with other types of storage, such as self-storage units.
Movable or mobile units can be transported to different locations.
Ensure the facility complies with legal requirements and local zoning laws and regulations. Check for any restrictions that might impact your business operations, such as limitations on signage or business hours. Reviewing the facility’s title for any legal encumbrances or disputes is also important.
Assess your financing options. You may need a combination of personal savings, loans, and investor funding. Banks and lending institutions often offer commercial real estate loans for storage facilities. Prepare a detailed business plan that includes your projected income, expenses, and return on investment (ROI) to present to potential lenders.
Due diligence is a critical step in the purchasing process. This involves thoroughly reviewing the facility’s financial health, legal status, and physical condition. Key areas to focus on include:
Will you hire a property management company or handle operations yourself? Consider the costs and benefits of both options. A professional management company can provide expertise and handle day-to-day operations, while self-management can save costs but requires more personal involvement.
Develop a robust marketing plan to attract tenants. To reach potential customers, utilize digital marketing, including social media and search engine optimization (SEO). Local advertising and partnerships with nearby businesses can also be effective. Highlight unique features of your facility, such as security measures, accessibility, and customer service.
Incorporate technology to streamline operations and enhance the customer experience. Implement online booking and payment systems, install security cameras, and use access control systems. Technology can also help you monitor occupancy rates and manage customer data efficiently.
Consider the future growth of your storage facility. Plan for potential expansions or upgrades that could increase your revenue. Stay updated with industry trends and customer preferences to continually adapt and improve your services.
Buying a storage facility can be rewarding if approached with diligence and strategic planning. You can ensure a successful and profitable venture by conducting thorough market research, performing due diligence, and understanding financial and legal details. Remember, the key to success in this industry lies in maintaining high occupancy rates, providing excellent customer service, and continually adapting to market needs.
If you're shopping for a new home or planning to build one, don’t overlook the importance of having ample storage space in your new home. With all the considerations and decisions that go into buying or building a new home, it can be easy to forget something as simple and practical as plenty of storage where you need it.
Whether you're looking at resale homes, new construction quick move-in homes or deciding on a home design floorplan from a builder, don’t forget to add a checklist of all your storage needs.
Ensure that the home or house plan includes adequate storage in many rooms of the home including the garage. There’s nothing worse than thinking you’ve just purchased the perfect new home only to find out there isn’t enough storage space where you need it after you move in.
Take a careful look at your current home and decide if the bedroom closets are large enough. Is there plenty of space for all your clothes plus seasonal wear and shelving for additional storage, especially in the main bedroom closet?
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If it seems tight, measure the closets and determine how much extra space you need for each closet in your new home to avoid any surprises when you move.
Bathroom storage often gets overshadowed by other considerations such as a large shower or flooring options. Having enough room for everyone’s toiletries without cluttering the vanity countertop and stuffing the drawers and under the cabinets is an important consideration.
Don’t forget about cosmetics, towels and extra storage for toilet paper, tissues, soap and shampoo. If the bathroom doesn’t have a linen closet built in, is there one close by? Having plenty of storage in your bathrooms will make a huge difference in how much you enjoy living in your new home.
One of the biggest disappointments home buyers can have with a new home is discovering the kitchen is too small for their lifestyle and doesn’t have enough storage space. If you’re not sure if the kitchen is large enough, imagine having a dinner party at your new home. Is there plenty of room to cook and mingle with guests without feeling cramped?
In addition to plenty of standard cabinet and counter space, two things that ensure ample storage in your kitchen are a chef’s island and a large pantry for food storage. The addition of a chef’s island will create a central gathering place in the home for daily use as well as entertaining. A large pantry makes it easy to keep the kitchen free of clutter.
Living and dining room storage is often overlooked and may or may not be built into most homes or home designs. While it’s great to have a dedicated closet for entertainment, home security or smart home components, built-in or free-standing cabinets can fill in the storage gaps in the main living area of your home. This allows plenty of room for gaming equipment, board games and other items you want to keep out of sight most of the time but have easy access to when you want to play.
If you are lucky enough to find a home or house plan that includes a mud room, you will have valuable storage where you need it most. Having a drop zone between the garage and the rest of the house is essential for keeping your home clean and organized.
A mud room is a perfect spot for storage cabinets, shelves and cubbies to keep shoes, jackets and other outdoor items organized and out of the main living space. Don’t forget to include a bench seat to make it easier to put on and take off your shoes and muddy boots.
Don’t underestimate the value of having a home office with plenty of storage for office equipment and supplies. Even if you don’t work from home, it’s nice to have a clean, organized space with plenty of room for planning trips, paying bills, reading and writing, crafts, hobbies or whatever you enjoy.
Having a private place to enjoy your work or personal interests without them taking up space and causing clutter and mess in the main living area of your home will make everyone happier.
If you don’t have room for a dedicated office, there are lots of creative ways to incorporate home office space in your home to stay organized and have a place to work or play.
The versatility of a bonus suite gives you a multi-purpose area in your home that can be used to suit your lifestyle. One of the great aspects of true flex-space is that it can be easily repurposed as your needs or preferences change.
Whether you use your bonus suite for overnight guests, as a home office, movie/game room, music room, library, hobby studio, workout room or meditation space, you will have additional storage options in your home when you need them.
One of the best indicators of not having enough storage space is having to park your vehicles outside because the garage is being used for overflow storage and is full of clutter. The good news is that a garage is one of the easiest places to add ample storage space in your new home.
If you are building a new home, make sure to oversize the garage, if possible, to create plenty of room for a workbench, storage cabinets and shelves. Even if you must make do with a standard-sized garage, there are plenty of creative ways to add storage to your garage.
Once your garage is organized and you can park your vehicles inside of it again, you will feel happy every time you open the garage door!
If you're looking for intelligently designed homes, and having ample storage space in your new home is on your list of must-haves, Epcon Communities has you covered. Many of our homes have what we call 2 ½ car garages because they have plenty of room for two cars plus additional storage space so you can stay organized and clutter-free.
Most of our popular floorplans offer plenty of additional storage space including a mud room off the garage and second-floor bonus suite options which add an extra bedroom and full bath plus storage to your new home.
Discover the benefits of living in an Epcon community and how a low-maintenance lifestyle can give you more time to enjoy life.
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