Rent to Own Storage Buildings vs Self-Storage [5 Differences]
Sometimes you just need more space. That’s all there is to it. Whether it’s the basement overflowing or no room in the garage for your car, you know you need to do something.
It’s at this point that a lot of people start considering their options for storage buildings. Of course, not everyone is willing or able to spend the cash required to buy a storage shed upfront. That leaves two main options: rent a self-storage unit or purchase a rent-to-own storage building. If you are choosing between the two, one makes a lot more sense, financially and practically. Here are 5 reasons you should buy a rent to own storage building instead of paying for self-storage:
1. Rent to own storage buildings have a lower cost per square foot
Let’s start with the month-to-month cost of renting storage vs. a rent to own storage building.
CostHelper.com estimates that the average 5×5 self-storage unit costs about $40-$50 per month (although that number may be lower in some areas). That’s about $1.80/month per square foot!
Larger units are generally slightly cheaper per square foot, but still quite expensive! By some estimates, the average monthly cost for a 10×10 unit in Louisville, Kentucky is $92. That’s as much as many households’ weekly grocery budget!
Now, compare that to the monthly cost of a rent to own storage shed in Louisville, KY. On our lots in Kentucky, we often have 10×12 rent to own storage sheds for under $85 per month. That’s a cost of about $0.70/month per square foot, making it even cheaper than self-storage units of similar size in the same area!
2. Rent to own storage buildings have a lower overall cost (aka. “Once it’s paid for, it’s yours!”)
Now let’s talk about the most obvious benefit of rent to own storage buildings. Once your payments are made, the building is yours to keep! Unlike a self-storage unit, where your payments continue month after month indefinitely, a rent to own storage building eventually becomes your property. Once your payments are made, your storage shed is effectively putting money in your pocket!
Let’s go back to our example from #1. Say you’re renting a 10×10 storage unit in Louisville, Kentucky at the average cost of $92/month. After 5 years, you’ve spent over $5500 on your storage solution. What do you have to show for it? Nothing but continuing payments stretching into the future.
How about if you purchase a rent to own storage building? Let’s say you get a 10×12 storage shed with low-maintenance vinyl siding and a metal roof for about $85/month. After 5 years, you’ve spent $500 less than with self-storage and you’re now the proud owner of your own storage, debt-free. Not to mention that you’ve been enjoying an extra 20 sq. ft. of storage the whole time!
At the end of the first 5 years, your friends with self-storage can look forward to their ongoing monthly payments. And you? You’ve got $92/month to put toward whatever you want!
3. There are no restrictions on what you can store in your rent to own storage building.
Finished painting the spare room and want to keep the extra paint at your self-storage facility? Nope.
What about a couple of spare sets of tires for your vehicles? Probably not.
Extra garden fertilizer that you want to use next spring. Doubt it.
Self-storage facilities have a surprising number of regulations on what you can and can’t store in your self-storage unit. Cleaning products, paint, pesticides, oil, and fireworks are just some of the items prohibited in many self-storage facilities. Many facilities limit tire storage to a single set (4 tires). Even items like birdseed can be prohibited due to a fear of attracting pests.
Contrast that with your rent to own storage building. There are no restrictions on storage except the ones you make up! Leftover construction materials, gardening supplies, animal food; it’s completely up to your discretion!
On top of limiting what items may be stored, many self-storage facilities also have limited hours. If you need to retrieve an item late at night or early in the morning, you just might be out of luck. Some self-storage facilities also close on certain holidays.
With a rent to own storage shed, you’re allowed to fetch your own belongings any time of the day or night. Just make sure you don’t trip in the dark when you get inspired to organize at 11 pm!
4. A rent to own storage building is more convenient than transporting everything offsite.
One of the other major upsides of having your own storage solution on your property is the quick access to your belongings. Rather than driving back and forth across town to store and retrieve items, it only takes a quick trip out to the backyard and you’re all set. By storing items on your own property, you save time and fuel…and stress! A rent to own storage building is the ticket when it comes to convenience!
5.A quality storage building can increase your property’s value.
Besides providing convenient storage, your rent to own storage building can increase the value of your property. If you’re hoping to sell your property sometime in the future, you’ll want to think about how your storage solutions will affect its value and curb appeal.
A well-constructed storage building is almost always a plus for the seller in any property sale negotiations. By choosing a rent to own storage building from a quality manufacturer, you’re helping to ensure maximum long-term value for your home.
If you’re currently renting your home, your rent to own storage shed is an asset that can be taken with you when you leave the property. Of course, make sure you check with your landlord before you make your purchase!
Bonus: No credit check is required to purchase a rent to own storage building!
A common question is, “Will my credit history prevent me from being approved for a rent to own storage building?” Here’s the thing, a rent to own purchase is technically a rental agreement, not a loan. So, no credit check is required to gain approval! Contact us today to review available options!
If you’re interested, feel free to read the complete guide for rent-to-own cabins as well as the complete guide to shed rental programs!
As you can see, if you have a choice, it makes way more financial and practical sense to purchase a rent to own storage building rather than flushing your money down the drain of self-storage! Check out our deals page and contact us to discuss the perfect rent to own storage shed for your needs!
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