It’s no secret that self-storage fees vary based on the locale. That’s with anything. In certain areas, you will end up paying an inordinate amount of money just because storage space is at a premium. This is when you have to put on your consumer hat and do a cost analysis. For instance, if you live in the city of New York, high-rises are plentiful, but space for your things is almost non-existent. You have to pay quite a bit for parking! The New York Post reports that homeowners in a new condo (that isn’t finished yet) are paying over $300,000 for a small storage space in the basement of their new home. This unit, with only 145 units isn’t slated to open until 2015. The penthouses are running for $47 million, and then you have to pay an additional fee for a storage cage. That’s pretty steep.
Let’s see – there are 76 basement cages which start at $72,000 for 40 square feet and $214,200 for 119 square feet. You can purchase more than one, but think about the cost. These cages have no walls, carpeting or shelves and they are just woven crates with padlocks. You can pay an additional $20 to include electricity and security cameras. At these prices, you can find a self-storage space around the corner with more room for a lot cheaper. A 5x5 unit goes for $65.00 at the cheapest rate. Depending on what you’re putting into a storage unit, it may be beneficial to look into that option. If you’re storing winter things or seasonal items, why pay thousands of dollars when you probably won’t go downstairs to get anything for months at a time?
As consumers, it’s important to use sound judgment when making financial decisions. Just because you have it today doesn’t mean you will have it tomorrow. As our economy is continuously changing, it’s time to get prudent with your future. When moving to a big city that has spacing issues, make a list of things that will be stored. You may find that it would make more sense to get a self storage unit that can hold more items at a reasonably cheaper price than having an on-site storage space that doesn’t accommodate your needs. Take the time to assess prior to moving and see what you come up with. That money can go into a remodel, a new car, or possibly a college fund for your children. Truth be told, those “storage” spaces in high-rises will have the same issues as you may find with a self-storage unit. A couple of perks that come with the cost:
- Access when you need it
- Month-to-month rental
If you sell your high-rise and move, there’s no way you will recoup a $300,000 storage space fee. You may come close, but that’s an investment that will have you coming out on the losing end. Search your area and find a facility near you. Compare and see how it turns out. You’ll be very surprised at your results!