Broomfield residents are often faced with the choice of renting ATV storage, equipment storage, or indoor RV storage centers. The old cliché states that it is always better to buy than to rent. In home and car ownership, this is usually always the case. However, is that true for indoor RV storage? Is there a possibility that purchasing a garage condo for sale is a waste of your money?
With this in-depth look at owning and renting RV storage units, we will help you decide if ownership is right for your needs or if you are wasting money investing in an indoor RV storage unit. With our help, you can find ATV storage and equipment storage that won’t break the bank.
Does Owning Decrease Investment Cost?
First, you need to understand that purchasing a garage condo for sale isn’t cheap. It may cost as much as $50,000 to $150,000 to buy a large self-storage condominium. These storage centers are typically large enough to store your RV and a variety of other items, including ATV and equipment storage. That purchase price may seem high to the new home owner.
However, consider the benefits of owning a self-storage unit. Your storage unit is yours forever. If you make your (reasonable) mortgage payments on time, you should have the unit in about 10-20 years. As a result, you will only have to pay minor taxes on it for the rest of your life. That benefit is huge if you plan on needing storage over an extended period.
Consider, for a moment, the cost of renting an RV storage unit. Temperature-controlled and high-quality storage centers are typically going to cost at least $400 a month if not substantially more. Cheaper units are available, but your indoor RV storage needs should be met by protecting your unit from winter weather. Over the same 20-year period, renting costs $96,000. That is comparable to the purchase price of owning. And you know what? You won’t own your unit.
Is Renting an RV Unit Wasteful?
Renting an indoor RV, boat or ATV storage unit is incredibly wasteful if you plan on doing it over an extended period. Owning your unit for 20 or more years and paying your mortgage will build your equity and increase the value of your home and your garage condo unit. However, renting does have its benefits and shouldn’t be entirely ignored for the right person.
When is it useful to rent an RV storage unit? Renting is useful if you plan on storing your RV for a short period. For example, let’s say you move to a new town after retiring and need a place to park your RV. Should you buy your RV unit or rent it?
We suggest renting it at this stage in your life. Dropping all that extra money to buy a unit late in life is likely to keep you in debt during your twilight years. Other than circumstances like this, buying is almost always the better idea because it has a vast array of other benefits.
Are There Other Benefits of Owning?
So, are there other benefits of buying ATV storage and equipment storage units in Denver or Bloomfield? Absolutely! Investing in buying your unit provides you with a broad range of impressive benefits, including:
- You can store whatever you want
- No need to fight with others for space
- Easy to add new features to the unit, such as heating and cooling
- Ability to use the unit for other purposes (did someone say Mancave?)
- No need to haggle with a storage unit owner
These significant benefits quickly outweigh the one or two benefits that are offered by renting. So, if you see an indoor RV storage unit for sale new Boulder, it’s worth considering the purchase. But what happens if you decide you no longer want your storage unit?
What If I Don’t Want My Unit Anymore?
If you buy a garage condo for sale and you no longer want it, it is possible to sell it and make back some of your money. However, it is important to remember that any money you owe will be taken out of the sale price of the unit. So, if you owe $50,000 and sell it for $95,000, you are only going to get back $45,000. For someone who no longer wants a unit, this is still better than nothing.
This instance is one of the few in which renting a unit is useful. If you decide you no longer want to rent an RV storage unit, you can just talk to the landlord, stop your payment, and move your out of your unit. While you won’t have earned any money or made any equity, you can leave the group a lot more quickly than you would have if you were trying to sell it.
Is Renting My Unit to Others Possible?
One of the nice things about looking for a garage condo for sale or an indoor RV storage center in Denver is that you aren’t stuck using them for your personal needs. For example, you can remove your RV while you are camping and rent out storage for another person. In fact, if you get rid of your RV after buying an indoor RV storage for sale, you can still make money by renting your unit.
However, there is a trick here if your unit is somehow zoned for residential living. This problem occurs if your storage center is at a home that you own. Making money on a residential property like this is technically illegal. As a result, you need to work around it by creating a unique storage area that is under 200-square feet. This size usually doesn’t need to be zoned.
You can also place your storage area on a pallet to deem it a temporary structure. Obviously, that isn’t very useful for an indoor RV storage unit. In this case you may be able to get around this by buying a moving trailer and building a storage facility around it. This facility can then be deemed a temporary structure, not a residential one, and you can make money by renting it out.
Avoiding Legal Problems
While renting your RV storage unit to others is possible in many cases, it is important to follow the letter of the law precisely to avoid getting in trouble. Moreover, it is important to gauge if purchasing is even your best option. As we discussed in this article, renting does have its benefits, particularly for those who are planning on selling or getting rid of their RV in the future.
In the end, it all depends on how long you plan on owning an RV. Buying or building your garage condo for RV storage in Boulder is an excellent idea if you intend on keeping your RV for life or if you want to rent it out to others. However, renting isn’t a bad option if you only need temporary storage or if you are likely to sell your RV shortly. Typically, though, buying will always be your better choice.
Contact Imperial RV Storage U Own today to see our brand-new RV units that for sale today!