Should You Expand Your Home or Rent a Storage Unit?

Should You Expand Your Home or Rent a Storage Unit?

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Finding places to put everything you own.

American homeowners, looking for more room, can expand their houses to provide what they need including more storage space. For some people, bountiful storage space is not just a “nice thing,” but an essential. Seasonal furniture, keepsakes, sporting equipment, memorabilia and stash accumulated from estates are some of the things people may have a desire to keep around. Garages, basements, attics and sheds are sufficient to hold the room, so storage options need to be considered.

Should store you stuff at home or should you consider a storage facility to warehouse your stuff? Or, could there be another option to consider as you seek to manage what your own? Let’s take a look at your options including the ups and downs of each choice.

Home Renovation — Improving your home has many benefits including making it easier to access all of your stuff. What you need and when you need it as easy as climbing an attic stairway or heading to your now finished basement to bring out what you want. But, a home renovation isn’t the perfect “fix it” for your storage problem because unless you have the cash, you’ll be taking out a loan to handle your project.

Some questions to ask: Can you afford an additional loan? Will the renovation pay for itself in the form of increased value for your home? Will the added room be sufficient for your long term storage needs?

Storage Unit — You may need more room, but maybe you don’t need to expand your home to give you that room. That’s why storage units have become so popular and pervasive since the 1980s. Americans are mobile people, moving every five to seven years on average reports the About.com Guide. [1] That means people are bringing a lot of stuff with them, but they’re not always able to find room for that stuff in their own homes. Storage units give people a temporary place to house stuff until they decide what to do with it.

If considering a storage unit, there are some things to keep in mind. Firstly, some units come temperature controlled, others do not. The former option is ideal for people who need a regulated climate for delicate furniture or linens. Secondly, access should be restricted, preferably gate controlled to keep just anyone from driving up and stealing your stuff. Thirdly, leasing options can vary, with most allowing month-to-month agreements while others require a multiple month commitment. Study your contract to determine if it sufficiently protects you. You may need to take a out a separate insurance policy to cover everything in your unit. Expect to find rates based on square footage and amenities offered. [2]

Sell It — The most cost effective way may not be what you want, but it does help you avoid the cost of a home renovation or renting a storage facility. By selling or donating excess stuff, you avoid costs that may tax your budget. This option can help you decide what you really want to keep and what you can donate or to sell to someone who will put these items to work.

Sometimes the stuff we own becomes more of a hindrance than what it is worth keeping around. That’s something only you can answer, financial considerations notwithstanding.

References

[1] About.com; 15 Reasons Why Home Owners Sell & Move; Elizabeth Weintraub

[2] SayEducate; Add a Family Room to Resolve a Space Dilemma; April 25, 2008

 

Home Expansion Plans:

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Categories: Home Storage

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Auto Trends Magazine", an online publication. Matt covers campus, consumer, business and financial topics on various websites and weblogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".