Pros and Cons of Renting a Storage Unit When Downsizing

With every move, you have to make some serious decisions. In retirement, you need to consider several additional factors as your income is now likely limited. Many people apply for less strenuous jobs, and it's popular to consider moving to a smaller place to be frugal. Although everyone has a different way of coping with the situation, renting a storage unit could be considered a prudent approach when downsizing your house or moving to a senior living community. If you're trying to decide whether a storage unit might be right for you, here are some pros and cons to consider.

Pros of Renting A Storage Unit

There are numerous great reasons for renting a storage unit, mainly for retirees who are making big transitions in life. Some of the benefits are as follows:

  1. You May Save Money

    Relocating to a smaller place comes with fewer expenses as utilities, taxes, and other expenses slim down. However, narrowing your belongings to fit into a small space is difficult. Hence, many retirees rent out storage unit to keep their valuables. This way, they can keep their new place clutter free and organized. Renting a storage unit is helpful, especially when planning to cut things down. If you're considering a new living arrangement that won't fit all your valuables, consider the cost of adding the storage unit fee every month. Do the math to determine whether you're still saving money in the end. If so, downsizing and renting a unit might be a great option for you.

  2. Easy And Safe Way to Store Belongings

    Many people are seen stressing over limited storage options in their homes and how much difficulty they face in keeping their places organized. Moreover, many adults have collections of art pieces or any articles of value that are worthy enough to be kept safe and sound. Believe it or not, storage units are one of the most convenient options for keeping your valuables.

    Unlike an apartment's storage room, these unit are often adequately installed with surveillance cameras. Also, they are frequently completely gated with a security system and have no windows. All these attributes make them a secure place to store valuable items you can always take out whenever you want.

  3. Sufficient Indoor Space And Multiple Size Options

    Another advantage of hiring a storage unit is its adequate indoor space. Also, they come in numerous sizes, thus allowing you to rent the one that would fit all your stuff. So you can store anything from small-sized cartons to items as large as a car. Naturally, the cost would vary depending on the storage unit size. Hence the larger the unit, the higher will be the price.

    Although most storage units are built outside, some include indoor storage facilities. An indoor storage unit has several benefits, just like an outdoor storage unit. Most senior citizens tend to opt for indoor storage facilities to keep their belongings in the best shape. In addition, several home décor items may incur damage due to extreme weather conditions even when stored inside a unit. Due to such reasons, indoor storage units come with a climate control system to keep the items in better condition.

  4. Storage Units Are A Great Help During Big Transitions

    Retirement pushes you to make big transitions in life, like downsizing or moving to a senior living community. Certainly, it is one of the difficult decisions to make as you give up on your living space and have to start fresh. Amidst such new changes, you often find yourself in a dilemma of deciding what to keep and what to discard. With a storage unit, you no longer have to worry about such matters since you can store all your possessions safely. Depending on your needs, you can rent them out for the long-term or short-term and visit them whenever you wish.

Cons of Renting A Storage Unit

While there are several reasons to rent a storage unit, there are some drawbacks associated with it that one should know.

  1. Storage Units Can Be Expensive

    If you plan on temporarily keeping your possessions in a storage unit, it may be only a modest cost. However, long-term usage can put a massive dent in your wallet. The cost depends on not only the size of the unit but also the time it is occupied. For instance, the smallest storage units typically cost $100 or more monthly. It can quickly become much more expensive for larger units.

    Additionally, the storage charges may add up in case of long-term usage. So, instead of spending all your savings on paying massive rent amounts, it is better to sort things from time to time. This way, you will only need a storage place for a limited time or may no longer need it.

  2. Finding Items Can Be Time Consuming

    Many people like changing their home décor to enjoy a fresh setting every once in a while, such as during holidays or the change of seasons. So, whether it's a rug or any decoration piece, people tend to replace it with the ones stocked in their storage room. Well, it may sound less arduous, but finding items in a storage unit can take an entire day. Because all the boxes are stacked or randomly placed, looking for items can be a real puzzle. It becomes more challenging if the boxes are not labeled, and you end up opening every carton just for one thing. Although labeling boxes and keeping them organized is a smart move, its helpfulness in this situation may be limited.

  3. Finding A Reliable Location Can Be Tricky

    Finding a storage unit is not difficult, but finding it in a reliable and secure location can be challenging. Due to such reasons as theft, people tend to rent storage units built in a safe location. Since such sites are in high demand, they will not come at cheaper rates.

There is no doubt that storage units have several benefits, but one should never forget that they also have drawbacks.

Let us know in the comments below - Do you rent a storage unit? Why or why not?

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