It also provides you with the opportunity to lease out the unit to provide a passive income stream. The units are low maintenance with low strata fees, and all outgoings are paid by the tenants, therefore there are low ongoing costs.
If you require a storage unit for a prolonged period of time, than purchasing a unit is a better long term investment than renting. On comparison of buying or renting a 22sqm unit over a five year period, you could be $27,000 better off purchasing a storage unit.
There are costs such as settlement fees involved in the purchase and sale of any property and it is important to include them in any calculations you may conduct when working out what best suits your needs.
Also, storage units cannot be sold overnight and you may need to prepare several months in advance to dispose of any property assets.
Any money spent on rental fees are final and renters do not benefit in any capital growth the units may experience.
Business storage can be tax deductible, so make sure you talk to your accountant about your options.
Multi Storage is able to help with all your storage needs and are happy to answer any questions you have about buying or renting. Please feel free to make an enquiry today.
Here’s couple reasons why you should choose Multi Storage – WA’s highest quality storage facilities that provide the most secure, sustainable, cost effective and energy efficient storage solutions.