Have you ever put your collector car, recreational vehicle, motorcycle or boat in a cold storage unit? Cold, dark storage with no utilities is not an enjoyable asset visiting experience. Like purchasing a home or condominium, purchasing a storage condominium builds equity in real property that may increase in value as time passes. Rents paid is money wasted. There are tax benefits that could be realized depending on how the financing is structured.
Contact your Tax professional; there may be tax benefits if your space is used for business purposes. Mortgage payments may be similar or less than the cost to rent. Investing in real estate gives you the flexibility to customize your unit to meet your needs.
Storage condominium ownership gives you the freedom to come and go as you please. Ownership provides pride within a community of other owners. No one can predict the future but if you look at the history of inflationary trends you will see that rents, in general, do not come down. Property ownership eliminates lease provisions and puts those inflationary trends to work for you instead of against you.
You will receive no rent increases or lease renewal hassles when you are your own landlord. Amenities and other property improvements within your unit can be added to accommodate your specific needs and these will increase the value of your real estate, not your landlord’s real estate.
Unit owners enjoy a partnership participation in the management and maintenance decisions regarding the property.
Expenses for improvements can be recaptured at the time of the sale of the property, rather than lost as is the case on a lease property.
You may be able to list the property as an asset on personal balance sheets.
You may enjoy an increase in the value of your property
You can receive tax benefits such as depreciation.
This is how to solve car storage constraints. There are many benefits of car storage condos. Buy your Garage Condominium at Horsepower Farms in Powell.