Anyone who has dabbled in property rental or considered becoming a landlord has either witnessed or at least thought about the horror stories that such a prospect involves. 2 AM calls to fix plumbing issues, contractors that overcharge after coming whenever they feel like it instead of when they promise, renters that skip town without paying, and those are just the better ones. All these problems are enough to make one wish that they could rent to a bunch of inanimate objects...which one can, at least in a sense. There are plenty of self storage units for sale, but they are not necessarily a walk in the park either.

If one knows what to consider before buying a self storage business, they can save themselves a lot of headaches. The considerations for buying self storage units are surprisingly similar to those of buying rental properties at times. For example, the first rule of buying a self storage unit is the same as the first rule of buying a rental: location is everything. Although few would be interested in a self storage unit with a view, there are bad neighborhoods to avoid. Most police departments compile crime statistics based off of geographic conditions, and having this information in hand will prove useful when it comes time to evaluate the different self storage units for sale in any given area. Security and law suits both cost money.

The second rule of real estate is somewhat similar to the second rule of buying self storage units: they are only worth what you can get for them. As with buying rental property, the cost of self storage units is closely related to their rental value. In order to be sure that the seller is not driving up the rental value in an attempt to inflate the price of their business, check other storage units in the area and look at vacancy statistics. If one is asking too much, then there will be a lot of extra units available for rent, and therefore the price of the self storage units may be too high both in terms of rent and as a fair market price for the entire business.

On the subject of rental prices, do not consider purchasing self storage units with the intent of immediately altering the prices. Most customers availing themselves of self storage units do so on a long-term recurring basis. Even offering them a deal is tantamount to asking them if they want out. Stick with what works and do not attempt to change things too much or too fast or the value of the investment can take a spectacular nosedive.

Last, but not least, hire an independent party to evaluate any and all self storage units for sale that are under serious consideration. Sometimes a little distance from the problem helps one focus.