Do you get to benefit from every room in your house? Or, like many Kiwis, is one dedicated to storing stuff you will probably never use? If so, you could be failing to capitalise on thousands of dollars. In this post, we explain why.
UK storage company Big Yellow estimates that 61% of Brits use at least one room in the home for storage. Kiwis are pretty much the same.
Now, you’re probably thinking this isn’t earth-shattering news — and it isn’t. However, what you may not realise is how much storing your surplus possessions at home is costing you.
What is the cost?
The obvious cost is you don’t get to use the room for other things. How many people do you know who cram their garages with junk and leave their cars outside? However, many Kiwis are willing to put up with the inconvenience.
It’s a different story when it comes to financial cost, though.
According to Barfoot and Thompson, the price difference in Auckland between a three- and a four-bedroom house is around $160,000.
Currently, the average mortgage rate is about 5%. So, the cost of borrowing that $160,000 works out to around $8,000 per year. That’s a heck of a lot to pay to store things you may never use!
Why self-storage makes sense
Hiring a storage unit makes more sense. This is because, depending on location, the average cost of a 1.5m x 1.5m unit is only around $100 per month or $1,200 per annum. A 1.5m x 1.5m unit can take 50 archive boxes – or if you put in shelving it can take a room full of stuff. Now, compare that to $8,000.
By freeing up that storage room, you can do lots of things:
- Make money by renting it out
- Reduce your mortgage and buy a smaller home
- Have a games/family room
- Decide whether you really need that old fridge or TV
- Have your own man/woman cave
- Finally bring your poor old car off the street.
Is home storage costing you money?
Do you have a room dedicated to storage? At Kiwi Self Storage, we are professional, organised and make storage convenient. Take back that room and give us a call on 0800 58 57 56.