"Did you know that self-storage owners are raking in unbelievable profits simply by enabling the public to safely store their excess stuff and sentimental junk? These storage owners are happily watching their investments grow through self-storage – an investment arena that is yet to be fully exploited. In fact, seasoned investors are not the only lot actively involved in storage business. Low construction and management costs coupled with a failure rate of less than 10 percent makes the self-storage industry, a tempting one, even for first-time storage owners.
Are you also interested in being a storage owner but unsure where to begin? Today, smart investors know that the most economical way to get started is to buy an existing facility that can be turned into a top storage facility with minor repairs. However, if you are planning to start from scratch, self storage – like any other business – demands lot of research, effort, time and money.
The 3 Phases of Getting Started As a Self Storage Owner
1. The feasibility phase: This is the phase where a prospective storage owner decides about where and how to build the self-storage structure. It would be best to hire an expert who can help you make important decisions. If you have already confirmed a location, this expert can advise you on what to build and what to charge.
This phase involves in-depth analysis of the proposed site, start-up costs, expected income, market trends, demographics, nearest competitors, customer types, effective storage units for the specific area, etc. You will also have to consider county fees, city fees, jurisdictional fees, state fees, etc. that have to be paid before you can even start construction.
This phase is a great way to be aware and updated about the bare minimum you will have to spend to get the storage facility up and running.
3. The design phase: This phase involves drawing up detailed plans like the actual site plan in addition to designs related to civil engineering, landscape, electrical circuits, plumping structures, structural engineering and architectural engineering.
Every plan requires the skill and experience of a specialist. For instance, a civil engineering design has to be executed by a civil engineer who is thorough with the restrictions and policies regarding land use for construction.
4. The construction phase: This is the phase where a contractor comes in to coordinate the construction as well as ensure quality control. Most contractors provide materials and use their own team of construction labor. The contractor also provides the storage owner with a timeline of the storage construction.
You must show particular care in choosing a contractor or a construction crew. Make sure you assign someone who carries adequate insurance and possesses extensive experience in constructing steel storage structures for self-storage owners.
Today, self-storage industry is one of the fastest growing segments of commercial real estate in the United States. The business advantages are obvious – simple to start up, easy to maintain and a low risk of failure. Although a lot of money, time and effort go into the construction of a storage structure, it is worth it in the long run.
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self storage owner are booking huge profits these days by providing a storage space to store excessive stuff. If you also want to become storage owner than visit us at www.selfstorageowner.com .
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