When you are in the need for a storage unit, maybe you have a friend or a college that is in a similar predicament. It makes sense that you can team up and rent a storage unit together. It will be very beneficial to your finances to pay just a half or even the third of the monthly rent. Still, sharing a storage unit isn’t such easy and simple as it may seem. It brings many challenges, so you should really explore all the pros and cons of such an arrangement.
The pros of sharing a storage unit
When you’re in the situation that you need to rent a storage unit, but you don’t have enough funds to do it on your own, sharing a storage unit with somebody can get you out of the financial pickle.
If the people that you’re renting a storage unit with are worth your complete trust, this arrangement can be very financially beneficial for all.
The tight budget is the main reason why many are choosing this arrangement. Still, it’s not the only one. For example, if you are moving to another town or county. Any reliable long distance movers Ontario will advise you to pack fewer things and cut down your moving expenses.
If you have some things that you want to keep, but you don’t have room for in your new home, sharing a storage unit in your hometown with a trusty friend can be a great solution. You will be paying half of the monthly rent for a storage unit, and he will be checking your things from time to time. It’s a win-win arrangement for both of you.
The cons
It is surprising how a simple thing like sharing a storage unit can jeopardize even the strongest friendship. There are so many scenarios that can happen. Your partner in sharing a storage unit can have some financial troubles and can miss its monthly payment. That means that the burden of rent falls on your shoulders. Especially if your name is on the lease.
Since most of the storage facilities are renting units to individuals, that means that it will be just one name on the lease. If it’s yours, you will be responsible for the monthly payments. If the parties that you are sharing a storage unit with don’t give you their share of the money, you are still responsible to pay the full amount. In the end, this arrangement that should save you some money can cost you even more.
Be aware who you’re sharing a storage unit with
On the other hand, if it’s not your name of the lease, you will have restricted access to your things. Especially if there’s only one key per unit. If you choose some strangers from the Craigslist to share a storage unit with, it can turn up to be frauds that will keep your things hostage. If their name is on the lease, legally all the things in the storage unit belong to them.
The list of potential problems goes on and on, and it all revolves around the same thing – trust. You need to have full confidence that person or persons that you are sharing a storage unit with won’t betray your trust. That is why you should never rent a storage unit with a stranger.
Logistic aspects of sharing a storage unit
When you wish to share a storage unit with somebody, there are some financial, administrative and legal aspects that you need to consider. Some hard decisions have to be made before you rent a storage unit.
The questions that you need to ask when renting a storage unit to share with other people:
- Whose signature will be on the papers?
While you can rent a storage unit with multiple persons, only one name can be on the contract. The person whose signature is on the papers is the person that is renting a storage unit in his name. That gives one person great power, but also a big responsibility. The person whose name is on the lease is the one responsible for fulfilling the terms of the rental agreement. One of them is also ensuring that there aren’t any restricted items in the storage unit. - Costs sharing
When you’re sharing a storage unit with one person, then this shouldn’t be an issue. You can divide the storage unit in two half, and also the costs of the rent. Still, when you’re sharing a storage unit with several persons, you need to make sure that costs are divided fairly. - The key holder
If the storage unit has only one key, you are not legally allowed to duplicate it. In this case, you will have to make a schedule for holding the key to the storage unit. - Type of a storage unit – You can pack your things in the most durable moving boxes Ontario can offer, it still doesn’t mean that they will stay safe if you choose the wrong type of the storage unit. Some of your items maybe need a climate controlled unit, but your friends maybe don’t. That is why you have to determine which type of storage unit will suit the needs of all parties.
How to avoid troubles?
Even if you trust a person with your life, some unfortunate life events can happen. No real friend will intentionally cause you harm, but circumstances can make him do so.
No matter how much you trust someone, when sharing a storage unit it’s always the best to have some kind of personal legal agreement.
The layer can draw up the papers which will state which are the conditions and terms of using a storage unit. That way, all the parties will have protection and legal obligation to respect the terms of renting a storage unit, not just a person that is signing the lease. It may cost some money, but this legal document is worth every penny. Not only that guarantees the safety of your things, but it can also save your friendship.