Whether you are buying a house or selling your property, if you lease self storage, chances are excellent you'll seriously reconsider keeping it. Self storage is a wonderful short-term solution to a very common problem: too much stuff and too little space. Unfortunately, too many lessees become inadvertent long-term renters. Paying for storage month after month with only a vague idea of what's inside. Of course, storage companies don't make it easy to get out of leases, but it isn't impossible.
Moving? 3 Ways to Deal with a Self Storage Lease
One option is to aggressively pare down on what you store. This reduces size, which reduces your need for space. So, if there are things you can throw out, donate, and/or sell, do it. Then, you can rent a smaller space which means a less expensive monthly obligation. While this tactic won't free you of the lease, it will be a smaller financial burden. And, you'll still enjoy the benefit of having somewhere to store items you want to keep without taking up space in your house.
This is one bill you really want to pay, especially if you’re keeping precious items in storage. Laws vary by state, but typically a self-storage company has the right to “evict” your goods and auction off your things to recoup the money they are owed. Don’t worry, in most cases your possessions won’t disappear if you’re a week late paying the bill. Depending on state law, a storage unit will have to follow due diligence to notify you of an auction including certified letters and a public notice of auction. --Market Watch
What you should not do is to outright break the lease. This is going to eventually appear on your credit report and become a collections annoyance which only escalates over time. At some point, you'll have no choice but to deal with it and the situation might be nightmarish. You'll not only be responsible for the arrears, but also, plenty of fees. That's just not a good scenario and one you can and should avoid if at all possible. So, if you are moving and no longer want to rent self storage space, you'll have to do something about it. Here are three ways to deal with a self storage lease if you really want to get out of it:
- Pay off the lease contract. It might be possible to buy the lease out and it's certainly worth a try. Contact the storage facility and ask if you can pay the lease off in one lump sum. Although this is an expensive option, it will legally free you of the obligation and allow you to move on with your life.
- Empty the space and wait. If you do not want to pay the entire lease agreement off in one sum, then you can at least move your possessions out of the unit and wait until the lease is ready to renew or expires. Be sure to read your contract carefully about giving notice, deadline to empty it, and other lessee obligations.
- Request an agreement release. This is a long shot but it might be viable. Request to be let out of the lease without penalty. Generally, self storage company leases contain early termination fees and you might even be required to pay the entire amount of time left. You'll have to read the agreement and/or speak with the company to know for sure.
If you are considering buying or selling a home in Copper Canyon Ranch or elsewhere in Surprise, AZ and want to make it a smooth process, give us a call at 623-206-9936. We’ll gladly assist you with finding and/or marketing a house.