Garage Condo or Monthly Storage Unit?

When contemplating a large purchase, like a Luxury Garage Condo, there a lot of things to consider.  Sometimes it can be difficult and confusing to make the right decision.  It’s important to look at all of your options and choose the one that makes the most sense for you.  Let’s look at the buying a garage condo vs. renting a monthly storage unit.

Storage Unit vs Garage Condo

We all need more storage, and a quick entry point for that storage is renting a temporary or short-term storage unit.  This can be an easy and less taxing financial decision, but it does come with pitfalls.  While there are high-end rental unit complexes available depending on where you live, the majority of them have a bad reputation for a reason.  They tend to be lower-end and although the up-front financial output can seem more agreeable, the reality is, it may cost you much more that you’re expecting.

Once you get into a rental unit, it’s difficult to get out.  There is always another weekend to move out and “what’s another month of two or rent.”  Paying monthly rent for a longer time period than initially planned can really add up.  And the obvious downside is that a rental unit is just money spent each month that you’ll never get back.

Instead of working against you, like a storage unit, a Garage Condo can work for you.  Buying a garage condo is an investment, that will most-like appreciate over time. It allows you to not only build equity because you own it, but it also allows you to have complete control over the financial aspects.  If you need to finance, you can.  If you need to sell, you can.  If you need to borrow against the equity, you can.  It can also be a tax write-off, depending on the usage.

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