How do I interpret my self storage quotation?

So, you’ve received a quotation from a self storage company. Or maybe four quotations, if you have been using Storage.co.uk’s “Get a Quote” service. How do you work out which is the best deal for you?

What are you getting for your money?

When comparing quotations, make sure you are comparing like for like. The quality of self storage facilities can vary substantially. You need to assess what you need, and what each company offers, in the following areas:

• Type of storage facility: purpose-built warehouse storage, or container, or garage lock-up?
• Security (CCTV cameras, perimeter fences, doors and locks etc)
• Access: is it limited, office hours or 24-hour? And do you have to pay extra to extend it?
• Climate control (frost-protection, dry storage)
• Location: is the facility near enough for you? More distant ones may be cheaper, but less convenient
• General quality of the space offered

Discounted prices vs the full price

Self storage quotations will usually give you a price per month for a standard unit, measured in square feet, such as “£75 per month for a unit measuring 50 square feet”.

This sounds straightforward, and maybe it is. On the other hand, this may be a special “introductory offer” ‒ perhaps a heavily discounted deal that will hold for just the first two months.

This is not some kind of trickery: reputable self storage companies will clearly flag their introductory offers, and will indicate the full price once that introductory period is over. Often the full price is double the introductory price.

Storage companies can attract new customers with alluring prices, knowing that a large proportion of their clients underestimate the length of time that they will keep their unit, and so their leases will run on well into the full-price period.

You should be aware of this phenomenon too: you are very likely to keep your self storage unit longer than you intend!

Bargain opening offers

Some companies offer fantastic deals: “£1 for the first month!” Seems too good to be true!

Of course, there is a catch. You have to take a contract lasting perhaps two months or more, and you will have to pay the full price for the rest of the time beyond the month.

This could still be a good deal ‒ but you have to make your price comparisons by taking into account total costs for your predicted period of occupancy.

And remember, you are very likely to keep your self storage unit longer than you intend!

Weeks vs calendar months

Some companies quote by periods of 28 days. Others quote by calendar month. Calendar months are better, of course ‒ because they are longer. This may not make much difference if your stay is short, but will add up if you are there for many months, or years. And remember, you are very likely to…

Notice to quit

Make sure you know how much notice you have to give before leaving your self-storage facility ‒ or rather, when you can cease paying? Sometimes this is quite short, such as week. In which case, do you get a rebate for any unused time?

Deposit?

What kind of deposit is required? And when do you get it back after leaving?

Note that some companies do not require a deposit if you pay your rent by credit or debit card.

Insurance

Your initial quotation probably won’t include insurance, because you’ll need to do an assessment of the total value of your stored possessions to get a price.

Major self storage companies are likely to insist that your possessions are properly insured, and will offer their own insurance cover. This may not be exorbitant: perhaps £1 per week for every £1000 of value ‒ but it is another cost that adds to the total.

You may, however, find that your possessions in storage are covered by your own household insurance policy, and proof of this may be all the storage company requires. Make sure you don’t end up paying for extra cover when it’s unnecessary!

Transport

How are you going to get your stuff to and from the self storage facility? If you need a van, will your storage company provide it free, or supply one for hire at an attractive price?

And, if so, will these conditions apply also when you leave the self storage facility, at the end of your stay?

Will you need equipment to transport your stuff from your vehicle to your unit? If so, is the use of trolleys complimentary? How about pallets and fork-lift trucks?

And, while you’re at it, check if parking at the facility is free for customers.

VAT

Self storage is not subject to VAT because it falls under the category of property rental. So that’s one thing at least you don’t have to worry about!

Summary: Questions to ask about your quotation

• Does the price quoted apply for a limited time only?
• Are rental periods quoted per 28 days, or by calendar month?
• What is the lock-in time for a bargain offer?
• Does the quality of the facility match your needs?
• How much notice do you have to give before terminating your contract?
• What will insurance cost?
• Is van-hire offered at a discount?
• Will they charge extra for using their moving equipment (pallets and forklift trucks)?
• Is parking free?