The short answer to this question is yes. If you love watching reality TV shows then you might have seen storage Hunters and Storage Wars. They have presented a picture of storage unit auctions that have increased the interest of the general public in them. If you have not seen the TV shows then you don’t have to worry because we are going to break down everything in this article. Just continue reading and find out more especially if you are interested in learning what storage auctions are and how do they work.
In this article, you will learn about ways how you can buy storage units in the UK and why you should do it.
What is a Storage Auction?
If you ever been there to a storage unit, you might have seen a hustling bustling place with customers, staff members, and top-of-the-line facilities. Sadly, there are instances when a storage unit goes customer default or struggle to pay their bills or it was ignored by customer’s altogether. The company that owns those storage units tries to sell them through an auction.
This means that people who are planning to buy the storage unit will have to bid for it. The person who puts the highest bid will get the storage unit. Contrary to the picture US TV shows have painted about the storage unit selling process, unused or ignored storage units are usually sold off online or via email.
How Can I Find a Storage Unit Auction?
The next question which might come to your mind would be how can I find a storage unit auction? There is no specific answer to this question as it usually depends on the company that owns the storage units in the first place.
Some companies sell their unused storage units through online platforms like eBay while others will conduct private auctions to sell off their storage units. In both cases, people who are interested in buying those storage units are given information about the size and contents of the storage unit. Some companies might even outsource it to auction houses that conduct the auction on their behalf.
How Does A Storage Auction Work?
Irrespective of which method the storage unit owner uses to sell off their storage units, it usually follows a similar pattern. Even before the storage unit auction began, the current storage unit owner will publish a photograph of the storage unit for the bidders to see. Unlike what the popular TV shows presented, bidders will not get access to the storage units or get an opportunity to see the contents until they make an offer to buy the storage unit.
What’s more, bidders are not allowed to bid on individual items present inside the storage unit. If you are interested in buying the storage unit, you will have to buy it entirely with its contents. Unlike traditional auctions, online storage auctions are more convenient and less stressful for bidders as they can easily bid for abandoned storage units. Another advantage of bidding online is that you will have access to more information about a storage unit you are planning to buy as compared to traditional auctions. This will help you make a more informed decision about buying storage units in London.
Once the auction is over and a bidder wins the auction, they will be given a time frame to pay. After submitting the payment, they would be given access to the storage unit. Now, they can access the contents of the storage units and clear them up.
Things To Do When Visiting Your Storage Facility
Let’s assume you have won the auction and now you are the owner of the storage facility, what are the first few things you need to do in order to make the smoother transition. Here are few things you need to focus on.
- Locks:
This is very important for storage unit owners who are always on the move or have to leave the storage unit for any reason. You must invest in a padlock that can secure the contents of your storage units.
- Boxes:
When you buy the storage unit, there is a possibility that items might not be properly secured and arranged inside a box, which can make it a hassle. Invest in boxes and pack them so you can move them from one place to another in a hassle-free manner.
- Transport:
In most cases, you might need some form or transport such as a van to move items from one place to another.
Tips For First Time Bidders
Let’s say you are new to the storage unit’s auction and bidding game and you don’t know much about the process. It is much easier for you to get carried away and lose focus. You might be thinking that you might uncover valuable items which you can resell at a higher price, which lured you into bidding high for a storage unit in the first place. Unfortunately, that is not always true.
If you are bidding for storage units with this mindset, you are taking a huge risk as storage unit auctions is a gamble. You will be sad to know that buyers usually tend to pay more for the value of items they store.
Here are some of the tips that will help first-time storage unit bidders place the right bid.
- Set a price limit
- Pay close attention to the contents
- Bid on units that are located near you
Always have a budget and decide how much you are planning to spend on buying a storage unit even before the auction starts. This will save you from placing impulsive high bids for Self Storage in Brighton. Secondly, always choose storage units that are not only located close to your location but also have contents which you can easily move around or sell-off. Look at the type of boxes and storage already present in the storage unit before making the final decision.
Would you buy storage units in the UK or prefer to rent them out? Let us know in the comments section below.
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