Pros and cons of sharing storage with friends

Renting a storage unit is very helpful, in a lot of cases. Regardless if you are moving, or just looking for some extra room, a storage unit is your saving grace. With it, you save a lot of money and free up space in your home. So, after you finish with residential movers Chicago, your next step is to rent a unit while you unpack and sort your home. However, if you are on a budget, renting a whole unit for yourself could be a bit too costly. At this point, sharing storage with friends seems like a good idea.

In a situation like this, maybe you have a friend or a coworker facing the same problem. Teaming up and renting a unit together makes sense in terms of splitting the cost. It would be great to only have to pay half or even a third of the rent. However, it is good to note that sharing storage with friends brings many challenged with it. Therefore, you really need to weigh out all the pros and cons before making such a commitment. Here, we aim to help you make your decision.

One of the pros of sharing storage with friends is the shared cost

When you find yourself in a situation that asks for budget cuts, but also for a storage unit, sharing a unit can help you on both fronts. If the people you decide to share the storage with can be completely trusted, this type of deal can work great for everyone. A lot of people choose this option for the same reason, and that is a tight budget. However, it is not the only one.

For example, you may find yourself in a situation where you are moving to a completely new town or country. In these cases, anyone will advise you to cut your moving costs and pack as light as possible.

If there are things you want to keep but can’t take with you just yet, renting storage units Skokie with a trusted friend is a great solution. You will pay half of the cost and will be able to check on it from time to time. Depending on the unit size, you can do this with one or several friends. Given the fact you will pay less for rent, your budget will be more flexible. With it, you will be able to hire better movers or organize your new home as you desire. No matter which way you look at it, it is a win-win situation.

Missing a payment can be a con, should it happen

Since you are sharing storage with friends, this means you all need to pay an equal amount of money for the unit. Because of potential financial insecurities, sometimes people don’t have enough money to pitch in their share of the cost. This makes the other co-renters cover their share from their own pocket. This can turn into a serious issue if it becomes frequent and if your name is on the lease. Since most units are rented out to individuals, there will only be one name on the lease.

If it’s your name, you will be responsible for all the payments. If the other co-renters fail to provide their part, you will still be responsible for the full amount. Ultimately, the plan to save money while moving can cost you even more. Luckily, you made this deal with friends you can trust, so this scenario is very unlikely to happen.

Consider the legal aspects of sharing storage with friends

When you decide to share a unit with someone, there are some financial and legal matters you need to consider. There are some hard decisions you need to make before signing the lease. Luckily, you are all adults, so this shouldn’t be too hard to discuss and settle. Here are some of the questions you need to ask yourselves before renting a unit:

• Who will sign the papers? – Even though a unit can be rented by several people, only one can sign the final contract. The person who signs the lease is ultimately responsible for the unit itself. This gives the person great power, and also a great responsibility. The person who signs the documents is responsible for keeping with the terms stated in them. This includes maintaining the condition of the unit and making sure there aren’t any restricted items in there.
• How will the cost be shared? – When sharing the unit with one other person, there shouldn’t be too many problems. You can divide the space into two halves, as well as the cost. If you’re sharing it with a few other people, you need to split the cost equally and make sure everyone pays their share on time.
• What type of unit do you need? – You can pack your items in the best plastic moving bins, but this will not guarantee your items will be safe if you pick the wrong unit type. You may need a climate-controlled unit, while your friends don’t. Agree on a type of unit that fits everyone best.

It is best to avoid trouble by keeping things somewhat official

If you choose the option of sharing storage with friends, do not take things too lightly. Even though you are willing to trust them with your life, some misfortunes may still happen. Nobody who considers you a real friend will do you any harm on purpose, however, life circumstances can make them do so. No matter how much trust you have in someone, it is always good to have some sort of personal legal agreement when deciding to rent a unit together. A lawyer can draw up a document stating what the terms and conditions of co-owning a storage unit are. This way, all parties will have an obligation to respect the terms of renting a unit, not just the leaseholder. Although it may cost some money, this document is well worth it. It will save your friendship, and that is worth far more than anything in the storage unit.