The Benefits of Upgrading Your Self-Storage Facility
Owners and operators all over the world are jumping on board with the latest design trends in self-storage by replace their unit doors and optimizing their unit mix. By doing this, it's allowing them to charge higher rental rates and compete with modern self-storage facilities while giving tenants a better customer experience. Keep reading to learn more and check out the amazing benefits of upgrading your self-storage facility.
The doors at your self-storage facility send a message to your tenants and potential customers. What impression are they giving your business? If your doors look like they've been around since the dinosaur age, it might be time to consider an upgrade and here's why: Doors that are old and outdated have a higher risk of falling on someone or are more vulnerable to theft and break-ins.
If you think a quick paint job will do the trick, you're likely to spend more money for something that you'll maybe get a couple years out of. Self-storage door replacement ensures a safe and more appealing facility... and not to mention will last you 20 times longer.
Mix It Up
It's important to always keep an eye on the latest self-storage trends. You may think your facility looks great the way it is and that's perfectly fine, but let's shine some light the facts. Your competitor next door may have a self-storage unit mix that sits better with the college kids who want a smaller unit rather than 10x10 or 10x20 units. Maybe your neighborhood has some wine lovers who need a climate controlled facility with wine storage. Either way, it's always good to have options for the ones who need it rather them going to your competitor. If you have too many larger units, you could remix them to add:
- Swing Doors
- Wine Storage
- MASS Relocatable
- Double your ROI per month - It's true. By replacing your old unit doors, you can charge tenants higher rental rates. Also, if you have room in your facility you could build up and add a mezzanine floor which will double your ROI in no time! Smaller spaces like nooks and crannies under stair cases are perfect for adding lockers or wine storage.
- Replace 20-25 of old doors in less than 24 hours - We're known for our careful yet fast installation in replacing 25 unit doors in less than a day. You can go play a round of golf and come back to an entirely new hallway of doors!
- One year depreciation time frame and 100% deductibility - By adding MASS relocatable storage units you'll receive 100% deductibility on your taxes after the first year of ownership.
This is a smart tax strategy that accelerates depreciation and reduces the amount of taxes owed. Cost segregation helps find additional deductions through renovations and write-offs, including installed doors. When a renovation takes place, the value of components disposed of during the course of renovation is identified, taken as a loss, and can be written off. You could save up to $100,000 for every $1 million in building costs within the first five years of ownership.
The self-storage industry isn't the only industry benefiting from renovations. Many other businesses have doubled their ROI by upgrading their stores. A good example of that is Target. Last year Target decided to open 100 new mini stores near college campuses and remodeled 500 of their bigger existing stores investing $7 billion. From upgrading their toy section that could be mistaken as Toys R Us back in the day, to improving their grocery center, to their makeup section that could possibly compete with Ulta or Sephora, Target has seen their sales increase from 2% to 4% per store.