Storage Auction Tips: Here’s What to Know
If you’ve found yourself with some extra income lately and feel like being spontaneous, storage auctions might be the perfect thing to check out! Sometimes, storage facilities auction off old storage units that have been abandoned for long periods of time. Buying an auctioned storage unit can be like Russian roulette with lower stakes–you never know what you’re going to find. There could be old furniture that you can sell or add to your own home, or collector’s items that prove to be valuable. But knowing where to start could be tricky, so read on for our tips on storage auctions.
Storage Auction Rules
- you must register for the auction
- you must be 18 or older and have a valid photo ID
- bids are for an entire unit, not individual items
- bids are open for anyone to see
- units go to the highest bidder
- the tenant can reclaim the unit up until payment is received from the auction
Common Storage Auction Misconceptions
Before entering the auction, make sure you understand what it is you’re getting yourself into. No one can set foot inside the storage unit before the auction, so you have to judge the value of a unit based only on what you can see from the outside. You must also bid on the entire storage unit–you cannot choose individual items to bid on. You may also want to consider that not every storage unit will contain items that are worth a lot of money. Some people may get lucky, others may strike out. Of course, this makes each auction a bit of a gamble, but that’s the fun of it, right?
Plan for Emptying any Auctioned Storage Units
When you successfully win a unit in a storage auction, payment is expected immediately. The facility could ask for any type of payment method, so make sure you are prepared with cash, card, or check if necessary. Once you have paid for the unit, the facility usually expects you to clear it out within 24-48 hours. Always check with the facility on their rules before you go to the storage auction.
Online Options
When bidding in a storage auction, you are not required to show up in person for the auction. You may be able to find some online options for auctions, which may also allow you to pay in card instead of cash. However, before bidding in the online storage auction, make sure you know where the facility is located and can be there in time to clear it out by the time the facility requires.
Other Storage Auction Tips
It’s always a good idea to enter a storage auction with a budget in mind. This can help prevent overspending. You may also need to consider sales tax, cleaning fees, and other expenses, such as the cost of clearing the unit out quickly and storing what you’ve found until you can use or sell it. Making sure you don’t overspend can be tricky, but also ensures that you aren’t disappointed if you don’t find the gold mine you were hoping for in the storage auction.
Researching the bidding process can help immensely as well. Understanding how quickly the bids flow in and how storage auctions tend to go will make you feel more comfortable with the process. You could even sit in on some online auctions beforehand just to get a feel for the process.
Lastly, always make sure to keep any findings to yourself. If you spot something valuable in a storage unit, don’t create competition for yourself by letting others know. Make sure to have a good poker face when you visit any storage auction.