Long-Term Storage Solutions for your Home or Business.
Is Owning or Renting Better when it comes to Shipping Containers?
Long-term storage is increasingly important for many people and businesses. Individuals might acquire more goods than they can accommodate, and businesses often require flexible and secure storage options or need to store some products or equipment seasonally.
One solution growing in popularity is using shipping containers as versatile storage units.
Shipping containers are designed to transport goods over vast distances, today however, many of them find a new life as cost-effective, durable, and highly flexible storage units.
The Financial Aspect: Buying Vs Renting
Once you decide a shipping container is perfect for your needs, one of the primary considerations becomes whether to rent or to buy. Making a wise decision involves assessing aspects such as initial costs, long-term expenses, resale value, and more.
Choosing to buy a shipping container has several financial advantages over long-term renting. The initial investment outlay may be a consideration, but owning the container will provide long-term savings. Renting a storage unit involves monthly an expense that, over time, can add up to a significant amount, while owning a container is a one-time purchase. The longer you need your container, the more you save.
Another consideration is the resale value of the containers. Given their durability, shipping containers normally retain their value quite well. Once you no longer need the storage unit, you can resell it on the open market, making back most of the money you invested, if not all. With renting, all the money you have invested goes to back the owner of the container.
The decision to buy or rent a shipping container will also have tax and accounting implications which may matter depending on your situation. To fully understand the tax advantages that may be available, you should seek the advice of a tax professional, as there may be variances based on individual circumstances or location. Additionally, you may be able to seek deductions for the maintenance, refurbishment, or transportation of the container, all of which can reduce the overall cost of ownership.
There are a lot of things to consider when deciding whether to own or rent a shipping container. We have tried to outline some of the most important factors.
Flexibility and Control When Owning a Storage Container
The flexibility and control of owning a container is evident in multiple ways:
When you own your shipping container you have the freedom to customize it as you see fit, adapting it to your particular needs. Paint it, add your logo, install shelves for better organization, add partitions or any other modifications you desire. Owning it allows you to match the storage requirements to your business perfectly.
Shipping containers are created to be transported and you can take advantage of that. You’re not tied to a specific location, so you could outfit the container to serve as a mobile office, or tool and supply shed, relocating to job sites as needed. It could also used as a pop-up shop or restaurant, creating greater visibility for your brand and putting you in close contact with your customers.
Even if just using it for storage, it can be placed or moved anywhere on your premises. Owing your own container means easy to access -as opposed to driving to a distant warehouse whenever you need a stored item or document.
If you or your business needs require relocation, your shipping container easily accompanies you.
No Rental Considerations
While some rentals offer a bit of leeway, you are still bound by the terms of the rental contract, and these may include certain restrictions on modification, usage, and accessibility. When you purchase your shipping container, you eliminate these concerns. You have full control over when and how you wish to use the container as well as access your storage space. By owning your container your stored goods are available at any time, and not restricted to the rental companies’ operational hours.
The flexibility and control that comes from owning your shipping container makes it the only good option when you need unrestricted access to your stored property.
Rent To Own Shipping Containers – The best of both worlds?
For some clients, the Axcess Box “Rent To Own” Storage container option offers both the flexibility that they need, reduces the need for a large capital outlay, reduces uncertainty, and builds their equity over the long term. Gain cash flow and flexibility. The team at Axcess Box would be happy to discuss your options and whether Owning or Renting works best for you and your home or business.