Many people choose to buy storage units off of auctions. This is a great way to get personal property that could potentially be worth a great deal. If this is your first time bidding on and buying storage units, you might be wondering what you can do to make sure you don't lose your money. Here are some things you need to know about auctioning storage units.
Why Are They Auctioning The Unit?
Before you buy someone else's property, you might be wondering why the storage facility is auctioning the unit in the first place. The most common reason that the unit is auctioned is for nonpayment. The storage facility then takes the belongings that are in the unit and uses them as collateral for all of the money they is owed by the tenant. Usually, there is some sort of clause in the agreement that states that the storage facility can sell the items if they are left, unclaimed, or unpaid for. Thus, it should be legal for the facility to auction the belongings, but before you purchase the unit, you might want to ask for a copy of the customer agreement to ensure that it is all done legally.
How Do You Know If The Unit Is Worth Bidding On?
One of the hardest things about bidding on the unit is knowing how much money the unit will be worth. Usually, you don't get to go inside the unit and look through everything. Instead, everyone interested in the unit will stand outside the unit and just look at the unit and from there they determine how much they think it is worth.
When looking at the unit, you should remember a couple things. First, people usually put the most expensive things in the back, to make their unit less of a target. If they have their things out in the open, without boxes or fabric covering them, there is a chance that the items will be damaged. That should be taken in consideration when bidding.
Why Do People Buy Storage Units?
There are many reasons that people buy storage units, but one of the most common is to resell them. You don't even need to own your own second hand store; you can sell things on the Internet, use them for your own household, and so forth. If done right, you can make a good profit on the unit.
By understanding these things, you can determine if buying a storage unit is right for you. For more information, contact a company that specializes in public storage unit auctions, or visit websites like http://www.fortknoxstorageaz.com.