So, you need to move but you have a problem — what to do about that self storage lease. After all, you need to get rid of as much as you can but you’ll still need to deal with what’s in storage. And, to top it off, you’re in a contract. Although a somewhat common situation, it is one that will require a bit of effort. Unfortunately, there are only a few options available to you. But, this does not mean you’re completely stuck. You just need to know how to deal with a self storage lease.
How to Deal with a Self Storage Lease when Moving
The good news is most self storage facilities work on a month-to-month lease agreements. But, there are longer options which exist. For instance, you’ve probably see discount offers that give new renters the first month free by signing up for two additional months. Other similar offers also provide discounts in different forms. But, this won’t actually matter if you need to move very soon or in the next few weeks and still have many weeks to go with your lease agreement.
“This is one bill you really want to pay, especially if you’re keeping precious items in storage. Laws vary by state, but typically a self-storage company has the right to “evict” your goods and auction off your things to recoup the money they are owed. Don’t worry, in most cases your possessions won’t disappear if you’re a week late paying the bill. Depending on state law, a storage unit will have to follow due diligence to notify you of an auction including certified letters and a public notice of auction.” —Market Watch
One possible option is to aggressively pare down on what you’re storing in the unit. The more you reduce what’s inside the storage unit, the less you’ll have to store, which means you can transfer to a smaller unit. This, in-turn, will reduce your overall moving costs. And while you’ll continue to pay the fee, it will be a smaller amount and a smaller cost burden. What you can’t do is to break the lease. It’s just going to create far more problems. But, there are other options. Here are some helpful ways for how to deal with a self storage lease when moving:
- Pay the lease out in a single lump sum payment. If you are on a tight timeline, this is good option, though it’s probably the most expensive way to get out of the storage lease. You might be required to pay additional fees and to move your possessions out of the unit right away or in a short period, but you will be free of the lease agreement. Simply contact the storage facility and ask if this is a possible arrangement.
- Empty the unit out and wait for the contract to expire. Another option to consider on a short timetable for a move is to empty the storage unit out. Take all the items previously stored with you and wait for the current lease to run out. But, you should inform the storage facility of this in advance so you can cancel the contract or not renew the lease when it’s time to do so. This way, you can move and just follow-up when the lease ends.
- File a formal request for a lease agreement release. This isn’t very common, but it is a possibility. You can file a request to be released from the storage unit lease. Now, you’ll probably have to pay additional fees in such an arrangement but you won’t be obligated any longer. Be sure to ask about any extra charges and your responsibilities.
If you are considering buying or selling a house in Orlando’s Hunter’s Creek, or another community, contact us for the latest market information. We are local and experienced in all facets of residential real estate, here to help you, when you need it.