Like any kind of auction, buying a storage unit can be tricky. You need a good amount of knowledge and a great instinct to know a unit’s worth. While many have gained a lot of money out of it, many have also lost a lot.
So if you’re planning to buy a storage unit at an auction, below are the 5 things you need to be aware of.
1. Know your competition.
Before anything else, it’s important to know who you’re going to be up against. Competition can be very tough if you’re bidding against big names in your area so be very careful. You can take this as an opportunity to experience the real deal.
2. Make sure the documents are clear.
There are times when the units need documents for clearing and legal purposes. Ensure that what you’re about to buy doesn’t compromise any laws. Since it is the property of another person, it’s best to keep everything in line.
3. The location of auction.
It’s critical to count where the auction is going to happen. This is one thing you need to be aware of since it speaks a lot about the value of items you can find. Make sure it’s not too far from where you live. Your gas may cost more than what you bid for.
4. Have a glimpse of the packaging.
If the boxes look like they were previously looked at, then chances are the more valuable items are already gone. The sizes and look of boxes also matter if you want to take note of each item’s significance.
5. Check the quality.
During the time you’re given to have a look at the unit, check the quality. See if there are already stains, dents and rust in furniture and other big pieces. Also check if the items look valuable or cheap.
Be aware of these 5 factors if you want a good day at the auction. It may take some practice but you’ll get there.