We’re having raw conversations with RV and boat storage experts on our Toy Storage Nation podcast! Tune in to this episode to learn about condo storage, one of the expanding niche’s within self-storage. In this edition, our panel responds to the following questions:
- What is a storage condo and how does it differ from traditional self-storage as well as enclosed RV and boat storage?
- Can you explain the difference in ownership, leasing, etc.?
- How does financing for a condo project differ from financing traditional and RV and boat storage projects?
- How do feasibility studies for condo projects differ from traditional and RV/boat storage projects?
- How does land selection differ?
- Can you walk us through the entitlement and zoning process?
- What are important design elements to consider, including climate control, electricity, access control, size, etc.?
- Can condos be incorporated into self-storage and/or toy storage unit mix?
- What benefits or drawbacks need to be considered in developing/investing in a condo project?
- What are the benefits of ownership (appreciation, tax benefits, rental capability, etc.)? What is the downside to ownership vs renting?
- Are there HOAs and, if so, what do they have jurisdiction over?
- How much do condos cost and how difficult is it for a condo owner to resell? Do they have to get approval on the buyer?
- Can a condo owner purchase condos and rent them out? What are typical rental rates?
Participants:
Wayne Woolsey
Adam Pakes
Melissa Anderson