Self-storage Units - Number Of Auctions Increasing Rapidly Due To Current Economic Conditions
Not only are the number of home foreclosures in the United States rising at an alarming rate, but the frequency with which self-storage units are being auctioned off is increasing rapidly. With most homeowners’ budgets being stretched beyond endurance, many are defaulting on their payments that allow them to keep their belongings in a self-storage facility. Homeowners will pay their rent, utilities, and cell phone bill before paying the rental on their self-storage unit, and many are being abandoned and/or foreclosed because the renter can’t keep up the rent payments.
Many of these units contain cherished possessions, antiques, electronics, family heirlooms, household furnishings and other belongings, and are often used as storage for lawn mowers, motorcycles, sports equipments, and other seasonal items that the homeowner doesn’t have room to store in their own garage. Many units are also being lived in (illegally) by those who aren’t fortunate enough to be able to afford a permanent residence.
A cottage industry is rapidly growing out of this unhappy set of circumstances. Homeowners who are in default are given legal notice that their unit is subject to public auction if they don’t get their payments caught up. When they aren’t able to pay up, the belongings in their self-storage unit become the property of the self-storage facility.
Many self-storage facilities sell the contents of these abandoned self-storage units through public auctions. The highest bidder becomes the owner of the contents of the self-storage unit, and is free to dispose of the possessions as they wish. Flea marketers and auction house owners are often the buyers, although the auctions are open to anybody who wishes to bid.
The abandoned self-storage units may contain the entire contents of a household or just a few possessions. At the time of the auction, the lock is cut off each individual self-storage unit by the self-storage facility. Bidders are allowed to stand at the open door, but not enter the unit, and their bid must be based on what they can see from that vantage point. Since the bidder often can’t see everything in the unit, knowing how much to bid is partly guesswork, and partly instinct.
Once the high bidder gains possession of the unit, he must remove everything in the unit whether it is trash or treasure. Some items may be valuable enough to sell on eBay or other online auction sites, while many other items make excellent rummage sale or flea market merchandise, or could even be added to the buyer’s own household.
Our current economy, with the threats of home foreclosures and a decline in the easy availability of well-paying jobs, often prevents consumers from buying new products for their homes and families. Even those who can afford new possessions are choosing to buy secondhand items instead.
Buying secondhand is being embraced by those with an eco-friendly attitude as a way to limit the number of new products that must be manufactured, protecting on our valuable natural resources and reducing the amount of junk that goes into landfills. It isn’t only the “poor” who visit thrift shops now; drive by any Goodwill store and notice how many newer model cars fill the parking lot!
Old clothing that was once donated to thrift shops and charitable organizations is finding its way into “vintage clothing” consignment shops and has become fashionable once again. Consumers who decorate their homes in the style of previous eras desire vintage furniture, appliances, and decor to create an authentic look. Vintage games, books, and toys remind of our childhood and have become hot collectibles.
Buying secondhand goods is beginning to lose its stigma, and the secondhand industry can expect increasing numbers of customers looking for pre-owned and pre-loved treasures.
Ms. Davidson is self-employed as a secondhand goods merchant and free lance writer and has self-published How To Make Money Buying Abandoned Self-Storage Units, which contains all her tips for building a successful home-based business by participating in abandoned self-storage unit auctions.
Tags: home-based business opportunities, self-storage auctions, abandoned self-storage units
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