Thinking about buying a storage condo

[Murf2]

Strictly storage or are you planning on car hobby projects too? Will you be able to do any w*rk in it, if you want? Paint, welding, etc.
I would have to know what the HOA does/doesn’t allow.
Murf

 

[pb4uski]

I would be concerned about having more storage space - I'm sure we'd just fill it up. At some point - maybe when we're dead - someone will have to back up a series of dumpsters to get rid of our stuff. Might as well get rid of some of it now but that's just me and YMMV.

21,600 cubic feet would hold a lot of "stuff". At this point in life my goal is less stuff, but if OP wants it then why not?

 

[pb4uski]

... It is some law of matter. It will expand to fill whatever space is available....

It sounds like a variation of Parkinson's Law:

"Work expands so as to fill the time available for its completion."

 

[disneysteve]

What the heck is a storage condo and how does it differ from a storage unit? It sounds like you own a storage condo while you rent a storage unit. I’ve never heard of such a thing. We have storage units all over the place around here.

 

[Mr._Graybeard]

Would the HOA Rules allow you to do what you want with the space? On top of the Fees, that would be my biggest concern.

cd : O)

There are no limitations that would preclude anything I'd want to do there.
I agree with the point that vacant space has a way of spontaneously filling itself up.

 

[Mr._Graybeard]

Strictly storage or are you planning on car hobby projects too? Will you be able to do any w*rk in it, if you want? Paint, welding, etc.
I would have to know what the HOA does/doesn’t allow.
Murf

Yes, it'll basically be a shop.

 

[INTJ10]

We would go for that if something was available near us.

 

[glax]

I just sold a unit this fall that was 20'x50' after 10 years of ownership because I moved 1.5 hours away and wasn't using it anymore. Think of it like any other real estate investment and consider the market and possible appreciation. Mine was $1k/ yr in HOA and $2500/ yr in taxes. Insurance was minimal. Small electric and gas bill monthly.
HOA handled snow plowing, minimal landscaping and would coat the driveway every summer. Reserves were slowly built up and ready to go if a roof or anything else major ever came up.
Bought it for $115k, sold it after 10 years for $410k. Great decision to buy in my case.

 

[kfsinc]

I've always wanted one of those! It's kind of a new trend -- another name is Barndominium.

The initial cost seems a little high at $100 a square foot, but may well be worth it. Note that you WILL sink lots more into it. Only you can determine the financial viability.

But -- it sounds like a great place to store and work on your collection if there's enough room and you can afford it.

One of the biggest hurdles, and frankly risks in retirement is boredom. This has the potential to significantly alleviate that risk ;-)

 

[WhenIsItTime]

You might want to look into building a detached garage. Around here, you can get a 20 x 24 foot garage (double) with vinyl siding for about $16K. Electrical wiring, lighting and heating is extra.

Including cement floor and approach?

 

[badatmath]

If the HOA has significant responsibility for maintaining infrastructure they should have an adequate reserve fund to pay those expenses.

Agree but in some states this is not required by law and they may not do it.

 

[COcheesehead]

Agree but in some states this is not required by law and they may not do it.

Which means SPECIAL ASSESSMENT. LOL.

 

[kfsinc]

And… given your location, I’d want to make sure it’s well insulated and heated. A hydronic system in the floor would be very high on my wish list. I’ve installed and used them before. Makes a huge difference in the usability of the space.

Given the price point, I’m guessing that that was not installed when they built this. And obviously needs to be installed prior to pouring the concrete.

 

[BubbaChris]

I really missed out in buying one in a nearby 55+ community when they were initially building them, and all the newer ones are at least 3X the purchase cost and POA dues.

What else is the builder doing to the property to make it appeal to a wider crowd? Is there a spot for washing cars/UTVs or rinsing off boats? Is there a sewer dump for RVs? Is the space between buildings big enough for maneuvering toys into?

I had a friend who rented a man-cave capable space in an industrial park. Fine for him, but I wouldn't be comfortable with the wider range of neighbors/risks.

Kind regards,
Chris

 

[Jeb-NY]

The HOA would be the show stopper for me. I have heard to many horror stories. The top of our list when we made the big move 10 years ago was no HOA. Sounds ideal otherwise.

 

[odie42]

We bought a storage condo 3 years ago. 24 x 48, 16’ceiling, 14 x 14 overhead door w/opener, walk in door, floor drain, stubbed for bathroom, 100 amp electric panel, good lighting and very well insulated. HOA is $500/yr. We paid $105k and currently bringing $120k when one resells. We use ours to store our RV. Some guys build their’s out for man caves and workshops. Very happy with ours so far.

 

[Mr._Graybeard]

Thanks for all the firsthand experiences. At the moment the condo is NOT heated. It does have metered access to natural gas if I choose to add it at some point. Insulating and heating would have bumped the cost significantly.

On the plus side, it's between two other units, so it's shielded a bit from the elements. I suspect that my condo neighbor, a top executive at a well-known corporation in the area, has a heated unit.

Property taxes have been sitting at around $1200/yr. HOA fees are $70/mo, collected quarterly. We'll have to pony up $140 to contribute to the reserve fund at closing, which is scheduled for next month.

Unfortunately the developer has not paid into the reserve fund himself. State law doesn't require that he do so. As for added attractions, a plumbed, heated restroom is about it. There's a custom car shop next door, which may come in handy.

The place is still under development. There are two large condo buildings now next to a bunch of smaller rental units. The developer is talking about adding a third building; the existing condos are about 2/3 sold, according to county land records.

 

[tenant13]

Before you start paying for storing your stuff, determine first how much you need it. When I started traveling - sometimes for months at a time with just a carry-on - I realized that I have zero attachment to anything that I leave behind in my non-storage condo. In fact I get uncomfortable, coming back and looking at all the junk I accumulated.

I’m tempted to hire someone just to throw all this crap away so I don’t have to go through the process myself - at which I always fail.

 

[kfsinc]

Sounds to me like you have this well thought out. And given the neighbor and probably the neighborhood, it’s always a good thing to buy the lower cost property in a nice neighborhood ;-)

Looking forward to seeing the progress as you build it out.

 

[indiajust]

this is exactly why i refuse to purchase additional space and live in a 500 sf apartment. humans expand to fill available volume. that said, i love hanging out at wrench turning place with motorheads.

 

[flyoverstate]

A relative has one, maybe it depends on where it is located, but they said the biggest issue is that they are charged OUTRAGEOUS commercial property taxes. They pay 2x for the property taxes for that unit as what they pay for their very nice house worth 4x what the unit is worth.

And an HOA on top of that, but the HOA fee is small compared to the taxes.