What Are Building Trade Storage and Shop Space Condominiums?

Own Your Storage and Shop Space to Build Equity

We are all familiar with the concept of a condominium. A storage and shop space condo is the same. It is a luxury storage space that you own.

Like a home or residential condo, a luxury storage condominium is a piece of real estate you own and can use to build equity. Each unit is part of a complex that may offer shared amenities. Storage condo owners pay monthly dues to maintain the common areas and for services like lawn care and snow removal.

For building trades professionals like landscapers, electricians, and plumbers, a storage and shop condo offers personal, customizable, secure storage to hold valuable tools, equipment, and more and can include office space. Because it is owned, you never need to worry about rapidly escalating commercial rent. As you pay down your loan, you build equity for your business. And, when you are ready to retire or sell your business, you have a sellable asset.

Let's look at what a storage and shop space condominium is and why it may be a good investment for your business.

The Difference Between a Storage Space and a Luxury Storage Condominium

First, a luxury storage condominium is a real estate investment. You own the property, unlike a typical storage unit, which you pay for monthly. A Luxury storage and shop space condominium offers amenities unavailable in a typical storage facility. For example, your space is fully customizable. You can finish your condominium with a bathroom, a small kitchen, several offices, shop space, and storage.

They are well constructed, insulated, climate controlled, and include full electrical service. For owners who use their space to store toys, many facilities offer a dump station and wash areas for RVs and Boats. All provide 24-hour access and enhanced security features. Many even have a clubhouse on the property as a meeting place for owners who want to participate in the community aspect of owning a luxury storage unit.

For members of the building trades, a luxury storage and shop space is a great way to keep your tools and equipment safe and accessible 24/7. You can include a workspace like a wood shop and have plenty of storage space for building materials.

Unlike a typical storage facility, you are buying a property, which means you are building equity, potentially enjoying capital gains, and may receive some tax benefits (speak with your accountant!).

Why Buy A Luxury Storage Space

Storage space condos are still a real estate niche. Their availability is limited currently. That being said, luxury storage space is a growing sector in the industry and may be a good investment because of this limited availability.

For business owners, especially those in the building trades, buying a storage condominium may be a smart alternative to renting or building a free-standing garage on your existing property. Since you own the space, like most real estate, it has the potential to increase in value over time.

As a property owner, you can share your space or rent it out to compatible businesses. Because you are the property owner, you have complete control over the terms and rental rates, which can provide you with some passive income.

With 24/7 access, for example, if you are a heating contractor and get late-night emergency calls as part of your business, you can access your equipment day or night. Owning a dedicated storage and shop space ensuresimproved security because, unlike public facilities, only you have access.

Finally, as a business owner, as opposed to renting, owning this type of space can potentially deliver some tax advantages to your business come tax time.

Is This Investment For You?

As with any investment, personal or business, perform your due diligence. While owning a luxury storage and shop space can be a good investment, it's not for everybody. Small businesses, tradespeople, and increasingly hobbyists—like boat owners and car enthusiasts—are demanding extra space. This increasing demand, leading to increased equity, makes luxury storage and shop space an attractive solution for so many purposes!