Does a Storage Room Add Value to Condo?

I'm guessing it would add about $10,000 in value.

I am not sure it adds value. But it is a nice addition when you try to sell.

Um, are you buying the unit, or are you purchasing a license to use? If the latter, then no xfer tax.

Buying the storage unit. I am guessing the transfer tax would not apply because it is under $25k, but wanted some thoughts.

I would think the answer would vary wildly based on the wealth/income of the residents, the amount of storage in the apartments, the size of the apartments, and whether open, shared storage is also offered (not that that's comparable, but it provides a "make do" solution for certain items that makes higher expenditures less urgent).

The apartments have a large, open layout, but most of the 1BRS have two regular sized closets that probably could not accomodate a couple.

buy the storage room---when you sell, if there are comps in your building that do not have storage, and your apt does, all else equal, your apt will trade first

and if yours doesn't and comps do, you will have to discount

in my last condo owned, storeage spaces were deeded serapately

storage in your building vs at a storage facility away from you is apples/potatoes

> At current prices, I can probably rent a larger storage room for approximately $150 a month.

If you put 10k in the bank, and got $150 each month, you'd be earning 18% interest.

Having storage in the building is HUGE. To me, it is a different category. If you have a storage room on the west side, you store things you might get once a year, furniture you're not using. You'll save some space in your apartment, but to me that stuff generally ends up being stuff you should be selling, or never use.

If it is in the building, you can add a lot more to that. I think of it as another closet. Large broiler pans (sounds weird, but they 'aint small). Big pots. Fans. Coolers. Special occasion clothes. Office supplies (buy a boxes of envelopes and files and things, only keep in the apartment a few of each) Stuff that you'd otherwise have to keep in your apartment for easy access (and that you can't have across town if you really plan on using).

Your bike. Your basketball.

Basically, having it in building means being able to store more types of things that would otherwise be taking space in the apartment itself. REALLY helps with clutter.

ru kidding?
does a happy ending enhance a massage?
are bear catholic?
do priests crap in the woods?

Absolutely get the storage unit. You'll love it. Who cares if it adds value, you'll be happy you bought it. We use it for old computers, paperwork, extra folding chairs, rug cleaner, unwanted bulky Christmas gifts. I wish we had two!

Thank you for the feedback. I'm getting the storage unit.

Just curious -- anyone ever taken a cage and 1) put some plastic or tyvek paper or something around the sides to keep out dust, 2) or built thin little wooden walls into one. I just think I'd like the cage more with something like that. Also, it adds a bit of privacy, not that that is so critical.

Totally agree that storage is key, and well worth a few thousand more.

also, the cage floor is just cement, and i was thinking of painting it with some sealant/color (maybe white) just to maybe keep it cleaner...

I have seen people put up material that afforded privacy in the cage, as if his pile of crap was something that needed to be hidden more than the next person's pile of crap.

I noted that in one of our son's apartments, one of their neighbors converted their storage room into a gym complete with treadmill and weights and sheetrock walls for privacy. Must be toasty in the summer.
Our apartment is assigned one and absolutely love the fact that we have it for all the reasons people have stated though it was not a factor when we were buying the apartment.

There is never enough storage in an apartment. Having a storage room in the building is fantastic. $10,000 seems cheap to me. What is the height of the 5x5 storage area?

cages i have seen are 7 or 8 feet high.

what is typically charged for storage in a nice condo building? the original offering plan at some buildings in williamsburg (pre crisis plans) showed a price of 500 or 1000 psf,..but post-crisis in practice they have sold for much less

It depends on what the prospective buyer wants. Its an option.
Compare it to a sunroof or heated mirrors in a car.
If the buyer wants it they are of value, if they don't they're an option they just don't want to pay for and
cannot be expected to if you want the sale to go through. So the take-away is if you load up an apartment with options, keep in mind that when you resell, not everyone will value them equally.

Also many Buyers are aware that the Sellers are often not permitted to retain ownership of a storage unit after they are no longer owners of residential units. The Sellers may attempt to gain advantage by pressuring the Seller to offer the units for free, comparing the unit to one without storage claiming they don't need the added space.

I see storage units as a way to make your unit more desired by a prospective buyer, that is all.

what if there is maintenance associated with the storage unit? does that change people's feelings?