One of the factors that you should pay attention to when looking for a self-storage unit to rent is the rental agreement. This document spells out the terms under which you will use the facility, so you should scrutinise it carefully. This article discusses four key clauses that you should pay attention to.
Charges and Fees
This clause spells out the different charges or fees that you may incur during your use of the self-storage unit. For instance, the lease/rental agreement may include optional fees such as the cost of picking up your belongings when you rent the unit. This clause helps you to have a clear picture of what it will cost you over time if you want to use that unit for several years/months.
This clause spells out the conditions under which the management of the self-storage facility can terminate their agreement with you. For instance, one storage facility may say they will terminate your lease if you spend a night in the unit even if you rented it to keep your belongings. Another storage facility may stipulate that you will just incur a heavy fine if you spend a night in the self-storage unit. Such default clauses help you to pick the facility that suits your needs, so never gloss over the rental agreement.
Some storage facilities put a cap on the total value of the items that you can store in a unit that you have rented. Such caps may help the self-storage facility managers to provide adequate insurance cover for your property once it is in their care. Scrutinise this clause so that you find out whether that maximum permissible value is high enough to accommodate your belongings. If it is not, talk to the management so that a way can be found to satisfy your needs. For instance, management can give you options like getting a safe-deposit box for your most valuable items (such as stock certificates). This will give you peace of mind that the storage facility will compensate you in case an unforeseen event leads to your property being damaged.
You may find yourself violating the lease agreement due to unforeseen circumstances. For instance, you may default on your payments and be unreachable due to an unplanned trip you took abroad. Dispute resolution clauses spell out the procedure of resolving misunderstandings without going to court. Such clauses can save you from incurring hefty litigation charges when matters arise (such as the non-payment example above).
Ask the self-storage facility manager to explain any part of the rent agreement that you do not understand. Keep these things in mind when contacting different storage facilities, like Melco Storage, and select a facility whose rental agreement suits your specific requirements.