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Long Term Storage - Do You Really Need It?

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When it comes to long-term storage, how do you decide whether or not you really need it? Use this handy checklist to determine if long-term storage is a necessity or not for your storage needs:

Do you plan to keep the items for six months or more?
Typically long-term storage is advised when you intend to keep an item for at least six months or longer but don't have the space or desire to store it at your home or office. Common examples of items suited to long-term storage might include an RV, boat, ATV or other recreational vehicle that is not allowed by a local Homeowners Association or which require too much space to store securely at home. Small business owners and others who work on the road or from home often find long-term storage necessary to secure everything from files to excess inventory.

Is the value of all the items greater than the cost of storage?
Before making the decision to secure long-term storage, take time to calculate the cost of selling each item and repurchasing it later, especially when it comes to things you rarely use. Tally up the anticipated selling price of each item and deduct that from the cost of purchasing it new. Then compare the total to the storage fees to determine if long-term storage is the right financial decision.

Is there a strong sentimental value associated with the items?
Sometimes price doesn't matter. Items with sentimental value may warrant long-term storage; from a family heirloom to a great gift handed down through the generations, long-term storage can provide the space you need to pass along a treasured item.

Is there a legal requirement to keep the items?
Many legal situations require property to be securely stored for a specific period of time or while legal proceedings are taking place. Common examples include divorce settlements, probate, landlords in possession of property left behind by a tenant, record-keeping (especially for those who own a small business) and many other situations. Due to the nature of many legal situations, long term storage is often the best way to ensure that property is safe and secure without taking up valuable space in your home or office.

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