Private Storage is a new, but remarkably simple idea that allows ordinary Australians to rent out reasonably priced, privately owned storage space. Traditionally the only options available to individuals or businesses looking for somewhere to store their extra things, has been to use commercial Public Storage and Self Storage facilities and services.  However, with Private Storage, just about anyone with unused space in their home or business, can advertise and rent out their spare space and convert it into a regular extra income – literally making money out of thin air.
More and more Australians are becoming aware that they can make money out of their empty bedrooms, garages, sheds and even cupboards.  People looking for storage and needing to rent out space to store their things are also realising that there are real alternatives to traditional self storage, and are attracted by the significant cost savings (as much as 50%) and greater convenience offered by Private Storage.

Is Private Storage right for you ?  It is not necessarily suitable for everyone – so here are some of the advantages and disadvantages :

Advantages of Private-Storage:

• You get to make real passive income each month by renting out spare space in your home or business. A shed, part of your garage, a room or even a big cupboard is all it takes to start producing income.
• Rather than dealing with a “live in” tenant – you only have to share your space (and your life) with inanimate objects (with an occasional visit from the owner perhaps)
• It is cheap (or even free) to advertise your space online and very easy to set this up. All you need to do is clear some space, measure it, and list the details online.
• This is still a relatively new idea, so there’s not much competition out there (yet) when you list your space. It is still quite easy to rent your space quickly if you set a reasonable price.
• Until recently, people searching for storage space only had the ‘professional’ option.  By offering Private storage, you get to provide someone with a really good price for storage, while you make money. It is a genuine win-win situation for all..

Disadvantages of Private Storage

• You may need to take some time (and a little effort) to clear out the space and get it ready for a potential space renter. This may take time and thought depending on your particular situation.
• You need to make sure you are clear on insurance if something happens to the stored goods. This usually requires a call to your Insurer. You should tell whoever rents your space if they need to arrange their own insurance.
• Depending on your location, the space itself and the price you charge, you may wait a while for someone to contact you about renting your space.
• You may need to be selective about the types of things that you are willing to store, or what level of access you are willing to offer

If you have some unused space and love the idea of your home making you genuine, ultra low-risk passive income, then Private Storage could very well be the thing for you. It currently costs you nothing to advertise your space, and once it is listed, all you need to do is sit back and wait for someone to contact you.

if you do happen have spare space around your home or business, or if you are searching for storage space then Private Storage is certainly a service that you should consider. For more information, try online services like www.SpaceOut.com.au.

We get asked a lot about how to insure privately stored goods, so we’ve provided her some information about covering your stuff, and the crux of the Insurance question is at the end of the post.  You can also find more information on our Self Storage Insurance page.

Owner Arranged Insurance

One method of having your goods insured is by having the Space Owner arrange storage through their home insurance policy…some home policies may cover other people storing their things. If it doesn’t though, you could ask the home owner to see if they can extend their policy to cover stuff stored at their house by someone else.

Whether you as a SpaceRenter pays extra extra for this insurance cover or the SpaceOwner does is between you and the Owner. Talk to the SpaceOwner about this, as it is in their interest for your goods to be properly covered too.

Seeker Arranged Insurance

You may also be able to arrange a policy yourself though a reputable insurer. That means you can arrange cover for your items (which the insurer will ask the value of) and pay an agreed rate. In a full security facility, this rate is around $1 per month per $1,500 of value, but expect more if you organise it yourself. Call around to find the best deal.

Insured Value ?

Perhaps The BIGGEST question though that you need to ask yourself here is “What value do my goods really have?” I mean valuables items are obviously valuable, and I would certainly want to leave my irreplaceable things like family heirlooms and photos, gold, antiques etc in full security situation, but the option that private storage provides is to leave the OTHER stuff, beds, sofas, bookshelves, old clothes that you’d prefer not to throw away, etc etc into storage that is significantly cheaper than the storage facility rate.

This stuff is bulky and cumbersome, and wouldn’t be worth selling but you prefer to keep it rather than going to the trouble of buying it again at some stage. Storing this bulky stuff that takes up most of your space at ‘maximum security’ rates will chew through your cash and is just plain unnecessary. Draw a clear line between your valuable stuff and your ‘bulky’ stuff before you store.

What to Store Where ?

I guess the main point of this post is that the stuff you put into private storage is stuff that is both big, and that IS replaceable if worse comes to worst. You just want to park it some place that doesn’t cost an arm and a leg. Most SpaceRenters take this view of stuff they put in Private storage. Consider using a traditional storage facility for things that are worthy of the higher storage rates.

Separating ‘bulk’ from value items can save you big time. A bit of forethought can stretch your dollar a long way.