Rent your storage space discussion 24 January 2012 at 1:39PM in Boost your income 41 replies 34.2K views

Former_MSE_Rose

Hi all, this is a special discussion as part of the Boost Your Income guide, on renting your storage space to make extra cash.

We want to know if you've used Storemates.co.uk to find or rent spare storage - how much did you make, and did it all go smoothly? Would you recommend it to others? Just click 'reply' to add your feedback,

Thanks for your help,

MSE Rose

courtenay110

Glad to see you featuring Storemates, as I think it's a great idea. I have a friend who is also starting to make £40 per month storing a few boxes of household items for a local family who are having a child and need the space. They're happy to leave their stuff with him because they were able to meet and chat a bit before committing themselves and he's able to make a bit of money towards his household costs. I'm hoping to find someone close to home so I can store my tent and camping equipment. I wouldn't be saving if I used commercial storage as the costs are so high. If I can find a cheaper option, I can also save money on fuel costs, as otherwise they'd be in the boot of the car.

Louthulin

I believe I was one of the first people to get a "Storemate", and it's working out really well. I heard about the website from a friend and after looking through the contract etc we registered. A lovely couple from our local area got in touch and after meeting them, they moved some boxes and a few chairs into our loft. Of course you never know, but it's our best judgement that these people are trustworthy and I like the fact that we have gotten to know someone from our local community. My partner helped move their stuff into our loft so we know what is in the boxes and we have signed a contract. They paid upfront for the first two weeks and have now set up a direct debit, so we will not have to chase them for money. We get £45 a month which will help save up for things like new dining room chairs etc - things we otherwise couldn't afford. And we even have more space in our basement so perhaps we can rent that out to someone else...

Maya3

I think many people will find that the space they create through clearing a space is more valuable to them then the clutter they'll be storing. If it's cheaper than self storage than it's like paying a small amount to get an extra room in your home. My spare room in my small flat is full of years of uni course work and stuff I can't bear to part with. I'm seriously considering clearing it out to create a 'yoga room' which I think is easily worth paying £30-£40 a month. If I moved to a bigger flat instead the additional rent for an extra room would be much more.

I'll give the site a go if I can find some like minded people in my area, the profiles seem very personable, and my clutter isn't really worth insuring.

militantconsumer

The first three posts on this topic have been added by users with only 1 post to their name - that means it's hard to know who they really are and why they're posting.

Part of my loft is used to store the possessions of somebody who used to rent one of my bedrooms - and I don't charge him anything for this. Hence my interest.

Although this looks like an easy chance to make money, I'd be very worried about questions like this:

• How do you know what somebody is storing in your property? There could be illegal items such as drugs or weapons hidden in the boxes. What if the police search your house and find this? What if there is a dispute over ownership of the drugs? I wouldn't want to get mixed up in that kind of thing.

What are you going to do if they stop paying? Seize their stuff, dispose of it if it's worthless? What if they then decide to claim against you?

If I was looking to store my own possession in somebody else's house then I would be concerned about:

• What happens if your stuff gets lost or damaged? What if the roof blows off in a storm?
• What if your stuff damages their property - e.g. something leaks and causes a stain?
• If someone is renting out part of their loft for £10 per week then maybe they have money problems. What if their house gets repossessed or they get evicted (if renting)? What if the bailiffs come round and take your stuff, assuming it belongs to the occupant? What if they're SO desperate that they sell your stuff?

What about access to the items?

It's all very well to say you have a contract, but how are you going to enforce it? How could you even prove what was in the boxes?

If people know each other then fair enough, but otherwise I urge anyone considering this to exercise extreme caution!

patman99

Glad I'm not the only one to notice all the first few threads are posted by newbies. Kind of makes me suspicious right from the off.

!!!!!!, a tent and a few camping bits that fir in a car boot would take-up a small amount of cupboard space, so are not worth paying storage fees on.

As for the risks involved, what about the household insurance?. Surely this would be classed as commercial use and therefore items stored would not be covered by contents insurance.
Also, doing this could incurr council tax changes and possibly even require you to submit a Tax return each year.

I feel the cons outwiegh the pros on this one.

lincroft1710

patman99 wrote: »

Also, doing this could incurr council tax changes

No, as only household items are being stored there is no change of use and it certainly wouldn't affect the value of the dwelling concerned.

BargainGalore

Its first thing I was suspicious off 3 new posters just happen to come across this thread, signed up to only make one post, ummm

tbs624

Presumably the income is declared to HMRC?

Would you need to notify your house insurance company?

tbs624

BargainGalore wrote: »

Its first thing I was suspicious off 3 new posters just happen to come across this thread, signed up to only make one post, ummm

...and all within 2 or 3 hours of one another on the same morning.........;)

Sparhawke

I have only just heard about this and I think it is a very good idea really, unfortunately I do not have access to our very empty attic right now lol