Finding a great deal on a repossessed storage shed can be a smart way to save money on a necessary purchase. But navigating the world of repo storage sheds requires careful research and a bit of know-how. This guide will help you find the perfect repo storage shed near you, ensuring you get the best value for your money.
What is a Repo Storage Shed?
A repossessed storage shed, or repo shed, is a shed that has been reclaimed by a lender due to the original owner's failure to make payments. These sheds are often sold at a significantly reduced price compared to new sheds, making them attractive to budget-conscious buyers. They can range from small garden sheds to larger utility buildings, offering a variety of sizes and features.
Where Can I Find Repo Storage Sheds Near Me?
Unfortunately, there isn't a centralized, nationwide database for repossessed storage sheds. Your search will require a bit more legwork. Here are the best places to start your search:
1. Online Auction Sites:
Websites like eBay, Craigslist, and specialized auction sites frequently list repossessed goods, including sheds. Be sure to carefully examine the listing photos and descriptions, and ask detailed questions about the shed's condition before bidding. Remember to factor in potential transportation costs.
2. Local Auction Houses:
Many local auction houses regularly auction off repossessed items. Check with auction houses in your area to inquire about upcoming auctions and whether they'll be featuring storage sheds.
3. Dealerships and Retailers:
Some shed dealerships or retailers may occasionally sell repossessed sheds. Contacting them directly and expressing your interest might lead to some good deals.
4. Self-Storage Facilities:
Self-storage facilities sometimes auction off abandoned units, which may include storage sheds. Check with facilities near you to see if they have any upcoming auctions.
What Should I Look for When Buying a Repo Storage Shed?
Buying a repo shed requires careful inspection. Here's what to look for:
Inspecting the Shed:
- Structural Integrity: Check for any damage to the walls, roof, and floor. Look for cracks, rot, or signs of insect infestation.
- Doors and Windows: Ensure doors and windows open and close properly and are securely fastened. Check for any damage to the glass or framing.
- Foundation: If applicable, inspect the shed's foundation for cracks or settling.
- Roofing: Carefully examine the roof for leaks, damage, or missing shingles.
- Overall Condition: Assess the overall condition of the shed and consider if repairs will be needed.
Ask Important Questions:
- Reason for Repo: Understanding why the shed was repossessed can give you some insight into its condition and history. While not always disclosed, it's worth asking.
- Warranty: Inquire if any warranties remain on the shed.
- Delivery and Installation: Clarify the terms of delivery and installation, especially if these aren't included in the purchase price.
Are Repo Storage Sheds a Good Investment?
Repossessed storage sheds can be a good investment if you carefully inspect them and understand the potential costs involved. The significant price reduction compared to new sheds can lead to considerable savings. However, remember that you might need to invest in repairs or maintenance. Weigh the potential savings against the possibility of needing to make repairs before making a purchase.
How Much Can I Expect to Pay?
The price of a repo storage shed varies greatly depending on its size, condition, and location. You can often find significant discounts compared to new sheds, but be prepared to pay for any necessary repairs or transportation. Research comparable sheds in your area to get a better sense of fair market value.
What are the potential risks of buying a repo shed?
While the savings can be significant, there are inherent risks in buying a repossessed shed. These include:
- Hidden Damage: It's possible that significant damage may not be apparent during the initial inspection.
- Repair Costs: You might end up spending more on repairs than anticipated.
- Title Issues: In rare cases, there may be complications with the title of the shed. Ensure you understand the process for transferring ownership.
By carefully weighing the potential benefits and risks and conducting thorough research, you can find a great deal on a repo storage shed near you. Remember to inspect thoroughly and ask questions before you buy to ensure you're making a sound investment.
