Bike hoist

Got a new bike this month, but haven't enough space for it, when i search online, i find this bike hoist, anyone here familiar with it, what do you think? not expensive but useful?

I have two of these, they work good.

I have 3 of these. I think I got them from Amazon. They do their job for what I paid (btw Harbor Freight tools has it too: Item 95803-1VGA $9.99). The way the pulley system works is very similar to window blinds. The string that comes with it sometimes gets frayed at the point where it engages the locking mechanism to hold up the bike. Despite that I have had no problems. Also you will have to tie the loose end to a weight (I use a metal nut) to prevent the string from getting pulled out the other way - if that happens you'll need a ladder to pull down the loose end.