The fact of the matter is that there are advantages and disadvantages to both buying and renting equipment for a construction job. It depends on where you are as a business, what kind of tools and equipment we are discussing, and the construction project. The best way to know whether renting is the right option for your business’s specific requirements is to go through the advantages. If you find any one or more of the following benefits are applicable for your next construction job, you will have your answer.
If you need some really expensive construction equipment for a job, but it’s also the kind of tool which you don’t use that often, it will make little sense to invest in it. Just rent it for the job and you won’t be paying a single pound out of pocket. In fact, construction businesses that rent more tools than they buy have very little to worry about as far as long-term equipment investment costs are concerned.
Even when it comes to construction tools that the business needs frequently, renting means that there are no down payments or EMIs to pay. You only pay rent for the days you actually need and use the equipment for projects.
If you are wondering how rented construction equipment can be better than your own tools, then the answer is modern technology. Technology in our time is improving at a drastic pace. All that construction equipment you bought three years ago could very well be out of date in comparison to the latest models today.
There’s a good chance that you have not managed to break even on some of the initial purchase expenses yet, and they could already be out of date. This puts businesses at a significant disadvantage in terms of performance capacity, especially compared to competitors who are working with later models and better tools.
Renting is a practical and cost-efficient solution to this problem in its entirety. You will always find the latest equipment when you need it at industrial tool rental shops without ever needing to buy any of it. Just make sure that the cost of rent is factored into the project’s budget and there would practically be no cost of equipment to deal with whatsoever.
Every time you rent a piece of heavy and expensive construction machinery instead of buying it, you relieve your company of all present and future maintenance costs. It’s the owner who bears all responsibilities and costs related to checking and maintaining the tools. As the party renting the equipment, you will only have minimum liability towards the tools. As long as the tools are not mishandled, your company’s responsibility towards them will end the moment you return them.
Construction businesses these days tend not to buy anything that they can rent without breaking the law or suffering any losses for it. Which is to say that builders and contractors only buy safety equipment and the most essential tools that are instrumental to their business’s daily work.