In many industries, including construction, renting your equipment can be a good financial decision. Here are some benefits of renting construction equipment.
1. Special Project Needs
Sometimes, a building site or other project has a unique aspect that requires specialized equipment such as cranes or bulldozers. In these cases, you run the risk of purchasing a product you’re unlikely to ever need to use again, which isn’t a good investment. When this happens, you can instead rent the specialized equipment, use it for the project and then return it when you’re done. In other cases, you may be juggling a few different sites at once and not have enough equipment to spread out between projects, so you can rent extra equipment to fill your needs. It is best to choose national crane services as they deliver equipment on time regardless of the size of the project. Working with a construction equipment rental company can help you find the equipment you want to rent more easily, whether it’s common or specialized.
2. Equipment Storage
Because so much construction equipment tends to be bulky and take up a lot of space, storage can be an issue. Investing in enough storage space that also provides the right storage conditions to keep your equipment safe and secure when you aren’t using can be expensive, especially if you have a large amount of equipment. Choosing to rent all or part of your equipment inventory can help mitigate these cost and space issues, particularly if your rental needs are short-term, such as a day or a week when your rental company will be less likely to require you be able to store their equipment.
3. Avoiding Depreciation and Market Volatility
Renting equipment is a more flexible financial option than purchasing it. While it can be good to make the investment of purchasing your own equipment, renting is more likely to help you weather the fluctuations of the construction market. You also won’t need to worry about the value of your equipment depreciating if you rent it. Even if you maintain your equipment to the best of your ability, when the time comes to resell, it will have lost value over time, based on how long you’ve owned it and how much you’ve used it. If you rent, you can avoid depreciation-associated losses.
4. Up-to-date Equipment
Since purchasing equipment can get expensive, the best financial practice is to keep it in good working order for the long-term. However, this does have a downside in that your equipment will likely become outdated before you’re done with it. Renting helps you avoid this problem since much of the equipment available for rent tends to be rather new. This can be advantageous because you’ll have more up-to-date equipment at your disposal to provide competitive services.
5. Avoiding Maintenance Costs
Owning your own equipment means you also own the costs of maintaining that equipment. It can be expensive to do that, but it can be even more expensive to have to replace equipment that hasn’t been properly maintained. As with storage, maintenance is something renting makes much easier. Your rental company should take care of any routine equipment maintenance before renting it out.
When you look at your equipment options, it’s important you review your financials, the needs of your employees and the specifications of your construction site to decide whether to rent or purchase equipment.
Construction Material Take off Services:
In many industries, including construction, renting your equipment can be a good financial decision. According to I AM Builders, a company that offers construction material take off services, using rental equipment for your project can help save you a lot of money.