The first step when remodeling your property usually involves acquiring the right equipment. Whether you are a small-time DIY-er or a contractor who has some big projects coming your way, you will have to make a decision about whether to buy or rent this equipment at some point. So, how do you make that choice?
Both of these options come with their own pros and cons that could make or break your project. As a result, it is extremely important to base your decision between the two on a rational set of factors. Certainly, the initial cost is a major consideration – but it is not the only one.
You will also have to look at which option makes the most sense for your business and help you run things more efficiently. With that in mind, here are four tips that will help you make the right choice between buying or renting equipment:
1. Consider your Finances
This is the most obvious consideration – do you have enough funds to buy the gear you need or is renting a better financial decision right now?
That said, you should look beyond your present circumstances and chart your costs over the next few years. It is true that buying can require a huge, one-time financial outlay. However, the cost of renting over several months or years can add up pretty fast and end up costing more in the long run.
Furthermore, owning such equipment could prove to be a great asset down the line. After all, you could always sell the gear and recoup your initial investment. That said, you can reduce the initial financial impact by buying used but quality equipment. Check out SmartCast Excavator Sale for lots of good deals on any equipment that you need.
2. Consider Job Frequency or Project Length
Out of all these tips, this one could be the most important factor affecting your buying decisions. If you are working on a short project, then it might make sense to renting the equipment that you need. However, this comes with a few hidden risks that might not be worth it if you want to finish the project on time.
But if you are looking forward to a long project or a string of remodeling jobs in your future, then buying the equipment you need is a much better solution.
3. Can you Manage a Fleet?
Owning your own equipment means that you will have to manage it. This means taking care of the maintenance, insurance, and even staff (if you will have any) by yourself. If you have the skills required to do this, then you can save a lot of time and money in the long run.
4. Usage and Availability
One of the biggest advantages of buying your own equipment is that it is available to you all day, every day. Owning it gives you a huge amount of control that can allow you to take care of any unexpected changes in the project schedule. You will also be able to complete your remodeling job faster and more efficiently.