Although renovation comes with different challenges, getting the needed equipment should be easy for everybody. The challenges may range from how to get equipment, where to get them, the cost, maintenance, whether to buy equipment or to use a rental service.
However, the use of equipment for renovation is changing and progressing, such that anyone can now leverage smart methods to get the work done.
Buying VS Renting Construction Equipment
Most people have found more advantages with renting construction equipment, than owning it.
Rental and sales companies within the industry need a competitive edge, so regardless of what you decide, looking at the benefits will influence decision-making. One of the first major decisions anyone will need to make when renovating is whether to rent equipment or buy and own equipment required to complete projects.
If tasked with renovating a home or space, analysing current financial capabilities and aligning them with the advantages of renting or buying will help with reducing any negative impact. So, here are some benefits of renting construction equipment when renovating.
Avoid repair and maintenance responsibilities
Maintaining construction equipment for renovation is often a complex and challenging endeavour. It involves making critical financial decisions day-to-day. You may need a repair and maintenance schedule to ensure that all equipment is checked and repaired timely. Therefore, renting equipment when renovating saves the time, cost, resources and workforce that is essential to take care of the equipment.
Getting specific equipment
When choosing to rent equipment, it may be better to get the exact equipment for the task you’re working on, rather than buying and keeping it in storage for years.
One of the advantages of renting equipment is being able to get the exact material needed for a particular task, like specifically hiring forklifts or even purchasing a used forklift to lift and move renovation materials over short distances. The cost implication of buying new equipment during every renovation process may be too high for anyone. With rented equipment, the latest version and features are available as most plant hire companies update their stocks. With purchased equipment, however, the value of the asset depreciates as soon as it leaves the store.
If you do frequent renovations, buying equipment may be more economical in the long-term. However, renting is cheaper for overall space, office and home renovations as it also does not hold back the cash flow that comes with capital expenses, such that when that particular project is done, there’ll be no need to spend more money.
Stop Storage Costs
Most renovation and construction equipment don’t do well in idle states. Storage facilities usually store the more significant pieces of equipment well tucked away when they are not in use, as they accumulate capital expenses themselves. However, this isn’t a problem when you rent equipment as it becomes the task for the rental company.
With changing demands in the construction industry, buying equipment is long-term and can become outdated. Whether buying used forklifts for sale, renting the exact equipment needed or hiring a range of equipment for your renovation… whatever option chosen, it’s safer to pick one that matches your need.