A construction project – be it a residential or commercial building – can take months, sometimes years, to complete. Constructing a house or a commercial building is also very costly. A considerable portion of the construction expenses may go on the equipment. You have the option of renting or buying construction equipment, but will it benefit you in the long run if you purchase it? Renting equipment is another way that you can save money on construction. If you need more convincing that renting construction equipment will save you more money, here are some advantages.
Renting is more inexpensive
Brand new or even second-hand construction equipment is costly, and if you are only going to use it once, it will only gather dust in storage. You may find it hard to find use for specialised equipment after its first use. You can sell it, but you may not find a buyer right away, so you can take a portion of your money back.
You don’t have to spend on repairs and maintenance
Repairs and maintenance of construction equipment will also cost you a lot of money. You will not have that problem when you rent. A Lancashire plant hire firm, for example, will factor in the maintenance and repair of the equipment you hire in the rental fees, and you don’t have to worry about looking for a maintenance specialist to do the job.
Construction equipment technology is continually upgraded
When you buy construction equipment, and you do not have a use for it for several years, chances are there will be new technology that is better than what you have. On the other hand, rental companies make sure that their clients always get the best tools and equipment for construction. They invest in new technology to satisfy the needs of their clients.
No storage issues
Heavy equipment and construction tools will require huge storage space, and if you don’t have that at home or your place of business, then renting is the best way to go. Although construction tools are durable and can withstand harsh conditions, you still need to store them, so their lifespan is not shortened.
You don’t have to deal with depreciation
When buying heavy equipment, you have to factor in its depreciation cost. Maintaining it will cost you a considerable amount of money on top of the initial purchase price. As the years pass, the value of the equipment diminishes, making it hard for you to recover your investment in it.
If you need to transport the equipment to another site, you will have to spend money on logistics. It will not only affect your budget but the efficiency and continuity of the job as well. Transporting heavy equipment may take time, and if not properly planned, may delay the project. Rental companies already include logistics fees in the contract, and they will take care of transporting the equipment to the site, which is also their way of ensuring that their machinery is safely transported.
Renting machinery for construction will save you money, time, and manpower. You can focus more on other aspects of the construction if you don’t have to worry about the equipment.