To make construction or a renovation project unchallenging, you would need equipment.
Equipment like ladders, lifts, fences, and scaffolding is necessary for a better project. This kind of equipment can make construction and renovation easier and better.
Buying or renting out equipment will be your choice. Equipment provided by Lakeside Hire can help you with your construction and renovation projects.
When you think it is the right time to buy this equipment.
Here are five factors that can help you better decide if you will buy or rent them.
Let’s dive in!😊
1. Current financial situation
The most evident factor you need to consider is the capacity to buy the equipment. Do you have the budget to purchase equipment?
If you do, consider buying good quality equipment that can work for a long time. This way, you can maximize your purchase and have a return on your investment.
Construction firms usually invest in these types of equipment for their construction needs. However, individual consumers are better off renting equipment as they will use it only for a short period.
Buying equipment is not only spending colossal money; you can also earn money by selling or renting out the equipment when you own it.
2. Storage needs
When you buy equipment, you will be responsible for its storage needs.
Large equipment like scaffoldings and lifts needs a proper storage space to secure it, and it is also necessary that their storage location will be safe for people.
When you rent equipment, you will no longer be responsible for its storage after use. After using the equipment, you can immediately return it to your equipment rental provider.
Renting out will be more convenient for your equipment needs without considering the storage needs after use.
3. Cost of Ownership
The expense of buying equipment does not stop there, and you will also need to consider the maintenance and future repair costs. Some equipment costs you money for insurance, transfer, and government licensing.
For example, powered access equipment and genie lifts would require regular maintenance. Maintenance is necessary to have the equipment be of top efficient quality.
Renting out will significantly lower the cost of ownership. You, as a renter, will only be responsible for maintaining the equipment’s original functionality, and the price will be lower than when you own the equipment.
4. Frequency or length of the project
Consider the length of time the project will need the equipment. In a home renovation project, you need to factor in your timelines.
When working on the exterior and roofing of the house, ladders, lifts, and scaffoldings will be necessary. But when you decorate the interior of your home, you will no longer need most of them. In this instance, renting is a cost-effective way to help you get the job done.
Buying equipment is advisable for frequent job use, like when you are in a contracting business. You can buy the equipment for long projects as long as you can handle the cost and maintenance.
5. Usage and availability
A huge benefit of owning equipment is its availability whenever you need it.
Compared to renting the equipment where you are unsure if the equipment will be available. If not, you will need to wait and reschedule your plans.
Buying will make the equipment readily available anytime. Using the piece of equipment will solely be on your degree of care. No external pressure from the rental company will tell you how to handle your equipment.