Since the inception of equipment rental services, the option has been garnering fans who prefer to rent equipment rather than purchase them. Equipment rental services provide a host of benefits that appeal to most contractors. Suppose you are a construction manager in charge of overseeing the completion of a building. In that case, you might want to learn the benefits of renting heavy construction equipment instead of buying them. The following are some benefits you stand to enjoy by renting heavy construction equipment.
1. Dodge the Initial High Buying Costs
Purchasing heavy construction equipment can be capital-intensive, especially if you have just started a construction firm. Buying heavy equipment can leave a huge dent in your finances that could take you ages to recover. Before you lose track of your construction budget, consider renting the equipment.
The renting option absolves you of the ridiculous upfront costs associated with buying the machines and equipment. In addition, it enables you to allocate your money in other areas such as employing and retaining staff members.
2. Eliminate Logistics and Storage Issues
Leasing equipment transfers the responsibility of the logistics to the rental company you choose. In most cases, the company is responsible for any costs, damages, or liabilities that arise along the way to your construction site. In addition, this minimizes the logistics expenses required to get the heavy construction equipment to your site.
Another amazing benefit associated with renting equipment is saving storage costs. Purchasing the equipment would demand storage solutions to protect them from damage. Leasing solves the issue by transferring the storage problem to the rental company in charge.
3. Get Access to Project-Specific Equipment
Not all construction projects are equal. Some need large cranes, while others would fair better with more miniature bulldozers. You would need a lot of money to acquire all these different types of equipment suited for various projects.
Rather than incurring all these costs to acquire the latest pieces of equipment, you can consider renting the project-specific pieces from a heavy construction equipment rental company.
4. Save Money on Repair and Maintenance Costs
Apart from avoiding high initial purchasing costs, renting saves you from incurring maintenance and repair costs. Moreover, even if you encounter some repair and maintenance costs, they are comparatively low when you lease the equipment rather than own it.
It is important to note that the rental company may require you to get extra liability insurance coverage to protect you against liability and damage costs that may pop up during the contract period.
If you still wonder whether to lease or purchase heavy construction equipment, the former provides you with more benefits, as seen above. So start consulting with a rental company today to get quality and reliable construction equipment for your next project.