Construction projects do not come in cheap for both clients and contractors. Projects can go beyond their budgets due to several reasons such as design flaws, inaccurate material, and labor estimates, increasing scopes, and many more. Construction companies are looking for ways to reduce costs without sacrificing quality and renting construction hoist equipment might just be the answer.
The Cost of Buying a Construction Hoist Equipment
Much like any other construction equipment, hoist equipment costs are relatively high compared to machinery from other industries. Not only are they expensive to purchase, but they are also expensive to operate and maintain.
Hoists are is a common factor in most if not all construction projects. You cannot substitute this equipment with a similar piece of machinery just to save money. This method can cause more harm than good since using the wrong tools can lead to on-site accidents.
Benefits of Renting Construction Hoist Equipment
Since buying new equipment is expensive and cost-cutting by using the available equipment you have for a task it is not designed to do is out of the question– what are your options?
The answer is– renting construction hoist equipment from a reliable service provider. Here are some of the benefits of renting your construction equipment:
Renting is More Affordable than Buying New Equipment.
Buying new hoist equipment is a major investment that needs upfront capital. Due to the high initial purchase cost, it will affect the project budget significantly. This investment can leave you with little to no resources to use for other aspects of the project.
In comparison, renting allows contractors to save costs while still having a wide range of options for technologically advanced heavy machinery. Since renting is more affordable, contractors will have more resources for other aspects of the project.
Renting Reduces Maintenance and Repair Costs.
Having your own construction equipment means you need to spend resources for its maintenance and repairs even during its downtime. Maintenance and repairs are important since the slightest defect can cause damages to the project or worse– fatal injuries. It is not something that should be sacrificed due to cut costs.
Renting your construction hoist equipment still involves some upkeep and repairs especially if you need to use it for a long time. However, you do not need to shoulder its maintenance and repairs through the lifecycle of the equipment.
The rental company will take care of the machinery during downtime while you only need to look after it while you need it on the site.
Renting Frees You From Suffering Losses Due to Depreciation.
Like any other vehicle, construction equipment and vehicles depreciate due to wear and tear. It is difficult to recover the expense of the initial investment when it is time to sell the equipment. Renting frees you from the stress of depreciation.
If you do plan on buying construction equipment, do your research and check if the machinery is expected to upgrade in a few years. If yes, you should opt to rent instead while waiting for a unit that will last your for a longer time before it upgrades.
Renting Gives You Flexibility.
Renting construction equipment offers flexibility in many ways. For instance, since you do not need to invest a big amount of money in new equipment– you will not limit the extent to which you can bid or accept projects. It gives you flexibility in your business decisions.
You also have flexible options when choosing your hoist equipment since you can rent them based on the nature of projects you take up.
Renting Allows You to Easily Exchange Equipment.
Buying a piece of equipment means you are stuck with what you bought for a long time. It does not matter if it cannot accommodate your needs for the next project. You cannot trade the machinery you bought just because you don’t like it anymore.
Renting equipment allows you to easily return a unit for a different size or model depending on your needs. You can ensure that you have the right unit, model, or size for your project. Of course, this still depends on your agreement with the hoist rental service provider.
Conclusion
At the end of the day, you understand your company and project needs best. Renting construction hoist equipment is recommendable in the sense that it saves the company money in more ways than one. However, if you truly believe that buying your own equipment will help you in the long run, then that is also an acceptable course of action.