As a construction manager, you’re responsible for the successful completion of the projects under your control. You need to consider different factors when planning so the process runs smoothly.
That includes budgeting on the required equipment, which is affected by different aspects of the construction. Whereas after purchase, the equipment becomes yours. There are circumstances that do not allow you to buy. The alternative here is to rent.
In case you are not certain on whether to buy or rent, here are some situations when hiring is ideal.
1. When the Frequency of Use is Low
While some equipment is needed throughout the construction process, there are those that are only needed a few times. If you need to use a particular machine for a short time or on a few occasions, equipment rental would be most efficient. This way, the equipment doesn’t have to be idle and be in storage when not in use. Also, it is easier to dispose of rental equipment once you are done as opposed to selling the one you bought.
2. When Pursuing New Opportunities
Pursuing a new opportunity may require different and specialised equipment. Renting allows you to explore the machinery and gauge if it is suitable for the task depending on the first-hand experience. Once you are certain that it suits your needs, you can go ahead and purchase it. In case it is not, you can return it and keep trying until you find what is suitable for the construction project.
3. When the Budget is Tight
If your company is on a tight budget, hiring is an effective way of cutting down costs while maximising profits. Also, your capital is not tied down to an equipment and you avoid maintenance and storage costs. When working on a project that is far away, hiring from nearby prevents you from incurring hefty transport costs.
Working with suitable equipment is essential in accomplishing plans within set timelines. Fortunately, you do not have to buy where circumstances are not ideal. Renting will allow you to leverage the benefits of hiring.