Anyone owning a construction company will easily tell you that a wide variety of equipment is needed to complete each project. While some smaller items can easily be purchased, some of the bigger items can be costly. Most construction companies are opting for the equipment hire Melbourne contractors are offering local industries. Whether your company needs excavators, loaders or skid steers the good news is, you can rent them all!
Consider the Benefits of Hiring Before Buying
Irrespective of how big or small your company is, certain projects might involve equipment that you don’t always have on hand. It’s not always cost-effective to purchase a machine if you’re not sure if you’ll get another project that requires that specific product.
It’s also not always cost-effective to purchase all the equipment needed. Factors such as space or running and maintenance fees could end up costing a fortune. What are some of the reasons why equipment hire is better for business? Let’s take a look below.
Avoid Tying up Capital
You might consider buying a machine, using it and then selling it when you’re done with it. The issue here is that your capital is tied up until you eventually get the machine sold. It’s also unlikely that you’ll be able to sell it for the same price you bought it.
No Need for Storage or Transport
Buying equipment means you’ll need to have secure space available. If you’re buying something as small as a jackhammer, storage might not be a problem. However, a new skid steer isn’t exactly something you can store in your spare garage!
Some machines will need to be transported to the job site on a truck. In this instance, you’ll either need to purchase a truck or rent one. This in turn is another cost to incur. Renting a machine for the day usually involves the rental company transporting the product to the site.
Minimal Risk of Downtime
Downtime in construction equals loss of income. Construction projects are also time-sensitive. With your own machine, you run the risk of downtime due to faulty machines that need to be repaired or serviced.
Since rental is an on-demand function, the rental agency will ensure that the machine is delivered and collected on time. If there’s a fault with the machine, your contract will more than likely cover a replacement machine for the duration of the contract.
Remain Competitive
If you’re running a small construction business, it might be difficult to keep up with the bigger companies that can afford top of the range machines. The more expensive machines are, the more likely they are to have the latest features and technological advances.
With a rental, your small business can compete with bigger companies. You can rent the item with the most advanced technological features you need to get the job done in the most effective way possible.
Minimal Financial Commitment
When you opt to purchase equipment, your investment doesn’t simply include the initial capital cost of the item. Provision needs to be made for maintenance and regular services.
And, as much as you plan for a service to be done at a specific time when you have funds available, an unforeseen damage or component breakdown can require immediate service.
By renting, the maintenance and general upkeep is part of the rental agent’s responsibility. All upgrades, periodic services and eventual sales of older models isn’t something your company needs to stress over.
Flexibility and Versatility
The more flexible a machine the more use you’ll have for it on your job site. Some machines can perform several functions depending on the attachments you add to them. It will be costly to purchase all these types of attachments and maintain them as well.
With renting you can easily rent the types of attachments you need with each specific job. That way you won’t be stuck mid-job when you realise the accessories you need aren’t among the ones you’ve purchased.
Avoid Compliance Queries
Some types of machinery come with certain regulations and compliance requirements. It can be difficult to keep track of all these legislations with everything else that needs to be done. The last thing you want is for your job to be halted because of compliance issues.
If you opt for renting, the rental agency will be responsible for ensuring that machines meet all industry standards and compliance requirements. They’ll also be able to advise you of the exact machine necessary for the specific job you have in mind.
Final Thought
In a strained economy, it makes more sense to keep capital available for emergencies and rather consider rental options. It’s also easy to hire equipment because the rental company bears the brunt of maintenance, services and routine upgrades.
By renting you can easily use the machine for the duration of your project without having to worry about long-term storage. Don’t put your company under financial pressure by purchasing an oversized piece of machinery when you can simply rent it!