The State of Home Spending Report by HomeAdvisor shows that home improvement spending in 2020 averaged $8,305 per project. This represents a $785 year-on-year increase. Home renovation contractors have had to find ways to source labor and equipment for the increased demand amidst the Pandemic’s safety concerns.
The unpredictable market and rising costs of heavy equipment have increased popularity for construction equipment rentals. As contractors find new ways to save money, renting has become a viable option for most companies, which mitigates their risks and increases their opportunities.
Here are five benefits that your construction business can enjoy when you decide to pick up equipment rental in Marion, OH.
1. Avoid Initial Purchase Costs
Buying that shiny, new backhoe can be prohibitively expensive for your company, significantly increasing your capital expenses. Additionally, the purchase is a long-term investment that ties you to fewer pieces of equipment. Construction equipment rentals can help offset the initial purchase costs, allowing you to funnel the funds to other sectors in your business model.
2. Lower Maintenance Expenses
Owning a piece of heavy equipment also means investing in maintenance and repairs that can drive up your operational expenses. You may have to keep a small team to service the machines. The parts, hydraulics, and fluids may require frequent changes. Most rental contracts have provisions for maintenance, allowing you to hand over these worries to the rental service provider.
3. Protection From Market Fluctuation
According to the HomeAdvisor survey, 30% of planned projects never kicked off or weren’t completed due to the Pandemic. The construction industry is dynamic, with many factors influencing the market. Project availability, rising or dipping of equipment prices are all out of your control. Renting shields your business from uncertainties, allowing you to stop the Marion tool rental program whenever you are no longer using the equipment.
4. Project Specific Rentals
Some projects require specific construction equipment for you to complete them correctly and efficiently. You can use Marion equipment rentals to augment your existing fleet with equipment that you do not currently have to help you pursue new business opportunities. You can eliminate logistical delays and provide each job site with the machinery that they require to complete the projects within the specific time.
5. Free Up Storage Problems
Owning the construction equipment means that you may need to find storage spaces to keep the equipment when not in use. The heavy machinery can only take so much idle time outside, with exposure to the elements leading to faster depreciation. While negotiating with the rental service provider for the duration of the contract, you do not have to worry about long-term storage issues.
6. Solve Transportation Logistics
Construction equipment rentals save you from having to transport heavy machines to every job site. Transporting the equipment can take long, affecting your projected completion timelines. Renting eliminates the need to wait for your machinery to arrive, allowing you to have only the pieces of equipment that you need on-site.
Building contractors often face a dilemma between owning equipment or renting the machinery they need. Construction equipment rentals provide flexibility, allowing companies to save more money, reduce their risk while increasing their business opportunities. To discuss your tool and equipment rental options as well as concrete supplies in Marion, OH, contact Ramco Rental, Inc.