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.
It was great to learn all of the benefits of renting construction equipment. I love how you said that maintenance costs are lower when you rent. I think it would be beneficial to find a rental service that is trustworthy and well-reputed.
You made a good point when you said that one of the benefits of renting construction equipment is avoiding large capital expenses. Moreover, you would be able to save more money since you wouldn’t have to pay for the equipment’s maintenance and repairs. My uncle, Peter, would benefit from this information since he plans on opening his own construction company. I’ll send this article to him through email. Thanks.
Thank you for sharing excellent information. Your website is so cool. I am impressed by the details that you have on this website. It reveals how nicely you understand this subject.
It sure was helpful when you said that you can offset the initial purchase costs when you consider renting construction equipment. This reminds me of construction companies that may need to use scissor lifts to easily lift items during construction projects. I could imagine how your tips could save construction projects from opening a lot.
I like that you talk about the advantage of having an equipment rental. In this way, we can save from logistics expenses. As we all know, transporting equipment takes time and is costly. The rental of equipment can save time and money because of its flexibility. My brother will start building his house, and this will be a good idea to start looking for an expert equipment rental to start the construction.
In a few months, my brother would like to invest in a construction project, so he’s not sure if he should buy or rent the equipment he’ll need. I like that you explained how renting machinery helps you avoid maintenance fees, so I think it’d be good if my brother reads your tips before making his decisions. Thanks for the information on renting construction equipment and its maintenance advantages.
Thanks for sharing the benefits of having rental types of equipment for construction. Having the use of heavy equipment is essential because this helps in making construction faster. I like that you discuss that renting rich types of equipment saves money because they are too expensive, and you will only use them when there is construction. And also, the benefits of logistics are that rental agreement transportation is difficult. My uncle’s house is under renovation, and I would suggest he make sure to choose a company that has rental of types of equipment.