There are a plethora of construction tools available in the market and the number count of the suppliers of these tools are increasing year by year. That’s why construction workers are enjoying their time scouting for the best tools since there are myriads of options to choose from. However, a debate on whether to hire or buy such tools is still ongoing up to this day.
A lot of companies are offering customers to rent tools instead of buying them. The flexibility these companies give enable workers to have an option to choose and save some cash later on. So what are the benefits of renting tools instead of buying them?
Saves You from Storage and Transportation Cost
Construction equipment takes a lot of space and costs a lot of money to begin with. Aside from that, large power tools and equipment need a lot of manpower and effort from your team to transfer them into your site. But by renting such tools, all of these problems will be gone. The rental company will do all the transportation stuff for you without putting hassle on you and your workers.
Saves You from Expensive Tax Prices
Keep in mind that rented tools have deductible taxes compared to buying such tools. That means all the tools you rented becomes a project expense and can be claimed back in your file. Thus, making it beneficial for your construction company when filing a tax return. Talk about saving cash to the next level.
No More Commitment
Buying tools means having long term commitment. But by renting, you won’t be held back by limitations that come with a specific set of tools. That means whenever something isn’t working or you’re in dire need of a better tool or equipment, you can just swap it out in a jiffy without paying extra. Talk about flexibility at its finest.
Upgrade Whenever You Want
Every year, there will be a new set of tools and equipment with better specs and performance. With renting, you can upgrade easily since you are not committed with a specific tool or equipment as mentioned above. Renting tools lets you update your equipment without spending too much cash on it. Compared to buying, where you’re stuck with that one and put a dent in your wallet once again to buy the newer ones.
Saves you from Initial Loss
For start-up construction businesses, spending on your initial costs and capital equipment can put a toll on your wallet before you even begin. However, with tool renting, you can completely avoid this initial loss altogether since you will be only renting the tools you need and all will be covered by the contract.
As you can see from the list above, the benefits of renting tools really show. That’s why a lot of construction businesses are making use of tool renting to save time and cash, putting both of these factors on their site projects.