In the construction industry, there are three factors that are of utmost importance: safety, quality, and efficiency. To make sure that those three requirements are met as much as possible, you need heavy equipment and trained personnel that can carry out tasks in a professional and expedient manner. Since you need equipment, you may be asking yourself an important question: purchase or hire?
There’s no right answer, as each construction company handles different projects and has a different outlook on the future. However, it’s an important question, and it’s often difficult to decide. Are you wondering which would be best for you? Here’s when you should buy, and when you should hire construction equipment – your questions answered.
Your Budget
It’s an important factor in any business, and when you’re talking about construction, it becomes even more important – the amounts we’re talking about in the construction industry tend to be very high indeed. Machinery costs a lot of money, and you’re not sure how often you will need it. You need a long-term commitment to purchase equipment. Hiring takes care of that dilemma; it allows you to pay for the equipment only for as long as you need it, until such time you feel you can afford machinery without too much of a long-term impact.
Cost of Ownership
Ownership brings problems with it; it’s not just the cost of the machine itself, it’s also about maintenance, insurance, storage facilities, staff that can maintain and handle the equipment, and lost income due to downtime or times when the equipment simply isn’t needed. Ownership is often costlier than you think. Hiring your equipment from professional plant hire Preston services like Ruttle solves that problem.
Frequency of Use
It doesn’t make sense to buy equipment unless you are planning to use it on a daily basis – it doesn’t make sense to have an expensive piece of machinery hidden in the storage area without it being of any use. By hiring, your costs are limited and incurred only when you actually need the machinery.
Management
Managing equipment is not just about money – it’s also about managing several contracts and making sure multiple people and departments are satisfied. Managing hired equipment is far easier and more convenient.
There really isn’t a right answer for everyone – every job is different, and every company is different, and the owner or manager needs to ensure they make their decision based on what’s right given their individual circumstances. Here’s a very useful tip, however: in case of doubt, hire – it’s always the less risky thing to do. You should purchase only when you have looked at all aspects and are sure the benefits outweigh the negatives.
