In residential construction projects, many building contractors are torn between renting or purchasing pieces of construction equipment in providing better home building solutions.
Because of the numerous benefits it provides, however, renting out rather than buying new construction equipment may be a more viable solution for most contractors.
There are many advantages to leasing residential home construction equipment. Companies don’t have to pay the high costs up front, and they’re not limited to the tools in their possession to take on specific projects.
With equipment rentals, companies can skip paying storage, maintenance, and taxes, among other fees.
If you’ve decided that renting is best for your home construction, here are five tips to optimize renting equipment:
1. Identify Your Needs
The types of construction equipment needed for residential and commercial building construction vary slightly. The difference mainly concerns capacity and, consequently, size.
For instance, heavy machinery with high capacity may not be needed for home projects.
Below are the most common home construction equipment items you may need to rent out for your home project:
- Aerial lifts for homes with two to four levels.
- Backhoes to load and unload gravel, stone, and soil. They’re also used for digging.
- Bulldozers for clearing passages and leveling the ground.
- Compactors to work on loose soil in your basement.
- Cranes to perform various heavy lifting tasks.
- Excavators to work on digging, trenching, and clearing the home’s foundation.
- Skid loaders for finishing work on your driveways and outdoor space.
- Telehandlers can replace your need for cranes, forklifts, and work platforms.
- Trenchers to excavate deep soil needed for utilities such as cable, electric, and telephone lines.
To make sure you get to lease all the items you need for your home project, look for a company that offers an expansive inventory of diverse types of construction equipment.
2. Check All The Services Offered
Apart from choosing a rental company with expansive inventory, also check firms for the services they offer.
For instance, some may offer free delivery and pick-up fees, while others provide discounted rental rates with minimal delivery fees.
Some have operators to go with their equipment rentals, which may be beneficial if you don’t have an employee who knows how to use one.
Don’t choose the cheapest company right away, as the said firm may charge inflated prices for other services. Look at the fine print before committing to a rental company.
3. Consider Storage Space and Security
This important consideration often slips the minds of equipment renters for various reasons. Remember that a home building project takes months to finish, and you’ll use the equipment for long periods too.
While the construction facilities are in your possession, you’ll have to take full responsibility for storing them and keeping them safe.
These types of machinery are expensive, so any loss or damage would cost your company. Check the terms and conditions stated in your contract for your specific responsibilities.
For this reason, it may be best to hire a local company that’s close to your project location. Easy access to these facilities will allow you to save on time and promote efficiency in any construction project.
4. Create A Budget Plan
Because of the hefty costs involved or budget constraints, some construction projects are either delayed or unfinished. This problem may be addressed by setting a budget and sticking to it, as much as possible.
Choosing to engage in eco-friendly home construction can also be a cost-saving option. Of course, it helps to have contingency budget allocations. But, tapping it should be an exception rather than the rule.
Check online and offline resources to come up with baseline prices, set at minimum and maximum costs, for each piece of equipment. This allows you to create a realistic budget for construction equipment rentals.
5. Include Customer Service As An Important Consideration
Companies have the responsibility to ensure that all their construction equipment is in top condition before they lease them out.
However, because these types of machinery have complex engine systems, they’re prone to breaking down while in use.
In times of emergencies, ensure that you can reach out to your rental provider for much-needed help. Before choosing the best company to hire, ask how your prospects handle such situations and if they charge additional fees for repair.
Besides checking online company reviews, assess how the company handles your queries and concerns during your initial contacts. This gives you an idea of how transacting with the company will be like.
The Bottom Line
Renting out construction equipment is better than buying one for various reasons, mainly because it’s a cost-effective solution.
In looking for the best rental company, there are many considerations that include customer service, affordability, wide inventory offerings, as well as comprehensive services.
It also helps if you choose a firm that’s in proximity to your project site for convenience and efficiency.
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