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Should you rent lifting equipment? Ask yourself these 4 questions first

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If you run a construction company, you may occasionally need lifting equipment, such as a crane or hoist. This equipment isn't the cheapest to purchase new or used, so you might consider just renting it when you need it. Here are some questions to ask yourself when you are thinking about renting the equipment.

How often do you need it?

One of the top reasons to rent lifting equipment instead of buying it is when you don't use it often or you aren't yet sure how often you will need it. Based on the type of construction you do, you may only need to do the machine-guided lifting at the beginning of each project. If a project lasts a month or so, this might not be quite often enough to warrant the investment of a brand new hoist or forklift. On the other hand, if you find that you are using it frequently, it is probably worth the money you spend on it.

Do you have somewhere to store it?

Lifting equipment can be large, bulky, and a pain to move from one job site to another. Ask yourself whether you have a good place to store the equipment. If you only work on local jobs and have a large storage area for all your construction equipment, this might not be as big of an issue for you. Some businesses, however, don't have the extra space and are already struggling with finding a place for their current equipment. If this is true for you, why not rent it and have the equipment delivered to the construction site when you need it?

What is your budget for the equipment?

If you have a low budget because your construction business is new or you simply don't have the money saved, then buying the equipment new is probably not a good option for you. There is still the option of buying it used, which does save you money, but even used can be expensive. If you are in need of a crane, this is a large piece of machinery that can be very expensive. You might want to rent it first to see how often you need it, then consider buying it if it becomes more frequently used.

Are you concerned about maintenance and repairs?

The great thing about equipment rental companies is that they handle all maintenance and repairs for you. You don't need to be concerned about inspections and maintenance before each job when using the lifting equipment, nor do you have to cover the cost of routine repairs.