There is another construction project coming your way. You not only happen to get the plans finalized, you need all of the trades on board and scheduled the right way. You will need suppliers to get in line. You will need a couple of dumpsters and a cleanup crew. You will also need a lot of heavy equipment, such as a crane for all of the heavy lifting. That is why you need a good working relationship with a company that handles crane rentals.
Many building contractors believe the best choice for this heavy equipment is to buy it. There are a few problems with this and, as you will discover, the costs associated with the purchase of all of the equipment is more than the cost of the items. Looking at some of these costs will help you understand why is is probably better to rent what you need.
The main reason for renting instead of buying is the original cost of the stuff. It is, as you know, very expensive. This ties a lot of your capital up, especially since a good portion of time it is sitting someplace not being used. Credit purchases are the usual course of action, however, that can impact your flexibility in other financial transactions.
Buying a crane will not only cost you for the piece, itself, but you will then have to hire an operator that is trained on that gear. This means, of course, all of the many employee expenses that are required by law and custom. By renting it, the operator comes with the package. They know this piece and works for you to complete your project on your time line.
You will also need to maintain your new purchase. This means another hire. This time for a maintenance person and all of his tools. They will need to be trained for daily maintenance checks. This is a larger expense than you may think if you have not been through it before. The rental company will maintain it when you rent from them.
If something breaks on that machine, and everything on it is expensive, you must buy a replacement part or parts. This is in addition to the daily maintenance and can cost a lot of money, occasionally, when you least expect it to happen, of course. When you add in the delay in work this can cause you are talking about missed deadlines which could cost bonuses or incur fines.
An issue with equipment, such as cranes that you buy, present problems when the project is finished. You must store it somewhere and it still must be maintained as it can not simply set idle. The building or renting of a storage facility can cost more than being able to call the rental company and having them come and pick it up.
When you need something like a crane, yet you do not have to maintain, store or spend a lot of money on it, it becomes a very popular concept. Having access to the piece of equipment that does all of this heavy lifting, especially for those large projects makes this idea more popular. Spending less money on something that does all the work this item does is very popular.
Many building contractors believe the best choice for this heavy equipment is to buy it. There are a few problems with this and, as you will discover, the costs associated with the purchase of all of the equipment is more than the cost of the items. Looking at some of these costs will help you understand why is is probably better to rent what you need.
The main reason for renting instead of buying is the original cost of the stuff. It is, as you know, very expensive. This ties a lot of your capital up, especially since a good portion of time it is sitting someplace not being used. Credit purchases are the usual course of action, however, that can impact your flexibility in other financial transactions.
Buying a crane will not only cost you for the piece, itself, but you will then have to hire an operator that is trained on that gear. This means, of course, all of the many employee expenses that are required by law and custom. By renting it, the operator comes with the package. They know this piece and works for you to complete your project on your time line.
You will also need to maintain your new purchase. This means another hire. This time for a maintenance person and all of his tools. They will need to be trained for daily maintenance checks. This is a larger expense than you may think if you have not been through it before. The rental company will maintain it when you rent from them.
If something breaks on that machine, and everything on it is expensive, you must buy a replacement part or parts. This is in addition to the daily maintenance and can cost a lot of money, occasionally, when you least expect it to happen, of course. When you add in the delay in work this can cause you are talking about missed deadlines which could cost bonuses or incur fines.
An issue with equipment, such as cranes that you buy, present problems when the project is finished. You must store it somewhere and it still must be maintained as it can not simply set idle. The building or renting of a storage facility can cost more than being able to call the rental company and having them come and pick it up.
When you need something like a crane, yet you do not have to maintain, store or spend a lot of money on it, it becomes a very popular concept. Having access to the piece of equipment that does all of this heavy lifting, especially for those large projects makes this idea more popular. Spending less money on something that does all the work this item does is very popular.
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