Buying Vs Renting Construction Equipment | What's Right For You?

When you’re taking on a DIY project, buying tools may seem like the obvious solution when you need to complete a task.

But when you’re dealing with bigger projects, or need tools that you’re not likely to use on a regular basis, is buying really the most sustainable or financially viable option?

Specialist tools can be expensive, and if you’re only going to use it for that one project, renting could be a better option. In this guide, we’ll go through the pros and cons of buying versus renting construction equipment to help you work out what’s right for your situation. 

1. Do the maths
   

Cost is the most important factor for most people when it comes to buying building supplies online, so when you’re doing the maths to figure out whether it makes sense financially, there are a few things to consider.

In addition to the upfront cost, you also need to think about the length of time you’ll expect to use the item and whether you’d be likely to need it for future projects.

A basic tool such as a jigsaw, cordless drill or a power sander are almost guaranteed to be useful for projects in the future, and they’re not too expensive to buy so you won’t need to invest too much upfront to get started. However, tools like angle grinders might not be as handy for all construction projects, so renting might make more sense here. 

When it comes to buying building supplies and tools, buy the best you can afford at the time and take care of them to help them last as long as possible. This will ensure your money goes further and makes buying a more economical choice. 

2. Think about storage
   

Another thing to consider is the size of the equipment you’re in need of, as items such as mini excavators and access platforms are not only expensive but also bulky so they can be difficult to store long-term.

Renting large equipment resolves this issue, but if the items are smaller and easier to store, buying may be more cost-effective if you’re likely to need them again. 

3. Consider the hidden costs
   

The initial cost of buying or renting equipment is one consideration but think about the hidden costs too. For example, you may need insurance for the items or there might be maintenance costs.

Whether you hire or buy, you’ll need to invest in dry, secure storage to keep the items safe and well maintained, so this may also be a cost you haven’t factored in. If you need the items for a long period of time, or you don’t have a set schedule in mind, buying may make more sense so you aren’t racking up huge loan costs. 

4. Getting the best value

You want to be sure that, whether you’re renting or buying, you’re getting good value for your construction equipment. Know what you need to procure before you start hunting down items and know the spec you need so you don’t wind up wasting money on tools that aren’t fit for the job. You should also look out for deals and discounts when you’re searching for tools or look to specialist suppliers who often have better value prices for items. 

Bear in mind that while hiring can offer you the chance to try different brands, you might have a more limited scope of products to choose from compared to buying. Owning your tools means you have the chance to invest in items that meet your personal preference in terms of the brand, the design and power, plus much more. You’ll also know the history of the items so you can stay in control of whether they need upgrading or not. 

5. Know your tools
   
   
   
   

Your skill level and the confidence you have when using tools also plays a role in whether you should rent or buy, or whether you should hire someone else to use the tools on your behalf.

Safety always needs to remain the priority, both for yourself and others on-site, so be sure that you can use the equipment confidently and safely before you invest. That may mean finding someone who has experience of the equipment or receiving training so you can ensure you’re not taking any risks. 

Naturally, the DIY approach will take you longer than hiring a professional, but there’s also the opportunity to learn a new skill and build your knowledge of tools over time too. If you have a motivation to self-build and renovate, then putting time into learning is beneficial in the long-term. 

Final thoughts
As you can see, buying versus renting requires plenty of research and careful consideration. The ultimate answer of which is right for you will depend on a range of factors, from cost and experience level to the length of time you need the items and whether you’re able to store them safely.