If you run a construction business then you will already know the costs involved in buying equipment to use within your business. Construction equipment can cost upwards of hundreds of thousands of pounds and therefore sometimes rental is the only option. There are advantages and disadvantages of hiring equipment but for some, this is the only option.
If you do decide to hire equipment then you will need to ensure that it is looked after properly. Damage to property can result in huge costs of a loss of deposits. Sometimes hire equipment is maintained by the company that you hire it from, this will give you peace of mind that you do not need to fork out for maintenance costs. You may be able to get insurance that also covers the use of equipment that is hired or rented.
Sometimes you can buy equipment and pay for it monthly. You may find the monthly payments are not much different from the cost of renting the equipment. At the end of the finance agreement you will then own the machinery and no longer have to pay a monthly amount for it.
Each business will need to think very carefully about what is best for them and their situation.