Tool and equipment rentals are what allow do it yourself types to save money on renovations and other projects around the home. Contractors make significant investments in equipment which they use on all sorts of projects. Purchasing the same equipment is cost prohibitive for most large scale home improvement projects. The ability to lease equipment evens the playing field for the do-it-yourselfer. It greatly reduces the cost of the project. With renting equipment, the most significant investment is the cost of materials, which is always less expensive than getting them from a contractor.
Leasing equipment is nothing new. There are records of leasing that date back to 2000 BC. The equipment leasing business still thrives today thanks to people who do their own home renovations. As the economy tanked, people started looking for ways to save money. Doing their own home improvement was one method people used to cut down on costs. This translated to a benefit for companies specializing in equipment rentals. Some business also made decisions that equipment leasing made more economic sense for them than buying the same equipment. Lacking the cash for large capital expenditures, these companies were able to continue to grow in a struggling economy by leveraging leasing as a way to gain access to more and newer equipment. The increased revenue from those projects would eventually allow the company to afford to purchase the equipment. Often, businesses are able to buy the same equipment that they have been leasing for less that if they bought the equipment new elsewhere.
One popular source of rental equipment for home projects is Home Depot. Renting equipment from Home Depot is a popular strategy for saving costs on projects. By renting equipment from Home Depot, the homeowner or handy man can save trips by renting the necessary equipment and purchasing the needed materials at the same place. Tools, trucks, and equipment are all available for rent from many Home Depot locations at affordable prices. Small flat bed trucks for hauling materials and equipment can be rented for $69 a day. Power generators, floor sanders, and pressure washers are all available for rent from Home Depot. The tool rental centers are open 7 days a week, which is a huge advantage for Home Depot in attracting those who do their projects during the weekend. Many other leasing companies are closed on Sundays.
For businesses, leasing equipment can make a lot of financial sense. There is a tax benefit to be had by deducting operating lease payments. Some leasing companies include maintenance costs in the lease agreement. Leasing is also an affordable way to stay abreast of new technologies. If the technology does not work for the business as well as hoped by the end of the lease, there is no further obligation. Leasing also allows companies to get around certain budget reporting restrictions as leases are not typically reviewed in a capital budget review process.
Equipment rentals make sense for businesses as well as homeowners. This is why the equipment rental business has survived the downturn in the economy. Many businesses used leasing as a way to avoid large cash investments and better manage their cash flow and bottom line. Homeowners steered clear of contractors and used rental equipment to do their own renovation projects. And contractors, struggling the most in the economy, used leasing to get their hands on the newest and best equipment to get a step up on their competition. Every city has companies that rent equipment. And, most Home Depot locations rent tools and equipment as well. Leasing equipment makes a lot of sense in a lot of different ways.