Your construction project has to begin with the right equipment for steady and timely completion of the project. However, the question arises ‘in what condition you should buy or hire equipment’. Making a list of pros and cons of both the conditions will make the decision process easier of why to hire or buy equipment. 

Hiring equipment: 
When you chose to hire equipment you don’t have to pay any maintenance cost of it, and you will invest less money while taking the machine on the lease. Hiring the equipment saves your money as you pay when there is a requirement only, but the payment has to be made in advance. The major drawback of hiring equipment is that it may not be available at the needed time, but the upper hand is that you have access to a broader range of equipment and since the rent is an expense, you will reap tax benefits.  

Buying equipment: 
Are you dwelling on the idea of buying an equipment? It is a good idea if you have plans to use the same machine for a longer time. When you own the equipment, you can provide it on the lease, at times when you are not using it, and you do not have to unsure of the availability of it. After reselling the machine, the return on investment is more, but the technology might become obsolete. Maintenance, operating, parking, and insurance cost has to be beared as the owner of the machine. 

Look at the table below for a better understanding :

Once you make peace with pros and cons of both the cases, stay firm to your decision of whether to buy or hire the machine for your project.