Starting a DIY project can be more cumbersome than finishing it. Some people revel in the early planning process. Others may get tangled up in securing the items needed and lost sight of the big picture. One of the biggest concerns DIYers face in the early stages of planning is whether to actually buy equipment or rent it.
For certain small items, like tape measurements, the obvious choice is to buy and keep. However, your project may require professional-grade tools like diamond core drill bits that costs a bit. To keep expenses reasonable, you may have to forgo buying. Here are several questions to help you figure out if buying or renting is the best choice to make:
Can You Afford to Buy?
Obviously, the first concern should be affordability. If you can truly afford to buy the tools you want, then go for it. But please make sure that you can comfortably afford the price tag. That means not sacrificing other aspects of the projects for the sake of owning a cool tool. Consider the overall budget for the project to decide if you can truly afford what you want to buy.
Would You Need to Reuse the Tool?
One of the best reasons to purchase a tool is because you need to reuse it. Some items are a must for any stonemasonry project. Therefore, renting can actually before more expensive than buying the tool you want. If you have continued use for any item, then go ahead and buy it. It would certainly be more affordable than renting on the long term.
Would You Need to Tool for Future Projects?
Even if you don’t need to reuse an item every day, some tools may become necessary for future projects. If you see repeated uses for the tool in the future, buying might be the affordable option. Compare purchase prices as opposed to rental charges. Keep in mind that rental fees may go up in the future, as could the retail value of the tool. Therefore, buying now for future use would be the best value option.
Does the Tool Require Extensive Care?
Buying a DIY tool easy, but maintaining it might not be. Certain tools have to be well cared for to ensure long-term survival. If maintenance is time-consuming and expensive, you may be better off renting rather than purchasing. Only buy items that require careful attention if you can spend money on maintenance.
Who is More Reliable; the Rental Service or the Seller?
In addition to the equipment, the seller or the renter of the items also matter. Consider whether you can trust either to offer you a good deal. Good communication and honest discussions is key to identifying whether you are dealing with a great seller or not. Don’t buy if you suspect the product you are getting are not of value in any way.
Do You Plan to Rent Tools Yourself?
In case you are purchasing the tools now to rent them out later yourself, then that a small business idea and worth considering.
All in all, purchase an item if you think you will keep reusing it or if there’s a possibility the tool would become really expensive in the future. Otherwise, you may want to rent.