Renting vs. Owning Concrete Forms: Which is Better?
As demand for concrete forming equipment continues to increase, you might be wondering whether it is better to rent or own concrete forms. While renting costs less, does it have drawbacks? Are there advantages to owning your own concrete forms? When you partner with us at Forming America, we answer these questions and more. Forming America offers concrete form rental solutions to fit any budget or project. Because we rent and sell concrete forms, we can provide you with an unbiased solution based on the scope and needs of your project. Check out the advantages of renting vs. owning concrete forms with our team at Forming America:
Why Should You Rent Concrete Forms?
Many contractors are choosing to rent concrete forms rather than purchase them. For some, this choice is a no-brainer because of the cost-benefit analysis and time constraints on the project. For other contractors, renting concrete forms can also give you more options when looking at the operational advantages of rentals. Here are 5 reasons why you should consider renting concrete forms:
Saves on Upfront Project Costs
When you choose concrete form rental, you end up saving on upfront project costs. The cost of owning equipment can add up when you think of all the additional equipment necessary to shore up concrete forms, including scaffolding, braces, and more. Instead, consider concrete form rentals to save on those upfront costs and only rent concrete forms during short-term production peaks or for specific, one-time requirements.
Use the Right Equipment for the Job
Concrete form rentals ensure you use the right equipment for the job at hand. Instead of making do with concrete forms you own, you can rent concrete forms that fit the specifications of your project. It is important to use the correct materials and the latest forming systems. As better methods come along, you can try them out and always work with the latest advances in the field. This can also help you reduce labor costs by using the materials that are best suited for each project.
Get the Materials You Need Immediately
Schedule concrete form rentals when you need it and get the materials immediately. Instead of waiting on the capital to come in, you can get started on the job in a timely manner. This can also help keep your project on budget and within the necessary timeframe. When you get to the job, you can get started right away because the concrete form rental materials have been scheduled and delivered in accordance with your project timeline. This will also help you control construction costs better and utilize your workforce more effectively, which always helps support the bottom line.
Skip Maintenance, Repair, and Storage
When you rent concrete forms, you don’t have to worry about dealing with maintenance, repair, and storage. If you were to own the concrete forms, then it would be your responsibility to perform regular maintenance and handle any necessary repairs to ensure the safety and effectiveness of the product. By renting concrete forms instead, this responsibility lies with the company you are renting from, and you are free of these types of responsibilities. This means you can skip out on dealing with parts inventory, taxes, and depreciation of products as they age, and you can embrace the newer models and regulations that continue to come out. Working with a company to handle the rental process of concrete forms can allow you to focus on your job instead of dealing with your forming systems. This will also allow your crew to focus on the task at hand, and they won’t be burdened with additional responsibilities like servicing old concrete forming parts and equipment.
Reduce Taxable Assets
Rental equipment for concrete forms also offers a big financial advantage to contractors. When you choose to rent instead of buy, you don’t have to worry about a lack of capital available to respond to any sudden surprise expenses or other opportunities. In addition to preserving cash flow, renting concrete forms can also help reduce taxable assets. Renting concrete forming systems and other equipment is considered a deductible expense, so you don’t have to worry about depreciation of assets and can instead fully expense it.
Why Should You Buy or Own Concrete Forms?
There is also an argument to be made for buying concrete forming equipment instead of renting. Here are a few things to consider before you decide to rent, buy, or own concrete forms and other equipment:
Saves Money Over Time
While renting concrete forms might save you money upfront, you can also weigh the savings over time by opting to purchase concrete equipment instead. Consider the average rental payment, and whether that would cost more for the price of a piece of equipment over the span of time that it will be in use. Buying concrete forms for sale could offer you a chance to save money over time, especially if you have back-to-back projects lined up that require regular use of the equipment for an extended period of time. If you use a piece of gear all the time and have the means to store and maintain the equipment effectively, then purchasing may save you money over time. You can also investigate potential tax benefits for buying construction equipment and what deductions might be available to you with this option.
Complete Control Over How Equipment is Used
When you buy or own concrete forms, you will also have complete control over the equipment and how it gets used. A rental option for concrete forms may have restrictions on how frequently you can use the equipment or under what circumstances and job types. Owning concrete form equipment gives you complete control over how it gets used on your job site. Your contractors may appreciate freedom from the restrictions set by the leasing company. This allows you to better protect your investment and ensure that the equipment you choose can be used in a way that works best for your projects and company.
Have the Convenience of Available Equipment
With a high demand for construction equipment, you might worry about the availability of the equipment you need. When you purchase your own concrete forms, you have the convenience of available equipment when you need it most. When renting concrete forms, you might only need them for short periods of time but for multiple projects over a span of time, which can lead to logistical concerns and issues.
Bottom Line: Should You Buy or Rent Concrete Forms?
When it comes to deciding whether you should buy or rent concrete forms, the bottom line is that you need to be prepared to make the decision that works best for the workflow and functioning of your project and job site. While financial implications will play a large part in making your decision, you also want to consider the time, energy, and resources that will be spent on dealing with the maintenance and repairs necessary for construction equipment you own. When you choose to rent concrete forms, you limit the impact on cash flow and allow the rental company to take on the responsibility of providing you with quality, functioning equipment.
At Forming America, we offer rental equipment for every job site, including concrete forms and other items you may need. No matter the scale of the job or the size of the budget, we have the rental solutions to meet your needs.