Home improvement products can sometimes require the use of a variety of tools. While some people purchase tools each time they need a new one to complete a project, renting the tool instead can prove to be the more prudent option in some circumstances. Renting does not require you to take out a loan, they are tax deductible and renting offers a variety of options your personal budget may not otherwise allow. Another benefit of renting is that you will not have to worry about maintenance costs associated with tools you own.
Key Takeaways:
- Buying equipment generally requires a loan and potentially onerous monthly payments, while renting does not.
- Rental fees can be deducted up front as business expenses, while purchased equipment only provides deductions when its value depreciates.
- Renting allows you to access a wider variety of equipment than you could plausibly buy.
“if we only need a piece of equipment for one or two jobs, we’re wasting money when we purchase these items.”