Renting survey equipment is a good idea for a variety of reasons. These include cost savings, increased efficiency, reduced operating costs, and tax deductions. In addition, buying equipment may place your operations at a competitive disadvantage. While it is tempting to purchase survey equipment outright, renting it keeps costs low and allows engineers to test new technology without a significant financial commitment.
Cost savings
Survey equipment is often expensive, but renting the same equipment allows for more budget flexibility. When a project lasts for a long time, renting is more economical than buying. It also allows users to try new equipment without making an upfront financial commitment. Rentals are also ideal for projects outside the usual scope of work. For instance, a special project might require survey equipment not typically used in other industries.
One of the benefits of renting survey equipment is that the rental company can offer maintenance and servicing, which often comes at a lower cost overall. Buying a piece of equipment will require you to pay for regular servicing and repairs, an ongoing expense you will have to bear. A rental company can also offer support and advice on the best equipment to hire, which is invaluable when planning a survey.
While buying is cheaper, renting from RTK rentals can be more convenient. Many local companies offer rental services for land survey equipment. It allows the user to reduce the maintenance cost and focus on other projects.
Increased efficiency
Whether you’re a land surveyor or need a specific instrument for a short time, hiring or buying survey equipment can help you achieve the desired results. Renting survey equipment is especially convenient if you don’t need the instrument for a long time or want to try out new technology on a smaller scale. For example, renting Leica equipment is an excellent option if you have a job that starts soon because these instruments can be calibrated quickly.
Renting equipment can increase your business’ efficiency. It will allow you to better respond to the changing needs of your industry or the ebbs and flows of financial resources. Additionally, you can take advantage of a cooperative partnership with a trusted equipment provider. The more versatility a machine has, the more it is worth the cost. For example, a versatile body with interchangeable attachments allows you to dig, reach, and lift more efficiently.
Reduced operating expense
There are some advantages to renting or buying survey equipment. First, it lets you test the equipment out before purchasing it. In other words, renting can reduce operating expenses. And second, it’s less expensive than purchasing. You can even get a discount for renting for a longer time. Renting equipment is also an excellent option for long-term projects.
Another benefit to renting or buying survey equipment is upgrading or replacing components when necessary. When buying survey equipment, you can ask the company about what components are easily replaceable and affordable. You can also ask them about the durability and performance of the equipment. In this way, you’ll avoid overspending on components.
Tax deductions
If you are in the business of renting or buying survey equipment, you may qualify for a tax deduction. However, you need to follow specific IRS guidelines. If you use the equipment for personal use, you will not qualify for the deduction. Here are a few ways to take advantage of a rental deduction.
First, you can claim expenses for property surveys as an expense. These expenses include rent and phone bills. However, you cannot claim the cost of initial land preparation. To be eligible for the deduction, your survey equipment must be used to assess the land, produce agricultural products, or support livestock. Your business must use the equipment for this purpose. However, you can claim the rental or purchase cost as a business expense if you use it for a business-related purpose.
Rental or purchasing survey equipment is a good option for small businesses that need more cash to invest in full purchase. It will save them money. However, the equipment can be expensive. Small businesses often lack resources, and taking out a high-interest loan is not worth it. Renting equipment can also be a good option for them, as it allows them to try out the equipment before purchasing it.
Flexibility
One of the most significant benefits of renting survey equipment is flexibility. For instance, you can decide how long you need the equipment before you buy it. That way, you can save money while still obtaining the necessary equipment. You can also test the equipment before buying it to see if it meets your needs. You can also upgrade to more sophisticated equipment at a later date. And most of all, you can rent equipment at some of the most competitive prices in the U.S.
Another benefit of renting survey equipment is that it can be customized to fit your needs. Small businesses often have limited funds and cannot afford to purchase expensive equipment. Therefore, renting is an ideal solution for them. This way, they can save more money and utilize their money elsewhere. Also, renting gives them more flexibility in their business and personal lives.
Besides renting the equipment, you can also have dedicated staff to manage the data. Some rental companies provide free technical support with rentals. Others can coordinate with you to ensure you have the most reliable equipment for your needs. For example, a GPS can help you navigate a remote area if you need it for your project.
Another benefit of renting survey equipment is deducting the cost as a business expense. This way, you can save more on taxation. For a small business, it can be significant tax savings. However, it is essential to consult a tax professional before purchasing any survey equipment.
