You can’t do your job as a surveyor without the proper equipment. But quality surveying equipment costs money, lots of it if you want the right stuff. So an alternative solution has had lots of surveyors scratching their heads as they can actually rent the equipment they need for a specific job, return it, and continue the same way for the next job without even having to own any of the equipment.
Today, a surveyor’s toolset mostly consists of a combination of modern and technologically advanced types of equipment and some traditional ones. However, while acquiring some basic kind of surveying equipment is not that expensive, buying stuff like unmanned aerial vehicles, or drones, as well as creating an accurate digital rendering of real-world land dimensions does not come cheap. Therefore, renting that type of equipment might not be such a bad idea.
In this article, we aim to explore the possibility and cost-effectiveness of renting surveying equipment, compared to owning one to determine which solution might be better for different kinds of surveyors and types of surveys.
The Costs of Buying vs. Renting Equipment
Whether you are an individual surveyor or a company that does large-scale surveys, getting the proper equipment at a suitable price is an important factor. But whether you decide to buy the equipment or rent it, each option will come with its advantages and disadvantages. The choice will ultimately depend on your business needs, but here are some of the considerations that you have to have in mind before making the right decision.
Initial Investment
Buying proper tools for your surveying needs represents a costly investment where, in some cases, you will have to spend a significant amount of money right off the bat. But it is also a long-term investment in your future business. If you know how to take care of your equipment, it will last you for a very long time. Also, depending on how often you actually use the equipment, you will incur significant long-term savings. Unfortunately, the problem lies when acquiring some very advanced types of equipment like a total station or drone.
You should also know that surveying equipment often has a high resale value. So if you have cared for your equipment properly, you can easily get some money back if you decide to sell it one day.
However, something that a lot of people tend to forget is the storage and transportation costs that come with owning any type of surveying equipment. As you can see, the initial cost plus the money you need to invest in properly caring for the equipment could add up. Meaning that if you are not going to use the equipment so much, owning may not be a great idea.
Equipment Upkeep and Maintenance
To keep your surveying equipment in working order, you need to care for it and maintain it properly at all times. Buying and renting surveying equipment comes with different levels of responsibility for the said equipment.
Renting surveying equipment also means minimal responsibility and time invested in the maintenance of the equipment. The only thing you need to do is keel the tools in good condition while using them. The rental provider is the one who covers the maintenance and storage costs.
Owning your own surveying equipment makes you solely responsible for its upkeep and maintenance. This means regular inspections, repairs, and maintenance in order for it to remain in working order and provide accurate measurements. Over time, it might result in significant costs but it will also require you to sacrifice added time to check the equipment. You simply have to do this as neglecting these duties might cause your equipment to break down, which could further result in impacting your profitability and efficiency until you fix the machine.
Flexibility and Cost-Effectiveness
The main financial advantage of renting surveying equipment is that you have access to advanced surveying technology without having to buy it. You can save your money and only pay for the equipment you need when you need it. Not to mention that you also avoid the logistics of long-term storage of this type of equipment.
However, if you are planning to purchase some type of advanced surveying tools, renting them beforehand and checking them out will ultimately help you decide which one to go for. You can try various models and see which one fits for you the most.
Unfortunately, the renting costs of such type of equipment are not cheap as well. If you are constantly in need of such type of equipment, the renting costs are going to pile up. Not to mention that constantly renting such type of equipment does not offer a return on your investment, particularly if you are a company. Therefore, while renting enables you fast access to advanced pieces of surveying technology, it is not a solution that is sustainable for long-term periods.
Access to the Latest Survey Equipment
A survey may benefit from using the latest tools, but you have to ask yourself whether the survey at hand will benefit from using such type of equipment. Renting equipment allows you to boost the accuracy of the project, particularly if you are using the latest kind of equipment. You also have the option to pick exactly the equipment you need for a specific project and not use an all-purpose tool no matter if you are doing a construction survey or a monitoring survey.
However, the purchased equipment is available to you at all times, no matter when you need it. Rentals are based on availability, so if you need a specific piece of equipment then and there, you might not be able to get it if it’s not available at the time.
Having access to the surveying tools you need will not affect projects where you are on a deadline. Not to mention that you can always accept last-minute projects when you have tools with you all the time. More so, with the equipment available to you at all times, you can increase in capabilities as there is no need to delay productivity while you wait for your rental to arrive.
Properly Choosing Between Buying and Rentals
There are several factors that will affect your decision about whether to buy or rent your surveying equipment. We mentioned all the available pros and cons, now after knowing all of them, here is what you need to consider before making your choice.
- Frequency of use: Think about how often you will be using the equipment you need. If you plan to use it on a regular basis, buying it is the proper choice to make. However, if the equipment you need is highly specialized and you are going to need it for a couple of surveys only, then renting it is a better option.
- Future-proofing: The more projects you take on, the larger will your business become. This will also reflect your equipment needs. For that reason, purchased equipment can easily be upgraded as you expand your business for different types of surveys.
- Budget considerations: Be sure that the decision whether to purchase or rent the equipment makes sense financially for your business. If you are a new business that is in development, making an investment in an advanced type of surveying tool might not be financially beneficial for you. Until you develop your business and establish yourself as a proper surveying company, it could be better to rent those advanced and more expensive pieces of equipment.
- Training requirements and usability: Advanced surveying equipment may be challenging to use if you are not properly acquainted with it. You and your team will be able to more easily acclimate and understand using it compared to only renting it. Renting it means limited time with a specific tool while owning it means having it with you all the time and being able to properly understand it and use it right after a while.
