Even the most inexperienced DIY builders know that doing major tasks, such as renovating the interiors and exteriors of the house or tinkering with the plumbing system, is virtually impossible with a set of basic tools. Usually, these jobs require highly complex (and in some cases niche) tools that you will not find at your regular neighborhood hardware store.
If you are facing this conundrum (and most of us will at some point), your first impulse might be to run to the first store and purchase the necessary tools. But contrary to what you might think, buying the tools is not a wise decision from a financial perspective, for several reasons.
Fortunately, the advent of the DIY trend has convinced many hardware retail stores, such as Home Depot, to include renting in their business models. Here is how to save money by renting tools from Home Depot.
The Advantages of Renting Tools Instead of Buying
Building a house from scratch, or even changing the flooring, is a highly intensive task requiring lots of experience and prior knowledge not only concerning the job itself but the necessary tools as well. From a practical and financial perspective, it is near impossible (not to mention nonsensical) to own all the tools in the world, for two simple reasons: A. it is highly unlikely you will use them after the project is finalized and they will end up gathering dust in some forgotten storage space and B. you will needlessly inflate the final costs of the project.
Ideally, you will want to apply what businesspeople and independent contractors call ‘’mix and matching’’. This involves buying the tools that you know you will be using regularly after the project is done, and renting the highly-specialized, niche equipment pieces with limited day to day utility.
The adequate ratio depends on the scale of the project, but for a better understanding of how this method works and what tools you should include, make sure to read this guide on Equipment Rental. The editors and writers do a good job of posting regular, smartly written, and informative articles concerning tool rental, and the companies that employ this business model.
Home Depot Price Tags
Whether you are buying or renting tools, you can save a lot of money of learning the logic behind Home Depot’s pricing tags. The price tag costs will vary according to the demand and sales figures. Here is how to decipher them:
- When Home Depot classifies certain items as being clearances, they will usually yellow items to them.
- Prices ending in .06 suggest that the items have previously already been through a round of markdowns (on sale). Moreover, this same price tag means that the cost of the items will change again in about six weeks after it was attached. The dates can be easily determined by checking the bottom of the tags.
- If said items with the 0.6 price tag do not sell out in the next six weeks, the store will institute the .03 tag. The store will take those items off the shelves if they do not sell in the next three weeks.
The price tags will usually influence the prices at which Home Depot will rent their tools. The main reason for this is that the store will be more than willing to rent a tool that does not sell well at a lower price instead of taking it off the shelves. It is a win-win situation: the store recovers part of its investment, and you will rent tools much cheaper, saving a lot of money in the process.
Rent Tools for Small Durations
Renting tools for short duration is another great way of saving money at Home Depot. Instead of renting the tools in bulk (as many people do), you can roughly approximate the time that it will take you to accomplish said task and borrow the equipment accordingly. For example, if you want to rent a shredder for a two-hour job, there is no use in borrowing it for 24 hours or more.
This is the reason why Home Depot is quite flexible when it comes to renting terms – you can borrow a tool for as little as four hours. Moreover, there is no rule preventing you from respecting this period. So, if you have your act together, you can finish whatever you were doing in three hours, return the tool and save a lot of your hard-earned money.
Rent Used or Secondhand Tools
If you are not looking for any fancy, top of the line equipment pieces, a wise money-saving method is to rent used, or secondhand tools. Due to Home Depot’s wide assortment of both mainstream and niche tools, they have a higher than average return rate, which is a great opportunity for DIY home builders to rent, test and use the newest models without making big financial commitments. Therefore, if you are looking to save money and use the best possible tools, make sure to check the store’s used tools offer.
Conclusion
When it comes to building projects, renting tools instead of buying them is generally a wiser idea from a logistical and financial perspective because you will not have to deal with issues such as transportation and storage. Currently, Home Depot has one of the best renting services on the market.
Their tight business model is a great opportunity for both contractors and individuals to not only use top of the line tools but to also significantly reduce the final costs of their projects. You can save a lot of money by learning how to decipher their price tags and making ‘’strategic rentals’’ accordingly, borrowing used and secondhand tools, or by renting the tools for short durations and returning them as soon as you have completed said task.