Hiring a construction equipment is a much more cost efficient way of getting the required job done without having to pay a huge up front cost for an equipment you would not be using much. However as with any deal, there are certain things you should be wary about before renting. You should pay close attention to your financial status before renting. Look at the cash and cash out flow and ask yourself if you can afford this. Also if you are going to repeatedly rent an equipment check if the long term cost of renting that equipment is much higher than buying the same equipment off a onetime purchase.
With the onetime purchase you should also keep in mind that there will constant and regular maintenance charges https://en.wikipedia.org/wiki/Cherry_picker, there are also the insurance charges to be accounted for and other costs like obtaining the license from the government and such. With rental you do not have to worry about all of these costs but thy might ask you to pay for the transport to and from the location. You should also check the duration of the time period that you would require the equipment for. Check for the prices of the rental company per day. If the job is one time job and would last a short amount of time then renting seems like the sensible thing to do. But if the job is a long term issue, then you might end up paying a larger cost.
Equipment like boom lifts are used frequently at construction sites and if you are renting then they will have to be rented for a long while and this could add up to a major cost. It is the same issue with cherry pickers too. The other advantage is such equipment can be used for multiple purposes and on multiple sites later on too so it makes much more sense to buy these equipment rather than renting them out all the time.
The other major advantage of buying an equipment is that it is available for you at all time and if there are any abrupt changes in the schedule you can easily respond to it and the end result being that you can finish projects much faster. With rental companies you sometimes face the issue where they do not have the equipment you need at the time that you really need it. Buying the construction equipment will also allow you to project a better image of a company that is equipped to do the job to any of the potential clients and investors.