Doing projects, whether around the house or at a jobsite, often ends with us amassing tools and machinery. To some extent, this is enjoyable and even prudent - it's a good thing to have a variety of tools and machines to tackle projects we're planning or emergency repairs when they arise.

But if we only need a piece of equipment for one or two jobs, we're wasting money when we purchase these items. What are you going to do with your power saws after you have completed your deck? You might need them again, but possibly not. You can loan them to friends or proudly display them on your workbench.

What if you rented these and other items instead? You could pay a small fee to use the equipment and then return the items so others can do the same. You'd be saving money and helping a business serve other customers.

Here are a few things to think about when considering renting equipment instead of buying it.

Renting Won't Require a Loan

Heavy equipment can cost hundreds of thousands of dollars to buy. Most business would need to take out a bank loan in order to cover the expense of these pieces of equipment.

For some businesses, buying might be the right choice, but they won't make back their investment for many years. Renting eliminates the need for a loan and frees up more of the company's budget. Plus, you may only need a crane or front-end loader for one or two projects. You don't want to pay a monthly bill on equipment if it's only going to be parked on your lot most of the time.

Rentals Are Tax-Deductible

Renting heavy equipment and tools is a business expense. You can deduct rental expenses and any additional fees or expenses associated with it from your taxes each year and further defray the costs of the rental.

When you purchase equipment, you can deduct as well, but only as the equipment depreciates over time. Consult your tax preparer for details as rules and regulations often change year to year.

Renting Allows for Diversity and Efficiency

If you can rent tools and equipment instead of buying them, you can have a bigger selection to get the job done. You could put up a fence with a shovel and posthole digger. You'd exert a lot of physical strength and spend a long time completing the job. Or, you could rent a gas-powered auger, which digs the holes in seconds. This will save you money in labor costs and downtime. Augers don't need to take breaks.

Renting allows you have a larger selection of tools and equipment to get specific tasks accomplished. Instead of relying on one or two machines to get the job done, you can rent exactly what you need for the amount of time you need it.

Renting Eliminates Maintenance Costs

Machines require maintenance. The harder the job they do, the more likely they will break down or need to be serviced. When you rent, none of that is your problem. The rental companies maintain their equipment and they guarantee their reliability at the time you rent them.

You don't have to change oil or other fluids, replace bearings or deal with breakdowns. You just use the machines you rented for the tasks they need to perform and then you return the equipment to the rental company.

Admittedly, there are going to be tools and equipment that you'll want to own. But there are many machines and bits of equipment you simply don't need year 'round, whether you're a handy helper or you do construction as part of your business.

Renting will help you get the job done faster and will keep more of your money in your pocket and your business's budget in the black.

Scott Huntington is a writer from central Pennsylvania. He enjoys working on his home and garden with his wife and 2 kids. Follow him on Twitter @SMHuntington