Have a project you're itching to get started on, but don't have all of the necessary tools? Or maybe you're an independent contractor with some gigs coming up, but need a few tools that you haven't purchased before.

No matter what the occasion is, the question of whether it's better to rent or buy your equipment may pop up.

When does buying become worth it? When is renting a better way to go?

These questions are important to consider during your decision-making process. There are pros and cons to both renting and buying - but these tips and tricks can help you discern which is more appropriate for you and your work.

More Isn't Always Better

If you need more than one of a specific tool for a project, rentals may be a good option. If you own a particular power tool, and don't usually need a second one of the same kind, renting is a cost-effective way to get the job done without putting a hole in your pocket.

Most of the time, you'll only need one type of the same tool. Some people like to combine the old with the new - however, this is mainly an option for those with the funds and the space to store older tools.

For the rest of us, most people will stick to one tool until it wears out, or replace the old tool with a new one. So unless you've got a spare tool ready to come out of retirement, renting is a safe bet here.

You can always buy, but you run the risk of paying more for a tool that might not get that much use.

Frequent Use and Abuse

How much you use your tools is another factor to consider.

For short-term jobs where you probably won't use the tools anytime soon, renting is a good option financially. However, if you plan on using a tool for a longer period, buying may be the best option.

Tools such as table saws and circ saws are worth investing in, as they can be costly to rent and usually require a little more precision and longer periods to use.

Cons to purchase may be a higher price initially. However, the cost to rent this kind of equipment can add up quickly and make you end up paying more.

Quality Over Quantity

One benefit of renting when it's more cost-efficient is renting a tool of higher quality. If you have a job you want to finish quickly, but would prefer to use a higher-end tool, rent a better piece of equipment to save on costs in the long run.

If you don't already own the tool, purchasing a cheap tool may not be as efficient as renting a better one. Most of the time you get what you pay for, and if you want to do a job well, it pays to buy better gear.

However, if you have the budget, definitely invest in better tools so you won't have to rent or put money into repairs on lower-quality tools in the future.

What's the Damage?

Cost efficiency is key to deciding whether you should rent or buy your power tools. If the cost of renting is higher than the cost of purchase - go for the purchase.

With a pocket full of the money you saved, and power tools that can get the job done, you can knock out your project, and reward yourself with a cold one after you finish.

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