Leasing Vs. Buying Your Farm Equipment

If you own a small mink, fox or racoon farm, or even a big one, you are no stranger to hard work. Running a farm takes a lot of strength and the willingness to keep a consistent schedule as well as ensure everything is running properly. If livestock are a part of your farm, you have to keep their well being in mind also.

Owning your own mink farm is like running a small store or business. There are a lot of important decisions that need to be made to ensure everything runs properly, and almost all of the responsibility lies only in your choices. If you make a decision, you are forced to deal with the benefits – or the consequences.

Leasing or buying your farm equipment is a big decision that can affect your farm in a negative or positive way, depending on which option you choose. It is important for you to know the advantages and disadvantages of purchasing or leasing the machinery you need for your farm to run successfully.

Buying Pros

Buying your Mink, Foxes and raccoon Farm Equipment has many of its own advantages that will prove to be beneficial during your time of owning a farm. If your farm has turned into a lifestyle as well as a career, buying your farm equipment can provide you with some benefits that leasing cannot.

* Owning your own equipment can allow you to use it as often as you’d like. In some cases, leasing the equipment may require you to only use the item for a certain amount of hours

* Because owned equipment has its own asset value, you can use it if necessary as collateral against other loans.

* Owned equipment can increase the asset value on the balance sheet

* You can update your own equipment when and how you see fit

* Owning your own equipment will allow you to replace the equipment or sell it if you no longer need it or want to buy something newer

Leasing Pros

Leasing farm equipment can also be a great way to prevent yourself from going over your budget, as well as give you some relief if you aren’t sure of whether or not your farm will be a permanent option for you.

* A lease payment has the ability to count towards a producer’s asset-to-debt ratio, instead of the entire cost of the machine

* Leasing your equipment is a great tax deduction. Almost 100% of your lease can be deducted from your taxes

* If you’re unsure of whether or not you will be permanently farming, leasing the equipment will allow you to pay for only what you need

* Leased equipment will be less liability on the balance sheet

* The ability to exchange and upgrade your equipment without having to worry about selling it is always prevalent. If a new and updated piece of machinery is released, you can speak with the company about changing equipment

* The upfront costs of leasing the equipment are much cheaper than buying the machinery

Cons of Buying and Leasing

While there are many advantages to both leasing and purchasing, both options have a small amount of cons, which can solely depend on what you want as a farmer.

Choosing to lease your equipment may seem like a cheaper option, but there are some disadvantages you may face. The number of hours you are allowed to use your machine can be limited and you will be penalized for using more. Though your annual payments are less when leasing, once the lease is over, you do not have a piece of equipment to show for it.

Purchasing has its own disadvantages as well. If the machinery is damaged or stops working, you are responsible for finding out what the problem is as well as repairing it on your own. If you choose to go a different way with your farm, it is also your responsibility to sell your machinery.

It doesn’t matter which route you choose to take. Buying or leasing farm equipment is a great way to keep your farm in tip-top shape and make your duties a little easier.

How To Choose A Portable Generator?

Small size generators are a good way to restore power when the utility electricity supply fails. They are also used at camping and construction sites. There are some remote areas where utility electricity is not available. A portable generator provides essential power backup at these places. This power source can be used to run electrical appliances, tools and equipment. It is important to know how to choose a portable generator because it requires understanding some electrical terminology like wattage and voltage.

Required Wattage

This is the most important thing to consider when buying a portable generator. Electrical equipment like bulbs, fans, AC, motors and heating elements consume a certain amount of power during operation. The wattage specification is written on the electrical devices and it is a good idea to first calculate the total wattage required. Usually, a CFL bulb has 15-25 watts while a ceiling fan has 75 watts. A portable generator is not suitable for high energy-consuming appliances like electrical furnaces.A website that sells this type of generator also provides wattage calculator. A 3000-4000 watts generator is enough for a small home that needs to run 3-4 lights, TV, refrigerator and microwave. These generators are available in the range of 3000-15,000 watts. There is no need to buy a higher wattage generator than what is required because it will consume more fuel.

Fuel Efficiency

Such generators usually give 10 hours of continuous power on a full tank. A generator that provides maximum hours of power using minimum amount of fuel should be selected because the recurring cost of gasoline is the biggest cost involved in running a generator. Propane generators are also available. The buyer should check local fuel prices and decide which type of fuel will prove more economical.

Weight

These generators have small wheels at the bottom so it is easy to carry them anywhere. At the same time, some higher wattage generators are heavy and cannot be moved to another place by one person. If the generator will be used at camping or construction site then the weight and portability of the generator should be checked.

Simple or Inverter

Some portable generators are not designed to run sensitive electronic equipment like computers. These generators generate fluctuating current that is okay for general appliances but not suitable for devices that need continuous stable power. For running sensitive equipment like computers, an inverter generator should be used.

Noise Level

In most residential areas, there are strict council and building laws related to the generator noise level. Less noisy generator is also less irritating for the users. Portable generators are available in silent varieties as well but these units cost more. You can find great choice of best quiet portable generators for 2018 at 10PowerUp.com with reviews and customer ratings, so you can’t go wrong.

These are some important factors to consider when buying this type of generator. All generators give the same standard 120V and usually have a single outlet. Wiring is needed to take power from this outlet and send to multiple outlets.