Important Factors to Consider Before Repairing or Replacing an Asset

Written by Posted On Thursday, 19 July 2018 09:33

Home repairs and maintenance are common and inevitable. Occasionally, you will need to repair a roof, or replace an iron box, or even get a contractor to change your roof. There are so many elements that form a complete home such that you cannot do without occasional repairs and replacements of assets. One of the most challenging decisions cited in majority of home maintenance articles is determining the appropriate time to replace or repair equipment.

Asset repair or replacement?

If equipment breaks down, you have two options; replace it or repair it. The decision you take depends on a number of the following factors:

  1. Cost implications

Replacing broken equipment or repairing it involves certain costs. Whether monetary costs or foregone costs, it is important to carryout a thorough analysis of the costs to ensure that you make the most cost-effective decisions in the given circumstances.

Be sure to also consider the long-term impact of your decision on whether to repair or replace your asset.

  1. How old is the equipment?

Sometimes the age of the equipment matters when it comes to deciding whether you will repair it or get a new one. For example; most electronic devices loose their functionality as they become older and older so repairing it may no be the best option.

Generally, older assets are more expensive to repair and at the same time, vulnerable to break down.

  1. Make data-driven decisions

It is advisable to consider the impact of your decision to replace or repair broken equipment. For example, you may decide to make a hurried decision that will only give you a short-term solution. While, it might appear better to replace an asset, think about any data that may be stuck in the old asset. If the impact caused by replacing or repairing your equipment is low, then going for any of the alternatives is advisable provided it will give you the best services over a long time.

  1. Safety

Some level of security is associated with either replacing or repairing an asset that is broken down. Usually, malfunctioning equipment is not safe to use as it can easily cause injuries.

It is important to thoroughly inspect the machine to ensure that your decision to repair it will not interfere with the safety of its users.

  1. Efficiency

The efficiency of any equipment determines its overall performance. A machine that breaks down often, or has worn out with time can no longer be considered efficient and will require immediate replacement. If repairing the equipment will give you the services you need then do so; but, if even after repair it does not function at optimum, then replace it.

Making the decision to repair or replace an asset can be overwhelming. However, the right decision will depend on whether or not the chosen option leads to improved efficiency and increased safety. Usually, it is advisable to look out for more home repair tips before making any repairs or replacement decisions. Be sure to always consider the long-term impact of your decision to replace or repair a certain asset.

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