How Your (Nice) Neighbors Can Save You Money | Time by Josh Garskof
Q: Is it a good idea to go in with a few neighbors on some pricy, occasional-use outdoor equipment, like an extension ladder and snow blower. How do I handle access, maintenance, and other logistics?
A: This is a terrific money-saving idea that works best if your group consists of people who are close, in both senses of the word: Everyone should be nearby neighbors, to provide easy access to the tools, and everyone should be friends, so the arrangement can be a handshake deal where nobody is counting every nickel or worrying too much about who goes first on a snowy morning.
“Splitting the cost of the machine is also an opportunity to get higher grade equipment than you’d buy for yourself,” says Peter Orazem, professor of economics at Iowa State University, and co-owner of a commercial grade snow blower with two fellow professors and his eye doctor, who all live on the same block. He recommends setting up a few ground rules.