For 80% of homeowners, their home is their most expensive, significant, and important investment. Not only that, but it also acts as your habitat — the place where you spend most of your time in. Learning how to evaluate the value of your home, maximize its potential, and upkeep it is vital for both financial and social success.
So, what should you do? Should you hire a professional to improve and retrofit your home or should you do it yourself? There are definitely advantages and disadvantages to both, and you need to consider it really carefully before you make your final decision. This article will help you consider both sides and come to an informed decision.
The Economics of DIY and Hiring a Professional
The main thing that will determine whether you should go DIY or hire a professional will be the cost calculations of both methods.
Do It Yourself
It is undeniable that doing it yourself will cost less money than hiring professionals. Depending on how far-reaching and significant the improvements are going to be, you might be looking at hiring a couple of people to retrofit, paint, design, etc. the improvements, and this could add up to a significant amount of money. If you have the skills to do it yourself, you’ll only need to pay for the raw materials and the building permits. As such, it’ll likely cost about half as much upfront.
Hiring a Professional
If you’re going to hire professionals, you should keep in mind that this means an additional upfront cost but the calculations aren’t that simple and straightforward. Despite the fact that you need to pay an additional amount of money upfront, you have to keep the opportunity cost and the quality of work in mind.
Opportunity cost refers to the time you spend on the improvements yourself and where else you could invest that time. Imagine the world you would get done, the tasks you could accomplish, and the money you could make. If you could make more than hiring professionals would cost at the same time, hiring professionals would just be more effective and less costly, even if you need to spend more money upfront.
You should also consider the quality of work too. Homeowners spend a considerable amount of money on repairs each year, and unless you’re a construction worker, your job won’t match that of professionals. This means that DIY will increase repair costs by a considerable amount during the lifetime of your home. You need to keep this extra running cost in mind when you decide to go DIY.
Should You DIY or Hire a Professional?
Aside from cost considerations, there are a few things that only professionals can achieve, and if you’re in any one of the situations below, it behooves you to leave it to professionals instead of risking to do it yourself.
- Dangerous Projects – there are some tasks during the renovation that can be quite dangerous and even life-threatening e.g. electrical connections. For these, unless you have a lot of experience, hiring a professional would be much safer,
- Sensitive Projects – some parts of your home are more sensitive to damage than others. If you damage the foundation of your home or the roof, you might need to spend a considerable amount of money fixing it. In these cases, it is more sensible to hire a professional to deal with these parts.
- Difficult Projects Where You Lack Experience – If you’re doing something grand that changes large parts of your home, not only will you need experience, but you need a permit to work on the project as well. In these cases, you have to delegate the work to professionals.
There’s something about DIY projects that feel special. You’re leaving your mark on your home and creating something of your own. Getting a large improvement done DIY gives a sense of pride and accomplishment to a lot of people – this is in addition to the savings, which you can guess by using an online estimator.