One of the first decisions that must be made when you are preparing to begin a renovation project is whether to attempt a do-it-yourself project or hire professionals. Each route has benefits and costs that must be considered before deciding which method to utilize. While it is easy to assume that DIY work has the potential to take a project from the red to the black, it is necessary to perform a full analysis to be certain.
Before you decide whether to take on a project on your own, look at the full advantages and disadvantages of each option. The method of project completion that you choose may change on a project by project basis.
Advantages of DIY
The greatest benefit of a DIY renovation is the cost saving involved in providing your own labour instead of purchasing somebody else’s. While it is certainly true that your time and sweat can save some money, be realistic about the savings when determining which way to go with your renovation project.
Some costs included in going DIY instead of the contractor path include holding costs, rework and possible decrease in property selling price. Your holding costs will almost certainly be greater in a DIY project because it will take you longer to complete a renovation on your own than it would take a group of workers. Rework and material expenses may be higher for DIY due to your lower skill level that causes mistakes and waste that would not be expected of a professional. Finally, if your work is not up to par, you can expect a lower selling price due to the substandard finishes.
There is a feeling of satisfaction that can go along with completing a DIY renovation and it has the potential to make an unprofitable project worthwhile. If you are confident in your skills and capabilities as an independent tradesman, DIY can help you earn a substantial profit.
Advantages of Hiring Professionals
While hiring professionals will come with a price tag, it also comes with significant benefits. A team of skilled tradesmen will complete your renovation in a much more timely manner than you could on your own, reducing your holding costs. For expensive projects, this can make an important difference.
Professional contractors and Interior designers will bring ideas and skills to the project that you do not have yourself. They may improve the home design for greater profit potential.
Finally, professional contractors will provide guaranteed high-quality work. Your property will have a new appearance that you can enjoy yourself if your own home – or that competes well against the competition if the home is being put on the market to sell or rent. Unless you are an extremely skilled do-it-yourself renovator, work done by professionals will stand out in the quality of finishes and other areas. This top-quality work will always earn you a higher selling price and/or revaluation.