If you
have a home improvement project, should you do it yourself (DIY) or hire a pro?
Even if you're handy with tools and think you can save money, consider these
factors first.
Check the time
Determine
the time needed to complete a project. It can be easy to misjudge. Take
painting, for example. It may not take long. It's the rest—covering floors and
furniture, correcting wall problems, taping trim, and cleanup—that eats up
hours. Larger projects may take you months to complete that a contractor can finish
in weeks. When you've come up with an estimate, decide if you want to take that
much time away from work and family.
Assess other project requirements
Other
factors to consider are:
- Remember the materials—If you do it yourself, you'll need
exact measurements. Consider ordering all materials first. Check materials
to make sure they're the items you ordered and are undamaged. You'll need a
vehicle to pick up materials and dump trash.
- Know your tools—Certain jobs require certain tools.
What will you need? You may have to buy or rent tools. Do you know how to
use them effectively?
- Assess your skills—Are you capable of completing the
entire project yourself? You may know electrical, but how about drywall?
If not, sign up for a course at a local community college or attend a
class at a home-improvement center. You could also to talk to a pro by
paying for a few hours of time to pick his or her brain.
- Plan to be safe—Doing projects at heights, using tools
you aren't comfortable with, and doing unfamiliar work can be dangerous. Nail
guns can puncture building materials and body parts. If you work on a
roof, there's always the risk of a fall. With ladders, people not only can
fall from them, but the ladders themselves can fall if
not properly secured or braced.
- Consider the liabilities—Many communities require permits
for projects. While a reputable contractor would handle getting the
permits, a DIY homeowner must remember that task and understand the requirements.
If you make it a DIY project but hire casual labor to help with parts of
it, there may be tax liabilities. If a worker gets hurt, you may get sued.
If a worker causes a fire or major damage, it may invalidate your
homeowners policy.
- Do the math—Factor in the cost of your own
time. What could you earn at work for the time you'll spend on the
project?
Contact Coosa Valley Credit Union for the best financing
option. We can fund home improvement projects through either home equity loans
or home equity lines of credit (HELOCs). A home equity loan is a standard loan
based on the value of your home and your equity in it. You get all the approved
money at once and repay it though fixed-rate amortized payments. A HELOC is set
up more like a credit card with a maximum amount you can borrow against as
needed for a set period. Repayment is based on an adjustable rate.