Coveralls? Check. Paint? Check. Sledgehammer? Stop!
It’s tempting to think you can take on any renovation project yourself. With Pinterest articles and YouTube videos to guide you, what can go wrong? Well … a lot, really. And those things that go wrong could seriously damage your home or affect its resale value. In a worst-case scenario, you could be facing a problem that costs more to fix than a professional would have charged at the outset.
This is why it’s key to start any home improvement project with some serious thought before you commit. Start by answering this series of yes or no questions.
DIY versus ROI
If this decision-making chart points toward hiring a professional, your first thought may be “How can I afford that?” But things like plumbing, electrical, and HVAC repairs, as well as anything needing a permit, should only be done by people who can do the work safely. It’s not just your house that’s at risk, it could be your safety, too. You certainly won’t save any money on a project that lands you in the ER.
Even for less skilled projects, it still may be worth hiring a professional, because their results may add substantial resale value to your home. Meanwhile, a not-so-great DIY project may drive future buyers away.
For example, look at a task like refinishing hardwood floors. A professional might charge anywhere from $1,100 to $2,700, while you might be able to DIY it for $500 to $1,000.[1] But this improvement carries an ROI of 147%, which means that a professional repair would easily pay for itself when you sell your house.[2] Meanwhile, if your DIY goes wrong, you could spend thousands of dollars fixing or replacing damaged flooring, or you may have a result that’s okay but doesn’t add any monetary value.
Remember, buyers won’t appreciate how much money you saved on a poorly executed home improvement. They’ll see a defect that other properties don’t have, and they’ll move on.
When to Roll up Your Sleeves
Fortunately, there are plenty of home improvement projects that are doable for aspiring DIYers. Most home improvement stores have experienced staff who can answer questions about painting, fixing a leaky faucet, or hanging a curtain rod. Some even host classes on more advanced projects like changing out flooring or installing faucets.
As with anything, your best bet is to start small and go from there. Once you build skills and confidence, you can start back at the top of our flowchart as new projects come up. Before you know it, you’ll be a DIY master … but still smart enough to hire a pro when needed.
If you’re ready to throw in the towel, we can help! Reach out to us and inquire about a Home Equity line of credit or loan. You can use this money to hire the experts and save yourself the time and the headach from a DIY. Call us at 1-888-254-9500 to speak with a Mortgage Specialist today who can help get you started!
Sources:
[1] Angi, “How Much Does It Cost to Refinish Hardwood Floors?” March 25, 2024.
[2] National Association of Realtors®, 2022 Remodeling Impact Report.
This article was repurposed with permission from Ellie Mae, Inc. - Encompass© in the Vibrant Living Newsletter September Issue 2024.