Wednesday 31 August 2011

Hire a Contractor or DIY??

This is an age old debate with property owners and investors alike. Do I leave it to the pros? Do I try to save some $$ and do it myself?  Unfortunately, I am here to tell you that I don’t have the answer….because it is different for everyone. 

Fortunately, I have a few key points in my decisions making process that will hopefully help guide you in the right direction!

In no particular order, here is what you have to ask yourself.

Am I reasonably handy?
Can you turn a screwdriver? If not, then stop reading this post and call a contractor….but seriously, you will need to have some basic skills.  The ability to use a power drill, hammer, tape measure, mitre saw, level come to mind.  These are some of the bare minimum required to attempt a repair. 

How can I learn?
Even if you have not done any repairs/renovations in your life, doesn’t mean you should give up.  Don’t laugh, but I find the most useful resource out there is…….YouTube……yes, you read that correctly.  I find that this saves a whack of time versus flipping through books and manuals.  Just type in what you want to do, ex. “How to change a faucet”, and you will have hundreds of options to choose from.  DISCLAIMER  Many of the people in the videos are NOT pros and you may have to sort through some junk videos to find what you are looking for.

Is there a chance that I may be injured?
If there is even a remote chance that you could be injured, please think twice before attempting the job.  If you electrocute yourself or fall off the roof, it’s your own fault for not hiring a pro.

Do I have the necessary tools or are they available to rent at a low cost?
If you plan on doing your own repairs in the future, buy some good tools and the right tool for the job.  I only had to battle through one day of cutting baseboard with a hand saw and mitre box before I bought a power mitre saw.  It was $150 and WELL worth the time that I will save in the future.

Are permits necessary to complete the work?
If so, I would recommend consulting a professional or at least look into getting the permit on your own.  It is usually inexpensive, but somewhat of a headache.

How much time do I have?
If you work 80 hrs per week, hire a pro!  Maybe I should have put this one at the top so you people who work 80 hrs per week would stop wasting time reading this….

Is it worth my time to attempt the repair?
OK, so you don’t work 80hrs per week, but do you want to give up a Saturday morning….which may turn into an all day adventure…..to save a few bucks?

What are the contractor rates for this particular item?
Get at least 3 quotes for any job that is over $200.  You will likely find a HUGE range to do the job.  During my basement leak last year (old post) I inquired about some drywalling and received quotes ranging from $280 - $800!!!!  And this was for a relatively east job.   BUYER BEWARE on this one….cheaper is not always better. However you will have to judge the job.  Is it an easy job like drywalling?  OK, cheaper is likely fine.  Is it a specialized job like electrical?  Better look into the contractor who gave the lowest price. Is he licensed?

Will my personal life suffer if I decide to take on these small jobs, which may turn into big jobs?!
My last post touched on my bathroom reno, which took WAY longer than expected.  Try to get a good understanding of the time involved in these projects before going ahead.  Believe me, everything always takes MUCH longer than you think.  Make sure you let your significant other know what you are getting into so they don’t expect you home for supper….and you show up at 2am.

My opinion:

As my rental business is expanding, I am still trying to do most of the work on my own, however I am starting to see the benefit of just having a contractor do the work.  If you have one or two rental properties and a job that is not too demanding, go ahead and do the work yourself.  You will learn skills that you can use the rest of your life (which I have!) However, I can see how my time may be better spent on projects of greater value.  Ie, do I save myself $500 this weekend by drywalling myself?  Or do I spend the time researching new deals that may make me $$thousands the future?  The choice is up to you.

Anyone else have other ideas about this?

Sunday 14 August 2011

First off, my apologies (again) for not keeping up to date with my blog.  The last 3-4 weeks have been a whirlwind for me which includes the following:

  1. full scale bathroom reno at my property in Guelph (more details in a later post)
  2. landing a new position with an up-and-coming REIT (very excited)
  3. aquiring another rental property in the GTA (more details in a later post)
  4. moving from my temporary Toronto situation, back to Guelph (also very exciting)

Now I don’t want to complain, because I know that there are many people out there with much more going on (think a wife, four kids, a dog and a cat….plus all 4 points above).  So thankfully I am still young enough to tackle everything now….while I don’t have too much “real life” responsibility.

My original intention for this post was to be about my recent bathroom reno, which I did mostly myself (thank you very much)…, however as I type this I think I need to post something along the lines of “life/work balance”.

So here it goes…

I have always been the type to keep busy.  I’m not really the type to “put things off” or “do it tomorrow”.  That’s not to say that I can’t procrastinate with the best of them….it just bothers me when I do this.

So needless to say, all four of the things I listed above happened at the same time and I most certaintly did not plan it this way.  #2 and #4 are related, however the other items just sort of happened…partial out of coincidence and partially out of my own stupidity.

As I was entering the due diligence phase of #3 (I apparently forgot how time consuming it is to acquire a property), I decided that the next weekend would be a good weekend to start a full scale bathroom reno….because I could “finish it in three days for sure”.  Turns out it took myself and another guy 6 days….with one tiling day going until 3:30am…..up at 6:30 for work = terrible.   And after the 6 days of work, I am still doing finishing touches every night…..a little paint here, some grout there, and all of the accessories that a bathroom seems to need (think vanity, storage cabinet, mirror, towel racks, TP holder, storage shelves for the shower, shower curtains, towels, etc).

At the same time, I was in the process of switching jobs, which meant travel to and from Guelph/Toronto, tough decision making, and having to move my belongings from Toronto to Guelph, which I still have not 100% completed yet.

All of  this has resulted in some serious stress over the past month.  Stress on my physical health (no gym…although working on the bathroom each night helps), stress on my mental health, and stress on my relationship.  Believe me, getting home at 5:30pm, saying “hi hunnie, how was your day?” and then going straight to work until 10:30pm on the bathroom, is not the greatest relationship builder.

So what has all this taught me? 

  1. Things ALWAYS take longer than expected……as I mentioned in a previous post….stupid me.
  2. Try not to do items #1-#4 all at the same time.  Sometimes unavoidable, but sometimes not.
  3. You cannot always predict when an opportunity comes along, but you have to jump at the chance.  “I’m too busy right now” is not a good excuse.
  4. Getting ahead, means you have to work…HARD.  And this means sacrifice, so make sure your significant other is on board with your plans.  Thankfully, my girl is the greatest in the world and has been super supportive through the past month. ;-)
  5. Although you must work hard, there needs to be some time off, even during these processes.  Setting aside at least one or two nights per week to do nothing, or at least a fun activity, goes a long way in pacing yourself….and not making yourself, and others around you, go crazy.

Anyone else have some stories of crazy busy months?