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
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?
No comments:
Post a Comment