Residential Real EstateTackle Your Home Improvement Project Yourself or Hire a Pro?
You"ve made countless trips to the huge home improvement warehouse to gather
ideas. You"ve researched projects in magazines and on the Internet. And
you"ve summoned the opinions of family and friends. It"s finally time to
begin working on that project you"ve been thinking about for months.
Whether your goal is to increase energy efficiency, bring your 1970s-dûcor
kitchen into the new century, or add some much-needed space, you"ll face the
crucial question of whether to join the ranks of the do-it-yourselfer or
hire a general contractor to handle your job.
With so many classes offered by the home improvement stores and extensive
guidance available on the Internet, embarking on a project on your own is
often enticing. And the numbers prove that more people are pursuing home
improvement projects - Home Depot"s 2001 fourth-quarter earnings skyrocketed
53 percent over the prior year. Lowe"s profits soared 55 percent.
As home values continue to appreciate in tight markets and Baby Boomers
reach their peak earning years, home and nesting are in the spotlight,
resulting in an emphasis on home improvement projects.
If you"re pursuing a project, you"ll want to carefully assess its
requirements and your abilities in determining whether you want to undertake
it yourself or hire a professional.
As you weigh the two possibilities, you"ll want to think about:
Whether you have a clear understanding of what you want your project to
look like. Do you have a picture of something you"ve seen in a magazine, or
do you need someone to help you define the vision of your project?
Time. If you work full-time, you"ll need to factor in how many weekends it
will take to finish the project. And, nine times out of ten, it will take
you longer than you think it will.
Your experience with similar projects.
What materials you"ll need to complete the project. Are you sure you know
about all of the materials involved?
Building codes. Will your project fall under building code requirements?
Are you familiar with the codes?
The extent of the physical labor involved.
The tools involved. Do you have all that are required?
The required skills. If you don"t have the necessary skills, are you
willing to take the time and money to acquire the skills to complete the
project?
Assistance. If you do the project yourself, do you need someone to help
you? Is someone with the appropriate skills available?
Safety issues.
The architectural structure of your home. Do you know what will happen if
you knock down a wall? How will it affect the rest of the house?
The hidden costs - time, tools, and the possibility that you may actually
decrease the value of your house if your work doesn"t measure up to
professional standards.
In summary, you"ll want to factor in every aspect of the project when
deciding whether to pursue it yourself or hire a general contractor. It"s
easy to look only at the price of labor and materials. But you should also
consider the supplementary services that a general contractor provides - the
experience, the right tools for your project, a network of suppliers and
subcontractors, and an understanding of legal and code issues, as well as
the latest industry techniques - when weighing your options.
Or, you may decide that you want to take a few classes or do some extra
research, perhaps even call on a friend who has embarked upon a similar
project. Whichever route you decide to take, make sure you feel comfortable
and confident, particularly if you"re making a big financial investment.