Be sure to budget for home improvement projects before diving in.
the main points
- Handling home improvement projects individually can lead to savings.
- But until then, the costs on hand can be significant.
- Think about how much you’ll spend on materials, tools, and permits before you decide to build a project yourself.
Renovating your home can make your living space more comfortable. It can also add resale value down the line.
But home renovations aren’t cheap, so if you’re going to make improvements, it’s important to do what you can to cut costs. One option might be to tackle the next renovation project yourself. Doing this can save you a lot of money compared to hiring a contractor – but that doesn’t mean you won’t spend a lot.
In fact, the average DIY home project costs $1,692, according to data from kraftjack. So it’s important to carefully budget for home improvements, no matter what.
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Things to consider when renovating your home
If you are going to handle a home project yourself, there are various costs that you will need to account for. They include, but are not limited to:
- Material cost (eg new tiles if you’re rebuilding a bathroom or new cabinets if you’re remodeling a kitchen)
- The cost of the tools needed to do the job
- The cost of removing debris from your property (You may not be able to put it on the curb)
- Permit cost (This can vary depending on the work you do and based on where you live, but often, the more expensive the job, the more expensive your permit)
In addition, think about the expenses that you may incur after, after Complete your home renovation. Let’s say you finished the basement to give yourself more indoor living space. Once the project itself is done, you may then want to put a sofa there, as well as a TV and a pool table.
Sure, you can buy these items over time, but it’s still a good idea to keep them in mind. After all, the last thing you want is to spend months finishing your basement just so you can’t use it due to a lack of furniture.
Should you go the DIY route in the first place?
You may be tempted to tackle home improvement projects on your own to save money. But in some cases, hiring a contractor can actually save you money. Why is that?
If a contractor damages your home in the course of their work, they must cover the repairs. But if you make a mistake, like accidentally bumping a wall, you’ll raise a higher credit card tab to cover the cost of repairing it.
Likewise, the contractor may get the work done more quickly than you can afford. That means fewer weeks of turbulence, less dust to inhale, and less debris to live with.
In addition, some of the work is best left to the professionals. If you’re going to be doing an electrician, for example, not hiring someone who knows what they’re doing could result in the job not passing an inspection. It can also put your home and safety at risk.
But other than that, in many cases, going the DIY route is a good thing and can be a huge money saver. Just be sure to budget accordingly and be realistic about your time frame so you don’t get disappointed.
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