Over the last several weeks, my other half and I have been renovating one of our properties to prepare it to rent it out. We will be first time landlords and are trying to successfully navigate this adventure on our own. At the beginning we contemplated getting professional help by using a property management company. After doing some research, we decided that for this first year we would see how doing it ourselves would work. So we will see how it goes!
We’re tackling many renovation projects around the property, but we have only hired a professional to install the carpet. We almost hired a professional to repair the vent stack seal on the roof, but after looking at it and doing some internet research, we decided to do it ourselves. The reason we chose to do so is because we already had most of the equipment required to repair it, and only needed a couple of inexpensive items to fix the leak in the roof. It was a simple fix that only took a couple of hours.
We do have a project we are doing that I wish we had hired professionals for. We originally had plain flat doors in the house that looked awful and we wanted to upgrade to the nicer six panel doors. We took this as an opportunity to upgrade the door hardware to what is normally in most homes today as well. The cost of the actual doors wasn’t outrageous and my future father-in-law had all of the tools we needed to complete the project. However, Murphy certainly had his hand in this DIY project!
We had no idea what complications we had to face when installing what we thought were simple bi-fold closet doors. What should have been at most a one day job, has turned into several weekends, and lots of frustration, and two of the three doors are still not installed. I think that if we knew the complications we were going to face, we would have hired a handyman from the get go on this one! The money for the professionals would have definitely been worth it for all the headache this has caused!
What To Consider Before Starting A Major Project
Time: Do you truly have the time for the project? In your free time, do you have any activities that are financially productive or do you enjoy tinkering with projects around the house?
Equipment: Do you actually have the equipment needed to properly complete the project or are you going to have to buy a bunch of stuff? If you have to buy all that stuff do you have a place to store it?
Resources: Do you have anyone that can help you or bail you out of a pickle?
Pride: Are you able to know when its time to say uncle to Murphy?
After all considerations taken, are you truly ready to take on major projects to save money?