Home remodels can become very costly even with the smallest of jobs, particularly if you’re paying professional contractors to do the job. Many homeowners are choosing to do the work themselves and put the money in their pockets as opposed to hiring someone. Learn the many benefits of DIY home improvement.
Ways to Save Money With DIY
DIY projects can save you money in more ways than you can imagine.
- Materials
- Labor
- Insurance
- Appraisal value for home equity
Most DIY projects require some type of tool, which can be expensive. Unless you think you’ll use the tools in the future, you may find it more cost-effective to rent the tools rather than buy them. In addition to saving money by renting, the rental professional may be able to give you time and money-saving tips. Consider renting the following tools for your DIY home projects.
- Reciprocating saws
- Hammer drill
- Power paint sprayer
- Scaffolding and platforms
- Concrete mixer
- Post-hole driller (for outdoor projects)
Saving Money All the Way Around
Renting your own tools is just one of several ways to save with DIY. If you’ve ever paid a professional to do a job, you’ve probably noticed that labor probably made up more of the bill than the materials. Doing the projects yourself can also save you thousands of dollars in labor costs. Sometime hiring a local repair expert like mesa appliance repair company is also a wise move.
While it’s true that some people are more handy than others when it comes to DIY, almost anyone can tackle a project with the right tools, some planning and a problem-solving approach. Fortunately, there are many online DIY resources for those interested in doing it themselves.
Pay for Labor & Materials Separately
If you are one of those who get intimidated by the mere thought of DIY home improvements, you can still save even if you do hire a professional. Many contractors put a real markup on the materials they purchase for your home projects. By shopping around and buying your own materials, you can save money and have it done professionally.
Insure Your Improvements
Despite the obvious savings of labor and materials, is another way DIY projects can benefit you is in the form of home insurance. Home insurance is based on the value of your home and what it would cost to repair or replace if it was lost due to fire or other catastrophes. Remodeling and upgrading your home yourself adds to its value while also but still saving you money. Additionally, let’s not forget how a newly improved home increases its appraisal value, which can help if you wish to sell.
When homeowners take out home equity loans, their interest rates, loan terms and monthly payments may all be affected by the equity they have in the home. The more value you can add to your home, the more money it can save you. Some renovations can actually save you money on your home insurance.
If potentially saving thousands of dollars isn’t enough to make you want to DIY on your home projects, imagine the feeling of pride and satisfaction you’ll have in telling family and friends that you did it all yourself. You can save a lot of money with DIY, whether it’s through tool rentals, using recycled products or purchasing your own materials. Time to start planning your next DIY!