Friday Financial Tidbit-When to do it yourself or hire someone else to do it for you

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Last week my wife and I closed on our new home. It was really exciting to finally sign the contract and start to get ready to move into the house and have our life get back to normal. But we also faced some new decisions as well that we had to make pretty quickly. We wanted to make some change in the home in the form of new carpet in our bedroom and have some painting done in our living room and kitchen. The question we had to answer was should we pay the professionals to do if or should we try to to do it yourself (DIY)? Ultimately we decided to hire it out. But if you are facing the same question first ask yourself the following three questions.

Question #1 Do you know what you are doing?

Before you DIY you have to know if you can actually do the work. Do you have the tools to complete the job? Have you ever done the actual job before or just watched a video on YouTube? Because if you don’t know what you are doing the project will end up costing you a lot more down the road in terms of money and time.

Question #2 How much am I going to save?

You also need to factor in how much money you will be saving. Now everyone is going to have their own threshold on how much saving will make it worth it or not depending on their budget and income. But it is good to know whether you will be saving a couple $100 or $50. Also take into account the purchase of tools and materials when determining your cost savings and then you can determine whether or not it is worth it to DIY.

Question #3 How much time is this going to take?

Sometimes when we start a DIY project we think it might just take a weekend to complete. But then we look up and three months later we are still working on the project! It’s important to know before you start a project all that goes into it. If not you might end up spending a lot more money and time then you had originally had planned.

DYI can be a lot of fun and can save you a ton of money . . . or it can bring you a lot of frustration. Remember, if you don’t feel like you can DIY but you don’t’ have the money yet to hire someone to do the work, you can always wait to do it later. Ultimately you have to decide which option is best for you. But if you first answer those three questions above you will be on your way to making the best decision for you.

Have you ever done a DIY project? If so how’d it turn out? How did you ultimately decide to DIY rather than hire someone else to do it?

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