Home remodel and improvement projects are often an inevitability in homeownership. While both eagerly approached and avoided the need to update fixtures, freshen walls, or modernize features eventually becomes a reality. As we finish two major remodel projects in our home, I thought I’d share some tips we’ve learned a long the way.
Tip #1: Bite Off Only What You Can Chew (https://spicarealestate.com/remodel-tip-1/)
Tip #2: Use Your Experiences to Your Advantage (https://spicarealestate.com/remodel-tip-2/)
and finally Remodel Tip #3: Value Your Time
One of the most helpful tools we found as we made decisions in the home remodel process was discovering the value of our time. Often in a home project the decision must be made on various elements whether or not to do it yourself or hire it out. Obviously tip #1 and #2 help make the decision based on experience and eagerness to finish a job. Another tool was putting a quantifiable value to your time.
For some, this might be taking your hourly wage, or others an estimation of wage or loss of wage if you choose to spend time doing a home project instead of career based activities. This leads to the question, “Is it worth the money lost (if I’m not working) or gained (money I’m not spending to have someone else do the work) to do the work myself?”
This can play out a few different ways, but for example let’s say a person makes $20 an hour in their job of choice. To hire out a trade it costs $30 an hour. But, the skilled tradesperson can do the work in half the time due to experience. In this case, it is most likely worth it to have the work hired out. However, if the work can be done by yourself in the same amount of time, it is worth doing yourself.
The concept in placing value on your time and estimate cost savings or gains can mathematically help you decide whether or not certain elements of a remodel should be hired out or can be done yourself. Putting forethought and crunching the numbers will make some of the home remodel decisions a little easier. Your time is valuable, make it of value to the project.
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