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Millionaire Money Habits

July 21st, 2009 at 3:10 pm

Do It Yourself or Hire an Expert?

When you’re considering a home improvement project, it’s tempting to follow the do-it-yourself path in order to save money.  It only seems to make sense to buy the materials yourself and not have to pay someone else to do the labor, where the real costs can add up.  But sometimes, it’s just not worth it, and hiring an expert can save you money and time.

You can decide the best route by asking yourself a few key questions.  The first one is: do you have enough time to do the project yourself?  Depending on what is going to be out of commission, and for how long, you might be better off paying an expert who can get the job done quickly.  If your only free time is after work and potentially on the weekend (who knows what else might come up or lure you from your project), it could take longer than you really want to complete.  For example, if it’s the bathroom that’s going to be unusable, even two days can create an annoying hassle.

Do you have the right tools to get the job done?  Most tools are pretty expensive, especially ones you might need for a big project.  Consider what it would cost you to fill out your tool collection.  Would it cost more time and money to buy what you don’t have than it would to pay an expert that already owns them?

And even if you do happen to have the right tools, do you know how to use them for your project?  Is the project relatively simple or do you find yourself doing research to learn how to do it?  If your knowledge base is pretty extensive, it might be relatively easy for you to learn the right way to complete your task by building on your past experience.  If the information you’re finding seems a little confusing or out of reach for you, the time spent trying to understand it might be better used researching the right expert to come and do the project for you.

It all boils down to your experience and your time allowance.  Sometimes paying a little extra for an expert is worth the time you’ll save by not having to do it yourself.  But if you feel confident in your skills and you know you can save money if you do it alone, go for it!

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