It is a very tempting to want to do the renovation work yourself but if you are running your Property Investment NZ business to maximize your profits you need to carefully assess whether your time is best spent renovating or best spent finding and investing in property.
There are definite advantages and disadvantages to both scenarios and your decision will depend a lot on your skillset and abilities to do the jobs required and the timeframe you need the work done in.
Benefits of DIY
• Saves money
• Can be done in your own time
• Learn as you go and can source materials at the best prices.
Disadvantages of DIY
• The finish can look less than professional
• More time consuming
• Can become costly if work has to be redone.
• More expense incurred in the form of tools and equipment.
• Cannot do all the work as some tasks require certification and compliance certificates. For example electrical work.
Benefits of paying trades people
• Superior quality of workmanship
• Economical use of materials with no wastage.
• Innovative methods used with access to the latest techniques
• Compliance with new building codes and requirements, these have recently been changed, check out Build it Rightfor more details
Disadvantages of paying trades people
• Costs can spiral out of control
• Have to wait for their availability and work cannot be done in owner’s time frame
Unless you have a great skill set for renovations, then a DIY exercise may not be the best and may mean you compromise on finish, and may even prove to be more costly overall. Professionally trained people that come with recommendations or that you have used before will deliver better results.
|For further reading on Property Investment NZ, click on the articles below:
Setting Goals for Financial Independence – click here
Tips for Becoming a Property Expert – click here
Buying Rules for Property Investment – click here
5 Tips to Add Value through Renovation – click here