Can you Save Money with DIY Renovating

If you have purchased a property that needs updating and modernizing, should you tackle the work yourself or should you get tradespeople in to do the work for you?

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

Tags: , , , , , ,

About Property Tutors

“PropertyTutors Limited believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation found within this publication on the date of this publication. However, no liability is accepted for any loss or damage incurred by any person as a result of any error in any information, opinion or recommendation in this publication. Nothing in this publication is, or should be taken as, an offer, invitation or recommendation to buy, sell or retain any investment in or make any deposit with any person. The information contained in this publication is general in nature. It may not be relevant to individual circumstances. Before making any investment, insurance or other financial decisions, you should consult a professional financial adviser. This publication is for the use of persons in New Zealand only. Copyright in this publication is owned by PropertyTutors Limited. You must not reproduce or distribute content from this publication or any part of it without prior permission.”