27Dec2010
Costs and Benefits to Think about Before Doing Home Improvements Thumbnail

Costs and Benefits to Think about Before Doing Home Improvements

So, you have decided to do some home improvements. Whether the job is a large or a small one, there are some costs and benefits that you might want to think about before proceeding. First, let’s look at the costs.

For smaller projects that you can do on your own, the main costs to consider are the materials. Then, there is your time. Depending on what you do for a living, your time may be a valuable commodity.

If you’re like most people, your free time is even more valuable, because you don’t have a lot of it. Unless you really enjoy working around the house, think about what you normally make per hour. It could be more cost effective to hire a contractor to do the job for you, even if it something as simple as painting the living room.

There are also some costs attached specifically to the DIY phenomenon. As you are probably aware, most accidents happen at home. Emergency rooms around the world have noticed an increase in visits from the DIY crowd.

So, unless you are experienced and confident in your abilities to complete a project, you should think about the added cost of an injury that occurs at home. An experienced contractor is less likely to have an accident and most carry insurance just in case something like that happens.

Insurance is one thing you should check before you hire a contractor. Otherwise, a worker could sue you for an injury that happened while at your home. Your homeowner’s insurance would go up if you had to pay for something like that. That cost is only relevant if you are not careful about which contractor you hire to do the job.

For larger projects, you will want to hire a contractor. Today, it is possible for individual homeowners to get bids from a number of different contractors on jobs large and small. You can post your job a homeimprovement411.ca for example to start getting bids.

The bid you get should include the cost of materials and labor. But, those are not the final costs.

If you have to take out a loan in order to complete the project, then there is interest to consider. If you are doing a large job, such as the addition of a family room, you will have to consider how much it costs to furnish the room.

Finally, you always want to think about how this will affect the value and salability of your home. One thing that you need to be careful about is not to exceed the typical value of homes in your area by a large amount. That could make it harder to sell in the future.

Ideally, you want to choose projects that increase your home’s value in an amount very close to the cost. You will recoup the costs when it comes time to sell.

That’s enough about costs. Many of the benefits of home improvements are not monetary. They are emotional. You get more enjoyment out of a home that you love. It’s as simple as that.

About the Author

has written 16 articles on General Contractors Talk | DIY Articles | Home Improvement Articles.

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Discussion

One response to "Costs and Benefits to Think about Before Doing Home Improvements". Comments are closed for this post.
  • Many people don’t realize that not all home renovation projects will increase the home value. It really depends on the location and the market as well. some improvements may not only positively impact the value but may have adverse affect. For instance building an additional home in an area that is home to mostly elder population.