In Part 1 we discussed Safety and Legality. Now we turn to Time and Money.
Time.
By hiring a contractor you're hiring a full time staff to handle your project. A
quality contractor will provide you with design, consulting, project management, quality control, years of hands-on experience, scheduling and material management. If you already work a full time job and/or have a family, you may find it cumbersome to handle all the above mentioned roles and responsibilities.
With DIY projects you can expect delays, miscalculations, unexpected costs and a lot of research. All these factors equate to lost time, you could be spending doing something you love and enjoy. Hiring a contractor will efficiently manage your project start to finish.
Price and value.
Most people's first thought when hiring a contractor is money, “How
much is this going to cost me?” Choosing to hire a professional contractor will add to the price but it will also add to the value of the project. Often people lose sight of price vs value. Price is temporary and is the initial cost of the project, when value is long lasting and creates a positive ROI (return on investment). Whether it be in resale or just the time spent with family enjoying the space, value is the true measurement of a good price. What do you value more? Your project finishing safely on time, on budget and turn key, or saving some money in hopes of completing the project yourself. On the surface it seems like you will save money by not hiring a contractor, but the truth is there are a lot of hidden costs that DIY shows don't tell you about. One of the biggest hidden costs is tool costs.
You may be able to save yourself $300 dollars by installing your own
bathroom trim, but once you factor in buying/ renting a mitre saw, nail gun, table saw, blades and nails you are now over the initial cost.
The next hidden cost to factor in is opportunity cost. You must ask yourself, what is your time worth? While you're working on renovating your bathroom, what else could you be doing with your downtime after work each night? Depending on the scope of the project, some projects can take up to 6 weeks at a full time pace. Are you prepared to give up your evenings for the next few months?
Contractors have access to supplier discounts, expedited manufacturing and better pricing with subcontractors. While it may seem you can save some money by not going with a contractor the risks, delays and opportunity costs outweigh the savings. We like to compare hiring a quality contractor to buying a helmet - how much is your head worth? How much does your home mean to you? Once it's all said and done, do you want to be saying “I wish I bought a helmet”.
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