In the last decade, 45% of construction accounted for residential housing in India, according to PwC India. This segment concentrated on the major cities of Delhi and Mumbai – approximately 55% of the market. As thousands of Indian households are in need of improvement, how do we know where to start, what reconstruction should be, and how to execute the project at all? We understand that every home situation is unique, as the budget is always a critical factor in any home renovation.
So, to help you save a bit of money and even your sanity, here’s everything you need to know about whether you should DIY or hire a pro when it comes to renovating your home. But first, it’s time to get your finances in order.
Financing Your Home Improvement Project
When buying a home, the money you pay upfront is only the beginning. Homeowners should expect to spend nearly 2% of their home’s total price on repairs and maintenance each year. However, if you plan on any major remodeling, it costs an average of $9,000 – $20,000 to remodel a single section of the house. In fact, for most home renovations, labor is the most significant expense.
Before you can start the process of renovation, you must understand the variables of what your project will cost. Elements of home improvement, such as an extension of a bedroom, flooring, plumbing, or even changing the styles, must take into account. If you are considering a home renovation loan, you can improve your house by paying equated monthly installments. You may be eligible for a waivered processing fee if your credit has strong points such as a clean track record, rental income, credit score ranging from 700-800, and a hike in pay.
Should You DIY or Hire a Pro?
While you get the most value out of cheaper DIY projects, consider the amount of time, effort, and skill needed for the job. Some aspects of the renovation should be left to the professionals, such as:
Projects Deemed Unsafe – If you make a mistake while performing significant tasks such as plumbing or electrical work, the consequences could be dangerous. Therefore, you must hire a licensed expert to complete any arduous work.
Projects At Risk Of Damage – Some home renovation projects, when done poorly, may lead to severe and extensive damage to your home. While this may not completely ruin the house, it could lead to a substantial setback for your home renovation. Besides, it may affect the value of your home.
Projects With Little To No Experience – If any project requires an exclusive license or permit, it’s best to hire a professional rather than taking the risk of a DIYer.
When choosing between DIY and hiring an expert, it is essential to understand that it is more than just a matter of the expense. It requires a careful balancing between a long list of factors, such as safety, hassle, results, and the quality of work. All these advantages explain why most homeowners are choosing to hire a professional despite the ability to save a few bucks.
Nonetheless, the big advantage of DIY is the priceless pride in showing off a job you did yourself. If you’re looking to enjoy the fruits of your hard labor, that’s more than enough to make up for the time and effort you put into it – despite the cost of savings.