Taking on a home renovation project yourself can be a good way to cut down on expenses by eliminating labor costs. However, it’s important to remember that certain projects are best left in the hands of a professional. Unless you’re an experienced contractor, you’ll want to stick to projects that are simple and safe to accomplish on your own. Before you jump into a home renovation project on your own, avoid the following, which can end up costing you money, rather than helping you save:
Not following safety protocols
You should never put your safety in jeopardy in order to save money on your home renovation project. Whether you’re rushing through a labor-intensive project in order to finish quicker, or you don’t buy the right safety equipment and protective gear, you can put your life at risk. Even a minor injury from a renovation accident can result in expensive hospital bills, so be careful and invest in what you need to keep yourself safe.
Not obtaining the necessary permits
Depending on the specific details of your renovation and any local regulations, you may need a permit (or multiple permits) before you begin. When you hire a licensed professional, you won’t usually have to worry about any necessary permits yourself. But if you’re handling the project on your own, you’ll be the one solely responsible. Some people may decide to just bypass this step because they don’t want to deal with the hassle or the extra cost, but this can be an expensive mistake. Starting on a project without a required permit can result in a costly citation, which could end up costing a lot more than just obtaining the permit in the first place.
Using cheap materials
Although purchasing the highest quality materials isn’t always necessary, doing the complete opposite and buying the cheapest may not be the best idea. Opting for the lowest price might be your first instinct when you’re trying to save some cash on a renovation project, but remember that sometimes, you get what you pay for. You need materials that will be durable and long-lasting, and if you purchase very cheap materials, you may need to eventually re-do your project.
Not taking measurements
It’s such a simple part of your renovation plan that can easily be overlooked: failing to take proper measurements. A lot of home renovation projects require very specific measurements. With the wrong measurements or simply forgetting to take measurements, you could end up ordering something that’s too big or too small. You may have leftover materials that you can’t use, or you may need to make a new purchase. Don’t risk it by forgetting or by just estimating, and take all necessary measurements before you buy what you need.
Whether you’re buying a home or you’re remodeling your current home, Peachtree Financial Solutions may be able to help get you the extra cash that you need. If you’re receiving long-term payments from an annuity or a structured settlement, receiving that money upfront can make it easier to take care of large purchases and expenses. At Peachtree, we can buy all or a portion of your future annuity payments and you can receive your money sooner, and in one lump sum. Contact Peachtree Financial Solutions today for more information and to receive your free quote.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.