All Things Real Estate: Doing it yourself can save you money

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All Things Real Estate: Doing it yourself can save you money
Philip Raices

For those who purchased their home recently or years ago repairs have to be addressed, but the cost of doing them has increased drastically, especially over the last few years.

Not everyone has the money to be able to accomplish these things.  Trying to take on  tasks, like a leaky faucet, changing a lock, or electrical issues may be simple for some, but for others hiring a professional may be the only course one can pursue.

Leaning how to do small tasks, however, may be as simple as just going on YouTube.com and searching for topics about exactly what has to be done.  There are a multitude of instructive videos that will walk you through the simplest repairs to those that require much more knowledge and skill to undertake to master the job.

Most homeowners who are employed full-time do not have the time except after hours to learn how to do repairs. The big box stores do offer free after-hour classes to provide you with the necessary instruction, guidance, and information to learn the “how to” of plumbing, gardening, woodworking, and other money-saving jobs.

When it comes to doing electrical work, it is not something that I suggest that you do on your own.  However, if you have a friend or family member who is licensed and in the business, then you might be able to work out a situation that will get the job done while saving money.

Plumbers and electricians can cost from $125 to over $200 per hour plus parts and materials.  Just changing an outlet can get you electrocuted, so it’s better to be safe than sorry.

I believe the simplest thing to learn is how to add the proper plants and shrubbery to your landscape.  Again, there are many videos online or class instruction after hours in the large box stores to be convey to you the necessary information for you to learn the how-to-do-it methods.

Obviously, they offer these classes so that you will purchase your materials through their stores.

Trying to undertake a much larger project of renovating a bathroom or kitchen will be entirely different.  What budget will you have to get the work done?  Creating a plan and deciding what materials you will need are the first steps.  Will you be expanding the room to add more square footage?  What effect and impact on your real estate taxes will there be?

You will need to know what permits are required for demolition, plumbing, electrical and installation of appliances, etc.

You will surely need the assistance of someone who has the complete knowledge and experience and has the tried-and-true track record of completing numerous renovations, to be sure that your work will be done properly and within a reasonable amount of time.

Asking for referrals for contractors is also an avenue to pursue, but do your homework and make sure that you are hiring a licensed and insured contractor.

If you are fortunate enough to have contractors within your family or friends who are licensed to do the work, be sure they have the expertise to assist you.  Being able to cut corners in an efficient manner to save money is understandable, but getting things done by the book and by local codes will go a long way when it eventually comes to selling your house.  The last thing you need is to find out that the work that was completed was not done properly and have a serious delay in your closing or worse your buyer backs out.

When you have your inspection prior to going to the contract, you should know what major and minor issues there may be with the home that you are purchasing.  I would say one should be more concerned with costly problems and not worry as much about the small issues, as there are probably others who want the house almost as much as you.

Why lose the sale over things that you could probably fix yourself?  That is why DIY is becoming more and more popular.  According to the Farnsworth Group, which does market research on DIY trends for manufacturers and suppliers, about 73% of Millennials are DIYers, more than homeowners who are GenX, and baby boomers.  However, GenZs are also coming on board and will continue to over the next 3-5 years.

Going to farnsworthgroup.com will provide very valuable statistics on DIY trends as well as comfyliving.net.  TikTok using the tag#homediyproject had 172.5 million views back in April 2022, (surely more in 2023) with videos fetching thousands of likes and comments, while on Instagram, YouTube, and Pinterest, where there’s a humongous amount of handy hints, tips and tutorials demonstrating just how accessible DIY can be.

So are you ready to learn the “how to” and save money?

Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck.  For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: [email protected] or via https://WWW.Li-RealEstate.Com

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