DIY Versus Hiring a Contractor

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DIY versus hiring a contractor
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• The decision-making process in deciding whether
  to hire an investment property renovation
  contractor or try to tackle the project yourself
  is significantly different for real estate
  investors than it is for homeowners. It may seem
  like an easy decision, decide what you want to be
  done, estimate the costs and timeline, weigh that
  against your skill level and schedule and decide
  what is best for you. For a homeowner, that makes
  sense, but for an investor, we need to take a
  much closer look.

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• What are your goals?

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• When it comes to major renovations, the goals of
  a homeowner are often not the same as those of a
  real estate investor. Lets say, for example, you
  are doing a major kitchen renovation. A homeowner
  will likely have a very specific idea of exactly
  what they want based on their unique tastes and
  lifestyle. Maybe they are a gourmet cook and want
  to splurge on high-end stainless steel
  appliances, or maybe they have an eclectic taste
  and want a unique paint job with pastel colors
  and prints around the ceiling. All that
  customization could add up to a huge price tag
  and long timeline if an investment property
  renovation contractor is hired to do the whole
  thing, especially if much of the work, such as
  the painting, can easily be done by an amateur.
  Not only that, homeowners can be finicky and want
  things done a very specific way and they may be
  happier just doing it themselves.

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• Now compare that to the investor. Even the
  greenest landlords quickly learn that when it
  comes to rentals, tenants want simple and clean.
  Mid-grade appliances, off-white walls, and
  neutral colors are always best. Most tenants are
  not looking for their dream home its usually the
  opposite, they want a budget-friendly place while
  they save for their dream home. Most investment
  property renovation contractors can knock out a
  simple kitchen renovation quite quickly, and most
  rental property investors should be doing other
  things with their valuable time than spending it
  on painting or other work.
• While it can be a huge money saver at times for
  an investor to be handy with tools and have the
  ability to take care of simple things quickly and
  easily, successful investors are usually better
  off hiring pros.

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• What is your time worth?

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• As an investor, you have to think about what your
  time is worth and the value that you bring to the
  table as a landlord. In the long term,
  establishing professional relationships with
  investment property renovation contractors in
  your area generally pays off. Investment property
  renovation contractors like working with
  landlords, they know these jobs tend to be easier
  and they are likely to get much more work in the
  future if they do a good job.
• Successful landlords become successful because
  they develop systems and routines that lead to an
  efficient and smoothly run business, they dont
  become successful because they take a few days
  off of their business to paint or sand a hardwood
  floor. While a little elbow grease is important,
  most landlords should usually think about hiring
  investment property renovation contractors for
  most jobs.

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• Have it done right the first time

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• When it comes time to sell the property, having
  work done by professionals is crucial. Having
  work done by licensed investment property
  renovation contractor is a necessity when a home
  inspection is involved. Thinking big picture and
  long term will pay off with cleaner inspection
  reports, faster closing dates, and much more
  negotiating power when it comes time to sell.
• Our goal at Renozee is to save you time, money,
  and headaches. When deciding whether to hire a
  pro or do it yourself, remember to keep in mind
  your goals and think for the long term, and if
  you are a landlord, do not underestimate the
  value of building relationships with reliable
  investment property renovation contractors in
  your area.

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