Why I Do Home Remodeling
Remodeling a house on your own is rewarding to say the least. The benefits of doing all the labor yourself can be self gratifying and save you lots of money. I chose to do as much home remodeling on my own as I could and was able to make a substantial profit once I sold the project home.
By doing all the work yourself you are going to save money - period.
Lets say the cost to purchase a 1000 square foot home (needing a remodel) is $50k. Suppose the cost to remodel this home would require around $30k in materials. Typically you could expect to pay a contractor 125% of the material cost just in labor. Thats a whopping $37,500.00 just for the contractor labor. All together thats going to bring your total home remodeling cost up to $67,500.00! Now add in the orginal purchase price of $50K and that makes the total $117,500.00.
|DIY Method||Paying a Contractor|
|Material||$30,000||$32,100 (assumed 7% markup)|
|30 yr Mortgage @ 4.0%
|Total Money Spent||$137,495.67||$210,067.61|
The DIY savings are huge! A grand total savings of $72,571.94
Thats almost the original cost of the whole home remodeling project if you do all the work yourself!