I’m considering doing a remodel on one of my rental houses. It’s possible I could do the work myself rather than hire a contractor. Should I do it myself?
The basic rule before starting any project is to define and analyze the project. Obviously the type and size of the project, the requirements of the state and county or city building standards and codes, and resource availability will be major considerations.
Even if you have the skills required for a particular task, there are two potential issues:
First, you need to ask yourself whether it is the best use of your time, or if you should instead invest that same time in another more important aspect of managing your investment.
Second, most states have laws requiring that certain tasks be performed only by licensed contractors. While a state’s laws may allow property owners to perform some of these tasks for their own properties, the exemption may not apply to rental units and some municipalities may have more stringent restrictions than the state. You will need to research the licensing laws and the requirements for obtaining permits for the location of your property.
Doing it yourself usually has the following advantages:
The work may be performed sooner, perhaps reducing the impact of the problem on the current tenant or the vacancy period. This assumes you have the experience or talent to do the work quickly.
You may save money. Whether you really do and how much might be saved depends on the value you put on your time, on having the experience and/or talent to adequately perform the work, and having adequate insurance coverages for damages or injuries resulting from your actions.
You may not be liable for another’s actions. This assumes you don’t have any assistance at all from anyone else, whether specialty subcontractors or employees.
Doing it yourself can have the following disadvantages:
You will need to learn how to do the work if you’ve never done the particular task before.
You may need to spend a lot of time on the work if not experienced at the particular task(s).