Undertaking some of your own home maintenance could put you on the fast track to saving money on home repairs, upgrades and everyday upkeep. But in spite of your best intentions, the project could go south. The key to a successful do-it-yourself project is knowing what you’re capable of and what’s beyond your skills, knowledge and experience.
A good starting point with any project is to find out whether contractors who specialize in it need a license. Electricians, plumbers, HVAC contractors and technicians, and roofers in Florida need a license before they can legally offer their services. Each applicant has to pass a knowledge test and show proof of successful, accredited course completion.
Do-it-yourself projects involving these disciplines aren’t for beginners. Taking on an electrical wiring project puts you at risk for home fires or electrocution. Making a mistake with plumbing results in flooding, and HVAC projects often require handling high voltage mechanical components and combustible fuels. Roofing has its own hazards apart from ladder and roofing accidents.
See also 4 Ways to Decrease Maintenance Costs
The next issue to consider as a property owner is whether your insurance policy will cover the damages if you do the work yourself. Insurance companies have been known to deny claims if the contractor who performed the work wasn’t licensed.
Some projects may seem viable, but ask yourself if they would be better done with specialized tools. While painting walls may be a viable do-it-yourself project, painting ceilings isn’t. Painters use special rollers or expensive spray equipment to repaint ceilings. Undertaking it without these tools is laborious and you may not achieve the quality you expect.
Picking the projects you can comfortably perform around your home or your rental property not only will save you money, it will also reward you with a sense of accomplishment. But before you take the time to learn a new skill and invest in the tools, remember that some projects require a license and manufacturers may not honor the warranty if the work isn’t performed by a professional.
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.