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Many homeowners consider projects with help of home improvement financing, but not industry professionals

Posted on Monday, July 8, 2013 at 3:38:34 PM

More homeowners are choosing to undertake sizable home improvement projects themselves instead of hiring contractors and construction professionals. A considerable amount of information is available online, though consumers' skill sets can vary.

Prior to utilizing home improvement financing to complete a major project around the house, homeowners need to make a legitimate assessment of the task and their own personal skills. In many cases, these jobs are best left to professionals - especially when dealing with major property systems, such as electric and plumbing, recommends.   

"HLIB does not specifically recommend individuals to try and complete their own improvement projects," says Home Loan Investment Bank's Daniel A. Murphy. "It is allowed under the program's guidelines and we do ask each consumer to weigh their options. Whether it's building a deck, remodeling a kitchen or basement, it can be an expensive project. When you do it yourself, you might think you are saving some money but this might not necessarily be the case. A confident and experienced do-it-yourselfer can save but there are risks involved."

For example, an inexperienced homeowner may wind up doing more harm than good, and inevitably require the services of a trained professional.

"When you hire a professional for you home improvement project you are investing in an expert to get the job done properly," Murphy continues. "They have the experience of purchasing the correct materials and the industry connections with supply houses to purchase these supplies at a much lower cost than you would pay yourself. Established home improvement companies also carry insurance which is designed to protect you as the homeowner, the contactor and their laborers and the materials and craftsmanship."