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How you can tell if a DIY improvement project is right for you

Posted on Monday, July 14, 2014 at 10:58:15 AM

Home improvement season is finally in full swing. Homeowners across the country are spending money on upgrading their properties, from making key changes to their kitchen to sprucing up the backyard. According to the National Association of Home Builders, the national average spent on renovations for each zip code is expected to be more than $5 million this year.

Overall, this could mean that many homeowners are looking to spend a lot on improvements this summer. If this is the case for you, consider looking into affordable home improvement financing to help cover some of the associated costs. In addition, Home Loan Investment Bank's Randy Stockstill recently offered some valuable advice on whether or not you should do a renovation project on your own.

"When it comes to DIY home improvements, there are many rewards and risks to consider," he explained. "It is important to consider the following factors in deciding to do the work yourself or hire a professional."

For example, Stockstill recommended that you first assess your own skills and motivations. Are you qualified to perform these tasks? Do you even want to? Or, would you rather have a professional tackle it?

"Special consideration should also be taken with certain trades that require licensing - for example, electrical or plumbing - or inherently dangerous situations like roofing," he added. "Money is also another important consideration. As a homeowner, you should be able to get more accomplished doing the work yourself. One thing to keep in mind is the cost of re-doing the work, in case of a mishap the first time around."

Furthermore, you may want to think about the timeline for your project. If you are doing it on your own, make sure you have the energy after your normal work day or on weekends.

"Projects like painting may require to work in stages, spreading out the job over several days," Stockstill noted. "Many homeowners choose to undertake DIY projects over holiday weekends, giving ample time to finish the job. Lastly, consider your tolerance for a dirty home. Home improvements are a messy proposition and it's important to consider whether you can handle a few extra days of mess to save a few dollars doing it yourself."