To say that homeowners sometimes take on bigger projects than they can handle when it comes to “do it yourself” renovations is a massive understatement. What bolsters people’s flawed perception that every renovation is a “do it yourself” project if you have the materials, resolve, and a Youtube video is open to debate, but the bottom line is there are some projects you should just leave to the professionals before you wind yourself in a heap of broken would, dust from the drywall, and disgust. This article will briefly debunk 3 home renovation myths so that you, our loyal reader, can avoid the embarrassment of having to hire a professional to do the job right and clean up the mess you made.
1. All Improvements DO NOT Provide a 1:1 Return on Investment (“ROI”)
An extremely common myth we hear thrown around is that the cost of improvements will “pay for themselves” when the renovator takes on a costly project. First, this assumes that a non-professional can perform the renovation themselves at a lower cost than a professional; this would be true but for the second assumption which is included in the first – that the renovator can perform the renovations themselves just as well as a professional. Let’s put that assumption to rest, no you can’t. This myth is on full display in virtually every other aspect of life, and it almost never goes well. People can represent themselves in Court far cheaper than having an attorney representing them; perhaps they can tell their cell mates how much money they saved.
Next, even the most optimal improvements like adding a deck to your home only gets about 3:4 ROI. The 1:1 ROI myth is dangerous because homeowners who believe this myth, and have made improvements, often seek to list their homes well above market based on the cost of their improvements. Keeping in line with the consequences of thinking you know better than everyone else, with absolutely no basis for that belief, is further exemplified in our second example.
2. We Don’t Need No Stinkin’ Permits
Many people don’t let a little thing like rules interfere with their plans, and often pay a heavy price for that hubris. While getting permits feel like a royal pain in the rear, and often are real pains in the rear, they are still necessary. A homeowner who gets caught making improvements without the proper permits may face fines, or even be forced to destroy the improper improvement at their own expense – so much for that 1:1 ROI myth we debunked previously.
Further, it is often critical to the issuance of a permit, that a licensed contractor perform that work. Finally, many prospective homebuyers will not purchase a home if improvements were not made by a licensed professional; if nothing else, the value of your house will decrease because of your arrogance. That 1:1 ROI myth is sounding sillier and sillier! Remember the very first assumption we discussed? Yea, that’s also a myth.
3. It’s Cheaper to Do It Yourself
To be clear, this article is not saying “never do anything around your house”, there are plenty of things someone with a basic understand of tools can do around the house. However, there are also some things where a skilled professional is probably a better idea – sure Jon is a stud at the game Operation and always getting the clasp on your necklace on the first try, but that doesn’t mean Jon should perform open heart surgery (Note: This is not true if Jon is actually an open heart surgeon, but this is our hypothetical so Jon is not an open heart surgeon).
Further, if you muck up this highly involved renovation you will absolutely have to call a professional to fix your mistakes; now you are paying the professional to do the job and clean up your mess. Finally, we all understand that time is money, and a professional can unquestionably do the job they’ve trained to do more efficiently than you with your Youtube videos and your Bob the Builder hat; and efficiency is king.
At the Chernov Team, we understand the desire to do things yourself. Many homeowners in Studio City fancy themselves handymen; but there are professional handymen who don’t have to play imagination to get the job done right. If the job is done right the first time, your ROI may still have an impact on the price of your house, thus accomplishing the main goal of renovations. The person who comes to the table most prepared leaves with the most, and a licensed professional is always more prepared than a layman; trust in their skill and fatten your wallet.