#29 Do It Yourself or Hire an Expert?




It’s usually money that drives that choice!  Make no mistake, do-it-yourself may sometimes seem the smart way to go, but it can turn out to be an expensive choice.   Knowing when it’s right, and when it’s better to find an expert is important.  And sometimes it can be a combination – an expert guides you and you do the heavy lifting!

Successfully securing your home mortgage, moving into a new and important chapter in your life, and protecting your investment are all factors that should influence the way in which you handle the maintenance and improvements that naturally follow your home purchase.   Each situation that arises needs to be considered separately from several angles.

When you begin to take on the maintenance and care of your own residential real estate property – your home – be sure that you know what factors have a bearing on how you move forward; insurance is one of them.  You will be in possession of various insurance protections (some required – not optional) which may have stipulations concerning what is covered, how it is covered and when that coverage may be denied.  With some situations, there may be an expectation concerning the need for qualified licensed or certified services – not “handy-man,” do-it-yourself-work – in order for your insurance protections to apply.   Take the time to investigate the facts before you decide to tinker.

When you own property, it is obviously adjacent to the property of someone else!  All around the perimeter of your property, there is a “common zone” where properties connect.  When (if) you consider a project that is in that common zone, such as building a fence, constructing a stone wall, creating a garden or planting trees, it is very important to connect with the bordering property owner (or owners) before you get started.  Such projects are often taken on by the property owner themselves, as a do-it-myself project.   It is important that you and the adjacent property owner are clear concerning the property lines.  There may be issues concerning trees that, when full-grown, might interfere with someone’s beautiful view.   Some neighbors might feel strongly about any construction in the common zone.   They may insist that projects on or near the property lines should be done only by a licensed contractor, in order to assure that any possible future insurance claim would be honored.  They may be willing to share the expense in the interest of common benefits and protections.

On the other hand, sometimes neighbors sharing property lines enjoy working on such projects together, sharing the costs and agreeing on the nature of the border treatment.   It might be a good idea to have a record of the mutual effort – such as pictures of the project in progress – just in case a future dispute might arise.  (Installations such as fences and plantings require maintenance; you’ll want to be clear concerning who does what, as time goes by!)

When you decide to do a project on your own, be certain that, whatever that project is, the ramifications only affect yourself!  It’s a fairly short list that would be problematic in terms of your insurance coverage or other serious risks.  However, wiring something wrong could have serious consequences.   Making a structural change that might create a safety hazard is very serious!   For instance, unwittingly removing a weight-bearing wall to “open up” an area, or building a balcony without knowing absolutely for sure how much weight it can hold, are two dangerous do-it-yourself projects.

Working – puttering? – on your home projects is great, can be fun, and can save you money when well planned and appropriately informed!  Be smart about your choices, acknowledge when it’s time to consult an expert and proceed with caution!

Comments

Post a Comment

Popular posts from this blog

#56 About Insurance

Image
The decision to buy a home of your own, includes both the consideration of, the added expense of and the mandate to carry the appropriate insurance coverage for the property you are considering.  It’s a “given” that qualifying for your Mortgage Loan means your new property must be insured to protect the property you do not actually own until your Mortgage loan is fully paid. Many factors drive the amount and the kind of insurance you must carry for your specific property.   The recent factors of repeated (and repeated!) wildfires and floods have inspired many new insurance considerations and changes that directly relate to both of those “natural” disasters.    It is not that floods and fires did not exist in the past.   However, the more recent phenomenon, of wildfires originating miles away then sweeping across densely populated areas some distance from their point of origin, is seriously impacting fire insurance availability and limits.    Ne...
Read more

#58 Preserving an Interrupted Plan

Image
When making almost any kind of a serious plan, it’s probably smart to also consider the possibility of some kind of a glitch creating some kind of an interruption!   Interruptions to a plan for purchasing your own home can come in dozens of ways, from any number of directions.   But, understanding that reality, and accepting that “possibilities” may come up, shouldn’t be a reason to worry unnecessarily or become a bundle of nervous “what ifs.” Challenges, and many perfectly normal life situations, might arise and interrupt the original rhythms and timing you have developed for your master plan.    Most such things can be managed, and need not critically damage your plan.     An interruption to how you want things to proceed will probably just mean adjustments, modification and a little finagling! What’s most important, when the unexpected happens, is to keep your sights on your plan as a whole.   For instance, an employment status ...
Read more

#57 Windfalls and Nest Eggs

Image
They are definitely connected!  Understanding both – and their possible positive potential – can make measurable differences in your financial life! Having a formula, some disciplines and a plan for money to reserve may sound like an old fashioned homily, but savings don’t just happen – savings accumulate by determination and repetition.    When an unexpected “windfall” drops into your hands, it can be added to your existing reserves, or it can be a beginning to what you may have been intending but never quite got around to: some savings! Windfalls have several sources! A simple one might be an unexpected raise in pay, or an unexpected bonus!   The key determinator here is “unexpected.”   We all know how easily it can just disappear into the cash flow that’s already flowing! But, wait a minute.   Before it happened, you were probably making ends meet, one way or another, right?   Well, you now have an opportunity to treat a Windfall diffe...
Read more