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A Resource For Home Buyers

We want to be a one-stop home buying resource for you, and one way we’re doing this, is by providing helpful tips and information about the mortgage industry, buying and selling your home – and many other useful topics that you’ll likely encounter on your path to home ownership. We’re confident that you’ll learn something new every time you visit this page.

Budgeting 101: DIY vs Professionals

Budgeting 101: DIY vs Professionals

As a homeowner, taking care of your house and property can be slightly overwhelming, but managing your landscaping and interior renovation projects is important. Whether it's a project that will add value to your home or a necessary maintenance repair, the costs can build up. Your home repair and maintenance budget will depend on its location, age, and several other factors, but most homeowners end up spending at least 2% of their home's original value.

Because of these costs, it can be tempting to attempt some of the projects yourself to cut down on money spent hiring a professional. After all, you can learn to do everything on YouTube right? This may work for some tasks but could end up costing you more in the long run if done improperly. Let's distinguish which projects are worth hiring out for and which ones you can do yourself for half the price.

A DIYers dream

The following is a short list of things that you can easily do yourself to improve your home. All you might need to do is read a few pointers and grab some things from your local hardware store to get started.

Painting projects

Most painting projects are easily done by yourself. Be sure to buy the right kind of paint depending on where you need to touch up. Stop by a home improvement store to get a reliable ladder and some painter's tape. A professional painter can cost anywhere from $20 to $50 per hour and you can do the same job while saving a couple of hundred dollars.

Flooring

While not all flooring projects can be done by yourself, vinyl flooring is usually easy to install without the help of a professional. Depending on the state of the floor, the process is usually easily done by a homeowner. All you need is some basic tools, the right amount of flooring, and a little determination. A contractor might charge $800 and $2,900, while you can easily get away with only spending $500.

Leave it to the professionals

Sometimes it's best to hire a professional because they have extensive knowledge and can get the job done right the first time. Here is a list of things that can get complicated, so contracting out the job would be well worth the investment.

  • Plumbing
  • Installing hardwood floors
  • Replacing windows and doors
  • Exterior house painting
  • Pest control
  • Electrical updates

All of these home maintenance projects are things that can have serious consequences if not done correctly. Even aside from the possibility of having to pay more than you might have if you just hired a pro from the beginning, your and your family's safety depends on it.

When creating a budget, be sure to leave room for these necessary costs. Being a homeowner means that you have a lot of responsibilities, correct maintenance being one of them. Reach out to The Federal Savings Bank for help getting started on your budget today!