Hire It Out Vs Do It Yourself - How Much Are You Willing To Do To Save Money?
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- Опубліковано 2 лип 2024
- Where is the line where you hire a job out? I value my time and my money! My philosophy has always been to spend the money on tools and equipment rather than on someone else's labor. By doing that one will have more tools and become more and more capable. In this case, I found myself taking down 3 large pine trees and getting into some situations that could have gone very wrong. Should one pay the money to escape the liability?
While picking up branches there was a lot of time to think about this. The $2,750 I saved goes a long way in purchasing tools and also maintaining what I have. But it could have gone the other way where I might have spent that, or more if a tree hit the building.
How do you decide what you need to hire or what you need to do yourself to save money? - Навчання та стиль
That line moves depending on how busy I am, how much money I have, how much I care about it being done exactly the way I would like it done.
I'm guilty of doing too many things myself. It's a fine line because many times hiring someone is crapshoot and I enjoy the sense of accomplishment if I do the work. I've saved thousands over the years but realize time has value too both financial and personal. Your job above looked therapeutically enjoyable and I would have 100% done it myself as well.
Funnily enough is was having a similar conversation with a friend of mine tonight. I've taken to getting someone in for things like plastering these days as I've did my shoulder in some years ago so there's no way I could plaster a wall or ceiling now. And the time saving for me can be beneficial as I can get on with other things whilst they do the plastering normally faster than I would and I do it on a price basis so it's a fixed cost and I just supply the materials. The one piece of advice I'd give my younger self is pick your battles. And play to your strengths as I can earn more doing what I'm good at not struggling to get it done and take twice as long.
WOOOWOWOOW!”!! les quiero dar una noticia para el próximo mes
Good question. Thinking out load here...
Lets look at some recent projects:
1. Built a chicken coop
- DIY: foundation, post, sheeting, flooring, egg hutches, doors, windows, trim, paint, hardware
- Carpenter: Helped with ridge beam, rafters and metal roof
So in this case I got help only with the critical parts that required more expertise. The roof is perfectly straight. :)
2. Renovated a 3-2 house for rent
- DIY: Demo, p-wash, paint inside and out, landscaping
- Hired Out: Kitchen and bath cabinets, countertops: fab and install, electrician and plumber
So here it is a lot about time off market. Every month off market cost $3,000 so it pays to hire some parts out while you do some parts yourself at the same time.
3. Solar power:
- DIY: The whole thing
Because this is more of a hobby/fun project
4. Our House (outside)
- DIY: paint, build shutters, landscape
- Hire: Metal roof install
It would not have been possible for me too put a metal roof on this house by myself so that was not an option. Painting it myself was a stretch as it is 30 feet high and risky business...
Other projects I can think of involve things that legally have to be done by commercial contractors.
Very interesting question. Thanks!
I struggle with this all of the time. I'm kind ocd about doing things. I want things done a certain way, and others don't usually share my thinking. If I can do it myself, I will. However, I had a leaking transmission line and didn't want to get bogged down, sorting that out. I took it to a transmission shop and had them fix it for $150 cash. If it was brakes, driveline, ball joints, wiring, etc, I'm not paying someone for that. I had a leaky front seal on a transfer case. I discovered you needed a special tool to change it. I took it to the transmission shop. Two hours and $270 cash, it was done. That's a fight I don't want. But dropping thar 35 ft tree next to the utility lines? Yes, I'm doing that myself.
Simple……… my time is too valuable. You can always make money. You can’t get time back.
If I reroof my home with 2 guys it will take 2 days, Sat and Sun. and I have to pay them (1600)my labor is “ free”
If I work one day Sat and build a deck with them , pay them , (800) and make 8000. Then hire a roofer to do the job for 5000.
I work one day , profit 3000 , get the roof done and enjoy Sunday off.
After 10 years I finally gave in and hired someone to do some renovations on my house and I mostly regret it. It was an aggravating experience and the workmanship was poor for the price. The best bet probably would have been to go hybrid and be my own gc, but who knows.
For those of us that are salaried, we don't have the option of working more to make more to pay someone to do things for us. We have to decide if it is a job we can safely do and is the savings worth losing a day or two of our time off. The age old question of trading time for money....
to spend 3000 you have to earn 4000
There are very little DIY jobs that I won't tackle. The one I will hire out though is that I need to get my house re-sided. The only reason I will hire out to do this is because I have a 2 story house and an uneven lot, and since I'm now in my 60's my wife doesn't want me to tackle it myself. She was worried I would kill myself 15 years ago when I re-roofed my house.
The line I look at is this. If I need to buy tools to do the job I ask if this is a one time use or can I re-use the tool(s)? How much will the tools and parts cost me vs how much will it cost to hire someone. It is almost always cheaper to do it myself.
Is there a company that will do things the way that you would do them?
Figure 3x-4x your rate of pay for an employee the answer would be yes.
Anything less would be a different standard.
Where’s Jeff?
So you saved 3,000 and it took you 12hr. $250 an hr. saved. Yes $250 for stuff you rented. So still saved $2750. Plus if someone makes $250 an hour they are doing well for themselves.