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As a new real estate investor, deciding whether or not to do your own property maintenance can be a struggle. On one hand, by doing it yourself you stand to save money on hiring contractors and trades workers, but that means taking time out of your own day to do the work.
What is important to do when deciding if it is worth it for you to do your own property maintenance is to take a look at the bigger picture. There are absolutely tasks you could manage to complete on your own, but there are circumstances where you are likely to save time and money by simply letting the professionals take charge. In order to help you decide when you can try to DIY your property maintenance and when you should hire someone else, here are five factors to consider.
But first, if you need funds to complete your property maintenance today, click the link below for a free strategy call to learn all about how you can use your home equity to finance your maintenance tasks.
Does The Job Require a Licensed Professional?
Regardless of whether you are new to property maintenance or consider yourself a DIY expert, some tasks simply require a professional. By law, your property needs to maintain specific health and safety standards. This includes using contractors with the appropriate certifications to do the job safely.
Jobs that you should always hire a professional to complete include:
While most plumbing tasks do not require a license, you should always leave these tasks to professional plumbers. After all, if you attempt these tasks yourself and something goes wrong, the potential water damage can be incredibly expensive to manage. In the case of any gas-related work, you will always require a licensed plumber to complete the job.
For all high-voltage tasks you will require a licensed electrician. This includes handling loose wires, fixing tripped circuits and laying new electrical cables.
While carrying out annual servicing, it is important you get a licensed HVAC professional. They will properly inspect all aspect of the system and conduct any repairs required.
Due to the potential health risks associated with pest control substances, you should always hire a pest control professional to deal with any potential infestations.
For environmental hazards such a mold, lead paint or asbestos you will typically need to hire a professional to handle the hazard.
Discover Residential Property Management With This Step By Step Guide
Do You Have the Knowledge?
While the shows on HGTV make home repair look easy, plenty of tasks actually require a skilled professional in order to get the job done. If you do have an adequate understanding of what needs to be done and are certain you have the ability to do it properly, feel free to do it yourself. However, if you are unsure, it is better to default to the professional so they can make sure it is done properly the first time.
Do You Have the Time?
The next important question you need to ask yourself when deciding if you are going to do your own property maintenance is if you have the time to tackle the job in the first place. Many investors have full-time jobs outside of their investment portfolios and simply do not have the time to do their own property maintenance. So, be honest with yourself during your considerations, do you believe you have the time to get the job done properly? If you do not have the time, there is no shame in hiring someone who can do the job for you.
As well, when determining if you will do you own property maintenance you need to consider if you will have the time to handle sudden property maintenance needs. If you cannot do so, it can be helpful to have someone who can respond to urgent requests ready.
When tackling repairs, you have to keep in mind how much the repair will cost. While doing it yourself will save on labour, you need to be sure you have all of the tools and supplies needed to complete the job. Otherwise, costs will begin to rise. Additionally, if you try to do a task yourself and it goes poorly, you could end up needing to pay a professional to come in and complete the task for you.
As well, you need to factor the time cost into the maintenance as well. Even if you can complete a job on your own, usually a professional will be able to complete it faster. This can add up quickly when you are looking at larger projects between tenants, meaning you can end up saving money by paying someone else to come in and complete the job.
Could You Ask Your Tenant to Do It?
Sometimes you do not need to go looking for a professional when it comes to property maintenance. If you have a tenant who is a contractor or other form of licensed professional in the property, it may be possible to ask them to complete the job themselves. By supplying the proper tools and materials, you can often convince them to do the job in exchange for payment or a discount on that month’s rent. This can often be more affordable than hiring an outside contractor.
However, it is important that you do not hire your tenant to do the repairs unless they are a professional. While your tenant may be willing to do the job, you do not want to ask them to do the work unless you know for a fact they can do it properly the first time, otherwise you are better off handling it yourself or hiring a professional from the beginning.
If you have any more questions about maintaining your property or are ready to continue investing, contact us at LendCity. You can visit us at LendCity.ca or give us a call at 519-960-0370 and a member of our team will gladly get you started. Alternatively, click the link below for a free strategy call with our team at LendCity today.