DIY Home Improvement: How Handy Are You Really?

Deciding whether or not to hire a contractor for a home improvement job can be tough. Here are some things you should definitely look at before making the call.

The toilet is leaking again. The kitchen faucet keeps dripping, too. Then there’s the backyard deck: A dozen of its floorboards are rotted.

The question is: Should you hire a professional contractor to fix these problems, or should you tackle the jobs yourself?

Not surprisingly, the answer to that question is a big “it depends.” Mostly, it depends on how handy you are. But you should also consider the scope of the project and the ramifications if you do the job poorly. It can be expensive to hire a contractor, but it can be even more expensive to not do so.

Here are some of the key questions that homeowners should ask themselves before taking on a major home-improvement project on their own:

1. Do I have the experience to take on this job?
2. Do I have friends or family members who are willing to help me?
3. Do I have the tools needed to complete the job?
4. Can the tools I need be rented or purchased nearby and inexpensively?
5. Do I have to worry about pulling building permits and adhering to sometimes arcane building codes?
6. How much time do I have to complete the job?
7. What will happen if I make mistakes?

If you answer these questions truthfully, you should make the right choice. For instance, if you don’t have the experience or know anyone who does, you probably shouldn’t take on the job. If you do have this experience, and you don’t have to worry about permits or building codes, than doing the job yourself could save you a significant amount of money.

If you do take on home improvements, whether on your own or by hiring a professional contractor, know that your home stores, plumbers, electricians, carpenters and other home-improvement pros thank you. Like the housing industry itself, the home-repair business is mired in its own slump. Studies show that homeowners today are spending less on high-end discretionary home projects – such as putting in new master bathrooms – and more on improvements that maintain the structural integrity of their homes and boost the energy efficiency of these residences.

In 2007, homeowners spent more than $37 million in home repairs. Leading the way were room additions and alterations; homeowners spent $8.4 million on these repairs in 2007. Other major expenses include exterior additions and replacements, on which homeowners spent nearly $4.6 million in 2007 and kitchen remodels, which cost homeowners more than $4.5 million.

Systems and equipment repairs cost homeowners more than $3.4 million in 2007, while bath remodels cost them more than $3 million.

Homeowners tackling repair projects in 2007 spent an average of $24,809 for their room additions and alterations, a figure that easily led the list. They spent an average of $13,731 for kitchen remodels, the second-place finisher.

More serious repairs came in at third and fourth place. Homeowners spent an average of $9,433 to install outside attachments to their homes in 2007 and an average of $8,083 on disaster repairs.