In today's financial climate, it is often attractive to try to save money by doing things yourself that you would normally hire professionals to do. But is this always the best way to go?
To figure out whether to do it yourself, you need to figure out your opportunity cost or "the cost of passing up the next best choice when making a decision." (Investor Words) To do this, you will need to ask yourself some questions in order to decide if you should bring in the professionals. Here are several important considerations:
- How much am I worried about the quality of the job? Will it cost me more in the long run than I will save by doing it myself?
- Is there anything that I could be doing with the time that it will take to complete this project that would earn more money than it will cost to hire someone to do it?
- What equipment will I need that I do not already have and what will that cost me?
- Remove the old carpet and padding amidst a cloud of dust and dirt -- I hope you remembered to cover up your furniture.
- Haul away the old carpet and padding.
- Take care of any problems with the sub-flooring -- problems which a professional will likely be ready and equipped to fix.
- Install the new flooring.
- Don't forget that you will need specialized equipment like carpet stretchers to make sure there are no wrinkles in the carpeting, either now or in the future. Once you add up your time, equipment, and inconvenience, you'll wish you had called that carpet layer to begin with.
There are some cases where doing it yourself will save you time and money, but plenty of others where you are just better off calling the professionals in to do it for you. Don't mistake frugality for wisdom; know when to make the call that will save you both time and money.
About the author of this guest post:
Isabella York is a mother dedicated to living prudently but not giving up her life in the process. Along with raising her son, she works for Balsam Hill, a purveyor of artificial Christmas trees.
Creative Commons photo by Robert S. Donovan