My husband and I bought a home that we intended to remodel and flip. We have run over schedule and now the new mortgage is due. We have about 3/4th of the work done and if we do it ourselves, it would take another month and another mortgage payment. Should we contract the job out or just try to continue to do it ourselves? which would be cheaper? We have a $1600 mortgage payment due and we think it would take about $1500 to have a contractor finish it plus $500 in materials.
So let's see, the mortgage payment will be $1,600.00 for every month the job is delayed. You will have $500.00 in materials if you do it yourself or have a pro do the work for you. So if you can get the contractor to come in and finish the work for you for the amount you project it will cost and the contractor gets the work done in half the time.
If the contractor gets the job done if half the time them you will have saved half of the house payment, or $800.00, and paid the contractor $1,500.00. So this means that you will have spent a difference of $700.00.
You still have the $500.00 in materials either way but the job will get done faster and you will be able to save on your mortgage payment plus save the aggravation and worry of getting the job done right done ahead of your proposed time schedule.
It would seem to me for the little bit of money you would pay to get all the above advantages, my home improvement advice to you is to hire the contractor.
Having said that, you need to make sure when you contract with him or her, that you get it all in writing. The price he is going to charge you, what materials you are going to provide and or he is going to provide and the time it will take to complete the job. You also will want to make sure that someone is there working just about, if not, every work day until the job is complete, given your time restraints. So make sure you hire a reputable contractor.
For more on hiring a contractor please click on the two following links.
Five Things You Should Not Do Before Hiring a Contractor
Ten Things You Should Do Before Hiring a Contractor
I hope this helps. Rick
Rick Maselli is Founder and Editor of Showroom411.com