Check The Time
Determine the time needed to complete a project. It can be easy to misjudge. Take applying paint, for example. Thinking of small home renovation ideas may not take long. The rest—covering floors and furniture, correcting wall problems, taping trim, and cleaning up—eats up hours. Larger projects may take months, which a contractor can finish in weeks. When you've come up with an estimate, decide if you want to take that much time away from work and family.
Assess Other Project Requirements
Other factors to consider when you want to do a modern home improvement project are:
- Remember the materials—If you do it yourself, you'll need exact measurements. Consider ordering all materials first. Check materials to ensure they're the items you ordered and are undamaged. You'll need a vehicle to pick up materials and dump the trash.
- Know your tools—Certain jobs require specific tools. What will you need? You may have to buy or rent tools. Do you know how to use them effectively?
- Assess your skills—Are you capable of completing the entire project yourself? You may know electrical, but how about drywall? If not, sign up for a local community college course or attend a home-improvement center class. You could also talk to a pro by paying for a few hours to pick their brain.
- Plan to be safe—Doing projects at heights, using tools you aren't comfortable with, and doing unfamiliar work can be dangerous. Nail guns can puncture building materials and body parts. If you work on a roof, there's always the risk of a fall. With ladders, people not only can fall from them, but the ladders themselves can fall if not properly secured or braced.
- Consider the liabilities—Many communities require permits for projects. While a reputable contractor would handle getting the permits, a DIY homeowner must remember that task and understand the requirements. If you make it a DIY house project but hire casual labor to help with parts of it, there may be tax liabilities. If a worker gets hurt, they may get sued. If a worker causes a fire or significant damage, it may invalidate your homeowner's policy.
- Do the math—Factor in the cost of your own time. What could you earn at work for the time you'll spend on the project?
Finance Your Project
Contact Oklahoma Central Credit Union for the best financing option. We can fund home improvement projects through either home equity loans or home equity lines of credit (HELOCs). A home equity loan is a standard loan based on your home's equity value.
You immediately get all the approved money and repay it through fixed-rate amortized payments. A HELOC is more like a credit card with a maximum amount you can borrow against as needed for a set period. Repayment is based on an adjustable rate.
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