Hidden costs on construction projects can be quite the burden
When considering a home repair or construction project, homeowners must decide whether to hire a professional to do the job or do it themselves. Most of the time, mistakes are made when comparing the costs between the two options because homeowners fail to calculate the hidden costs of a construction project.
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It’s easy to ask a professional construction professional for an estimate and assume that you’ll save a lot of money if you do it yourself. However, your DIY price likely only includes hardware and permit fees, and does not include any additional costs.
The pressure to save money and inexperience with the complexity of construction projects are the main reasons why homeowners decide not to hire a construction professional and attempt to complete the project themselves.
When considering embarking on a construction project, consider the following hidden costs:
A long, lengthy DIY construction project can cost you both income and personal time. Your personal time is precious to you and your family. Every hour you spend on a job should be valued at a certain rate because no one, including you, is working for free.
In today’s environment of building materials, finding the materials and having them delivered to a job site is not easy and is very expensive. Construction professionals usually have delivery trucks and they normally keep comprehensive lists of supplies to avoid excessive trips to the supply yard.
– Inexperienced homeowners will beat the worn out paths to supply stores as they don’t know all the small parts and parts needed for a project. At $ 3 a gallon for gas, on top of auto wear and tear, how much are you really saving on delivery by doing it yourself? Additionally, for larger loads of supplies, consumers typically pay much more than a contractor for delivery to the job site.
These damn DYI TV shows make every project so easy. However, they fail to inform the viewer of an important fact: these professionals have the best and latest tools to get the job done. If you start a DIY construction project and need to buy or rent tools to complete it, you are adding a significant cost to the project. Many times the cost of tools and the rental of tools make the project unaffordable for homeowners.
Another hidden cost that many homeowners ignore is the cost of waste disposal. Landfill charges are very expensive and each trip to the landfill can cost additional time and money. In fact, most builders have a strict policy that their subcontractors must remove all of their own trash and debris when working on their sites.
You just can’t put construction waste by the side of the road in most areas and have it picked up for free. Before starting a project, make sure you know the cost of disposing of garbage and debris.
Believe it or not, medical and liability costs should be taken into account when budgeting for a construction project. A novice DIY homeowner may injure themselves and require a visit to a chiropractor or emergency room. In addition, the DIY homeowner is responsible for purchasing construction insurance for their projects and ensuring that each person in that position has appropriate liability and workers’ compensation insurance. Failure to purchase proper insurance can result in enormous liability for the homeowner.
Finally, mistakes on a project lead to the most common hidden costs that owners don’t take into account. If the owner has little experience with construction projects, there is a good chance that he will make costly mistakes in choosing materials, hiring subcontractors, and planning.
Also, since the project is a one-time endeavor, an owner will have little influence in getting help when a mistake is made, such as a wrong order for windows or doors. Experience and knowledge are huge benefits for most construction professionals which a DIY homeowner can miss.
Before tackling any construction project, consider the hidden costs in order to make an informed decision on who should carry out your project.
Don Magruder is the CEO of Ro-Mac Lumber & Supply, Inc., and he is also the host of the “Around the House” show which can be seen on AroundtheHouse.TV.