As a property investor, you may have your eye finely focused on your bottom line. You understand that maximizing your net income is directly related to how well your property is maintained as well as to how well you are able to control expenses. With this in mind, you may want to make as many rental improvements as possible on your property through your own efforts. However, it is not always feasible, practical or cost-effective to complete all required work on your rental home on your own.
Understanding what work to do on your rental home on your own and determining when to call a contractor for assistance are important to your overall success as an investor. Property improvements that you complete on your own should be commensurate with your skills and expertise. If you are not comfortable doing woodworking activities or working with a table saw, for example, property improvements related to building a deck or replacing the trim throughout the home should be contracted out. In addition, you should also consider the amount of time and effort that the project will take to complete. Ideally, you want complete the project in a minimal amount of time. You do not want to disrupt your tenants’ lives if the property is occupied. If the property is vacant, you may need to complete the project quickly so that a new tenant can move in.
Rental improvements can help you to maintain or improve property condition and value, and you certainly want to do what you can to keep costs as low as possible. However, in some cases, it can be a detriment to complete a project on your own, and it may be better overall to have a professional do the work for you. Before you move forward with your next project, you can review the skills that are required and estimate the amount of time and effort required. If you are not comfortable with any aspect of the project or if you believe that it would take you a long time to complete it, it may be best to request professional services with a contractor.