DIY home improvement isn't always worth it - FOX 13 News

DIY home improvement isn't always worth it

Posted: Updated:
MYFOXNY.COM -

Thinking about making some home improvements and doing them yourself? You're not alone. A recent survey by TheStreet.com found that 70 percent of consumers skip the contractor and enlist the help of family and friends.

But what should you tackle on your own and at what cost?

Lauren Lyons Cole, a financial expert and a contributor to TheStreet.com, shares some advice. Here are her money-saving tips:

  • Before you start your remodel, make sure the cost will really raise the value of your home by checking costvsvalue.com for ROI figures for various projects.
  • Just because you can do-it-yourself doesn't mean you should. That's because you may be able to pay someone to do the work for much less than what your time is worth. This is a way to estimate your "hourly rate": Drop the last three zeroes off your annual salary and then divide by two; e.g., if your annual salary is $80,000, then 80/2=$40/hour. If you can hire someone to do a job for less than that, then it makes sense to do so.
  • Plan the job in advance by first research costs and making a budget because homeowners often underestimate remodeling costs.
  • Rent the tools rather than buy them. This is especially true if you live in an apartment and don't have space to store tools. Home Depot and other home stores have tool rental services. For example, a rotary hammer costs $600 to buy but may costs you only $60 a day to rent.

Check out more money tips from Lauren here.

  • Your MoneyMore>>

  • Doctors making 'house calls' via app

    Doctors making 'house calls' via app

    Thursday, July 31 2014 10:15 PM EDT2014-08-01 02:15:42 GMT
    Even when it's a simple stomach ache, many of us look to the web for answers. Now, a licensed doctor can diagnose patients through the online service called HealthTap. Patients have been able to type in questions and get answers for free from 62,000 doctors. But now, patients can have live video conferences with doctors for $99 a month, plus $10 for every additional family member.
    Even when it's a simple stomach ache, many of us look to the web for answers. Now, a licensed doctor can diagnose patients through the online service called HealthTap. Patients have been able to type in questions and get answers for free from 62,000 doctors. But now, patients can have live video conferences with doctors for $99 a month, plus $10 for every additional family member.
  • Road-trip vacations that don't break the bank

    Road-trip vacations that don't break the bank

    Thursday, July 31 2014 5:37 PM EDT2014-07-31 21:37:29 GMT
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
  • OKCupid, Facebook not alone in studying consumers

    OKCupid, Facebook not alone in studying consumers

    Tuesday, July 29 2014 4:51 PM EDT2014-07-29 20:51:44 GMT
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices