Do It Yourself or Hire A Pro?

or Hire a Pro? With home prices falling, owners are shifting from high-end discretionary improvements to those that maintain the structural integrity and efficient functioning of their homes, as well as generate cost savings. Do It Yourself Like the overall housing market, the U.S. home Annual Averages (actual surface of the square represents share of the specific group in total reported projects number) improvement industry is mired in a severe downturn. Homeowners reporting projects (in 000s) 1994-2007 Disaster Repairs Outside Attachments Average expenditure (2007$) Kitchen Remodels 160 Total Expenditures (in millions of 2007$) Room Additions and Alternations 653 8,083 Bath Remodels Exterior Additions and Replacements Other Property Additions and Replacements 1,013 9,433 1,290 1,313 13,731 1,808 Interior Additions and Replacements 1,467 7,142 4,584 2,860 24,809 3,018 Systems and Equipment 3,243 5,996 8,429 3,925 TOTAL: 1,843 4,594 6,060 3,456 5,978 10,402 3,935 4,089 3,575 3,403 37,193 When making the ultimate decision, should you do-it-yourself, or should you hire a skilled contractor, ask yourself these questions: 1 Do I have the experience to tackle this job? 2 Do I have family or friends with the experience willing to help? 3 Do I have the tool needed? 4 Can the tools I need be rented from the local tool rental center or purchased cheaply? 5 Do I have to pull permits and adhere to building codes? 6 How much time do I have to complete the project? 7 What happens if mistakes are made? Professional Home Improvement Expenditures 20,000 00- 2OOM Do-It-Yourself Home Improvement Expenditures Total Homeowner 50.000- Improvement Expenditures 100 .000 50.000 20,000 15,000 10,000 Average expenditure (in 20075) Home owners reporting projects (in thoUsands) 5,000- 1995 Total Expenditures (in milions of $) CEMENT CEMENT CLOSET BEDROO -------* BATHRQOM BEDROOM - PERMETER woy jas indyman-do-it-yourself.com S: jch s.harvard.edu. Hud.com, handymar