DIYing straight to the bank
If you’re looking to save money on home repairs or improvements, DIYing it can be a smart choice. But according to a study, not all DIY projects are created equally — and some might even cost you more (or injure you) in the end.Verify your new rate (Jul 11th, 2020)
The price of DIYing
According to a new study from insurance resource Clovered, tiling your own roof will save you the most cash. While DIYing it costs just $750, a pro clocks in anywhere from $9,800 to $50,000.
Other high-savings projects include installing hardwood floors ($900 for DIY, up to $8,000 with a pro) and installing drywall ($150 for DIY, up to $10,000 for a pro).
Installing a new faucet or doorbell are two DIY projects that won’t save you much. Patching wall holes, painting, installing a screen door, and grouting are low on the savings list as well.
But DIY projects aren’t easy. According to Clovered’s study, 87 percent of homeowners say they’ve made a mistake while DIYing. The cost of these mistakes vary by generation, ranging from $50 (Baby Boomers) to $200 (Millennials).
There are also the dangers of DIY projects to think about. About three in four homeowners says they’ve cut themselves while DIYing, while nearly 60 percent say they’ve hit themselves with a hammer or other tool.
Almost a quarter have fallen off a ladder, while at least one in 10 has been burned or electrocuted while doing a DIY project. In 2017 alone, ladder falls accounted for more than 114,000 emergency room visits in the U.S.Verify your new rate (Jul 11th, 2020)
Get today’s mortgage rates
Are you considering a cash-out refinance to help pay for those DIY projects you’ve got planned? Then shop around and see what mortgage rates you qualify for today.