Through the good and the bad of DIY renovations, Alex and I have been motivated by the fact that doing things ourselves is saving us butt-loads. I mean, BUTT-LOADS.
But I was curious to know just how worth it it’s been. I did a little analysis of how much we have saved during phase 1 of our renovations to try to put a value on our heartbreak and exhaustion.
“Phase 1” includes the electrical work, the fireplace and hearth, hardwood floor, tile installation and baseboard installation.
In total, we’ve saved more than $13,000 by DIY-ing. However, most of those savings are from the electrical work.
| Task | Contractor Cost Estimate | Actual Cost | Savings |
|---|---|---|---|
| Electrical Work | $15,000 | $4,000 | $11,000 |
| Fireplace and Hearth | $1,100 | $700 | $400 |
| Painting | $1,400 | $1,000 | $400 |
| Hardwood | $4,000 | $3,000 | $1,000 |
| Tile | $600 | $300 | $300 |
| Baseboards | $600 | $300 | $300 |
| Total | $22,700 | $9,300 | $13,400 |
Without the electrical work, the savings are less impressive at $2,400. That’s a savings of 30%!
| Task | Contractor Cost Estimate | Actual Cost | Savings |
|---|---|---|---|
| Fireplace and Hearth | $1,100 | $700 | $400 |
| Painting | $1,400 | $1,000 | $400 |
| Hardwood | $4,000 | $3,000 | $1,000 |
| Tile | $600 | $300 | $300 |
| Baseboards | $600 | $300 | $300 |
| Total | $7,700 | $5,300 | $2,400 |
Given the amount of time and heartache it cost us, I’m not sure $2,400 is worth the savings. But I think most of the heartache and cost was from delaying the work because other opportunities presented themselves (like our fireplace project). If we had paid a contractor, we wouldn’t have been able to stop the work and add more scope in the same way.
We also have knowledge about the construction of our house that few people have. It’s the kind of knowledge you gain by literally ripping things apart and rebuilding them. When you’re physically inside your house’s walls, you know exactly how it was built and how it reacts to change.
So overall, I’m sorry we didn’t save a bit more money on the non-electrical bits, but I’m glad that we did what we did.