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Sweat Equity While most “handyman” homeowners are a work in progress and skills are developed along the way it is important not to bite off more then you can chew. Specifically, don’t undertake a task that is over your head – skill-wise, time-wise or financially. You can cause more harm ($) then good. Here are some tips that are born through personal experience: Start a project – finish a project. Pick one room or project at a time. Try not to have several projects going at the same time. You don’t want to spread your finances too thin and be in a position where nothing gets completed and your home is still a “fixer-upper” 3 years later. This can actually devalue your property. Furthermore, there is a strong feeling of accomplishment that accompanies every project completed, no matter how small – this keeps you going throughout the life of the project – believe me. Perform a reasonable time and cost estimate for the total project - now triple it! This will ultimately prove difficult and likely be off by an order of magnitude, but at least you have a list of “what” you want to do and some semblance of an estimate. Prioritize – Pick the project that represents the most sensible ‘next” step while considering the financial return. If you don’t have a functional toilet - that is an obvious priority. One of the first “Sweat equity” projects we undertook was to “paint” the roof of our 100 year old farmhouse. There were many factors, not the least of which was season – it was summer and roof painting weather. That and the old metal roof, while in very good shape was rusted and looked like crap. 8 gallons of Tremclad and painting supplies ($250) – 5 friends (free), 2 cases of beer ($50) for after we were off the roof, 6 large pizzas ($75). 2 days later I figure we added $5000 to a $60,000 home. Not bad for a $330 investment (my strong “sense of accomplishment” may have clouded my estimate but you get the idea). Contain the mess - If you are living in the home, which is common when you are trying to save money, while performing your “sweat equity” endeavor you don’t want to subject the whole house to the mess that most renovations or additions create. Tarp off the room you are working on, if possible. It is difficult to do major projects with small children so try to do this BK (Before Kids). Do material takeoffs to determine price of materials and try to order everything required, some articles may need to be ordered, so factor this in. Visualize or roughly draw out your plans before you start work. Gravity - Start at the ceiling and work down. If you put down new carpets or hardwood and your ceiling needs a fresh painting you risk damaging the new floor covering. Buy the proper tools! I struggled through 10 years of wooden miter boxes and a finishing hammer before I went out and bought a power miter saw and air-nailer. These items have come down substantially in price and provide better quality workmanship in less time – go figure. Never drink and use power tools (see “Hey Buddy” below). Take your time and do things properly. Potential home buyers have a great eye for shoddy workmanship. Be conventional in taste – do not force your personal tastes into your project. Stick to neutral finishing items when possible. This means beige tile, white bathroom fixtures, neutral floor coverings. Measure twice – cut once. Materials are expensive. If you’re not using something right away make sure it is stored in a safe place. On this same subject, unless you buy something at a substantial savings, don’t buy it until you need it. Husbands; under no circumstances do you buy anything that can be seen after the renovation that your wife hasn’t seen and approved. Removing the item and/or divorce are both unnecessary expenses. Leave drywalling to the professionals. I have undertaken virtually every sweat equity project known to man and I feel I am proficient and effective at most. That said, leave drywall to the professional. It ultimately represents the “finished” viewable project. Proper drywalling is an art, and it’s a messy, crappy job. Drywallers, by trade, are relatively inexpensive and almost always perform professional work. Worst case, hang your own drywall board, but have a professional come in to tape and plaster. You’ll appreciate it after the fact. Use events as a deadline to complete a specific project. Example, Mother-in-law is visiting July 14th – use this as a motivation to finish the spare room (maybe not a great example) “Hey Buddy” - Share “sweat equity” projects with a friend with different skill sets. Maybe you can wire and they can plumb. Send equal time at each others home trading services. Additionally, it is typically more fun and motivating to work with a friend then to work by yourself. Accept all the professional help/advice available. Family members and friends will often work for beer and pizza – again, make sure the skill set is there. It costs money if it isn’t done right the first time. Use the internet as a reference for repairs and improvements And finally… ALWAYS cut away from yourself. I remember my father telling me this every time I carelessly rip myself open with an exacto knife. “Sweat Equity” is a huge opportunity to create significant equity in your home. Keep in mind this is not for everyone. Time, skill and tools are an integral part of a successful “Sweat Equity” project. Sweat Equity driven fixer uppers are not for the lazy or those with unstable relationships. There are lots of decisions to be made that can severely challenge the strongest relationship. Oh, and consider this your part time non-paying job, so plan on working evenings and weekends. And maybe consider a second job to finance the renovation project. As my father always said – “If you want something done right – do it yourself.” Ready, set go… SELL YOUR OWN HOME – FREE FSBO Real Estate Products and Tips! |
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