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In deciding how much work you will do yourself on a house addition or a home remodel and the value of your expenditures to professionals, it is important to determine what your time is worth. This is not as simple as deciding how much you earn per hour. This may be a factor in your calculation, particularly if you are paid an hourly wage and you anticipate taking time away from your work day. But there are numerous other considerations, such as:
- What is my time away from work worth to my spouse and/or my children?
- What is it worth to me to not spend time in managing the project?
- What is it worth to me and to my family to have the work done quickly?
- What is it worth to me to be able to do the work myself?
- What is my time worth over the entire length of time I will need to complete the project?
- What is my time worth if I do part of the project wrong and then have to pay a professional to redo it?
- If you will use paid vacation time, what is the value to you and your family of the loss of vacation time?
- Will your employer allow the time off? Will it create workplace friction?
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