Value of time

[TwoByFour]

Before I retired and when faced with a house repair that I could do, or not, I would try to quantify it - I figured my time was worth about $60/hour, so if a repair person charged more than that, I would do it myself. The 60 number reflected that I felt like my free time was important to me since I had little of it.

Now I am retired and I do the same thing (sort of) but the value of my time is closer to $25-30. I have other limits though, like I won't do any job that has the potential to throw my back out (I have a back that easily gets lumbar strains). I end up repairing all of our appliances, plumbing, electrical, carpentry since all of that is way more than $30 an hour.

It's not exactly how I want to spend my time, but it does save money. I am curious what others do. Who does the repairs?

 

[marko]

I tend to do whatever I can do vs making a dollar calculation. I do most electrical, plumbing and minor carpentry/house repairs, (plus boat engines etc). Replaced a thermostat yesterday...took about a half hour.

I just stay away from stuff out of my realm: roofing, painting (just don't have the patience to do a good job; but I do wallpapering), major re-wiring, furnace work. Stuff that requires either special tools or serious experience/skill.
My dad used to re-plumb the gas lines and look for leaks with a lighter! That's where I draw the line.

But this does remind me of an old co-worker who was always looking for a reason to skip work. His take was "why should I go to work to make $200 and then have to pay a plumber $250? I can do it myself...it doesn't pay to go to work"

 

[Teacher Terry]

My husband does all our work around the house. He is only 59 so may change as he gets older. His time has no money value since he is retired)

 

[YVRRocketSurgery]

I'll do the easy stuff but I don't want to blow up or burn down the house.
I have a relative in the family that will do all the complex work or get a buddy for stuff he's not skilled in. He doesn't even want us to pay him but after we insist, he'll still only take a very discounted amount. We always try to buy something for him when we travel or see something he might like.

 

[TwoByFour]

My husband does all our work around the house. He is only 59 so may change as he gets older. His time has no money value since he is retired)

The number of years I have for hard, physical outdoor fun is limited, maybe five (arthritis is catching up to me) so I highly value these next few years but I also cannot afford to just play all the time. This is my way of finding balance.

 

[dirt_dobber]

After neighbor paid $1,700 to trim and thin his oak trees - they looked awesome and mine were now meh. Thought I would just do it myself and save the money. It took me 2 days longer and I am still very sore 3 days later although it came with a nice feeling of satisfaction. At times I was worried a bit high up in the trees with a chain saw and almost broke a window when I miscalculated where a big branch would fall.

 

[joeea]

I am curious what others do. Who does the repairs?

When I'm capable of doing the repairs, and I have the time to do them, and I don't have something more important to do in that time period, I do the repairs.

Otherwise I have a professional do the repairs.

Last weekend I painted my garage. I could have afforded to bring in a painter. But I am able to paint, I had a few days of free time, and I didn't have anything important on my agenda. I listened to some podcasts, cleaned out and painted the garage, and got in a bit of exercise at the same time. That's all good for me.

For me at least, it has never been about a mythical "what dollar value is my time worth".

The argument that "my time is worth $X" only makes sense if you would actually be spending that time making $X. If instead you are doing repairs in your spare time, you wouldn't have made $X anyway.

 

[Dtail]

For me unfortunately the decision is easy. I am not really handy unlike many folks here, so have to pay the professional.

 

[JoeWras]

After neighbor paid $1,700 to trim and thin his oak trees - they looked awesome and mine were now meh. Thought I would just do it myself and save the money. It took me 2 days longer and I am still very sore 3 days later although it came with a nice feeling of satisfaction. At times I was worried a bit high up in the trees with a chain saw and almost broke a window when I miscalculated where a big branch would fall.

I don't do trees! I have a pole saw and will trim a low hanging, tiny caliber branch. That's it. We have a now disabled friend who was injured doing tree work. Pretty much scared me away.

Otherwise, I do as much as possible. I did my last light remodel of the kitchen and family room, which included new countertops, sink and flooring. I may do another slight refresh next year. I'm thinking about bathroom tiling next. I also do all landscaping that is ground based.

Sadly, my body is not cooperating to do the heavy stuff like I used to. I see myself hiring out a lot more. That's OK.

 

[flintnational]

My husband does all our work around the house. He is only 59 so may change as he gets older. His time has no money value since he is retired)

My DW also thinks my time has no monitary value. I am not sure I agree with her. I wonder if we have discovered a universal truth about husbands and wives.

 

[JoeWras]

My DW also thinks my time has no monitary value. I am not sure I agree with her. I wonder if we have discovered a universal truth about husbands and wives.

Ha ha.

Here's an easy one. Cleaning and refinishing the stain on a deck. It takes a lot of simple labor. Incredible cost savings if you DYI. Of course if a retired person does it, I guess it is just free.

 

[RunningBum]

Sliding scale based on what I'm capable of doing safely, and whether I enjoy it or not, or get other value out of it.

When I had a lawn, I liked mowing it myself because I don't mind the exercise, and it was a good way to spot lawn problems or fire ant nests starting and take care of them right away.

Trees--I learned my lesson when one dropped the wrong way and upper branches tore a hole in the screen of my porch, so I'm a lot more selective on that.

Last car wash & wax I was thinking it might be time to have that done since I don't really like it. But I read some reviews and saw a lot of complaints how places weren't cleaning the car well before waxing, and other issues, so maybe I'll just keep doing it.

 

[MOSAT]

I don't have a monetary value that I put on my time now that I'm retired. What I do is skill based, if I have the skill I'll do it. Skills don't include most remodel projects, or plumbing. While w*rking all jobs were scheduled and completed on the weekends, and structured to be done by Sunday evening at the latest. Both DW and I don't like things half done.

Now I'll do the gardening landscaping jobs, but time frame is spread out. Currently doing some landscaping and quit mid afternoon Monday with the job 2/3 done. Yesterday was a sunny, warm, fall day so DW and I "took the day off" and went leaf peeping on the Blue Ridge Parkway, it was a very nice time. It never would have happened to leave the yard work incomplete while I was still w*rking.

But, time to complete it today and get all the w*rk done so we have time to play with our still working friends on the weekends.

 

[Jerry1]

My DW also thinks my time has no monitary value. I am not sure I agree with her. I wonder if we have discovered a universal truth about husbands and wives.

Maybe. My DW said exactly the same thing the other day with regard to a lawn project. My time is apparently free.

As to the things I work on, I’m retired, I work on what I want

Basically, I do what I can. I use a professional if I think there is potential for danger in screwing up. I don’t get on a roof and only minor electrical or plumbing. After that, the main consideration is whether or not I want it to actually get finished. I am pretty good at starting projects, not so good at completing them. When you pay people, they tend to finish. Generally, I’ll do cleaning (house and car), lawn and garden work and general handyman stuff.

A typical example of when I overreach happened this year. My generator had a problem. I actually do know how to work on cars so no problem. Well most of the job went well. I took it slow as is normal for me and it’s ready for winter and another year or so of service and I’m sure I saved a few hundred to maybe even $500. However, in the course of flushing the coolant, I did not realize that there was an engine block heater. Apparently, if you leave them plugged in and drain all the coolant they overheat and melt. That cost me an extra $125 to replace. Oh well, it was a fun project.

 

[marko]

My DW also thinks my time has no monitary value. I am not sure I agree with her. I wonder if we have discovered a universal truth about husbands and wives.

Every time I do some sort of small job like replacing a faucet or electrical outlet, DW says: "Well, that's $300 right in the pocket that we didn't have to pay someone to do" (which actually means she's now on the way to the mall to spend [-]our[/-] her new-found money)

 

[Sunset]

For me unfortunately the decision is easy. I am not really handy unlike many folks here, so have to pay the professional.

Most folks aren't born handy, just willing to try things, and generalize the learning so that next time we look handier. .

Example my furnace motor. The furnance was 15 yrs old, water from AC condensor hd dripped down and killed the motor.
Looked like a new furnace was needed.
So not much risk trying to fix it, once I found out the motors are only $100.
Just labeled every wire before unplugging them, took pictures.
then unbolted the motor and bolted the new one in.
plugged back the wires and voila.

 

[joeea]

My husband does all our work around the house. He is only 59 so may change as he gets older. His time has no money value since he is retired)

Have you been talking to my wife? She feels the same way.
Is this some sort of club?

 

[Dtail]

Most folks aren't born handy, just willing to try things, and generalize the learning so that next time we look handier. .

Example my furnace motor. The furnance was 15 yrs old, water from AC condensor hd dripped down and killed the motor.
Looked like a new furnace was needed.
So not much risk trying to fix it, once I found out the motors are only $100.
Just labeled every wire before unplugging them, took pictures.
then unbolted the motor and bolted the new one in.
plugged back the wires and voila.

Easier said than done. lol
If I have direct guidance and assistance with something difficult, then yes.
Just doesn't come naturally, similar to if I discuss investing with a non DYI investor, there is a glaze.

 

[MRG]

I don't do trees! I have a pole saw and will trim a low hanging, tiny caliber branch. That's it. We have a now disabled friend who was injured doing tree work. Pretty much scared me away.

Otherwise, I do as much as possible. I did my last light remodel of the kitchen and family room, which included new countertops, sink and flooring. I may do another slight refresh next year. I'm thinking about bathroom tiling next. I also do all landscaping that is ground based.

Sadly, my body is not cooperating to do the heavy stuff like I used to. I see myself hiring out a lot more. That's OK.

I don't do trees anymore either. Spent ten years in the industry and know too many people who used to be alive or are to do things with two hands. Nah, bad stuff happens really fast. All of Newton's laws apply and sometimes happen very fast.

I knew a guy working on a yard trimming the butt flares off of veneer logs. He stopped when the chainsaw kicked back into his neck. Nothing unusual about that, the fact he survived has always amazed me!

 

[jcretire77]

I am definitely too cheap to pay $35/week to have my grass mowed, but I sure enjoyed paying $1100 to have two young men put down weed barrier and spread 6.5 yards of rock for seven hours yesterday.

 

[38Chevy454]

I will do everything repair or upgrade I can myself, but will pay the pros when it requires knowledge or specialized tools I don't have. I do all the general repairs on house, appliances, vehicles, and anything else. Besides saving considerable money, I am also able to check out the condition of other items in the item being fixed. Or just general cleaning that the pros do not take the time to do before putting back together. I do all of the lawn mowing or trimming around my house, it is not a bad chore to me.



I think a lot has to do with having the skills, some have it and can do repairs or upgrades themselves. Those that don't have to get the pro help. I am fortunate that I have high mechanical skills and tools to do almost any project on my house or vehicles. Been doing it since I was first on my own, part of the financial strategy that enabled me to retire early.

 

[JoeWras]

I knew a guy working on a yard trimming the butt flares off of veneer logs. He stopped when the chainsaw kicked back into his neck. Nothing unusual about that, the fact he survived has always amazed me!

It isn't unusual. A distant family member (young man too) died from this.

 

[Red Badger]

I don't do trees anymore either. Spent ten years in the industry and know too many people who used to be alive or are to do things with two hands. Nah, bad stuff happens really fast. All of Newton's laws apply and sometimes happen very fast.

I knew a guy working on a yard trimming the butt flares off of veneer logs. He stopped when the chainsaw kicked back into his neck. Nothing unusual about that, the fact he survived has always amazed me!

+1 on not doing trees. I had an incident years ago. It involved a tree, a ladder, a chainsaw, and me.

I'm still here - on borrowed time.

 

[JoeWras]

+1 on not doing trees. I had an incident years ago. It involved a tree, a ladder, a chainsaw, and me.

I'm still here - on borrowed time.

Here's a simple rule, just in case someone absolutely feels they must deal with trees.

If you are using a ladder, you are doing it wrong and you may die. Period.

 

[Music Lover]

My husband does all our work around the house. He is only 59 so may change as he gets older. His time has no money value since he is retired)

I'm retired too, but I do think my time has a monetary value...for example, I won't stand in line for a half hour to save $2, and I won't spend half a day doing a job I don't like to save a couple hundred.

That being said, I am fairly handy and will readily take on most projects...plumbing, electrical, roofing, drywall, etc.