Building our own home is something that a lot of people have thought about at one point in our lives. Many of us never act on the idea because of the probability of it not working the way we want it or simply because we think it will cost way too much. But there are some that pursue on gaining more knowledge about the idea and later finding out that there are some things that contractors do not want you to know.
Being an owner-builder is something that can save you a lot of money in comparison to hiring a General Contractor. As an owner-builder, you must be able to play the role and handle the responsibilities that a general contractor would normally have. Setting up a construction budget, hiring subcontractors, purchasing the necessary materials, and overseeing the progress of the construction are some of the important tasks that involves building a home.
There is a great possibility that difficult times could arise especially when there are competing ideas. Moreover, there are necessary paperwork that the owner-builder must take care of such as the building permit. Any person who has never tried to build a home from scratch could say that it not as difficult as it sounds. The good thing is that even though it seems too tough, there is a big reward in exchange.
In general, contractors charge about 20{b6e5e864465562d9a430a96bd49f2b8c33d674238c640ac1e47f87c38abd1fa1} of the total value of the house to be built which mean you can save a lot of cash without hiring them. By being an owner-builder you can save up that 20{b6e5e864465562d9a430a96bd49f2b8c33d674238c640ac1e47f87c38abd1fa1} and up it up to your home equity which can make a huge difference in your budgeting.
No matter how you put all the other possible expenses that you will need to add to the budget if you do not have a general contractor, the total of that will still be a lot less than what you pay the contractor. Even though hiring a general contractor might feel like the best way to build a home since it will be a lot less work for you, you must put into consideration that the contractor will be in charge of the whole project. Project managers to monitor the overall project are also needed if you are going to hire a general contractor and this can cost you more money to be deducted to your potential equity.
Being an owner-builder is probably one of the hardest responsibilities that a person can take but these responsibilities will give you a lot to gain. You can enjoy many many advantages by being an owner-builder as long as you have the drive to accomplish every task.