There comes a point in life when we think about building our own home. A lot of people do not do anything about this thought because of rationalizing that it is either not possible, or is too expensive. However, some people pursue to find out more information about the idea and then discovering that there are some things that the general contractors hope you would never find out.
One way to save a lot of money in building your own home is by being an owner-builder as opposed to hiring a general contractor to do the job for you. In order to be an owner-builder, you must be aware of the role and responsibilities that a general contractor would generally take care of. This involves all of the important matters when it comes to building a home such as purchasing the materials, setting a budget for the construction, hiring subcontractors and, of course, monitoring the progress of the construction.
There is a great possibility that difficult times could arise especially when there are competing ideas. In addition to this, it is the sole responsibility of the owner-builder to ensure the proper filing and acquisition of legal documents such as the building permits. Any person who has never tried to build a home from scratch could say that it not as difficult as it sounds. But, with all those effort to be exerted, there is a great reward.
The great reward I’m talking about is the 20% that you could save up that comes from the overall proposed value of the home which general contractors usually charge as their fee. By being an owner-builder you can save up that 20% and up it up to your home equity which can make a huge difference in your budgeting.
The general contractor’s fee will still cost you a lot more money in comparison to the expenses that you will have to include in the budget for being an owner-builder. 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. You also need to have a budget set out for the project manager that comes along with the general contractor to monitor the progress of the construction which means you need more money to pay for their professional fees.
Even though being an owner-builder is not the easiest job that you can do, there are a lot of advantages that you can gain from this. Building a house on your own is a very challenging task but there are great rewards that you can enjoy if you can endure the challenge.