Building a Home by Yourself

The first question that comes to mind when you have your own property is whether to self-build or choose to go with a professional home builder. It’s possible to be your own contractor and save money, but you need to first evaluate if you have the time, organizational skills, business expertise, and technical knowledge to get the job done. Or you need to be able and willing to hire the people you need to fill in the gaps in your knowledge to have full confidence that the work is done correctly, the first time.

Pros of being your own contractor

+If all goes according to plan, it can save you money. +You maintain full control of the project which gives you a better chance of achieving your vision. +If you hire excellent subcontractors, overall job quality will be great even if you are relatively inexperienced in the field. +You have pride and satisfaction in designing and building your own home.

Cons of being your own contractor

+Actual savings are usually less than expected due to unanticipated expenses and cost overruns. +The project will probably take more time and energy than you expect. +The job will likely have more unexpected problems due to lack of experience. +Quality of construction may suffer. +You will be absorbing most of the risk for cost overruns, and for construction problems that occur during the job and after you move in. (In most cases, there will be no one to blame but yourself). +Obtaining a construction loan may be difficult. 

Interested in being your own contractor, visit here to better understand what it takes and professional advice to help guide you through the process.