As home-construction-ownerbuilder, and construction manager of your own home, you can save enough to eventually pay for your home free and clear of a mortgage, provided you build at least 3 homes. In today's economy (2013) it will likely take 4 housebuilds because of the economic downturn we have experienced with real estate. In fact if you are already buying a home, you might consider adding on to your existing home.
In the 1980's I remember this same suggestion being given to homeowners. ......There seems to be a slight increase in building now, so keep an eye on it. Perhaps it has turned the corner and building again might work for you now. There are ups and downs in building homes, and so you have to be wise enough to determine which way the economy is going.
About now, you are probably thinking that you don't know anything about building a home. You probably remember building a barn in shop class or helping your dad with a basement remodel job or some other construction project.
Whether it is for building a new home or adding on to an existing home, being owner builder contractor isn't about YOU DOING THE WORK. In fact by being the general contractor you only follow the subs around and make sure they do their job correctly. The "GC" or general contractor usually does not even need to pick up a hammer.
He/she is the orchestrator of the whole show. As GC, you will do the following:
- get the bids from the subs
- select who you will hire
- set up the schedule for your housebuild
- order materials
- manage the project
- pay the subs
The “General Contractor” does many thing as the brains of the operation. He makes it all happen
As GC you will do a number of other things. See the "Getting Started" page on this site
My husband RL and I built our home-construction-ownerbuilder home, and we share our experience with you from start to finish on this website. It took us 8 months to actually build until we moved in. Of course, there was about 6 months of preparation time. We were without experience in the total housebuild concept but we were able to get help from various people who were willing to share professional experience with us.
It is a very rewarding experience to build your own house. It is not without difficulties, but the savings makes the task worthwhile. In the housing bubble burst of 2008, we find that we lost most of our equity,but that was a great blessing to us. As a result, we are still riding out the storm of the economic reversal in which many people have lost their homes. By building our own home, we got a new better made home to live in, and we got experience in the building process. As things turn around, and they always do, we can use that experience to do this house building, as recorded in this website again
State laws usually require you live in the home for 2 or more years when you are the home-construction-ownerbuilder. Most problems will rear their ugly heads in that amount of time, so you don't pass those problems on to another homeowner. Therefore, you may have your home completely paid for in 5 to 7 years
- Getting started with your housebuild
Choosing your subcontractors
Digging the basement
100% Construction Loan
Building your home as owner/contractor
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