Be My Own General Contractor
Things to consider if you should use a general contractor or be your own...
For many people choosing to hire a general contractor is the way to go. Having the time to take on the responsibilities of a general contractor is a lot to manage.
A general contractor typically will charge between 10-15% and possibly more. For this fee, they take on all the headaches that go along with building a new home; timing, issues with materials, workers, etc...
General contractors typically make all the logistical decisions and you as the buyer make minimal ones, such as picking out the paint colors, flooring, appliances, lighting, etc. but you do not control the costs. Your general contractor will give you an allowance to stay within for these items. It is a very efficient way to build a home to say the least, but not necessarily the most cost effective.
Should I become my Own General Contractor?
To determine if you should manage the whole process of building your home - here are some things to consider:
Assess your skills. Do you have good management skills? Are you motivated to save money? Little or no experience in building? We give you all the assistance and the tools to manage the project and the process with you.
What can you save? On a $200,000 home, your savings could be from $12,000 to $25,000 and possibly more if you are willing to do some of the actual work outside of managing the process yourself. You could do your own painting and staining, for example.
Do you have the time? Acting as the contractor of your own homebuilding project takes time and dedication. That is where we differ from the Do-It-Yourself programs - we stay with you every step of the way and manage the subcontractors and the process with you. You have the benefit of savings, but we still shoulder a good deal of the time involved to build your home.
Contact a Contractors Capital Corporation loan officer for more details about residential construction loans, financing and build your own home assistance program.