There are some go-getters out there who take on the project of building their own home. The benefit to pursuing this option is almost completely limited to the cost savings. Not to say that isn’t a big benefit! However, from the testimonies of many, as well as from our own experiences, we would argue that the cost may be much higher than initially anticipated.
Let’s take a look at a couple of points made toward building a home without a hired builder.
“You save 25% of the cost by building yourself.”
This number is commonly thrown around, but let’s look at it more closely. This number assumes that 25% of the cost is going toward contractor profit and overhead. Contractors often shoot for a 10-20% margin, but it is rarely achieved.
However, it also discounts the fact that your builder can accomplish the work more efficiently and effectively. The builder buys land at a cheaper price, obtains materials at wholesale cost, knows the best labor to hire for the best price, accomplishing the job more cost effectively and avoiding costly mishaps and mess ups.
“Subcontractors are doing the work, you just need to manage the project.”
This project will likely require much more time, energy and expertise than you expected. Money saved in avoiding payments on the contractor’s overhead only becomes your own overhead.
Building requires a lot of planning, organizing and oversight. Time spent finding and recruiting subcontractors, materials, and labor will be much higher than a builder who already has these relationships and connections.
Additionally, lack of experience can be very costly. Quality may suffer, which will cost much more in the long run. Risk and liability for mishaps and cost overruns is transferred to you alone. Steps, processes, and costs may be overlooked or unaccounted for making it difficult to execute the project in a timely and cost-effective manner.
These are just a few considerations when deciding between building a home yourself or through a builder. Lynch Construction Group is happy to step in and ensure your home is built with the highest quality, efficiency and cost-effectiveness. Let our experienced builders take care of your project while you relax and watch the home of your dreams become a reality.
Hey, nice info, As with any home purchase, there are some things that any buyer will want to know about their new home. Many buyers make the mistake of thinking that because their home is newly constructed, there will be no issues with it.
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I have always wanted to live in a very specifically designed house, however, I have never been able to find the kind of house that I want. Because of that, I have decided to have my dream house designed for me. I was thinking of doing the house on my own, however, after reading this post I think it will be better to hire a home builder. I will give them all of my ideas and make the plans with them, but then let them build the house on their own.
Thank you for talking about how hiring home builders can help you avoid accidents and problems that can be fixed with a little experience. We are planning on starting the process of getting our home built and I’m glad I found your post. It is important to remember that taking the time to do your homework can help you know everything you need to know and do in order to get the best results when working with a home builder.
It sounds like trying to build a home myself would be awful. We don’t have to time to try manage the project, let alone the experience to plan it all out. When we build our home, I’ll make sure to hire a pro to do all that.
I’ve been curious about home builders and I think that being able to find someone to help us would be good. I”m glad you talked about being able to save 25% of the cost with home builders, which I think would be really neat. I’m going to have to see if we can find some home builders and figure out what our best option is!