We speak with many homeowners building their own homes who would like to save money by becoming their own general contractor. While it may be possible to save between 10% - 20% of project costs, it's important to take into account all of the responsibilities and the enormous investment of time. Think of being your own general contractor as being the president of your company. You will be required to to help. Home Project Managers cost less than a general contractor and can help you through parts of the project where you feel inexperienced.
Be available when needed and be on the job site as required, for an undetermined amount of time every day
Have more than an average understanding of general construction and home building
Set a construction schedule and meet strict deadlines
Juggle multiple tasks
Manage groups of people with different schedules and communication skills
Effectively work with the subcontractors
Check and sign off on the work performed by each subcontractor
Ensure that the crew is following safety procedures
Be able to solve problems that arise
Handle any schedule or material delays
Manage the financial aspects of the project, including budgeting, purchasing, and paying subcontractors.
As you can imagine, it's a big responsibility, and if not done correctly, it can cost you more time and money than if you had hired a professional general contractor to oversee your project. General contractors have established relationships with subcontractors and material suppliers, giving them leverage that the average homeowner does not. Also, in some cases, being your own general contractor can make it difficult to find financing, as lenders want to be assured the work is being done by qualified professionals.
Having such an enormous part in building your new home and being your own general contractor can certainly be a rewarding experience. If you want to be fully involved in building your home but are unsure whether you have what it takes, you might consider hiring a Home Project Manager
No doubt, the decision to be your own general contractor is a complex one. Know what is involved before undertaking such a big project and make the best decision for you.
About the Author: Jeremy Bonin, a principal partner of Bonin Architects & Associates (http://www.boninarchitects.com), is an award-winning green architect and the author of TIMBER FRAMES: Designing Your Custom Home. With a special interest in sustainable design and green homes, structural insulated panels (SIPs), as well as timber frame construction, Jeremy incorporates renewable energy practices where possible, including geo-thermal, solar, radiant heat, and energy-efficient foundation systems.
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