It’s important to know your role in the building process, which will affect financing and your budget, as well as a wide range of responsibilities. Labor accounts for up to 40 percent of the cost of a new home, so you may be able to save some money by performing some of it yourself, if (and only if) you have the time and expertise to do it well. Keep in mind that if you’re obtaining financing, your lender may not approve the loan if a qualified, licensed builder is not at the helm, due to the risk factor.
All things being equal, you have three basic building options: professionally built, owner-contractor or owner-builder.
PROFESSIONALLY BUILT
In choosing this path, you’ll be responsible for choosing the design but then you will…