This is a portion of your project that can be challenging, but also potentially one that can save you allot of money. Traditionally a general contractor manages a job site overseeing subcontractors, managing cash flow, scheduling and quality control. It’s a lot to do, but, by preparing in advance and proper planning, some "do-it-yourselfers" will succeed and save on average 20% to 30% of the total project cost. That is a large sum of savings that qualifies at the top of "Sweat Equity" activities.
Another important thing is having a source of income or funding that allows you to manage your money in smaller portions without having to extend yourself, on average $15k from stage to stage before you get reimbursed by your lender. Some lenders offer vouchers; like checks, which is great when you are working directly with a subcontractor. Having the cash available to pay upon them completing their work is critical to getting subcontractors in and out.
Being your own general
may be one of the most rewarding projects you have ever taken on. When you see your house payment at closing and how low it is, then also discover how much equity you have, you might decide to do it all over again someday. ( back to top )