I have built five new houses and remodeled three. My kids and two nephews all have new homes that we all built together. My brother had been a carpenter before he started farming. My father built his own home with us kids helping. I had remodeled three homes I have lived in. So we had a lot of experience.
Yes you can save money IF you can hang in there and keep working on it while making a living. Some things I think you need to really look at while thinking about doing it.
1) Like others have stated, check on building permits in your area. We did not have to have any where we live at that time. You do now.
2) You really need to have a real good down payment, 30-50%, plus a real good track record with a local bank to get them to finance you to build your own. My Kids all had half the money to start and I spotted them the other half. Then when we where done they financed the house and paid me off. So if your family can help you then it is easier to do. I also have a written contract with all of my kids that states that they agree to help build any homes we are building for a family member. Is that a legal contract?? No but none of them has ever complained about it when they are living in twice the house they would be if they had not had family help.
3) DON'T try to do everything. I can hire drywall hung and finished for just a little more than the drywall cost at a big box store. We let the drywall guy use the houses as fill in between his big jobs. If you have things planned out you can make this work. We would finish a few rooms at a time. Another thing to want right is any concrete work that will show. If you have a rough job on the foundation it is not big deal but if you do that on the garage floor then it is.
4)This is the most important thing!!!! How handy are you and your wife/friends??? I mean you really need to be honest about this. If you have trouble hanging a picture straight then go buy a house that is already done. Also are you good at finishing long projects?? IF you have issues sticking with them then don't even start on a house. It will eat you alive. Everything takes longer and costs much more than you estimate it to take. (One my BIL made me think about) How much money do you make at your day job?? He is steam pipe welder, $75 per hour. Plus he is not a real patient type of guy. He decided to just work a few extra hours/jobs and hire his house built. He is making much more that the people that he could hire to do the work for. So why take a pay cut to do something he was not the best at anyway????
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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