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re: House building process
Posted on 12/10/15 at 8:05 pm to PokerPastime
Posted on 12/10/15 at 8:05 pm to PokerPastime
quote:
is there any options in between? Somebody to basically be a consultant throughout the project but you're still the GC?
The closest you'll find in an architect.
Most contractors don't have employees. They have subs do all the work. So in essence a GC would be no different than an consultant.
I've posted this dozens of times here. If you don't have connections with subs do not sub the house yourself. As someone else mentioned you will be their lowest priority. They won't do call backs bc you don't have a next job to dangle in front of them. And they will likely charge you more than they'd charge the GC.
1
Posted on 12/10/15 at 8:06 pm to ItNeverRains
quote:
Good luck with that. If you really want to save find a plan the builder has built multiple times and knows the cost down to the nail
It's amazing the bad advice people pass off in building and/or real estate threads.
Posted on 12/10/15 at 8:08 pm to PokerPastime
quote:
is there any options in between? Somebody to basically be a consultant throughout the project but you're still the GC?
You could. I wouldn't recommend it though. Just adding what the GC could do.
Know an electrician all your life?
Plumber?
I mean when you destroy something completely; it's easier to put it all back together.
Home building isn't like building grand pianos.
I've seen 1M homes built like shite and 40k properties with good bones
This post was edited on 12/10/15 at 8:15 pm
Posted on 12/10/15 at 8:14 pm to ashy larry
I'm currently the gc of my own build. Fortunately, I haven't had any issues finding subs. It's a ton of work but was worth it to me to save 50k+ in gc costs.
Posted on 12/10/15 at 8:16 pm to ODP
^^^
This
It's your right.
Why not use it?
This
It's your right.
Why not use it?
Posted on 12/10/15 at 8:35 pm to ODP
If you have extensive knowledge of construction and a lot of spare time, then yes being your own GC might be good for you. However, most people don't fall into this category.
Posted on 12/10/15 at 8:38 pm to MikeBRLA
I'm thinking of letting my dad do it since he's retired and is good at that kind of stuff. He'd probably do it for gas money 
Only problem is he would bitch about the money I'm spending
Only problem is he would bitch about the money I'm spending
Posted on 12/10/15 at 8:59 pm to MikeBRLA
quote:
If you have extensive knowledge of construction and a lot of spare time, then yes being your own GC might be good for you. However, most people don't fall into this category.
I've never understood this line of thinking.
Frame it. rough it in. Finish it.
What kind of knowledge is needed?
Part of my investments are houses.
How is this rocket science?
Posted on 12/10/15 at 8:59 pm to King of New Orleans
I'm in the same situation as the OP. Just bought a lot in the U Club last week. Paying the lot outright with cash so I will own the lot but will finance half of the acutal home cost. Not sure how to go about that yet.
On construction, is it best to discuss with contractors first to determine their estimated cost per sq foot (excluding lot) or talk to Designer/ Architects to best make that determination then look for bids?
On construction, is it best to discuss with contractors first to determine their estimated cost per sq foot (excluding lot) or talk to Designer/ Architects to best make that determination then look for bids?
Posted on 12/10/15 at 9:24 pm to stout
I have a builder that swears cost plus is the way to go versus fixed. It would really make me feel nervous not knowing the final price.
Posted on 12/10/15 at 9:27 pm to Odinson
We just built in same neighborhood and our builder worked with the architect based on our selections and preferences.
Posted on 12/10/15 at 9:30 pm to LSUvegasbombed
$550K = $750K
Posted on 12/10/15 at 9:31 pm to Odinson
Man, the best thing you can do for yourself is not rush it and learn as much as you can about the process.
Posted on 12/10/15 at 9:32 pm to daviddsims
No way.
Just write him a blank check
Just write him a blank check
Posted on 12/10/15 at 9:37 pm to Odinson
Work your financial ratios out yourself to determine your manageable mortgage debt level. Add to that the $$$$ you plan to put down.
This gives you what you can afford to put on your lot.
The cost per square foot should be a result to see if you're high or low on the average scale. Not a determinant of how big you can build.
This gives you what you can afford to put on your lot.
The cost per square foot should be a result to see if you're high or low on the average scale. Not a determinant of how big you can build.
This post was edited on 12/10/15 at 9:47 pm
Posted on 12/10/15 at 9:46 pm to daviddsims
Cost + 10%:
You pick a $500 standard tub. Builder makes $50.
You pick a high end $5000. Builder makes $500.
All the GC did in both cases was call a plumber. What did he do to earn an extra $450?
You pick a $500 standard tub. Builder makes $50.
You pick a high end $5000. Builder makes $500.
All the GC did in both cases was call a plumber. What did he do to earn an extra $450?
Posted on 12/10/15 at 9:58 pm to Dennis ODell
Cost + flat fee is the way to go if your not going to be your own GC.
I have the time to be my own GC but was worried about finding Subs. My GC did cost + a flat fee of 40k. I found a framer and plumber cheaper than his regular subs and saved some money. Everywhere else, his subs and vendors were way cheaper than what I could find.
I have the time to be my own GC but was worried about finding Subs. My GC did cost + a flat fee of 40k. I found a framer and plumber cheaper than his regular subs and saved some money. Everywhere else, his subs and vendors were way cheaper than what I could find.
Posted on 12/10/15 at 10:00 pm to DHS1997
Save that 20% plus and do general contractor yourself.
Basically means you hire out all subs yourself.
Turn key costs you more bc builder has more responsibilities
Basically means you hire out all subs yourself.
Turn key costs you more bc builder has more responsibilities
Posted on 12/11/15 at 7:16 am to Errerrerrwere
Extensive knowledge?
No you don't, all you need is to have the time to devote to it.
If you work 8-5 forget it.
If you have flexible schedule then it's easy.
I really enjoyed it. My builder helped me a lot make decisions.
No you don't, all you need is to have the time to devote to it.
If you work 8-5 forget it.
If you have flexible schedule then it's easy.
I really enjoyed it. My builder helped me a lot make decisions.
Posted on 12/11/15 at 7:23 am to stout
quote:
It's amazing the bad advice people pass off in building and/or real estate threads.
Work for 3 builders. Come in with a custom set of plans builder has never built or pick out one he's built 10x and see where $ falls on similar houses. Builders ALWAYS price in unknowns.
And there is no one way that's guaranteed cheaper. One of my custom guys worked for NVR for years and his pricing crushes other two guys based on his relationships and seeing the numbers he saw vendors give NVR. He will not do cost plus, only fixed, but his block, lumber, and brick will be 10-15% below a custom guy doing cost plus. My other two builders know this and don't like him for it.
This post was edited on 12/11/15 at 7:27 am
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