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Remodeling Your Own Home
Advantages of Being Your Own General
Contractor on Your Home Remodeling Project
By: Mark J. Donovan
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There are a many reasons why a
homeowner may want to choose to remodel their own home. Choosing to be your own
general contractor, and remodeling your own home, can save you dramatically on
home construction costs. General contractor costs frequently represent 15 to 35%
of the total home remodeling project costs. In addition, sub-contractors
commonly charge mark-up fees on supplies ranging from 10 to 50%. By electing to
be your own general contractor and rolling up your sleeves on some of the home
remodeling tasks you can save a significant amount of dollars. |
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Those dollar savings can be
either kept in the bank or used to purchase material upgrades in the home
remodeling project. In addition, the value that you add by choosing to
remodel your own home often translates into instant home equity. Simply put,
the realtor or bank loan appraiser doesn’t care how much you paid for your
home remodeling project. He or she simply compares your remodeled home with
market selling prices, and/or standard home construction labor and material
costs for completing a similar home remodeling project, relative to your
local area.
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The value he or she comes up with in
excess of your home remodeling costs is instant home equity, complements of your
personal efforts.
Remodeling your own home also allows
you the flexibility to finish the project on your own economic timetable so that
you can reduce and maybe even eliminate the need for construction financing,
which has its own set of costs, such as loan application fees, interest costs,
and appraisal fees just to name a few.
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Choosing to remodel your own home
also allows you creativity and control. Many home remodeling contractors have
their own set ways and ideas, which can limit the features you may want to
incorporate into your home remodeling project. This lack of control can leave
you frustrated both during, and after the home construction project is
completed. By being your own general contractor, you have ultimate control, and
responsibility, in completing your home remodeling plans.
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Photo by Mark Donovan |
Remodeling your own home and being
your own general contractor, however, has its risks, so be forewarned. There are
many details that need to be thought out and planned for when managing a major
home remodeling project. Also, if you plan to add your own personal sweat
equity, it is important you have the proper resources, such as experience, the
right tools, and the time to actually do the work. |
This said, if you are a detailed oriented person, plan well for contingencies,
and have some basic home remodeling knowledge, you have a reasonably good chance
of successfully managing and remodeling your own home.
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