Has anyone ever had a new house built?

[NaturalBornHustler]

I acted as GC for my own house - a log home. Had zero experience and before the Internet so everything learned was from magazines. Been in the house 20 years now - no problems. You don't need any licenses or anything. All you need is proper plans (and lots of copies for each of the subs) and cash. No cash, nothing gets done. City has to do several inspections along the way, but they actually help you to make sure the subs have done the work right - especially electrical and plumbing, heating system (Canada).

I bought plans out of a catalog. I got the materials estimated at a lumber store. I got estimates from all the subs. I pretty much knew within 10% what everything was going to cost. Not one asked for more money and I didn't ask for any changes. I knew what I wanted, they did it. I paid.

I did all the finish electrical, and finish carpentry. Subs did the rest. It takes about 10 subs - but one will refer you to the next, and others will just cold call you for the business once they see your project happening. Get local subs. The market makes sure that there is an adequate supply. Don't be too nit picky. Try to go with the flow. Much easier to have a longer term relationship with local subs so when the plumbing needs repairs, you call the same guy you used when you built the house and he comes back no problem.

Only regret was not planning / budgetting for outside landscaping. The thing is, while you are in contruction mode you want to do everything you possibly can afford. I just never thought about having to landscape. Never crossed my mind. Paved driveway as well.

No regrets - would do again.

GL.

As I said to Gamble I have people for everything being a contractor myself.

Good to hear about your experience, sounds pretty cut and dry.

Financing is the biggest hurdle I will have to get over, they want a massive chunk of change to put down.

[Hockey Guy]

Why the fuck would I pay GC 20% to make a bunch of phone calls and set shit up, shit that I already have people for....being a contractor?

I have people in every trade that are friends of mine, I will be doing most of the work myself anyway.

You can't really jump on Gamble for this. He is right on a lot of points to be sure. If you don't know the people you would hire to do the work then his solution is quite reasonable. This is the first time you have revealed that you have many friends to do some work as subs & possibly guide you along the way. Pretty hard to mind read on the internet.

The fact that you are friends with all these subs make this a no-brainer for you as it was for me. The only person who worked on my house that I didn't have a personal relationship with was the drywaller & he came very highly reccommended.
I am toying with the idea of doing it again BTW.

[NaturalBornHustler]

Why the fuck would I pay GC 20% to make a bunch of phone calls and set shit up, shit that I already have people for....being a contractor?

I have people in every trade that are friends of mine, I will be doing most of the work myself anyway.

You can't really jump on Gamble for this. He is right on a lot of points to be sure. If you don't know the people you would hire to do the work then his solution is quite reasonable. This is the first time you have revealed that you have many friends to do some work as subs & possibly guide you along the way. Pretty hard to mind read on the internet.

The fact that you are friends with all these subs make this a no-brainer for you as it was for me. The only person who worked on my house that I didn't have a personal relationship with was the drywaller & he came very highly reccommended.
I am toying with the idea of doing it again BTW.

When all was said and done how did you do cost/value wise? Like did the house appraise for a lot more than you spent? Have to think it had to.

[Hockey Guy]

When all was said and done how did you do cost/value wise? Like did the house appraise for a lot more than you spent? Have to think it had to.

The place was appraised @ the time for 20% more than I spent building it. It's since appreciated in value unlike property in most of the USA & I could now easily build another with the equity if I chose to do so & end up without a mortgage. I was able to work it that that difference in appraised value ended up being my down payment & didn't have to put out any actual money for the construction. I had to show that I had it but I never had to use it.

[NaturalBornHustler]

When all was said and done how did you do cost/value wise? Like did the house appraise for a lot more than you spent? Have to think it had to.

The place was appraised @ the time for 20% more than I spent building it. It's since appreciated in value unlike property in most of the USA & I could now easily build another with the equity if I chose to do so & end up without a mortgage. I was able to work it that that difference in appraised value ended up being my down payment & didn't have to put out any actual money for the construction. I had to show that I had it but I never had to use it.

Very very interesting.

[shortbuspoker]

Everybody seems to hate Dane Cook know but I still think this shit is funny. Not pertinent to this discussion but I thought I'd throw it in since I rent the place I live in.

[GAMBLE-BOT]

Everybody seems to hate Dane Cook know but I still think this shit is funny. Not pertinent to this discussion but I thought I'd throw it in since I rent the place I live in.

i dont own the home i live in either

[Dan Druff]

The whole process sounds very hard and also quite easy to fuck up if you don't know what you're doing.

The best thing about having your own house built is not the savings, in my opinion. It would be the control over things that you would end up disliking or hating in a house that's already built. For example, you can control the layout (making rooms the size you want, not wasting space), the soundproofing between rooms/floors, safety features, extent of wiring, etc.

Once a house if built and established, it's very hard or impossible to change some of those things.

Sounds like Mad Dad did a pretty good job with his place, though. I personally don't have the knowledge for such an undertaking, unless I was just directing the macro issues with a general contractor who already pretty much had an idea of what he was going to build.

[Mad Dad]

re Financing:

You get a mortgage just like normal. The bank appraises the house based on the drawings and where it will be located. Say the house is appraised at $200K and you are putting $50K down, well you do have to have the $50K. The bank don't give the money all at once in advance. They give you money in chunks based on certain progress being made. It really helps to have some extra cash on top of the $50K to bridge things while you are waiting for the bank to inspect / approve / release the funds. Kind of like a payout from a poker site - it does take some time.

You really have to have the finances worked out very well or you run out of cash and your house doesn't get finished. The bank won't give you the last instalment until the house is close to 100% complete, but if you run out of cash, you can't get the house complete to get the cash. You end up being "cash broke". So you really cannot go over budget on things or you will crash and burn.

It would be very hard to make this all work if you were trying to do the labour / GC work in lieu of having a down payment. Like I said, no cash, nothing happens.

Also, getting all your service hookups done is a pain, power, gas, sewer etc. The big utility companies and the city don't cut corners - you have to do it their way and usually that means it costs money.