HOW MUCH MONEY WILL WE SAVE?
ON AVERAGE...
Based on industry standards, you should save at least 15%. On a home that appraises for $200,000 and costs $170,000 to build, you would have $30,000 in equity. You could also save more by performing many of the project tasks, for which you are qualified, yourself. We have found that most customers' homes on the market appraise for 18%-24% more than what they borrow. Remember this is your profit and serves as your down payment.
YOUR DECISION
It is also important to realize that every customer's situation is unique. You may want to hire a professional general contractor to oversee certain aspects of your project which may affect your bottom line. Or you may already be involved in the trades and take on more of the project than most - thereby increasing your profit. We would always suggest the services of a licensed subcontractor to perform any major work unless you are already involved in that particular aspect of work.