The idea of overseeing your own building project as a homeowner may seem overwhelming. Becoming your own general contractor, however, can be financially profitable if done correctly. Although assuming this job has its difficulties, it can help you save money and provide you more influence over your project. We’ll go over the benefits and drawbacks of becoming your own general contractor in this blog post to help you choose if it’s the best option for you.
Pros and Cons of Being Your Own General Contractor
Being a general contractor can be lucrative as well as challenging. When deciding, it’s critical to consider the pros and cons. Some of the upsides include financial savings, more project control and increased scheduling flexibility. However, there’s a steep learning curve, and contracting may be a stressful endeavor. Let’s take a look at each of these points in more detail.
Pros of Being Your Own General Contractor
1. It Can Save You Money
One of the most significant benefits of being your own contractor is the potential cost savings involved. Taking on specific DIY tasks can save you a modest amount of money. However, taking on your own project, if done correctly, can lead to a substantial amount of savings.
When you hire a general contractor, they will charge you a percentage of the overall project cost, typically around 20-30%. By taking on the role yourself, you can avoid this cost and use the leftover money to invest in higher quality materials, additional repairs, remodels or other expenses.
2. You Can Build a Network of Contacts
When you become your own contractor, developing a contact network becomes a crucial aspect of your work. The success of your project will largely depend on your ability to build a network of dependable suppliers, subcontractors and tradespeople. Building these relationships can be difficult when you’re just getting started, but it’s a process that pays off in the long run.
First, having a network of names you can call on can help you seek out and negotiate lower prices for supplies and labour. Working with people you know and trust can also result in better, higher-quality work and quicker project turnaround times.
Having a strong network of contacts also makes it simpler to locate the ideal subcontractors for particular jobs. You would need to employ painters, plumbers, and electricians if you were remodeling a kitchen, for instance. With a well established contact list, finding the right people for the job becomes much easier. Homeowners who’ve managed to complete major projects often have to do little searching to find other professionals for future jobs.
3. You Have More Control Over the Project
Becoming your own general contractor may also allow you to have more influence over the entire project. No matter how well the contractor and client communicate, you will always have to give up some level of control when employing a general contractor.
When you’re the contractor, you get to decide everything that matters, from the project’s budget to its timeframe and the quality of building materials. Keep in mind though, you will also be responsible for overcoming any challenges or obstacles you encounter.
4. There’s More Flexibility to Scheduling
When you’re working with a general contractor, it can be challenging to schedule meetings and oversee the project. You may need to take time off work to meet with contractors or be present when work is being done in your home. However, being your own general contractor can provide greater flexibility with your schedule.
When hiring a general contractor, they’ll develop a schedule for the project and stick to it. A 2 week project will have to be done in 2 weeks, with or without your presence. By being your own contractor, you could potentially extend this out to 2 months, 4 months or however long you need, really. If you’re strapped for cash or waiting on important materials and supplies, being your own contractor affords you the ability to halt your project and continue at a later point.
The Cons of Being Your Own Contractor
1. There’s a Steep Learning Curve
Being a general contractor necessitates having extensive understanding of both project management and construction. If you’re new to the field, you’ll need to devote time and money to learning about the procedure, which includes everything from getting permits to hiring subcontractors. This has a significant learning curve and can be very time-consuming.
More valuable than most people realize are experienced general contractors who have strong relationships with other tradespeople and subcontractors. A smooth project can be helped by the established relationships that seasoned general contractors frequently have with suppliers, subcontractors, and other professionals in the field. They possess the know-how and skills necessary to manage subcontractors, estimate project costs precisely, and interact with all stakeholders in a productive manner.
2. You Won’t Have an Established Network of Connections
One of the biggest cons of being your own general contractor is that you won’t have an established network of connections. When you work with a professional contractor, they often have established relationships with subcontractors, suppliers, and other professionals in the industry. This can make it easier to find reliable help for your project and ensure that the work is completed to a high standard.
3. Contracting Work Is Stressful
It can be stressful to manage a construction project on your own. You will be in charge of overseeing subcontractors, making sure the project stays on schedule, and dealing with any unforeseen problems as the general contractor. If you’re unfamiliar with the procedure, this can be a difficult and overwhelming experience.
By hiring a general contractor, a lot of this weight is taken off your shoulders. Any challenges, roadblocks or obstacles that pop up will be dealt with by the contractor and their team rather than you. Having that degree of separation often makes homeowners much less stressed and happier in the long run.
4. There Can Be Time Management Issues
Managing a construction project can be time-consuming, especially if you’re also working a full-time job. You’ll need to invest a significant amount of time into overseeing the project, meeting with contractors, and managing the timeline. This can be challenging to balance with other responsibilities.
When Should You Be Your Own General Contractor?
If you’re considering taking on the role of a general contractor, it’s important to evaluate your individual situation. If you already have both construction experience and a well-established network of contacts, you may be well-suited to take on this role. Additionally, if you are willing to invest time into learning about project management and building codes, you stand a much higher chance of succeeding as your own contractor.
However, if you lack experience in the construction business or don’t already have an established network of contacts, taking on a project yourself carries on much more risk. At this point, it might be in your best interests to hire professional contractors. At Bella Contracting Services, we’re proud to offer the highest quality of general contracting in New Jersey. From simple renovations to kitchen and bathroom remodeling projects, we’ll make sure every job is done to perfection. Contact us today to learn more.
