If you enjoy working around the house and completing various do-it-yourself projects, then you may be ready for the biggest project you have ever faced by yourself; building your own home.
You can save tens of thousands of dollars by simply eliminating the cost of hiring a general contractor and doing the construction work yourself. And building your own home may not be as labor intensive as you might think.
A successful do-it-yourself home owner builder Victoria also understands the financing that is needed, which goes beyond understanding the planning and project management involved in building a new house.
It’s fair to say that most people who build a home do not have the entire amount of cash on hand to complete the project without financing part, if not all of the construction work. You need to understand how being your own contractor affects your chances of being approved for a loan.
Once your home is completed, it will be worth fair market value. If you can cut the costs of construction by being your own contractor, then your new home will be worth much more than what you spent on labor and building materials to get it done. Thus, the amount of equity you begin with will be that much higher.