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I plan to do it myself. I know some who've done it, and helped someone with theirs (heavy lifting of some log beams). Certificate of occupancy? What's that?
Seriously, find a place with minimal restrictions and permit requirements. Even in socialist Vermont I know of places where the only permit drawn up was for the septic (state laws on that).
Then, do it right. Proper foundation, etc. Use traditional materials and methods, like log, timber frame, or very well done balloon framing. OSB and many other modern materials don't weather well. A good private lot in a rural spot well wooded should keep thieves to a minimum. Up here you have to assume people are armed, so it helps cut down on crime outside of a few cities...
Don't let the bankster types naysay you into thinking you need to be their slave. You can get away with only needing a little debt for the land, or none at all if you pay cash for that too. if I were you, I'd find some land wooded with mature pines, spruce or hemlocks or such, they can be used to build the house.
I have been building my own for cash for the past 20 years. I live in them at a certain point so figure I live for free and I make money when I actually sell after at least 2 years. I am now on house # 9.. Just a word of warning since times have changed in the lending field. .......I now have a 265k house owned outright. (yes appraised) The lending environment has tightened so much that if BY CHANCE you needed to tap any equity in your house, it is unbelievably difficult. I am trying to borrow 65k and am treated like Bernie Madoff, post conviction. (I have been getting multiple illnesses, due to my profession and want to change to nursing.) Easy right? Borrow 25% of the value right? Nope! The lenders look for any loophole to deny you. Good credit? Who cares, it's not enough. Tremendous equity? Doesn't matter If you aren't on a W2 job? Forget it.
So, the snake bankers making millions of dollars in bonuses are still playing god. In these unsettled times, get a loan with the low interest rate and keep your cash. Ok, even if you want to do 50% loan, fine but DO NOT COUNT on being able to access your equity if you need it. Think ahead and cash is always king.
it's quite funny how we as a society have elevated home construction to something which can only be carried out by 'the experts'. my dad stills owns our family home in europe which was built around 500 years ago. apart from an electrical fit out, the addition of an indoor bathroom/toilet and a new roof, all completed in the 60's, the place is still standing. in addition, the home was designed to be cool in the summer and warm in the winter. this was achieved by something which seems to be absent in modern home construction namely 'thinking'!
i look around at all the newbuilds littering suburbia. many of these places have sat vacant since completion 1, 2, 3 years ago. some of them look ready to fall over and yet these are the places which were put together by the 'experts' with 'modern' materials and huge bureaucratic oversight.
to the op, ofcourse it's doable, just be organised and do your research
The big pitfall I see in his first post was the "over time" aspect of building it by himself. That could be a recipe for absolute wipe-out disaster -- if you end up taking years to finish the odds of actually overspending to point of bankruptcy are quite high.
If you want to SAVE IT ALL upfront and then proceed on a normal timeline that is much more likely to result in something you can live in / eventually sell.
Read the responses above carefully -- filter out the paranoid bank-haters, understand that lenders and other buyers often will not touch a place that was built without permits / municipal inspections. Even hippies owe it to themselves to not "invest" their time and money on materials for an unseallable home, of course compared to a trailer, which similarly will depreciate to worthlessness, at least they can say they "built it themselves"...
Building our house Cash here in Texas has been a very stressful process. I would say only do it if you are very knowledgeable about home building or real estate. We have completely wiped out our checking account but have plenty left in savings, thank god we are paying our last trade today! we budgeted to have at least 50k left in checking when all was said and done, yea that didn't happen! There are a lot of unforeseen expenses when building, you think you have it all figured out but then someone somewhere will slap you with an expense you didn't take into account . Its definitely possible but not recommended for the faint of heart. Good luck
Building our house Cash here in Texas has been a very stressful process. I would say only do it if you are very knowledgeable about home building or real estate. We have completely wiped out our checking account but have plenty left in savings, thank god we are paying our last trade today! we budgeted to have at least 50k left in checking when all was said and done, yea that didn't happen! There are a lot of unforeseen expenses when building, you think you have it all figured out but then someone somewhere will slap you with an expense you didn't take into account . Its definitely possible but not recommended for the faint of heart. Good luck
Unforeseen expenses happen whether paying cash as you go, or getting a construction loan. The unforeseenness has nothing to do with method of payment.
I would prefer to build my home with building materials. Not sure how cash will hold up in the elements. LOL
I was going to say that or, I didn't know if I could get enough stacks of $1's from the bank to build more than one pony wall...
Now that I think of it, maybe I'll try and get a few bags of shredded destroyed money to use as insulation...
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OP still has not come back to clarify TIMELINE...
. Its definitely possible but not recommended for the faint of heart. Good luck
