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The Water Cooler
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Home "Closing" ?
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<blockquote data-quote="SMS" data-source="post: 1305836" data-attributes="member: 42"><p>This. The two friends in question are perfect case studies. They both built similar sized homes with similar custom features. One paid a builder, the other worked as his own general contractor and did alot of the roughing-in himself with the help of family in friends.</p><p></p><p>Outcome: Guy who paid builder ended up house-poor with two mortgages on a $400K+ house the day he closed. Guy who did his own contracting ended up with a $200K mortgage on a house that appraised at over $400K.</p><p></p><p>Biggest problem is time. Time is money, working 40+ hours mon-sat every week doesn't leave time for much. The guy who built his own is a fireman and only works 10 shifts a month...he still gave up a lot of family time but he now has a beautiful place to raise his kids in and he's not house-poor.</p></blockquote><p></p>
[QUOTE="SMS, post: 1305836, member: 42"] This. The two friends in question are perfect case studies. They both built similar sized homes with similar custom features. One paid a builder, the other worked as his own general contractor and did alot of the roughing-in himself with the help of family in friends. Outcome: Guy who paid builder ended up house-poor with two mortgages on a $400K+ house the day he closed. Guy who did his own contracting ended up with a $200K mortgage on a house that appraised at over $400K. Biggest problem is time. Time is money, working 40+ hours mon-sat every week doesn't leave time for much. The guy who built his own is a fireman and only works 10 shifts a month...he still gave up a lot of family time but he now has a beautiful place to raise his kids in and he's not house-poor. [/QUOTE]
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