Planning on becoming an Owner Builder for your renovation or new build project?
There are ten main risks to be aware of before you do.
Here’s what to know …
Hello! This is Episode 272. In it, I’m going to answer a question I commonly receive from homeowners.
And this question is:
I want to do my project as an Owner Builder. What do I need to be aware of with this?
Homeowners will have different reasons for thinking about being an Owner Builder for their reno or new build.
However, there are some REALLY big risks to be aware of when becoming an Owner Builder, that many aren’t aware of at all, and can be quite naive about.
And so, in this episode, I’m going to take you through ten specific risks I see happen for Owner Builders, so if you do choose this option, you can choose it with your eyes wide open, and fully informed of what you’re taking on.
Now, let’s dive in!
I find there are many reasons homeowners will choose to become an Owner Builder.
Some may have family in the industry, or are in the industry themselves, and so they want to have hands-on experience in their project, and feel their industry experience sets them up well to do it.
Some may see Owner Building as a way to save money on their project, by coordinating all the trades and subbies themselves, eliminating the cost of a licensed builder and their supervision, and their margin.
Some may really want to be the ones making their home come to reality, and be on the tools, whether they have experience or not. They’ve just always had a dream to build or renovate their own home.
Some may feel they have time and ability with their skills and resources, to manage their own project well, and so feel that Owner Building will be suited to that.
Some may feel they want a certain level of control in their project, and see Owner Building as a pathway to achieving this.
And some may feel that, whilst they’re nervous about doing it, that their opinion of renovating and building is this:
The industry is a dumpster fire, people are experiencing rising costs, time delays, builders leaving their projects half-done …
So how much worse can it be for them to take it on themselves as an Owner Builder?
You may be considering becoming an Owner Builder and have one of these reasons as to why you want to do it. Or perhaps some other reasons.
Now, full disclosure: I think that, for most people, renovating or building as an Owner Builder is not a good way to do your project.
I’ve just seen it be so problematic for so many people, that I really do get concerned everytime I hear someone say this is the way they’ll do their project.
You’ll hear why as I take you through these 10 risks, which definitely aren’t an exhaustive list. There are more.
But these risks will share with you the main points I see homeowners get caught out by financially, legally and in their own personal well-being as well.
However, as you’ve heard me say before: I bring the information to educate you. It’s up to you what you do with it.
And if becoming an Owner Builder is what you want to do, then I’d much rather you upskill yourself in what you need to know so that you can manage these risks.
You’ll never remove them completely, but you can certainly ensure that they’re managed during your project process.
Learn the ten main risks I believe you need to be aware of and manage effectively when becoming an Owner Builder for your new build or renovation project.
LISTEN TO THE EPISODE NOW.
Who are the range of professionals you might need on your renovation or new build project? Check out Season 4 of the podcast, called “Know Your Team” >>> https://undercoverarchitect.com/podcast/season-4/
Learn the stages of construction so you have a better understanding of what happens, with whom, and when >>> https://undercoverarchitect.com/podcast/season-7/
There are some great Industry Insider tips and info in Season 10 of the podcast >>> https://undercoverarchitect.com/podcast/season-10/
Access the support and guidance you need to be confident and empowered when renovating and building your family home inside my flagship online program, HOME METHOD >>> https://undercoverarchitect.com/courses/the-home-method/
Learn more about how to get started with your home design with the Happy Home Design mini-course >>> https://undercoverarchitect.com/courses/happy-home-design
Access my free online workshop “Your Project Plan” >>> https://undercoverarchitect.com/projectplan