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It’s no surprise that hiring a contractor to finish your basement will cost more money than doing the work yourself. Typically, a contractor will make 20% of the total costs for the work being done. For example, on a $30,000 basement, your contractor is making $6000. However, when you really break it down a basement development is typically a 12-week process. That’s $2000 a month that the contractor is being paid to manage every aspect of the job. Saving money is great, only if its worth the time and effort.
Weigh these options carefully before deciding which is the best route to take. If you have no experience in building, construction, the trades or a flexible schedule, you are probably not ready to manage the project and be your own general contractor. Project Managing a full development of your own basement is a monumental task for someone lacking these skills and experience.
Having a job done incorrectly or dealing with scheduling conflicts is a very real reality. Not only will this end up as a costly mistake in the long run; paying to have a job removed and rebuilt twice also adds to your timelines. We have experienced this when homeowners call us to come in and repair issues with previous sub contractors they have hired. The responsibility and costs associated with mistakes are often costlier then the original “cheap or bargain” pricing agreed too originally.
Keep in mind that an experienced and qualified general contractor will handle getting all necessary permits, and making sure subcontractors are appropriately insured and licensed. A good general contractor will also ensure that work meets local building codes, comes in on budget, maintains high quality standards and offers you a warranty on the work completed. No matter which way you go though, best of luck with your project!