As a general contractor, you're responsible for coordinating the efforts and schedules of a dozen or more subcontractors and suppliers. It's detail intense, and you'll have to do your own pricing and sourcing of all materials.
     You'll also be responsible for the oversight, management and payment of those you hire.
     "Some things go as planned in the construction project," Harp said. "Some don't. And it's the some that don't [that] are the real test in the life of a full-time or a one-time general contractor."
     Carla McClinton, a licensed Realtor in Maryland who designed and "GC'd" her own home in Clinton, Md., said that's a lesson she learned first-hand.
    

     In 1996, McClinton moved into a 6,000 square foot luxury home that she designed and contracted out herself. The home has been featured in real estate magazines as one of the most beautiful in the state, she said. It cost $225,000 to build - including the land.

(The house alone was professionally appraised at $450,000.)
     The project took two years to plan and 6 months to build. But in the end, McClinton said she got the home of her dreams and was able to stay within her budget.
     "It wasn't overnight and it wasn't easy," she said. "I fired a lot of people. You've got to be a strong person to do this."
    

     If you do decide to "GC" your own home, the first thing you'll want to do is educate yourself on the steps involved. Talk to those who have done it. Call a few trade associations for tips and spend some time in the local library.
     McClinton said she read everything she could get her hands on, and even took a course at a local community college on buying and developing raw land.

Once you feel you're ready, you'll want to begin drawing up plans for your home. If you are designing it yourself, you should begin collecting photos and ideas on the styles and dimensions of the rooms you want -- be reasonable. You'll need to hire an architect to mark up your home blue-print style, so the builders will know exactly what you want.
     There are also plenty of books on single-family home designs at the bookstore if you lack creative inclinations. You can purchase the blueprints from the company.
    

     Before you get too deep into the planning process, however, you should begin taking steps to secure loan financing for your project.
     "Especially for those who are unsure about qualifying, it's a good idea to seek financing before they draw up the plans," said Deborah Verniest; a loan officer with the Owner Builder Center in Fair Oaks, Calif. "Then they know how much house they can afford and how much to spend on the property."
     Bear in mind though, that many loans have a ticking clock -- or an expiration date pegged to the date of approval.
     "You want to be really prepared to move forward, with your plans and permits, when that loan comes through," Verniest said.
    

     When you've decided on the style of your home and have a rough idea of what you'll be able to afford, you should immediately begin shopping for land that suits your needs. Sloped lots will cost you more (sometimes a lot more) to develop since it requires a more complex foundation.
     Make sure your plans comply with all restrictions on the property and get all the construction and design approvals from any community association that might exist. Also, be sure to find out whether the property has city or county sewer lines already built in, or if you'll be responsible for the cost of installing a septic tank.
     Also, don't forget about the permit process. Obtaining all the necessary construction approvals can take four to six weeks (or more). The city or state public agency responsible for permits, however, will usually provide you with a checklist for you to follow.
     "None of this is really that hard," Verniest said. "You are making all these decisions anyway. Usually you just hire someone to coordinate them for you."
    

     Verniest said one of the most common pitfalls for owner-builders is the inability to stick to their budget.
     "Occasionally, you'll get someone who puts that 20 percent savings back into their house but they get ahead of themselves along the way," she said, adding most of her clients have no trouble with this.
    

     Now you are ready for the hiring process.
     The Owner Builder Center, which holds courses on home building, emphasizes to its students the need for a good contract.
     "Never take [subcontractors] on their word," Verniest said. "Get a good, full contract and make sure they are licensed and insured. Always verify their references. That's very important."
     The Center also preaches the importance of picking quality subcontractors.
     "To cut costs, some people might want to go with the cheapest bid but you should never do that," Verniest said. "It's best to be right in the middle because the cheapest contractor might have missed something that they'll add back into the price later on, or they might not produce the caliber of work that you'd expect."
     McClinton said it's wise to solicit up to 10 bids for each of the subcontractors you'll be needing: floorers, roofers, drywall companies, bricklayers, foundation pourers, electricians and plumbers. That way you'll be able to price shop and you'll have more negotiating power.
     "I would also make it clear that you don't pay for any mistakes," she said, adding she had several problems with the flooring and plumbing companies who worked on her home. "That's beared on the contractor, not the owner."
    

     If all of this sounds like a lot of work, it is.
     "This is not for everyone," McClinton said. "There were many times when I sat in my room and cried. I was worried I was going to lose all of my money."
     Luckily, it worked out for her. But if you don't feel up to the challenge, there are other options.
     You could always buy your land, design your own home and then simply hire a general contractor to coordinate the construction details.
     That'll still save you money (though not as much as being an owner-builder). It will get you the house you want, and eliminate many of the headaches.
     Verniest said you can also hire a consultant or construction manager to step in and help out on a project by project basis - or as help is needed.
     "That way you can pay them by the house and use them a bare minimum," she said.
     "You really do need to understand the scenario, but it's not that hard to learn," she said. "You just have to be organized."
     --by staff writer Shelly K. Schwartz