If your primary motivation is saving the money then my advice to you is to be patient, wait for the pricing to drop and just buy an existing home.
The market for move-up homes in the outlying areas – which is what it sounds like you’re driving at – is already pretty weak and will only get weaker as this current trend continues. Sooner or later those prices will drop below their respective costs of construction.
Not only will you save the money, you’ll save the time and the effort and the uncertainty. As someone else already noted, construction projects can be very stressful for the non-professionals, and marriages sometimes don’t withstand that added stress.
If you’re absolutely set on building your own home, use a general contractor to get the foundation, framing, roofing and sheathing completed, and then do the finishes yourself. During a housing bust it’s not hard to find a contractor who will work at a reasonable or even minimal profit margin just to keep their crew together.
