We went with the open book type of arrangement with our builder, over a higher cost fixed price contract. We were not on site daily, or even weekly, and left it to the builder to manage his team.
We broke the contract by agreement once the house was weathertight, and I am now managing trades individually (when they actually turn up!).
Budget-wise, this has turned out to be the most cost effective method, but not without its issues.
We had expected the builder to be on site a lot more than he was, and his team were a bit lazy. So we were left feeling that there were an awful lot of smoking breaks taken, and quite a lot of early finishes, with no consequence for the workers. The builder really didn’t have good management skills, and we felt that he made excuses for some poor behaviour.
However, we got to the end of the contract without having had any significant falling out with him, and still think he is a skilled builder of low energy houses. Compared to going MBC or similar it did come in several tens of thousands cheaper for us, albeit that we still feel that things were not done that ought to have been.
We placed a high value on maintaining our relationship with the builder, and him staying in business, and in that context we feel that we probably made the right choice overall.
Self-managing trades is not for the faint hearted. The time it all takes is considerable. It seems to be really hard to get trades to turn up, even with what seems to me to be a great working environment. Definitely easier to manage costs, but almost a full time job.