Anthony, It's possible to do it either way: hire a general contractor, or do the general contracting yourself. Arjen is absolutely correct about it being a full-time job, though. Ever watch HomeTime on TLC? You can do research to decide if you want the job. Along with the perks of being the 'boss' comes a lot of responsibility, both legal and headache-inducing sub-contractor-chasing. Consider it carefully. You're probably better off hiring a gen. contractor, and doing whatever work you feel competent about doing.
Arjen, I'm not sure if you're correct about the requirement of a contractors license, at least on a nation-wide basis. It may depend on the state, or even on city/county. Here in Va, a homeowner is allowed to do ANY contracting work on his/her own property. The only thing I've heard, and even this varies, is that gas piping must be done by a licensed plumber.
Electrical, plumbing, HVAC, etc. all can be done on one's own property without certification, BUT, permits and inspections are an absolute must. Plus, inspectors will undoubtedly inspect more carefully, since they can't assume a homeowner will be aware of and/or follow all the rules.
I did my own wiring on a house rebuilt from the framing out after a fire, completely new, panel and all, and I never told the inspector I had electrical experience. He was impressed, though. He told me he looked for ANYthing to fail, but couldn't find a fault. (no pun intended)
