Are you interested in building your own home, but are worried about the rising price of an on-site built house? Are you ready and willing to put some “sweat equity” into your homestead by helping with its construction? If you’ve answered yes to these questions, you may be interested in learning about panelized homes. They are quality manufactured homes that you can help design and build, and can be bought with very little money out-of-pocket. In fact, many a panelized home loan offers 100 percent financing.
A panelized home starts its life in a factory, much like a modular home. The wall, floor, and ceiling panels are all pre-made, and trucked to the building site for construction. It’s like putting together a puzzle that can last for several generations. Many panelized home companies let the owners partake in the design process, so you can create a customized house that meets your needs. Best of all, a panelized home can be far less expensive than a traditionally built house–a 2,000 square-foot dwelling can cost about $30 per square foot.
Most panelized home companies offer financing. Because they allow the owner to build the house themselves, they allow credit for “sweat equity.” Some owners of panelized homes have moved in with more than $40,000 of equity. Without having to come up with a down payment beforehand. Some companies offer a program that allows prospective owners to pay as little as $1,000 out-of-pocket for their homes.
“Sweat Equity”–The Key to a Panelized Home Loan
But what are you getting for your money? Because panelized homes are initially constructed in a controlled environment–a factory–the quality is very high. There’s no risk of damage due to inclement weather. And there is a big focus on quality control and regular inspections. So don’t spend the next six months saving money for a down payment–you can qualify for a panelized home loan with very little money upfront, and spend those six months building your dream home instead.