Chicago company manufactures new homes, makes home ownership more affordable
Affordable housing is a topic about which politicians talk a lot, but now, a Chicago architect is actually putting hammer to nail to make home ownership possible for more people.
Tim Swanson, founder of Inherent Homes, has found a way to keep costs down for both his company and families.
An excited Dominque Ward recently documented a moving day like no other into her new residence. The first-time homebuyer's house was assembled right before her eyes in just hours.
"Once you put it down on the foundation, like everything's in it," Ward said. "All the appliances came with it."
The mom of two has joined a growing group of first-time homebuyers able to purchase new construction in Chicago.
Such a thing does not come cheap anywhere in the city.
"I never wanted to leave the West Side," Ward said. "I knew property was getting really expensive over here."
New homes near Ward's West Side neighborhood could cost half a million or more. Ward paid closer to $275,000.
"For people like myself — single parent just trying to raise your kid and survive the world — it's a great opportunity," Ward said.
It was an opportunity that opened up thanks to Inherent Homes. The Chicago-based company's mission is to make home ownership less of a sky-high goal by lowering the cost of building.
The first step is finding cheap land. Inherent Homes are planted on vacant city lots, and purchased for as little as $1.
"Finding ways to keep our costs down can meet more families where they're at," Swanson said as CBS News Chicago visited him at the Inherent Homes warehouse in Lawndale.
He said keeping the process of manufacturing the homes indoors removes weather delays from the equation.
"We have six homes here that are not getting wet, which means they're not drying, which means we're not wasting a week to get back into the home," said Swanson, "so that's an important part of it."
He said they can go from raw material to framed interior ready for a rough inspection in two and a half to three weeks.
Add another month and change tiling, paint, and other homey finishes.
"So, from there to there is eight weeks total," Swanson said, "and we joke all the time, we wish it were faster."
Trimming the time cuts labor costs and keeps interest at bay. Swanson said buying materials in bulk helps the budget too.
When the homes are ready, they're squeezed out the door of the manufacturing facility.
"It costs us just about $350,000, $370,000 to build a home, and then we sell them, unsubsidized, for $395,000," Swanson said.
Purchase price on paper is usually lower thanks to various financial incentives. One example is the city's Building Neighborhoods and Affordable Homes Program, which doles out forgivable loans to homebuyers that transform trash-collecting lots and bring them back on Chicago's tax roll.
Inherent Homes intentionally picks vacant land so customers can qualify. Because Ward's lot used to be a weedy empty space, she was able to save $100,000 off her mortgage.
"Once I found out about these types of programs is when is when I went ahead and pulled the trigger," said Ward. "I was able to show my girls that anything is possible. It's an amazing feeling."
CBS News Chicago asked Swanson why more people and companies aren't doing what Inherent Homes is.
"It takes a level of insanity to work through the machinations," he said.
Swanson said he would happily share his secret sauce with other builders to create more moments like the one Ward celebrated as she saw her finished new home.
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