Custom Home FAQ
What is the warranty on a new home?
Sharp Homes provides a builder warranty of one year that covers most everything except for landscaping. We also include all the extended warranties that come with materials such as windows, heating and air, foundation waterproofing, appliances, siding, roofing, etc.
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Related questions
What does it cost per square foot to build a new home?
Sharp Homes does not figure per square foot because every house is different and features that you put into a house - like special materials - makes significant differences on price.
Do changes in tariffs affect the cost of my house after I sign a contract?
Once we write a contract, your price is set except on allowance items. There are rare exceptions in a very volatile market that we would have an escalation clause.
What are specials?
Specials are rather unique to Wichita, but they consist of the infrastructure such as storm sewer, waterlines, sanitary sewer, and roads being built for the subdivision rather than the developer paying for these and adding them to the price of the lot. They are done through the city on special bonds and paid as a special tax. The bonds are sold at a lower interest rate than what you would be getting if you were borrowing money for the house. They also generally spread out the cost of the infrastructure improvements for 20 years.
How does a construction loan work and what is it?
Construction loans are a temporary loan that pays the builder during the construction process. At the completion of the build process, a permanent loan (typically a 20 or 30 year mortgage) pays off the construction loan.
There are two scenarios on the construction loan. Sharp Homes can take out the construction loan and charge a financing fee. That is a very common practice, especially if the purchaser has an existing mortgage. This option has a higher initial down payment to Sharp Homes, due at contract signing.
The other scenario is for the purchaser to take out the construction loan, and they would pay the interest monthly during the build. We can assist you in obtaining a construction loan if necessary. This option has a lower initial down payment to Sharp Homes, due at contract signing.
Do I need homeowner’s insurance when I am building at home?
No, you do not need any insurance. Some people will take out a liability policy, but not very many. Sharp Homes will take out a builder’s risk policy which will insure the build should anything happen during construction.