Frequently Asked Questions
Why do you ask that I get pre-approved?
We ask our clients to get pre-approved in order to ensure we are using your time and our time wisely. Getting preapproved helps to ensure we are working within the parameters of your budget.
Is this a turnkey build?
Yes, we prefer to offer a turnkey build process to our clients. We have found that if we control the entire construction process, our clients will be provided a better product. It also gives us at Vertical Builders the ability to warranty the components of the home. We typically provide services for clearing, driveway installation, water, sewer and all the labor and material that make up the job. We help coordinate the installation of power but do exclude any costs associated with running the line to the house since we typically will not know what the cost is prior to applying for it.
Can I self-perform any work or use my own subcontractors?
No. By using a proven method and proven subcontractors, we can provide the best service and the best product that we can warrant.
How does financing work if I buy a home on Vertical Builders land?
When clients contract with Vertical Builders to build a home on our land, we typically finance the construction. You will be required to provide a Pre-Approval Letter from a lending source to ensure that you can purchase the home. When we are 45 days from completing the home, you will be notified so that you and your lender can begin preparing to close on the home.
How does financing work if you build on my land?
When we are building on your lot, clients typically get a “Construction to Permanent” loan through a mortgage lender.
If I get a construction loan, how do payments work?
Prior to closing on a Construction to Perm loan, the bank will ask the builder for a budget. They will then assign percentages to each activity within the budget. As we complete pre-determined stages of construction, we will request a draw from the bank. The bank will in turn send out an inspector to check and then issue payment based off the budget percentage.
Will you purchase land for me and finance the construction?
Yes, we do this for clients from time to time.
I am not required to put any money down or my lender is requiring me put down less than you have required, what gives?
Your lender is a separate entity than Vertical Builders. Often, we as builders, may require more deposit than your lender which is common to hedge our risk and protect ourselves. Depending how you structure your loan, you may receive money back at closing or from time to time we will write a check back to clients. A lot of this depends on your loan and how it is structured.
Can I make my selections prior to signing a contract?
No, we require our clients to sign a contract prior to making selections for our home.
When should I provide the contact to my lender so they can schedule an appraisal?
This should always be done after your Selections Meeting and after any addendum have been ratified. This ensures that the appraiser is accounting for any upgrades you may have chosen.
What is a Selections Meeting?
A selections meeting will be scheduled after you have signed a contract. At this meeting you will meet at our design center and make all the selections for your home. These include everything from siding, flooring, countertops, cabinets, lighting, plumbing fixtures etc. If you upgrade any of your selections, we will provide a price to do so and it will not count as a change.
While reviewing the Plan Brochure, I noticed several items that were listed as “Optional?”
We offer a base plan that has a base price to build it for our clients. We also offer “Optional” items that we feel some clients would like to incorporate into their home. These are listed as “Optional” and can be included for an additional fee.
What happens if I make upgrade selections?
If you choose to select upgrades, we will create an addendum that shows the base price and all upgrades chosen. A total will be provided, and an additional non- refundable deposit will be required.
When can I make upgrade selections?
Selections and upgrades are to be made by the conclusion of the Selections Meeting. Occasionally clients may need to switch out or substitute a color which does not constitute as a change order as long as it is prior to construction and is not excessive. Any changes post building permit submission are considered Change Orders and will be approved at the sole discretion of V.B
What is the difference in Standard Upgrades vs. Custom Upgrades?
Standard Upgrades are options that are typically pre-designed to be offered with a specific plan for an additional charge. Custom Upgrades are options that are not pre-designed for a plan and require additional drafting, design and estimating. Custom Upgrades require a non-refundable payment to provide design and pricing whereas Standard Upgrades do not.
Do I need a well?
Wells are required when County or City water is not available.
If I need a well, why do you provide a well allowance?
When digging wells, there is no way to tell how deep you may need to go in order to find an adequate source of water. Many variables such as well type, soil make up, etc. can add to the cost of a well. Since we do not know what the final cost will be until the well is completed, we provide our clients with an allowance. If the cost is less, we will credit you the difference. If the cost of the well is more, we charge you the difference.
What is a septic system?
A septic system is an underground waster water treatment structure and system that is used when County or City Sewer systems and treatment facilities are not available.
Why do you provide a septic allowance?
There are many types of drain fields, drain field layouts and topography issues that affect the costs of installing drain fields. Once a perc. test and Well and Septic Application are received, we can then bid out the cost for the drain field installation. If the cost of the drain field is more, we will charge you the difference. If the cost is less, we will credit you the difference.
Can I move in early or store possessions?
No. We are not allowed let anyone move into the home prior to passing the final building inspection, receiving the Certificate of Occupancy (CO) and final payment is received.
When can I move in?
Once final building inspection, Certificate of Occupancy (CO) and final payment are received.