What to Consider For New Residential Construction Lot entitlement is something that one should take seriously since this can cost them a fortune at the same time a very lengthy procedure. It is already expected that a person may need $100,000 for the property mapping of five lots or less. If you will go for more than five lots then you might spend $500,000 or more. Health-department regulations, biology, the zoning and general plan as well as the slope are some of the things that determine the lot size and the number of lots one can go for. Aside from the latter, you must also consider the amount you will spend got the regulatory fees, processing, reports and other studies conducted. The reports that are conducted must include the approval costs, anthropology and archeology, soils, noise, biology, traffic, and storm-water treatment. If the parcel maps are already approved then you can expect additional payments that are not just restricted to the following: – Studies related to potential emission of greenhouse gasses
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– Determine whether the area is under environmental mitigation – Fees that has something to do with school – Recreational fees – Details relate to secondary access – Fire related fees – Yearly bonding fees Politics comes in place if one wants to win the approval of governing bodies like county boards, planning commissions, and city councils. The process will be completed base on the level of approval and opposition that you were able to get. The expenses might be up to a million dollars or more, this could also take place for a span of four months or years. For property owners, it is integral for them to consider three important factors. 1. Property is sold without changing the entitlement – This kind of option will not require to you to shell out significant amount of money and this could be sold for a shorter duration but you can’t expect to obtain greater amount of money once the property is sold. For some instances, the land is sold at a higher price there is no entitlement done. 2. Make long – term contracts – This is a kind of agreement that is established by home builders who will process the parcel mapping of the property. This is the widely used by most people. The process is quite lengthy, this could last for up to five years. Once the contingencies are approved the probable buyers is oblige to give non – refundable cash deposits periodically to the seller. The ownership of the property will only be transferred after the tentative or final approval of the parcel maps. 3. The owners of the property will shoulder all the expenses related to the process of entitlement – The whole process is comparable to the second option. The difference between this and the second option is that the owners will take full responsibility of the expenses in property mapping.