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. The determining factors of lot size and the number of lots are as follows: health-department regulations, the zoning and general plan, slope and biology. It is also a must for you to include the fees in processing, regulatory fees, different reports and studies conducted and other relevant fees.
The content of the accomplished reports includes the approval cost, soil, biology, traffic, noise, storm-water treatment, traffic as well as the anthropology and archeology. If the parcel maps are already approved then you can expect additional payments that are not just restricted to the following:
– Reports that entails potential greenhouse gas
– Drainage basis which regulates stormwater runoff
– Determine whether the area is under environmental mitigation
– School charges
– Fees that is related to recreational activities
– Relevant details concerning physical secondary access
– Fire related fees
– Yearly payment of bonds
Politics comes in place if one wants to win the approval of governing bodies like county boards, planning commissions, and city councils. The completion of the process is greatly affection by the level of support and opposition obtained. 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.
- The sale of property and entitlement remains the same – The price for this option is low but it will only take lesser amount of time to sell the property and will not require you to spend substantial amount of money. For some instances, the land is sold at a higher price there is no entitlement done.
- Go for long- term contracts – This is a type of New Homes Daytona Beach contract made by home builders who will be the one to process property mapping. This is the most sought after option made by everybody. 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.
- The property owners will take charge of the entitlement costs – The Pre-Built Homes Daytona Beach process is quite similar with the second option. The main different is that the owners has the full control of the property mapping and will have to pay all the expenses in the entire process.