The process of entitling lots may take more or less than 5 years and at the same time, it can cost you significant sum of money. For the cost of parcel maps for 5 lots or less, it can run you at around 100000 dollars already. On the other hand, it is going to cost you more than half a million for tract maps that are greater than 5 maps. The potential size and the number of lots are determined by health department regulations, zoning and general plan as well as biology. And the processing, regulatory fees, engineering and several other studies and reports are what included in this cost.
In the studies and reports, it includes storm water treatment, approval cost, archeology and anthropology, soils, biology, traffic and noise. By the time when the map is approved and recorded, there are fees that should be settled and these are potential greenhouse gas studies, on and off site mitigation land, school fees, recreation and park fees, physical secondary access, annual bonding fees, fire fees and drainage and retention basins. Know more about the Lake City Pre-Built Homes.
Then when you try to get approvals from city councils, county boards as well as planning commissions, that is when politics would come into play. The level of support or opposition is going to affect the hearing completion. As a matter of fact, it can be done in short as 4 months or even take years and could cost to over millions of dollars. For this, property owners have 3 options to take into mind and these include:
Number 1. Sale and entitlement of the property as is – in this option, it is bringing the lowest price but costs the least and also, requires shortest time for disposal of property. The land has higher value when it is not titled on rare circumstances.
Number 2. Enter into long term agreement – here, the arrangement is made with the home builder who incurred the expense of processing the tract map. This option as a matter of fact is more preferred by many but the process can take up to 5 years. Also, the buyer needs to periodically release nonrefundable deposits to the seller after approving contingencies. With regards to escrow closing, it can take place after the final or tentative map approval. Check out the Lake City New Homes.
Number 3. The owner will incur the cost of entitlement – most of the process is like second option but the difference is that, the owner bears all the expenses and has better control of the mapping. When it comes to the ramification, every choice needs to be weighed carefully before making a decision which is vitally important if you want to avoid running through any problems in the future.