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Building a new home from the ground up is an exciting prospect. When constructing a home, residents are allowed the ability to customize their finishes and add additional features that may not be found in actual models. However, depending on where you choose to develop your home, you may come across what is known as lot fees. As the name implies, lot fees, otherwise known as lot premiums, are an additional cost given to homeowners looking to start construction on specific lots.

High Demand, Higher Cost

Oftentimes, lot fees are applied to land that is more in demand. Certain homesites will be more desirable than others, adding further value to their worth. Depending on the price of the home you’re planning to build, lot fees themselves can cost homebuyers thousands of dollars. One key factor that may influence whether or not there are lot fees is location. If the lot you are looking at offers scenic views of the community or surrounding area, then it is more likely that it will have a larger fee attached to it.

The same goes for waterfront properties or lots that are located in a cul-de-sac. In the case of properties in a 55+ community, a more desirable space might be one closest to the clubhouse, parking lot, or pool areas. Should the lot offer any sort of perk or unique feature, it is plausible that builders will take advantage of this fact and attach a lot fee.

Of course, the desirability of each lot is subjective to each person interested. While some may be interested in having a view of the community golf course, others may not. Therefore, lot fees can be considered a good use of money if it helps in securing homebuyers with a site that’ll further them along in creating their perfect home.

Size Matters

Another factor is the size of the lot. Should your homesite have a large square footage that requires constant upkeep, this will likely cause an added fee. This is especially likely in communities that offer exterior up-keeping services.

In Conclusion

It is important to take these factors into consideration while beginning the process of where you’d like to build. Ask to see the list of lot premiums in a community in order to compare prices and see if it is a price that you are willing to pay. Make sure to check with the developers of the community to see their regulations on lot fees in order to determine if this is the right space for your future home. Another thing to keep in mind is that these lot fees may be negotiable. Unless otherwise stated, the cost of lot fees can be challenged, hopefully saving you money.

Building a home is an exciting venture, though it does require a lot of time and money. Always make sure to stay up-to-date to avoid any surprises. By researching potential homesites and recognizing the lot fees that come with it, you’re one step closer to turning your dream home into a reality.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
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