Build on Your Lot in Cape Coral, FL: What Homeowners Need to Know

Owning land in Cape Coral offers a unique advantage to the landowner. From the orientation to the floor plan, the finishes and the amenities, it is all up to you to decide. There are no pre-existing choices from any former owner influencing yours.

However, building on privately owned land is a process entirely different from buying a lot from a builder. Learning about this process before starting helps avoid unnecessary stress, hassle, and expenses in the long run.

1. Check Utility Connections First

Although Cape Coral keeps expanding the central water and sewer system infrastructure, not all lots are connected to it yet. Checking this information prior to signing a contract with custom homes builders Cape Coral FL and even thinking of drawing a floor plan helps save a lot of time, effort, and funds later.

Specifically, find out:

• Is the lot connected to the city water and sewer connections, or will a private well and septic tank be needed?
• Are there any pending utility connection fees on the lot?
• Does the city require a harmless agreement before construction begins?

Any unpaid utility assessments go to the new owner together with the lot. Those who do not check this information end up with unexpected expenses that completely change the whole project's financial picture right away.

2.                FEMA Flood Zones and Required Elevations

Knowing which FEMA flood zone your lot is classified in is key to the way your home will be constructed. The classification dictates what the required minimum elevation level of your future home must be to obtain a building permit.

If your lot is classified as being within an AE or VE flood zone, you need elevated construction. This means that your future house must be elevated above the ground to comply with the Base Flood Elevation requirement. While it increases the foundation costs, it will lower your flood insurance rates.

Custom homes builders Cape Coral FL with a true understanding of the area will be able to provide you with the proper interpretation of elevation certificates, work together with the floodplain management department of Lee County and build your home's foundation meeting the current FEMA regulations.

3.                Impact Fees and Permits

Impact fees are paid on all new construction in Cape Coral, no matter if you build on your lot Cape Coral FL or purchase a builder's package lot. Additional fees are required for building permits, engineering reports, soil boring, and filing of Notice of Commencement.

Custom homes builders Cape Coral FL, such as Sposen Homes, include a site preparation allowance that covers permits, impact fees, and site preparation costs for their customers.

4.                How Lot Equity Can Help Your Financing

Cape Coral property owners who have already purchased their lot can utilize that land equity in the financing of their home construction. Lot equity is treated as a portion of the down payment for a construction-to-permanent loan, thus cutting down the amount of money needed for closing.

In other words, the decision to build on your lot Cape Coral FL becomes more financially secure than many buyers think it would be. Sposen Homes and its team will work to help buyers utilize their lot equity in the financing of their custom home building.

Conclusion

The team from Sposen Homes has construction experience in Cape Coral and Southwest Florida. They assess your lot prior to the construction process to make sure there are no problems with flood zones, utilities, or permits.

Find out more about Sposen Homes' floor plans and construction process by contacting them.