That Summit County lot looks so idyllic, majestic, and serene, and so much fun for building a tree house in the Breckenridge real estate woods. If you buy a vacant lot midst this pristine Breckenridge real estate, will you and your funds last through the building process? There are some important things to know, especially for the neophyte planning to build a dream house in or near the Rocky Mountain splendor of Breckenridge real estate.
So sleuth around a bit and put the facts on the table before you leap to sign that contract for a piece of Breckenridge real estate. Find out pluses and minuses about association fees, restrictions, and requirements; zoning requirements, easements; access, road maintenance; survey, soil quality; natural gas, electricity, water, sewer. Then there’s the building itself.
Association fees, restrictions, requirements. Some rural subdivisions have homeowners associations that charge landowners a yearly fee. The fee may cover taxes on some shared land, something special like an exercise walk along the creek or the cost of a social event.
Zoning requirements, easements. Read the fine print to be sure that your project fits the area. Are you planning to have a private pool, fencing, or pets? The zoning restrictions may keep you from building a multifamily structure or a rental guesthouse. The neighborhood protective covenants may limit residents to people of one household, or tell you that you must have a certain number of trees or cleared space. Then there are the easements from the street and set backs from the property lines to the building. A local architect should be able to help you sort it out.
Roads. If you are choosing a very remote location, how will you access the property? Who is paying to have the road and driveway put it? Rural roads are usually plowed less frequently than more populated roads. Who will plow the snow and maintains the roads to your place? Maybe the HOA fees include this service and maybe not.
Survey. The cost of the survey begins at $500.00 and up. It will give you the legal boundaries off your lot, which is important information for any future use of the property.
Soil quality. Determine the condition of the soil and underground substance. One person failed to determine before purchase that his entire plot was situated on a giant rock where it was impossible to build a basement and very expensive to drill a well!
Water. Some properties are all set up by the subdivision with wells and/or community water. The community charges a tap fee, for meters, pipes, and usage. And if you need to drill your own well, the charges depend on the depth of your water table.
Sewer. If there is a community sewer system, the hook-up charges and rate will be determined by the size and complexity of the structure; you pay for usage. Have a perk test done to determine the size of the septic system you can put in on the land. The test cannot be done when the ground is frozen and should be done before you close on the purchase.
Natural gas. There is a charge to hook up to natural gas if it is available. If it is not, the alternative is propane gas, which can be delivered.
Electricity. There are fees to hook up to the electricity if it is already run to the lot. Additional charges apply if you need to bring it out to the property.
© Copyright 2005 by IMC & RealEstateColorado.com
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