237%. That’s how much developers and home-buyers will see fees increase by the end of a proposed 4-year plan after a unanimous vote by the Polk County Commission. Prior to this plan, costs had been fixed since 2000. Following the plan’s implementation on Oct. 1, prices will be assessed every 5 years by outside consultants.
The fees cover plan reviews, site inspections, and traffic studies, and will gradually increase over the next 4 years in order to mitigate financial strain on developers and buyers.
Break it down by the numbers:
- $3,767.25 + $25 per lot — a residential site plan review used to be $850 + $25 per lot.
- $7,506.75, + $30 per lot — a residential subdivision site inspection was previously $1,250 + $30 per lot.
- $2,189 — a final inspection for a 50-lot subdivision is increasing nearly 83% from $380.
In 2021, the median home price in Lakeland rose by 15% or an average of $30,000. The recent seller’s market caused a lower than average inventory of homes for sale. The result? People are looking to build, rather than buy.
Facebook groups have become a hotbed for homebuyers in the last 6 months, with many seeking advice as to how they can navigate a market saturated with offers. While building is popular, this may change in the near future as higher fees are rolled out by developers as a result of the recent vote.
So, what does this mean for future home-buyers? For a 50-home subdivision, developers will see their costs jump from $6,030 to $20,349 by 2023. These extra dollars will be factored into the price of homes, so you may see listing prices climbing in the coming years.