The Raleigh City Council has just approved some dramatic increases to two fees involved in building a home.
In addition to building permits, builders of new homes are often required to pay a variety of other fees.
In Raleigh, one of these fees is a Transportation Impact Fee. This fee was created to help pay for roads and other infrastructure which might be needed to support new homes.
As you can see, the fees have at least doubled across all categories.
The fees take affect on June 1, 2008. Homes currently under construction should not be affected. But homes that are planned to be built over the next 6 months will feel the affects of these fees - and homebuyers will see price tags that reflect this fee increase within the city of Raleigh.
Open Space fees are used by the city to help build and maintain parks and green space. All these fees have increased by 75%, effective June 1, 2008.
The end result - a home currently under construction or completed will probably cost about $2,000 less than an identical home to be built anytime after June 1 in Raleigh.
To find out more about the fees and permits involved in building a home, click here.
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Hi Penny,
Seems to me the counties want the developers/builders to pay for improvements which of course builders/developers must pass on to the consumer. I think its commissioners' way of not raising taxes thus looking good in the eyes of the voters.
This is not good news for buyers or builders . I am sure it will affect the sales.
Sounds like you have had an influx of New Yorkers. We have been fighting mortgage tax, impact fees on developers for years. The politicians convince the elctorate that they are making hte big profiteers pay for town improvements. The problem is, the voters don't get it. Good luck mand fight the good fight.
Cynthia - fees are usually easier to pass than increased taxes, because a city council votes on them instead of the general population. Your points have been raised over and over by the Home Builder's Association.
Gita - Hard to say if this will affect overall quantity or dollar amount of home sales. But two things may happen - the homebuyer may purchase a home outside of Raleigh city limits, instead of inside city limits (and there are a wide variety of choices). Or the homebuyer may have a little less home for the same amount of money.