Special assessments may be an important factor when you buy Cape Coral real estate, and something you should definitely know about.
The assessments are for central water and sewers and are part of a 5year+ utility expansion project.
Since Cape Coral has grown so quickly, the city wants to connect all properties within the city limits to central water and sewer and the homeowner has to pay for it.
If you buy a home in the oldest part of town, which is mainly the SE part of Cape Coral, you don't have to worry about it, because most of those homes are already connected to both. Some of the SW and NE have both assessments or just central water. In the NW section, homes have wells and septic systems and are the last part of town to get city utilities.
If the home you're interested isn't connected, you will want to find out when the city plans to put them in for your area because that will eventually cost you from about $18,000 - $35,000.
That price includes hooking up to the connection, impact fee, permits, filling in the septic, and the actual assessments of water, sewer, and irrigation lines.
Another cost for those buying in the underdeveloped NW part of Cape Coral is underground electrical lines that may add to the price of your home.
Those of you buying on a canal may have to pay around $35,000 to reconstruct the seawall on your property, it needs to be replaced every 20 years or so.
Please ask your realtor about the possibility of all these added costs.
The city has a Special Assessment website page where you can check the
expansion schedule, costs, and financing along with several ways to pay for the assessments. You can pay all at once, or by financing the work. For those who can't afford it, there is a Hardship Deferral Program.
All property owners will receive packets with costs, payment options, and financing information. For those buying a house in these areas, particularly during times of construction, ask your realtor about how the assessments will impact your home purchase.
You can use water and sewer assessments as a negotiating tactic if the house doesn't have them yet.
Some houses for sale have already done just that and offer assessments in, fully paid.
The bottom line that you need to ask about Cape Coral's assessments when buying a home is to find out if the house is connected to water and sewer and have they both been paid for in full.
Whatever you decide to do, you'll need to weigh all options, maintaining wells and septic systems on lots without city water and sewers have costs as well.
The other issues you should know about when purchasing a home in Cape Coral:
If you are interested in buying a house in Cape Coral, and don't have a realtor, my realtor, George, is the best!
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