Colorado City Council Approves Incentives to Attract Home Buyers and Builders to the Area
The Brush, CO City Council is looking at new ways to boost home construction in the area while simultaneously reducing the number of vacant lots in the city.
The solution has come from several recently approved incentives that will help entice buyers to the city. New residential home builders will also see incentives if they choose Brush as a place to construct new houses.
In order to get more companies to come to Brush, the city council passed a policy that will decrease the cost of building permit fees by 50%. The city’s Water Plan Investment Fee and Wastewater Residential Connection Fee have also been cut in half.
Because the area has a housing shortage overall, builders can see more than $3,900 in savings on a project that costs $150,000, with potential to save more when building more.
The incentives apply to builders who are constructing single family homes on existing residential lots, including the 26 vacant lots around the city. Building permits must be issued by the end of 2015, and the Certificate of Occupancy has to be issued by the end of 2016.
Getting a new home is one of the best ways for buyers to also see greater energy efficiency and even take advantage of federal tax credits. One survey of home buyers found that 94% want Energy Star-rated appliances in a new home.
Location is also a factor: in addition to wanting to live within certain school district boundaries, home buyers also want larger homes on larger lots.
In Henderson, NV, one custom home building company will develop 300 estate homes to attract buyers looking for the ultimate in modern home design. Lot sizes will range from half an acre to six acres.
The minimum house size? About 4,500 square feet, according to the company’s sales manager.
Yet the project in Brush isn’t quite as ambitious. For now, it’s about attracting more builders and buyers to the area and filling the vacant lots in the area.
Thankfully, according to City of Brush Marketing Specialist Tyler Purvis, the market is picking up. Where two years ago, houses could sit on the market for months, today sellers are receiving far more than their asking price on offers.