Talk of The Villages Florida

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, New Members Forum (https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/)
-   -   How much does it cost to live in The Villages? (https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/how-much-does-cost-live-villages-41959/)

Charlton Dude 08-31-2011 12:35 PM

How much does it cost to live in The Villages?
 
Howdy folks,

My wife and I are looking into moving to The Villages. I am reading confusing information about the monthly fees. Can someone explain all the fees, the price and what they really cover?

Also, you you own your own land with the SFH or is is basically a lease?

Thanks so much!

Charlton Dude :bigbow:

Bill-n-Brillo 08-31-2011 12:40 PM

Welcome, Charlton!

Check out the first 3 threads by zcaveman in this forum - tons of info in them:

https://www.talkofthevillages.com/fo...play.php?f=139

Bill :)

Charlton Dude 08-31-2011 12:50 PM

Thanks Bill

l2ridehd 08-31-2011 01:12 PM

The cost will vary some by the type and size of home. For a rough estimate, take your total mortgage amount which will include PITI and bond, add $1000 for all utilities, premier golf, lawn, shrubs, pests, and every other expensive needed to open the front door and live there. Add food medical cloths vacations and entertainment and you will be close.

Depending on your life style you can live fine on a budget of 45K to 75K depending on the size of your mortgage. If you like nice vacations, eating out a lot, nice home, extras, move that to 70K to 100K

ilovetv 08-31-2011 01:16 PM

We have a 3BR, 2bath CYV. Excluding the mortgage, all our home expenses are about $700. That includes, taxes, insurance, bond payment, amenities fee of $137, cable, internet, basic phone, heat, and A/C kept at 79 or so. Yards can be little or no maintenance with rock, etc.

Pturner 08-31-2011 01:30 PM

Hi Charlton Dude,
Welcome to TOTV!

To answer your easier question first: yes, SF homeowners own the land, although some have a mortgage. The annual bond (explained below) is a lien on the land until paid off. However, should you sell your property in TV, the bond (or lien) transfers to the new owner.

The fee structure can be confusing at first. I'll try to summarize and no doubt, someone will jump in to amplify, clarify or correct as needed.

First, there is a monthly amenity fee and an annual assessment.

The Monthly Amenity Fee
It is currently $142 a month (approx) and can rise annually by no more than COLA.

It pays for services provided by the two "super districts": Village Center Community Development District and Lake Sumter Landing Community Development District.

These services include community watch; fire and EMS; regional recreation centers and services; water, wastewater and stormwater management; and executive golf.

The Annual Assessment
Your Community Development District (CDD) Assessment is an annual non-valorem assessment included on your annual property tax bill to fund the CDD's expenses.

The assessment has two components. One is for operations and maintenance (O&M). This part fluctuates up or down annually depending on your CDD's annual budget. The CDD's provide community gate houses, neighborhood landscaping, neighborhood rec. centers, etc.

The second part is to repay any bonds sold by your CDD for capital improvements. This part is fixed for the 30-year term of the bond-- although once a year, the homeowner is given an option to pay it off in full.

Each CDD is governed by a five-person Board of Supervisors elected by the property owners.

Here's a link to more information: http://www.districtgov.org/faq.aspx. You might have to copy and paste the link into your browser.

Does this help?


The Villager II 08-31-2011 01:36 PM

All I know is, it is a lot cheaper than when I lived in Washington D.C. Area.

Charlton Dude 08-31-2011 02:31 PM

Quote:

Originally Posted by Pturner (Post 388656)
Hi Charlton Dude,
Welcome to TOTV!

To answer your easier question first: yes, SF homeowners own the land, although some have a mortgage. The annual bond (explained below) is a lien on the land until paid off. However, should you sell your property in TV, the bond (or lien) transfers to the new owner.

The fee structure can be confusing at first. I'll try to summarize and no doubt, someone will jump in to amplify, clarify or correct as needed.

First, there is a monthly amenity fee and an annual assessment.

The Monthly Amenity Fee
It is currently $142 a month (approx) and can rise annually by no more than COLA.

It pays for services provided by the two "super districts": Village Center Community Development District and Lake Sumter Landing Community Development District.

These services include community watch; fire and EMS; regional recreation centers and services; water, wastewater and stormwater management; and executive golf.

The Annual Assessment
Your Community Development District (CDD) Assessment is an annual non-valorem assessment included on your annual property tax bill to fund the CDD's expenses.

The assessment has two components. One is for operations and maintenance (O&M). This part fluctuates up or down annually depending on your CDD's annual budget. The CDD's provide community gate houses, neighborhood landscaping, neighborhood rec. centers, etc.

The second part is to repay any bonds sold by your CDD for capital improvements. This part is fixed for the 30-year term of the bond-- although once a year, the homeowner is given an option to pay it off in full.

Each CDD is governed by a five-person Board of Supervisors elected by the property owners.

Here's a link to more information: http://www.districtgov.org/faq.aspx. You might have to copy and paste the link into your browser.

Does this help?


Thank you.

So let me see if I understand this properly.

It sounds like it could make better economic sense to buy a resale, as opposed to new to reduce the amount owed on a bond. Correct?

I need to be very careful which house I put an offer on, as the true amount owed on a bond or CDD can vary greatly, depending on if the owner owes the amount or decided to pay it off. Correct? I wonder how can I discover those numbers prior to actually making an offer.

We will not have a mortgage. We will be paying cah. How does this affect any payments due?

duffysmom 08-31-2011 03:04 PM

Pt, beautifully explained. :)

ladydoc 08-31-2011 04:21 PM

Quote:

Originally Posted by duffysmom (Post 388697)
Pt beautifully explained. :)

Pturner always explains everything beautifully. TV is not the cheapest place to live. Don't forget the cost of a golf cart. You will want one whether you actually need one or not. Or the cost of what you will want to do ie: replace sod with rock or pine needles with rock. The cost of food is higher here then it was back in NM.

GeorgeT 08-31-2011 04:37 PM

Quote:

Originally Posted by duffysmom (Post 388697)
Pt beautifully explained. :)

I agree and wish I had PT's response when I was moving in. There is also a homestead exemption of I think $50,000 when your Villages home becomes your primary residence.

Pturner 08-31-2011 04:46 PM

Quote:

Originally Posted by Charlton Dude (Post 388680)
Thank you.

So let me see if I understand this properly.

It sounds like it could make better economic sense to buy a resale, as opposed to new to reduce the amount owed on a bond. Correct?

I need to be very careful which house I put an offer on, as the true amount owed on a bond or CDD can vary greatly, depending on if the owner owes the amount or decided to pay it off. Correct? I wonder how can I discover those numbers prior to actually making an offer.

We will not have a mortgage. We will be paying cah. How does this affect any payments due?

Charlton, I do believe there are many good values on resales. That said, rather than just comparing the cost of the bond, compare your total purchase cost plus the cost of any upgrades you plan to make.

For example, some upgrades that you want might have already been made in resale. On the other hand, a resale might have some upgrades/features that you don't really want that you would be paying for. Also remember that the price of resales is negotiable, the price of new in TV is not.

How will you know the amount of bond owed? Ask!

Another thing different about buying a home in TV, is that The Villages and MLS Realtors do not share listings. So to see all the resales available, you'll need one of each. Best bet is to get a written Buyers Agreement with your MLS Realtor. That requires your Realtor to represent only your interests in a purchase. Otherwise, the Realtor just facilitates the transaction.

Another consideration is location. North has more mature landscaping and homes tend to be further apart. It's also the older section, so many homes with low or paid bonds. Homes have gas and electric utilities. However, you might be further from many centers of activity.

Other location considerations: Do you want to live near a town square or closer to grocery stores and other shopping? Do you want to be near a rec. center or near or on a golf course. Some people don't want to live so close to a rec. center as to hear pickle ball; others love the convenience. Do you have any favorite golf courses you might want to live near?

Many people also care about the orientation of their lania. For example, we preferred an east facing lanai to avoid afternoon sun. We also didn't want a "kissing lanai". That's when the lanai looks directly onto another lanai.

Locations to avoid might be near power lines or sewage treatment facilities.

So, lots to think about. Making a list ahead of your must-haves and preferences will help you narrow your search.

Spend as much time in TV as you can before purchasing. You might consider renting for a period of time in different locations. Or, you might just find your dream house at the right price right away and jump all over it. :) Many have.

Best wishes and keep us posted.

Charlton Dude 09-01-2011 10:41 AM

Quote:

Originally Posted by Pturner (Post 388752)
For example, some upgrades that you want might have already been made in resale. On the other hand, a resale might have some upgrades/features that you don't really want that you would be paying for. Also remember that the price of resales is negotiable, the price of new in TV is not.

Another consideration is location. North has more mature landscaping and homes tend to be further apart. It's also the older section, so many homes with low or paid bonds. Homes have gas and electric utilities. However, you might be further from many centers of activity.


Thanks so much Pturner. Your information is fabulous.

We have noticed a lot of the kitchens are basic. We figure we will most likely gut the kitchen and redo.

Location is extremely important to us. Does not need to be on top of activity centers, just cartable to it. Definitely want mature landscaping and private back. Also would like a little spacing. Don't want to reach out and touch our neighbors. Would rather wave. :)

Would also love own pool. Do any come with that? It looks like the Premier level is what we may be looking at. Executive is too expensive for wanting to pay cash.

graciegirl 09-01-2011 10:47 AM

Quote:

Originally Posted by Charlton Dude (Post 389048)
Thanks so much Pturner. Your information is fabulous.

We have noticed a lot of the kitchens are basic. We figure we will most likely gut the kitchen and redo.

Location is extremely important to us. Does not need to be on top of activity centers, just cartable to it. Definitely want mature landscaping and private back. Also would like a little spacing. Don't want to reach out and touch our neighbors. Would rather wave. :)

Would also love own pool. Do any come with that? It looks like the Premier level is what we may be looking at. Executive is too expensive for wanting to pay cash.

If you are looking for SPACE and would look at Premiers, there are two priced lower than what I would have expected in the village of Harmeswood. Much lower than the other homes in that village. I don't think either are listed through The Villages.

We are renting in Harmeswood while our home is being built.

buggyone 09-01-2011 10:54 AM

I moved in 2 years ago to a beautiful home in Glenbrook (north of 466). It has a larger yard, is situated on Glenview golf course with a tremendous view and no golf balls in the yard, more upgrades than you can imagine, and a low bond of only $2,500. We were able to negotiate price with the seller, tool.

Only downside is minor. The neighborhood was a little more difficult to become very friendly than the brand new ones. No big deal and that is not the case now. And we are still only a 15 minute golf cart ride to Lake Sumter Landing or Spanish Springs. We also golf cart frequently to Seabreeze Rec Center, Canal Street, Rec Center, or Lake Miona Rec Center.

My property taxes, bond payment, and maintenance fee are much less than friends who bought new homes in St. Charles. Definitely, look at resales. There are a couple of great golf course homes for sale right now by Villages Properties on Talley Ridge Drive.


All times are GMT -5. The time now is 03:21 AM.

Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Search Engine Optimisation provided by DragonByte SEO v2.0.32 (Pro) - vBulletin Mods & Addons Copyright © 2024 DragonByte Technologies Ltd.