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How much does it cost to live in The Villages?
  #1  
Old 08-31-2011, 12:35 PM
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Smile 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

  #2  
Old 08-31-2011, 12:40 PM
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Welcome, Charlton!

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

http://www.talkofthevillages.com/for...play.php?f=139

Bill
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Old 08-31-2011, 12:50 PM
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Thanks Bill
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Old 08-31-2011, 01:12 PM
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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
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Old 08-31-2011, 01:16 PM
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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.

Last edited by ilovetv; 08-31-2011 at 01:19 PM. Reason: spelling
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Old 08-31-2011, 01:30 PM
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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?

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Old 08-31-2011, 01:36 PM
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All I know is, it is a lot cheaper than when I lived in Washington D.C. Area.
  #8  
Old 08-31-2011, 02:31 PM
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Quote:
Originally Posted by Pturner View Post
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?
  #9  
Old 08-31-2011, 03:04 PM
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Pt, beautifully explained.

Last edited by duffysmom; 08-31-2011 at 05:56 PM.
  #10  
Old 08-31-2011, 04:21 PM
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Quote:
Originally Posted by duffysmom View Post
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.
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