I see the bond as a non-issue. There is a cost associated with the bond, whether it is paid off or not. If it is not paid off then your annual costs will be higher because you will see the bond payment on your property tax bill. If it is paid off then your mortgage will be higher because the selling price will be higher, but you won't have the annual cost of the bond. The interest rate on a mortgage is probably less than the interest rate on the bond so there may be an advantage with it paid off. Also, the interest on the bond is not tax deductible but it will be with a mortgage on a house with a paid off bond. If the house with the bond paid off won't appraise at the higher price then that would be an issue. A cash deal is a bit different to evaluate.
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Originally Posted by Dr Winston O Boogie jr
Having bought a new home from Properties of The Villages, I never will again. Their homes are nice, but dealing with them is a nightmare. They have rules that no other real estate company in the country has.
If you apply for a loan and don't get it, you lose your deposit.
If you don't get your loan by the closing date that they set, you are fined $250 per day for each day that you are late.
Unless I was paying cash, it will be a resale for me if I ever buy another home here.
In addition, many of the resales have the bond paid off. This is not small matter sometimes adding $25,000 and up to the cost of your home.
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