Quote:
Originally Posted by Chi-Town
That is so true. There were no bonds where I came from; the costs were figured in the sell price. So when I noticed a one line blurb in the sales sheet that said no bond I thought that's nice, and that was it. The Villages sales rep never mentioned it.
Sent from my VS995 using Tapatalk
|
And not only that but when we see the annual cost on the Sumter bill with the property taxes, annual bond payment, etc. it is so much less expensive, in total, than the taxes only, where most of us came from, that it does not get much attention because it can be all so relative.
We pay a little over 1300 bucks on the annual bond bill which reflects a 4.25 interest rate for our district. The amortization is almost, but not quite, to the point where more will go to the principal than to interest. I think the bond pay off would be around the mid-teens of thousands. I think that would be a lot to try to add to a listing price and still remain competitive.
Buyers do need to be well aware though, especially on new builds and also with the variation in interest rate from district to district. A buyer should ask about not only the total amount of the bond but also about the total annual amount due on the tax bill if it includes the unpaid bond amount. There can be a very big difference on what needs to be budgeted annually if a bond is unpaid. A new build in a certain area might have a much bigger annual bond bill than our pre-owned home in the middle section of TV.
(I started a thread here a few weeks ago with directions on how to look up the bond rate and amortization on specific properties. I would link that thread here but I am on my iPad and I keep forgetting to learn how to link on the iPad.)