Quote:
Originally Posted by bobk544
Hello, is there a Villages link that talks about the typical costs of living in The Villages like what the House Insurance might be on a 300k home and typical monthly HOA/Amenity fees? And in many posts, I see discussions about a "bond" purchase or something like that and haven't got a clue what this "bond" item is all about?
Thanks very much for any help on these questions and or pointing me to a link on these kinds of topics!
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Insurance can vary, depending on the size and type of the home, its value, how close/far it is to/from a wetland, garage, pool, enclosures, safety/security systems, etc. etc. etc. Your best bet would be to call the Villages Insurance to get a better idea.
The only "HOA" is the actual homeowner's association, which is a membership group of people who support the developer and the development that the developer developed, and all things related. The POA is the property owners' association, which is a membership group of people who support the individual homeowners within the development. Often the two groups are in sync with each other. On occasion, they are opposed to each other. As a result they serve as a checks and balances network.
The HOA fees - don't exist in the Villages. You pay an amenity fee of approximately $164/month (the recently announced rate), which covers all the recreational facilities, golf cart and multi-modal paths, executive golf courses and executive play, walking trails, etc. etc.
The bond is a typical developers' bond you'll find in any planned development. The main difference is here, it's considered a separate fee and passed off to the buyer above and beyond the selling price of the home. In other communities the cost is built into the selling price of the home, OR the cost is absorbed by the developer as a cost of doing business (or the cost is otherwise split between buyer and developer). In some parts of the Villages, the bond has already been paid off, and buyers of pre-owned homes in those areas don't have to pay any bond fees at all.
There are also property taxes, which in Florida, are determined by the most recent purchase price. So if you're buying a home that was owned by someone else for the past 20 years, and that owner paid $1000/year for property tax, you might be in for an unpleasant surprise to learn that the house you just bought is now being taxed $2000/year. The good news, is that it'll continue being (more or less) $2000/year until you sell it to someone else.
There's water fees, sewer fees, electricity, cable/internet, lawn maintenance (which is required but you can do it yourself, you aren't required to hire someone else to do it. As long as it gets done), pest control (Florida = fire ants, termites, cockroaches), groceries, a golf cart (or two), dining out, any clubs you want to join (most clubs are founded and run by individual members of the community) that have fees (typically $10-20 per year plus any materials for crafting clubs), etc. etc. etc.
Figure after all is said and done, you'll be looking at around $1400/month for EVERYTHING including dining out once in awhile. That does NOT include any mortgage on your home, since most people here pay cash.