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Originally Posted by rsmurano
Listing all your expenses is a waste of time, everything will be different based on where you live.
For example, if you move in the newer section, you will have over a $50,000 bond, where if you buy a used home up north it might be $10k or paid off. 1 more thing about bonds, you will never pay off the full amount. My bond is $34,000, and if I pay it off, I would still have to pay $600 each year until I die or sell the house.
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Quote:
Originally Posted by MplsPete
How does that work? $600 is not much but still?
What is the fee called after the bond is satisfied?
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Quote:
Originally Posted by LuvtheVillages
There are 2 components to the fee. Both are billed to you with your property tax and paid to the county.
1. The bond. You have the option to pay this annually or to pay it off. Many pay it annually until you have decided that this is your forever home. If you move, you just get a new bond with the new home. The bond pays for building the infrastructure of the area where your home is located.
2. The maintenance fee. Each district creates an annual budget to maintain the infrastructure that the bond paid for. This is an annual expense and never goes away. Each district is different, depending on the amount of infrastructure and the number of homes sharing the cost. Mine is about $600. Some districts are more.
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The person you're responding to, was responding to another post implying that the $600 was a never-ending part of the bond, that you'd have to pay even if you paid off the full amount of - the bond.
This isn't true. The $600 is a maintenance fee. Your maintenance fee would depend on where you live and which CDD is charging it. It doesn't matter if you bought your home with or without an existing bond, whether or not you pay it off or pay monthly. It's a completely different fee that isn't attached to the bond at all.
Where I live in the Historic section, there never WAS a bond in the first place. The homes that were rolled in and tied down in the 1980's never had any bond at all. We also don't have an annual maintenance fee, and we're not in a numbered CDD.