Quote:
Originally Posted by OrangeBlossomBaby
There are plenty of existing homes that have the bond already paid off and as I said, if you are looking in the Historic area across 441, there wasn't ever any bond in the first place, so there was nothing to pay off there.
If there is a bond, the current owner is responsible for paying it monthly, OR paying it off in full. You can't make "extra payments" or skip a month or get it deferred. The point is that the investor (in this case the Developer) gets all that juicy interest on each property for 30 years (or less if someone pays it off early).
NOT paying off the bond early means you're just basically giving the developer extra money. Buying a home with a bond already paid off, or one that never had a bond in the first place, means the home is 100% yours, and no one else has any financial interest in it.
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Bond can’t be paid monthly, it’s on your tax bill. We have never paid off a Bond on all 4 houses. Just sold after 2-8 years bond transfer to the next owner. Heads up we made far more money on our house bond than developer.
If your investments aren’t making more than bond interest, one needs to fire their investment guy. End of every year the money we saved by not paying off bond, went in the fund for next home purchase.