Quote:
Originally Posted by DonH57
I have a question reguarding terminology used on some property listings. I could not locate the terms listed on any Florida real estate sites. What do the following terms mean?
"No wires", "No bonds", and "gray pipes replaced".
Any help would be appreciated. Thank you.
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Don, I am also seriously considering moving to TV in the future.
"No wires" - I don't know what that means. Maybe no overhead power wires in the area of that home?
"gray pipes replaced" I believe in the older sections of TV there were some kind of gray pipes installed when the homes were built - for what purpose I don't know. From what I can tell, it is probably good if a home you are considering has had the gray pipes replaced -- but someone correct me if I am wrong on this.
"No Bond" A bond is defined as - from Z Caveman's Nuts and Bolts of The Villages: "Bonds: The purpose of the bond is to recover the costs of the infrastructure (sewer, water, streets, electric, cable, etc.) in your section. The bond is calculated based on the cost of the infrastructure for that section divided by the number of houses in the section. The annual amount of the bond payoff will be part of your property tax bill. I am pretty sure that the bond is a 30 year bond at 7% interest. It is like a 30 year mortgage. The bonds are fairly high south of 466. The bond goes down very little each year as most of the payment goes to interest. Be very sure to cover the bond, bond payment, length of the bond interest rate and payoff options with your sales rep or realtor. If you are buying a pre-owned property, be sure to find out how much is left on the bond."
As far as I know, the homes in TV located in Lake County do not have a bond. The TV homes located in Marion and Sumter Counties have bonds. Some pre-owned homes may already have had their bonds paid by the previous owner or are partially paid off. I believe if a home still has a bond balance, you pay that along with your property tax bill.
Good luck to you and welcome to TOTV.
Laura