Quote:
Originally Posted by HawkeyeFan
My wife and I are visiting TV this weekend. Our second visit. Our plan is to tour the model homes (we like the Lilly), decide on a lot, return to Chattanooga, and noodle on it for a week or so. If we then decide the Villages is where we want to spend our retirment, we will make the down payment on the lot, and plan to build within the next six months to a year. Would anyone like to comment, or share their experience with a similar plan? Any caveats relative to the sales pitch we will receive would be appreciated.
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Welcome HawkeyeFan,
The bond is
not tax deductible. Whether it can be included in your mortgage might depend upon your lender and the amount of your down payment. I would think it would be no problem though including it with your escrow, if you use one.
Keep in mind that there is only one time a year when you can pay the full bond without penalty. So you might not want to pay off the bond when you buy your home, depending on when that is.
Otherwise, you pay it off annually for 30 years. The amount of the bond, and the interest rate, depend upon the location of your home. Your sales agent can advise.
I agree with others that you can find some great deals on resales. As others have said, you will need both a TV sales agent and an MLS Realtor as they do not share listings. Ask for a written "buyers agent" agreement with your MLS Realtor.
Whether buying new or resale, be sure to find out how much the bond is and consider that as part of your total purchase price. Some resales have little or no bond left.
Here is a link to the very helpful
Nuts and Bolts.
Happy house hunting in Lower Paradise. Please keep us posted.