Closing Cost?

[Roxsobo]

Visited TV recently, seriously thinking about moving there. We can not afford to buy a home with a bond. Is it true they hit you with a closing cost fee, to move in TVs?

[Mleeja]

You can purchase a pre owned home with the bond paid, but the cost is sometimes more because the bond is paid. The bond payoff is similar the your property taxes. There will be closing fees. The amount depends on a lot of factors with only one being the establishment of your escrow account for the bond and taxes. Good luck! I am sure you will probably get the answer you are looking for (and more) from this site. Please remember, your best bet is to contact a realtor specializing in The Villages.

[villagetinker]

If you have a sales rep, they should be able to give you some representative numbers to work with. The bond is an additional monthly cost, and this information is also available from the sales rep. While it has been quite a while since I had purchased my previous house, there were no significant surprises at closing.

[Challenger]

The bond is the cost of infrastructure that was financed by the builder by selling bonds to investors, rather that financing those costs in the construction loan for the house. If the bond vehicle had not been used, the stated price of the home would, no doubt, been higher by the amount of the bond. If appraisal techniques were applied properly , on identical properties , the resulting total values would be equal on properties with and without bonds... possible differences for location adjustments. "There is no such thing as a free lunch" no matter what a salesman tells you.

[RickeyD]

Visited TV recently, seriously thinking about moving there. We can not afford to buy a home with a bond. Is it true they hit you with a closing cost fee, to move in TVs?


You can afford a house here but not the bond ? The bond is chump change. I think the bond has nothing to do with your affordability issue.

[Bitsee]

Chump change ? Finally......someone that talks our language !

[graciegirl]

Visited TV recently, seriously thinking about moving there. We can not afford to buy a home with a bond. Is it true they hit you with a closing cost fee, to move in TVs?

If you cannot afford a home with a bond. Then you should look in areas of Florida that are more affordable.

The cost of the bond is the price of the infrastructure that is normally included in the price of the homes up North. It is separate here.

It is ABOUT this much;

Ranches and Villas $12,000
Designer homes $23,000
Premier homes $50,000

If the home is new, it is separate. Many people do NOT pay them off and choose to pay them as they go along, even if they paid cash for their home. Many pay the bond at the beginning. It is your choice

If they resell the home, the price of the bond is THEN part of the price of the home if they paid it off, or is still there with some paid down..... unless the buyer decides to pay it off. Some homes have bonds completely paid and some don't. Just ask the person who is helping you find a home.

If you cannot afford to move here or to move to Florida, then work until you can, if that is your dream. Anyone who encourages you to do it now if you are not financially able to do it now, votes different than me and most of us who live here.

The Villages will be here for a long time, and we will be taking care of it for you and waiting to welcome you home to living your dream.

[Phanatic Luvr]

If you can't afford the bond, which depending on the size of your home could be anywhere from about $90.00 per month for a villa, to around $140.00 per month for a designer, you also may want to think about your monthly amenities fee which is about $145.00 per month. The stated monthly figures are only estimates but very close. Not knowing where you reside now and if you own a home, if you look at our property taxes, which includes the bond, they are still on the low side compared to a lot of areas of the country.

[janmcn]

Houses in Lake County have no bonds and no maintenance assessment. This would be the villages of Orange Blossom Gardens, Country Club Hills, Silver Lake, Delmar, Chula Vista, LaZamora, Miramar, others. There are a few new homes for sale in these areas, but most are pre-owned.

[Chatbrat]

Honestly if the $$$ of a bond cost, you most likely can't afford "The Villages Life Style"-- its way more than the cost of house

[queasy27]

As others have said, there are many pre-owned homes for sale that have the bond paid or no bond. I couldn't afford a new house, bond or not, when I moved here but am very content with both The Villages and my own financial stability. You may need to adjust your expectations, but you shouldn't let that dissuade you if you truly feel drawn here. :)

[tuccillo]

Your real estate rep should be able to provide you the numbers (closing cost, bond cost (if any), property taxes, etc.) for any house you are looking at. On TheVillages.com website there is a page with an estimate of the monthly recurring costs (electric, water, insurance, amenities fee, internet, etc.). You should be able to put together all the numbers and figure out if this place makes sense from a financial point of view. The Villages does carry a bit of a premium price but I think you will find that most people believe it is a good value if you take advantage of what is available plus it is a good real estate market if you find it is not to your liking. Good luck.

Houses in Lake County have no bonds and no maintenance assessment. This would be the villages of Orange Blossom Gardens, Country Club Hills, Silver Lake, Delmar, Chula Vista, LaZamora, Miramar, others. There are a few new homes for sale in these areas, but most are pre-owned.

[OBXNana]

Don't give up your dream of buying in The Villages. When you work with a sales person. make them aware of your budget or your pre-qualification for your loan. If your budget (I like round numbers) is $100,000.00, you could look for a property that has no bond and is $100,000.00 or a house that is $92,000.00 with and $8,000.00 bond. The bond is typically included in a new construction loan and is added prior to buying. In The Villages case, it is handled differently.

In terms of closing costs, there are always costs to purchase a property. They may vary somewhat from state to state or county to county, but when buying you need to plan on closing costs. The sales person will provided you with a buyer's estimated cost sheet and will be a fair and accurate number. Not exact, but pretty close.

Your first step is to find an MLS Agent AND a Villages Sales Person to help you with the details and your concerns.

Good luck in achieving your dream.

[jnieman]

Our bond is included in our house payment. It is added to our tax bill. Just select a house with a monthly payment you can afford including the bond. There are all prices of houses anywhere from $90,000 up to millions.

[Sandtrap328]

You just have to decide what style of home you want to live in. There is everything from manufactured houses to super dooper premiers.

If you cannot afford the bond, can you afford the monthly amenity fee, the utility bill, the electric and gas bill plus your mortgage payment?

In addition to these monthly costs, do not forget the yearly trail fee nor the various costs for entertainment to complete your Villages lifestyle such as movies and dinners.

There are lots of other Florida communities that have lower monthly costs but not our lifestyle. Maybe they would be more suitable for the cost consious.

[njbchbum]

Houses in Lake County have no bonds and no maintenance assessment. This would be the villages of Orange Blossom Gardens, Country Club Hills, Silver Lake, Delmar, Chula Vista, LaZamora, Miramar, others. There are a few new homes for sale in these areas, but most are pre-owned.

And those new homes that the Developer is building in Silver Lake, Orange Blossom Gardens and Country Club Hills are NOT too shabby; not to mention that there is no bond as janmcn posted! But moving to the historic side will likely guarantee that you have mature landscaping rather than minimal new plants/trees; you will not have the traffic and motor vehicle accidents that occur south of the area; you will have to contend with the convenience of close proximity to shopping, medical offices and restaurants; and you will find the lack of hills in those villages does not interfere with a pleasant walk and/or bike ride. The existence of a dog park and brand new park with exercise equipment are other factors that enter into decisions to buy there besides the lack of a bond payment. ;) Good luck with your decisions.

[rjm1cc]

Visited TV recently, seriously thinking about moving there. We can not afford to buy a home with a bond. Is it true they hit you with a closing cost fee, to move in TVs?

Be sure to do a very detail budget of your expenses. Both housing and living expenses. The bond should just be added to the cost of the house.
Closing costs can run a few thousand, title insurance, homeowners insurance etc. Your salesman should be able to give you a good estimate.

[Lovey2]

There is no closing cost fee, per se. Just your normal closing costs such as you pay for any property purchase. The bond is separate, on your tax bill. Only if you mortgage and include the taxes on your mortgage is it "included" in your payment for the home, IF the bond still exists and hasn't been paid by the prior owner, or you purchase new. The bond, since it is separate "sounds" like a big deal, but as others have said, it's a price you pay when you purchase any lot/home, just usually not broken out in that manner. It doesn't matter what anyone else pays for their bond, each area is different, depending on where you buy, and the size of your lot, and as mentioned, some of the "older" sections do not have the bond. Pretty much, it's all relative, we found. Being fairly new here, the bond was an issue for us only in the respect that we were advised NOT to pay it, because we wouldn't get that $$ back (by adding to the price of the home) if we decided to move, some say, within 5 years. We may, so we carry the bond on our taxes.
Hope we all helped. Good advice was to speak with your sales rep.

[llaran]

If you buy in Lake County there never was a bond, some of the houses in Sumter county have had the bond paid. there is also a yearly maintenance fee depending on the cdd area you live in, ours is about $550 a year onto the tax bill.

check for a mortgage at Trustco Bank, near Home Depo on 441, you may not have a closing fee or escrow.

for a knowledgeable Realtor call Hope Wilson Remax 352-446-6396

[Dr Winston O Boogie jr]

I am buying a new house and my 2 bed 2 bath manufactured home goes on the market Monday.

It is in Lake County and there is no bond.

[CathyandSteveG]

I talked with citizens mortgage last week. If you are financing a new home ...of course there are closing costs....ours was going to run about $7000.....including escrow which includes insurance and taxes.

I asked for the details of "the bond". It was explained to me to think of the bond as a city tax. It comes on your real estate bill in November. No matter what "city" you live in...you pay taxes for the infrastructure of that city. TV is no exception.

So the ops statement...we can afford to buy a house in tv but we cannot afford the bond....means a lot of things to me.....and I don't understand most of them.

[Jim 9922]

I talked with citizens mortgage last week. --------
I asked for the details of "the bond". It was explained to me to think of the bond as a city tax. It comes on your real estate bill in November. No matter what "city" you live in...you pay taxes for the infrastructure of that city. TV is no exception. ------

.
Wrong, that's just quoting the standard line by the developer's sales staff. Think of it (the bond lien against your property) as another 25 or 30 year mortgage, but with principal and interest payments due only once a year, with a annual fee for handling thrown in for good measure. AND it is not tax deductible as are real estate taxes. Part of your real estate taxes and CDD fees are still going to the county and city for infrastructure maintenance and expansion. You are paying off for money spent in the past. None of the original bond money or repayments go for future infrastructure repairs or upgrades.

Remember, if it walks like a duck, sounds like a duck and, tastes like a duck, it probably was a duck no matter what the developer's sales people or its bank tells you.

To not consider the unpaid bond as part of the purchase price is wrong. The bond and the "sales price" of the home is what you actually owe. Which brings up another point about the "appraisal" you get on the new home. They usually come in about $2000 to $5000 over the contract price. If that's accurate, what about the amount of unpaid bond that is liened against the property. So a $300,000 home with, say a $28,000 outstanding bond, is usually appraised at about $303,000. Question: is your new home under appraised by $25,000, or did you overpay for a $303,000 home and lot?:loco: