Home buying questions

[ibis53]

Are the monthly HOA fees different depending on the home you purchase?

[graciegirl]

Are the monthly HOA fees different depending on the home you purchase?

There is no HOA fee. There is an amenity fee. It is about the same for everyone and the size and cost of the house do not enter into it. It is about $147 a month and it is based on the cost of living. One year when we lived here it went down slightly.

The bond is an unusual cost most of us have not encountered before. This is the cost of the infrastructure and all related rec centers and golf courses in your area. These are all in place before homes are built and sold. I think these prices are close; This is NOT added into the price of a new home. It is a separate cost. It can be paid off all at once or over time.

Guessing close to these prices for the bond;.
13K for patio villa's and cottages. Approx.1100-1500sqft.
24K for designer and courtyard villa homes Approx. 1600 sq. ft. up
50K for premier homes. Approx. 2500 sq. ft. up.

It would be wise if you got a sales agent to answer these questions.

[HiHoSteveO]

Yes. Actually though they're not HOA fees, but are called "Amenity Fees"

At the link below go to:
Bulletin Links> Current Bulletin

There you'll learn everything you need to know.

Property Owners, Association of Florida (http://www.poa4us.org/)

[graciegirl]

Yes. Actually though they're not HOA fees, but are called "Amenity Fees"

At the link below go to:
Bulletin Links> Current Bulletin

There you'll learn everything you need to know.

Property Owners, Association of Florida (http://www.poa4us.org/)

There are two such organizations; the other is the VHA

The Villages Homeowners Association Home Page - The Villages Homeowners Association (http://www.thevha.net/) It is MY favorite.

[JoMar]

There are two such organizations; the other is the VHA

The Villages Homeowners Association Home Page - The Villages Homeowners Association (http://www.thevha.net/) It is MY favorite.

Neither is a functional HOA, the use the term but have none of the responisibily, authority or enforcement capabilty of what we know as an HOA in other areas.

[justjim]

The POA and VHA are voluntary. In other words, you don't have to belong but thousands in The Villages do. Some, in fact, belong to both.

[Bogie Shooter]

There is no HOA fee. There is an amenity fee. It is about the same for everyone and the size and cost of the house do not enter into it. It is about $147 a month and it is based on the cost of living. One year when we lived here it went down slightly.

The bond is an unusual cost most of us have not encountered before. This is the cost of the infrastructure and all related rec centers and golf courses in your area. These are all in place before homes are built and sold. I think these prices are close; This is NOT added into the price of a new home. It is a separate cost. It can be paid off all at once or over time.

Guessing close to these prices for the bond;.
13K for patio villa's and cottages. Approx.1100-1500sqft.
24K for designer and courtyard villa homes Approx. 1600 sq. ft. up
50K for premier homes. Approx. 2500 sq. ft. up.

It would be wise if you got a sales agent to answer these questions.

Square footage of a house has nothing to do with the bond amount.

[John_W]

Guessing close to these prices for the bond;.
13K for patio villa's and cottages. Approx.1100-1500sqft.
24K for designer and courtyard villa homes Approx. 1600 sq. ft. up
50K for premier homes. Approx. 2500 sq. ft. up.


Disregard the square footage, it's strictly by the type of home and how many homes are in your village. Gracie left out some and mixed some together, here is my village;

Patio Home - $10,000
Courtyard Villa - $14,000
Cottage Home - $21,000
Designer Home - $24,000
Premier Home - $40,000

[Bogie Shooter]

Type of home is not a part of the bond calculation.
_________________
How does the District arrive at the amount? Does everyone pay the same amount?

The Bond Debt Assessment was set at the time the bond used to build the infrastructure was issued. The formula for calculating each lot’s proportionate share starts with the total cost of the bond (including interest) issued to pay for the infrastructure. That cost is divided equally among each assessable acre in the “phase” of the District for which the bond was issued. That gives you a cost per acre. The cost per acre is then multiplied by the number of acres in the unit in which you live. That gives you the obligation for the unit as a whole. The unit total cost is then divided by the number of lots or parcels in the unit, and that computation gives you the amount of the assessment levied against each property. Therefore, each lot within a unit pays the same amount. Amortization schedules for each unit are located on the Districts' website; Village Community Development Districts (http://www.districtgov.org) under the Finance Department link.

[njbchbum]

And depending on where you purchase - your Distict might have a maintanence assessment, too.

[2BNTV]

If one buy a pre-owned home, there could little or no bond.

[goodtimesintv]

There is no "Homeowners' Association" as "condos" have in other places. We all (about 99%) own single family homes on our own lots that we own. We pay for our own exterior building, lawn and outdoor maintenance.

The "Amenities Fee" is about $148 per month per home, and is capped, tied to the CPI. That pays for all the rec centers, free golf courses, community facilities, etc. etc.. It's the best buy in the country IMO. The bill for it comes with your monthly water/sewer/trash bill.

The VHA and POA are simply optional, voluntary clubs that advocate for homeowners negotiating and holding to account the Community Development District (see the district government at Village Community Development Districts (http://www.districtgov.org) ) which is like our city government.

The "bond" is the homeowner's portion of the cost of developing the lots (and building infrastructure like curb, gutter, street lighting, sewer, water etc.) in a particular allotment of the same type of homes (patio villas, courtyard villas, ranch homes/cottages, designer homes, premier homes).

In most other places, those lot improvement and infrastructure costs are built into the cost of a lot to build on, and those costs are then baked into the price of the home when it is sold later on.

Here in TV, the bond amount for each homeowner to pay is assigned to the property, is set up and amortized like a 30-year loan, and the annual payment on it is billed with the annual property tax bill from the county.

Here in TV, the amount left to pay on a bond goes with the home, to the next buyer, so that is why many of us do not pay off the bond.

If you would, for example pay off your bond of $17,000, and then sell it in a year or two, the house price will be the same with or without the bond paid off, and that $17,000 the homeowner paid off is pretty much a gift to the new owner.

You can see all the bond amounts and amortization schedules for each allotment at this link:

Bond Amortization Schedules (http://www.districtgov.org/departments/Finance/amortization.aspx)

Here is an example of a bond amortization schedule for a "unit" or allotment of homes of the same type. These are probably ranch/cottage homes: http://www.districtgov.org/departments/Finance/amortization/Sumter/District%207/S7%20-%20Unit%20135.pdf

Here is a weekly class for learning how the district government works: VCDD Orientation (http://www.districtgov.org/school.aspx)

[Challenger]

There is no "Homeowners' Association" as "condos" have in other places. We all (about 99%) own single family homes on our own lots that we own. We pay for our own exterior building, lawn and outdoor maintenance.

The "Amenities Fee" is about $148 per month per home, and is capped, tied to the CPI. That pays for all the rec centers, free golf courses, community facilities, etc. etc.. It's the best buy in the country IMO. The bill for it comes with your monthly water/sewer/trash bill.

The VHA and POA are simply optional, voluntary clubs that advocate for homeowners negotiating and holding to account the Community Development District (see the district government at Village Community Development Districts (http://www.districtgov.org) ) which is like our city government.

The "bond" is the homeowner's portion of the cost of developing the lots (and building infrastructure like curb, gutter, street lighting, sewer, water etc.) in a particular allotment of the same type of homes (patio villas, courtyard villas, ranch homes/cottages, designer homes, premier homes).

In most other places, those lot improvement and infrastructure costs are built into the cost of a lot to build on, and those costs are then baked into the price of the home when it is sold later on.

Here in TV, the bond amount for each homeowner to pay is assigned to the property, is set up and amortized like a 30-year loan, and the annual payment on it is billed with the annual property tax bill from the county.

Here in TV, the amount left to pay on a bond goes with the home, to the next buyer, so that is why many of us do not pay off the bond.

If you would, for example pay off your bond of $17,000, and then sell it in a year or two, the house price will be the same with or without the bond paid off, and that $17,000 the homeowner paid off is pretty much a gift to the new owner.

You can see all the bond amounts and amortization schedules for each allotment at this link:

Bond Amortization Schedules (http://www.districtgov.org/departments/Finance/amortization.aspx)

Here is an example of a bond amortization schedule for a "unit" or allotment of homes of the same type. These are probably ranch/cottage homes: http://www.districtgov.org/departments/Finance/amortization/Sumter/District%207/S7%20-%20Unit%20135.pdf

Here is a weekly class for learning how the district government works: VCDD Orientation (http://www.districtgov.org/school.aspx)

Where is the data to show that houses sell for the same amount with or without a bond? This would presume that the buyers of homes with a remaining bond balance were very stupid or badly misinformed about the total cost of the property. The presence of a bond balance would also affect any financing transaction as it is a superior lien on the property.

[bbbbbb]

Well, all we can tell you is that you need to sit down with an Agent, either a Village Sales or an outside Agent, with REmax or GRizzard Realtors, apparently only the outside agents are licensed in the state?
But for sure. get a notebook, put all your questions down, in writing, then ask TWO OR MORE agents and write down the answers. Be careful,,,,,,,,,,,,,,,,,,,,,,,,,, be very careful and do your homework. It may be that the closing agent, the Escrow agent, will be cooperative enough to give you an itemized sheet AND IF THEY DO,,,,,,,,,,,,,,,,,,,, HOLD ON TO IT. OK HOMEWORK, RECORDS, DO IT RIGHT.
Suggestions: If you find you are dealing with someone who is not 100% cooperative in your questions, get up and WALK AWAY.

[ColdNoMore]

Suggestions: If you find you are dealing with someone who is not 100% cooperative in your questions, get up and WALK AWAY.

Excellent advice! :thumbup:

[outahere]

Well, all we can tell you is that you need to sit down with an Agent, either a Village Sales or an outside Agent, with REmax or GRizzard Realtors, apparently only the outside agents are licensed in the state?
But for sure. get a notebook, put all your questions down, in writing, then ask TWO OR MORE agents and write down the answers. Be careful,,,,,,,,,,,,,,,,,,,,,,,,,, be very careful and do your homework. It may be that the closing agent, the Escrow agent, will be cooperative enough to give you an itemized sheet AND IF THEY DO,,,,,,,,,,,,,,,,,,,, HOLD ON TO IT. OK HOMEWORK, RECORDS, DO IT RIGHT.
Suggestions: If you find you are dealing with someone who is not 100% cooperative in your questions, get up and WALK AWAY.

I completely agree with what you wrote, however the Villages Sales agents are licensed by the state, they just don't belong to the National Association of Realtors.

[manaboutown]

Where is the data to show that houses sell for the same amount with or without a bond? This would presume that the buyers of homes with a remaining bond balance were very stupid or badly misinformed about the total cost of the property. The presence of a bond balance would also affect any financing transaction as it is a superior lien on the property.


:agree:

As a potential buyer I always asked "How much is the bond?" and was totally amazed at how agents either didn't know or dodged the question. They would "guesstimate" the amount but rarely had that information openly in the listing or at hand. It felt deceptive to me.

IMHO the amount due on the bond should be added to the listing/purchase price to arrive at the true price of the home.

As I understand it, the interest paid on the bond is not deductible on one's income taxes as an itemized deduction. Moreover, bond interest is now at a higher rate than currently available mortgage interest rates.

[justjim]

Where is the data to show that houses sell for the same amount with or without a bond? This would presume that the buyers of homes with a remaining bond balance were very stupid or badly misinformed about the total cost of the property. The presence of a bond balance would also affect any financing transaction as it is a superior lien on the property.

Reliable data on houses is very difficult to find. I have owned property in The Villages for 10 years and follow the real estate trends closely. We have purchased five properties but currently just own one.

I believe what posters are trying to say is this regarding a property with a paid bond vs. one that still has a bond. Let me give you an example to explain: Two properties same neighborhood. They were purchased about the same time five years ago. First property owner paid off his bond of $20,000 and property owners number two did not and still owes $16,800 dollars on the bond. Both houses are for sale and they are for all practical purposes the same sq ft with the same upgrades etc. What posters are saying (and sales agents have confirmed) is that it's highly unlikely that property owner number one will recover all of his Bond money by listing his property $15,000-$20,000 higher than property owner number two. He might get $5,000 to $6,000 more but will not likely get all of his bond money back.

I hope this is of some help. Of course, every house purchase is a bit different and no two houses are exactly alike. If you know you are going to live in the house you purchase for the rest of your life, (a long time) then you can certainly
make a case to pay off the bond.

[Challenger]

Reliable data on houses is very difficult to find. I have owned property in The Villages for 10 years and follow the real estate trends closely. We have purchased five properties but currently just own one.

I believe what posters are trying to say is this regarding a property with a paid bond vs. one that still has a bond. Let me give you an example to explain: Two properties same neighborhood. They were purchased about the same time five years ago. First property owner paid off his bond of $20,000 and property owners number two did not and still owes $16,800 dollars on the bond. Both houses are for sale and they are for all practical purposes the same sq ft with the same upgrades etc. What posters are saying (and sales agents have confirmed) is that it's highly unlikely that property owner number one will recover all of his Bond money by listing his property $15,000-$20,000 higher than property owner number two. He might get $5,000 to $6,000 more but will not likely get all of his bond money back.

I hope this is of some help. Of course, every house purchase is a bit different and no two houses are exactly alike. If you know you are going to live in the house you purchase for the rest of your life, (a long time) then you can certainly
make a case to pay off the bond.

You are correct, no two houses are exactly alike ,but the example you cite is not data and there is not yet a sale to confirm that one. I would like to see a statistical study done by a "reliable " source to validate this theory using the appropriate appraisal procedures. There is a great deal of mis-information circulating on this issue and on the relative pros and cons of paying off or not.

[charmed59]

As someone who was recently looking at homes, the printouts given to you by village agents includes what is left on the bond on the first section on the back of the listing page. We did add the outstanding bond debt to the asking price when determining how much it costs. I'm not sure all sellers would, but it is obvious enough that I'd bet some do.