Building lot

[Gaston]

I apologize if this subject has been covered previously. I searched and did not find a clear answer to my questions. Any help will be greatly appreciated.

We are debating our options for our retirement. Due to the nuances of our profession, we cannot establish an exact date at this point but suffice to say it could be somewhere between 12 and 30 months from today.

We like the idea of building a new home in the Villages. We've seen the samples and talked with an agent but we are unclear of some of the particulars. For example, we understand that you must begin building of your home within 12 months of purchase. Is that correct?

Second, what would happen if the economy or some other unseen situation arises that prevents us from either building or moving to Florida? Can you sell your lot or something else? Thank you in advance for your expertise.

[Russ_Boston]

The most they will give you, to my knowledge, is 12 months. Every 60 days during this time you need to provide $2500 to keep the lot. After 12 months you need to start the building and provide the balance of 20%. It is finished in about 70 days. You then need to pony up the other 80% (cash or financed). Some lots are 6 months only and some are 3 months.

If you change your mind for any reason you can tell them and they keep the amount you have provided in an account for you. You can use this for any NEW lot or home in the future. But once all NEW homes are built you're out of luck and you forfeit the money.

[Bogie Shooter]

Did you ask your sale rep these questions? Seems like that is the person you should be asking.

[raynan]

Russ is correct. We were told exactly the same thing.

[Gaston]

Did you ask your sale rep these questions? Seems like that is the person you should be asking..........

I did but I also like to have independent comments/ideas before making any decisions of this magnitude.

[graciegirl]

.........

I did but I also like to have independent comments/ideas before making any decisions of this magnitude.

If you don't want to hold a lot, there will be plenty available for a long time I think.

[Russ_Boston]

I would think Gracie is correct. May be best way for you to proceed if you are unsure.

[784caroline]

Yes there may be lots available BUT are they lots that you would consider buying!! As you have heard before, Its all LOCATION, LOCATION, LOCATION. If you are uncertain...bottom line is to hold off!!!!!!!!!!

[rjm1cc]

I would wait until you were ready to move. Then either buy an existing home or a new home. Maybe rent for a few months while you look. Don't rush.

[TEShaw]

The conditions on reserving a lot and building will change over time.

The best thing to do is talk with your real estate agent when you are within 30-60 days of purchasing. The exact build program that exists today will not be available a year from now. Things change all the time.

Also, as of this week, based on past sales, the projected build-out is middle of 2015.