Blind-sided by any monthly home costs?

[WiscoDogsDad]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

[Bill14564]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

Three that I can think of:

1. Homeowners insurance. Mine was initially lower but, as everyone knows, it has increased recently. That would be something for you to watch out for.

2. Property tax (at least for pre-owned homes). The year you purchase your home you will pay tax based on the previous owner's assessments and exemptions. The next year those will reset to your purchase price (which will be higher) and your exemptions (which will be lower). This could result in a significant jump in property tax.

3. Amenity fee. The fee that the current owner is paying is likely less than the fee that you will pay. Their fee was established when they purchased the home and has increased steadily since. It is likely that it has not increased to be the same amount as the current fee set when the home changes hands. For example, they may be paying $170/month while yours might be set at $195. Not a showstopper but maybe an unexpected adjustment.

[WiscoDogsDad]

Three that I can think of:

1. Homeowners insurance. Mine was initially lower but, as everyone knows, it has increased recently. That would be something for you to watch out for.

2. Property tax (at least for pre-owned homes). The year you purchase your home you will pay tax based on the previous owner's assessments and exemptions. The next year those will reset to your purchase price (which will be higher) and your exemptions (which will be lower). This could result in a significant jump in property tax.

3. Amenity fee. The fee that the current owner is paying is likely less than the fee that you will pay. Their fee was established when they purchased the home and has increased steadily since. It is likely that it has not increased to be the same amount as the current fee set when the home changes hands. For example, they may be paying $170/month while yours might be set at $195. Not a showstopper but maybe an unexpected adjustment.
Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

[JerryLBell]

Three that I can think of:

1. Homeowners insurance. Mine was initially lower but, as everyone knows, it has increased recently. That would be something for you to watch out for.

2. Property tax (at least for pre-owned homes). The year you purchase your home you will pay tax based on the previous owner's assessments and exemptions. The next year those will reset to your purchase price (which will be higher) and your exemptions (which will be lower). This could result in a significant jump in property tax.

3. Amenity fee. The fee that the current owner is paying is likely less than the fee that you will pay. Their fee was established when they purchased the home and has increased steadily since. It is likely that it has not increased to be the same amount as the current fee set when the home changes hands. For example, they may be paying $170/month while yours might be set at $195. Not a showstopper but maybe an unexpected adjustment.
Between a bumper crop of recent hurricanes and the litigious-friendly atmosphere in Florida, insurance companies have been either jacking their rates up like crazy, dropping customers who have ever filed a claim (legitimate or not, paid out or not) or even gotten out of the market here. In the nearly 8 years we've been here, home insurance has gone from "a bit high" to "kind of crazy".

As soon as you get here, go to the local government offices and check in on getting a Florida Homestead Exemption. This can lower your tax bill a bit in the long run.

"HOA" fees (we call them "Amenity" fees here) are going up for new homes and will probably eventually go up for pre-existing homes. Nobody likes to see a monthly bill go up but when you compare them to the fees at other retirment communities, they are really pretty reasonable, especially if you consider what all The Villages offers.

Depending on where you're coming from, you might find food prices to be quite high. That's not a Villages thing; that's a Florida thing. Generally, the specialty stores like Sprouts and The Fresh Market will be the highest. Publix gets dinged for higher prices than Winn Dixie but has (I think) a much larger selection. Wal-Mart has lower prices but can be a zoo to shop in. Aldi and Wal-Mart Neighborhood (their grocery-only stores) seem to have the lowest prices but very limited selection.

If you leave "the bubble" and drive around Florida, you'll be hit with toll roads almost everywhere to the south. It's best to get a Sun Pass or other automatic payment device as you get a discounted price on the tolls over the "bill by plate" method you get stuck with if you don't have such a device.

If you haven't bought a golf cart yet, be prepared for sticker shock. You can probably buy them somewhat cheaper outside of The Villages, but even so they will probably cost more than some of the cars you've owned in years gone by. Besides the more-or-less standard features like roof, roll-down sides, turn signals and rear view mirrors, make sure you get some extra lighting, seat belts (and USE THEM!) and better seats. The base seats will save you some serious coin over the nicer bucket seats but the better seats are SO MUCH MORE COMFORTABLE! Well worth it in the long run, if you ask me.

Budget for dining out, perhaps a LOT more often than you have in the past. You'll get to know people and people love to socialize over dinners (or breakfasts or lunches) out.

Budget for travel. If you're a fresh retiree, you've probably only had a few weeks per year to go anywhere and maybe were limited by having to bring kids with you. Now that you've got the time, go see the world! It ain't free by any means to do so, but also well worth seeing the places you've only ever dreamed of.

Budget for a new car. You won't need one and, in fact, you might be able to scale down to a single car and a golf cart, as so many of us have. However, there are a LOT of guys who get to this point and think, "I've always wanted a Corvette and always denied myself as I had kids to raise, put through school, etc. If I don't get a 'Vette now, I'll never get one!" and run out and get a 'Vette. You'll be amazed at how many Corvettes there are here. And Porsches. And other sports cars that seem utterly wasted on Villages roads with speed limits ranging from 20 (where multi-modal paths merge with streets and in traffic circles) to 30 (neighborhoods) to 35 (multi-lane "main" roads like Morse and Buena Vista).

Budget for sports equipment, such as shorty wet suits for playing water volleyball in, pickleball racquets and balls, golf clubs, airsoft guns, etc., etc. You'll probably pick up some new liesure activities while you're here.

Budget for theme parks. You're close to Disney World, SeaWorld, Universal Studios, Busch Gardens, Gatorland, Lego Land, Kennedy Space Center, Tampa Zoo and more. You may not be into these things, but your visiting family and friends will be and will want you to go along. Florida residents can get annual passes for nearly all of these that can be HUGE savings over the "daily" rates at all of these but are still pricey to buy. We got Disney World annual passes early on that cost less than the combined single-day admission for all four of their parks. Thereafter, we could go in and not pay for parking, not pay for admission and get discounts on food and souvenirs (or not buy either). We would stay only as long as we felt like it and left when it got too crowded or hot and come back another day to explore another part of the park. We went something like 16 times that year. We had similar experiences with all the other parks. Though we don't do it, some folks get Disney (or wherever) annual passes every year.

Budget for new furniture. You may drag down all the old furniture you've had for years, get here and realize the pieces really don't go well with the Florida sense of style. You'll probably need lanai furniture too.

It ain't cheap to retire, but it can be the best time you've ever had.

[villagetinker]

OP, your mortgage appears to be low, but not knowing the amount or length of your proposed mortgage it might be right. We have 15-year 3% mortgage, and it is over twice of your estimate. Also, TV is very low, unless you are streaming everything and even then, it appears to be low.

You completely missed medical, even with Medicare and supplemental figure on $150 to $250 per person per month, not including co-pays. Now if you are figuring on Medicare Advantage plans, your coverage will be limited as the villages health system only accepts 3 or 4 advantage plans and many outside doctors do not accept advantage plans, contact SHINE for unbiased info, SHINE - Home (https://floridashine.org/).

[Teed_Off]

1. Apply for the Florida Homestead exemption.
2. Budget for a new roof, HVAC and water heater every 15 years.

[LuvtheVillages]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

At $100/month, the bond amount will not be enough if you purchase a newly constructed home. It may be ok if you purchase a home that the previous owners have been paying on the bond for the last 15 or so years.

Electric will be ok at $150/month if you purchase in the SECO service area. If the Duke area, it will be more.

[WiscoDogsDad]

OP, your mortgage appears to be low, but not knowing the amount or length of your proposed mortgage it might be right. We have 15-year 3% mortgage, and it is over twice of your estimate. Also, TV is very low, unless you are streaming everything and even then, it appears to be low.

You completely missed medical, even with Medicare and supplemental figure on $150 to $250 per person per month, not including co-pays. Now if you are figuring on Medicare Advantage plans, your coverage will be limited as the villages health system only accepts 3 or 4 advantage plans and many outside doctors do not accept advantage plans, contact SHINE for unbiased info, SHINE - Home (https://floridashine.org/).
Many thanks, Tinker!

(First, any chance you are the kind soul that helped my father repair an heirloom pepper grinder a few months back?)

I'll be tweaking the mortgage numbers based on the net proceeds from my Wisconsin residence and the gap to bridge to the value of my Villages home. I'm guesstimating $150k and a 30-year fixed, at 6..625%, is $960 per month.

As for medical, it's factored elsewhere...this is a subset budget to keep the roof over my head. In fact, I'm working full time for the first two to four years of Villages residency and have fabulous coverage.

[WiscoDogsDad]

1. Apply for the Florida Homestead exemption.
2. Budget for a new roof, HVAC and water heater every 15 years.
Have not heard of that exemption. Will investigate and talk to my father to find out if he's leveraging it....many thanks!

[Topspinmo]

Didn’t see End year maintenance impact fees. Can go down by tiny bit or can jump 25% or more? Mine jumped 25% last year and expect same this year? Not lot of money but if on tight budget could be shock at end of year.

[villagetinker]

Many thanks, Tinker!

(First, any chance you are the kind soul that helped my father repair an heirloom pepper grinder a few months back?)

I'll be tweaking the mortgage numbers based on the net proceeds from my Wisconsin residence and the gap to bridge to the value of my Villages home. I'm guesstimating $150k and a 30-year fixed, at 6..625%, is $960 per month.

As for medical, it's factored elsewhere...this is a subset budget to keep the roof over my head. In fact, I'm working full time for the first two to four years of Villages residency and have fabulous coverage.

Yes, on the pepper grinder, it was an interesting project.

[WiscoDogsDad]

Between a bumper crop of recent hurricanes and the litigious-friendly atmosphere in Florida, insurance companies have been either jacking their rates up like crazy, dropping customers who have ever filed a claim (legitimate or not, paid out or not) or even gotten out of the market here. In the nearly 8 years we've been here, home insurance has gone from "a bit high" to "kind of crazy".

As soon as you get here, go to the local government offices and check in on getting a Florida Homestead Exemption. This can lower your tax bill a bit in the long run.

"HOA" fees (we call them "Amenity" fees here) are going up for new homes and will probably eventually go up for pre-existing homes. Nobody likes to see a monthly bill go up but when you compare them to the fees at other retirment communities, they are really pretty reasonable, especially if you consider what all The Villages offers.

Depending on where you're coming from, you might find food prices to be quite high. That's not a Villages thing; that's a Florida thing. Generally, the specialty stores like Sprouts and The Fresh Market will be the highest. Publix gets dinged for higher prices than Winn Dixie but has (I think) a much larger selection. Wal-Mart has lower prices but can be a zoo to shop in. Aldi and Wal-Mart Neighborhood (their grocery-only stores) seem to have the lowest prices but very limited selection.

If you leave "the bubble" and drive around Florida, you'll be hit with toll roads almost everywhere to the south. It's best to get a Sun Pass or other automatic payment device as you get a discounted price on the tolls over the "bill by plate" method you get stuck with if you don't have such a device.

If you haven't bought a golf cart yet, be prepared for sticker shock. You can probably buy them somewhat cheaper outside of The Villages, but even so they will probably cost more than some of the cars you've owned in years gone by. Besides the more-or-less standard features like roof, roll-down sides, turn signals and rear view mirrors, make sure you get some extra lighting, seat belts (and USE THEM!) and better seats. The base seats will save you some serious coin over the nicer bucket seats but the better seats are SO MUCH MORE COMFORTABLE! Well worth it in the long run, if you ask me.

Budget for dining out, perhaps a LOT more often than you have in the past. You'll get to know people and people love to socialize over dinners (or breakfasts or lunches) out.

Budget for travel. If you're a fresh retiree, you've probably only had a few weeks per year to go anywhere and maybe were limited by having to bring kids with you. Now that you've got the time, go see the world! It ain't free by any means to do so, but also well worth seeing the places you've only ever dreamed of.

Budget for a new car. You won't need one and, in fact, you might be able to scale down to a single car and a golf cart, as so many of us have. However, there are a LOT of guys who get to this point and think, "I've always wanted a Corvette and always denied myself as I had kids to raise, put through school, etc. If I don't get a 'Vette now, I'll never get one!" and run out and get a 'Vette. You'll be amazed at how many Corvettes there are here. And Porsches. And other sports cars that seem utterly wasted on Villages roads with speed limits ranging from 20 (where multi-modal paths merge with streets and in traffic circles) to 30 (neighborhoods) to 35 (multi-lane "main" roads like Morse and Buena Vista).

Budget for sports equipment, such as shorty wet suits for playing water volleyball in, pickleball racquets and balls, golf clubs, airsoft guns, etc., etc. You'll probably pick up some new liesure activities while you're here.

Budget for theme parks. You're close to Disney World, SeaWorld, Universal Studios, Busch Gardens, Gatorland, Lego Land, Kennedy Space Center, Tampa Zoo and more. You may not be into these things, but your visiting family and friends will be and will want you to go along. Florida residents can get annual passes for nearly all of these that can be HUGE savings over the "daily" rates at all of these but are still pricey to buy. We got Disney World annual passes early on that cost less than the combined single-day admission for all four of their parks. Thereafter, we could go in and not pay for parking, not pay for admission and get discounts on food and souvenirs (or not buy either). We would stay only as long as we felt like it and left when it got too crowded or hot and come back another day to explore another part of the park. We went something like 16 times that year. We had similar experiences with all the other parks. Though we don't do it, some folks get Disney (or wherever) annual passes every year.

Budget for new furniture. You may drag down all the old furniture you've had for years, get here and realize the pieces really don't go well with the Florida sense of style. You'll probably need lanai furniture too.

It ain't cheap to retire, but it can be the best time you've ever had.
Jerry,

Thank you so much for the kind, thoughtful and thorough response!

Lots of the points you make are covered under other subsets of my budget. This is just to keep a roof over my head....nothing else.

For example:
- I'm in contact with Babette's Furniture and one opinion is to budget 10% of the home's value for furnishings and decorating
- I'm carrying $17k for golf cart
- Have NOT started to consider budgetting for travel. I'll be working full time for the first two to four years as a Villages resident
- Our family did Disney to DEATH in the seventies and eighties....and there are no children nor grandchildren in my life. I will take the money that MIGHT have been spent at "The Most Expensive Day on Earth" for other luxuries.

My intention is to work right up until the day I have the house all upgraded to my desires, the mortgage paid to zero, and a new car in the garage....then stop worrying about a THING.

[WiscoDogsDad]

Didn’t see End year maintenance impact fees. Can go down by tiny bit or can jump 25% or more? Mine jumped 25% last year and expect same this year? Not lot of money but if on tight budget could be shock at end of year.
Topspin,

I don't understand the cost to which you're referring....and that scares me a little. Can I impose upon you to give me details?

This is EXACTLY the kind of thing for which I'm looking! BLINDSPOT!

[WiscoDogsDad]

Yes, on the pepper grinder, it was an interesting project.
I owe you!

For DECADES, all I've ever asked for in the will is that grinder!

[tophcfa]

All in all I think the monthly expenses of owning a Villages home are very reasonable. The three that bother me the most are homeowners insurance (although I pay it annually, not monthly), the amount I feel that has to be stashed aside for periodic maintenance (roof, HVAC, water heater, etc…), and having to pay a service company $150 per month to come by weekly for about 5 minutes of maintenance on the pool. I would most definitely do the pool myself if we were there full time, but it can’t be ignored when we aren’t there. I don’t mind paying for Ammenity fees, trash pickup, and base water and sewer rates for about half the year when we aren’t there, but it bothers me that some of the full timers, who are beneficiaries of part timers paying fees year round, bitch about part timers showing up to use their homes and cheer when they aren’t there.

[Topspinmo]

Topspin,

I don't understand the cost to which you're referring....and that scares me a little. Can I impose upon you to give me details?

This is EXACTLY the kind of thing for which I'm looking! BLINDSPOT!


Look on dads tax bill, it’s maintenance fee for up keep in your district for unforeseen expenses. Usually couple hundred dollars. Not much but still hidden fee. Can very from district to district for what I seen. I think in Sumter county some district fee when down last year? I just know mine went up due to unforeseen problems that popped up.

Also depending on what type house you buy I think your estimating cost are high, but I don’t have mortgage.

[WiscoDogsDad]

Look on dads tax bill, it’s maintenance fee for up keep in your district for unforeseen expenses. Usually couple hundred dollars. Not much but still hidden fee. Can very from district to district for what I seen. I think in Sumter county some district fee when down last year? I just know mine went up due to unforeseen problems that popped up.

Also depending on what type house you buy I think your estimating cost are high, but I don’t have mortgage.
Topspin,

Thanks very much. I THINK that we have parsed his annual tax costs into monthly bites, but will ensure that this issue is clear, covered, and NOT in my blindspot.

I'm estimating HIGH, to the best of my abilities, across the board. The mortgage will be ZERO before I stop working....two to four years after arriving.

I really appreciate the follow up.

[Bill14564]

Bond: Will vary depending on where you buy. Pre-owned home built around 2014 will be around $100/month. New home will be significantly higher - $300 in CDD15. See Bond Amortization Schedules (https://www.districtgov.org/departments/Finance/amortization.aspx) for information on the area you intend to purchase in.

Real Estate Tax (including School Tax and Maintenance but excluding Bond): Mine is about $333/month in unincorporated Sumter County. Marion County, Lake County, or one of the incorporated areas will be higher.

Florida Homestead Exemption (https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx) information. Available to all full-time residents. This is saving me over $1,000/year

[vintageogauge]

1. Apply for the Florida Homestead exemption.
2. Budget for a new roof, HVAC and water heater every 15 years.

You should also have your HVAC and heater serviced every 6 months, if you have a water filter or water softener you will need supplies for those also.

[LeRoySmith]

Yes, on the pepper grinder, it was an interesting project.

I wanna be like you when I grow up (if I grow up)

[asianthree]

You haven’t posted if you are look at preowned or new, or model of house. I keep full stats on 2/2 PV 1164sf 3/2 Cottage 1534sf, Designer 2000sf, and Premier 2900sf.

Items only related to home expenses.

PV new bond $18,000 Yearly cost $12,36.00 Not Homestead, so taxes are higher
Cottage new bond $24,000 Yearly cost $15,96.00 Not Homestead, so taxes are higher
Designer preowned balance bond $15,000 Items are listed that we repaired on 14yo

Taxes and bond $ 5,687.00 Not Homestead
Roof $24,650.00
Sprinkler repla $ 865.00 New control box and 24 heads repair 4 leaks
Interior paint $ 2,850.00
Exterior paint $ 3,500.00
Appliance $ 2,350.00 They all died eventually
Expan tank $ 144.00 Hot water tank not replaced, just repaired
HVAC $ 5,500.00
Insurance $ 1,650.00
Electric $ 1,446.32 No gas available
Lawn mow $ 1,200.00
WiFi + Utube $ 160.00

Our Premier has a $50,000 bond that we will not pay off due to really low interest. Taxes rated for empty lot, so no help there. We mow our lawn cause it’s tiny.
electric, with pool and gas bill is less than our designer.
Insurance $650.00.

So our 2022 home yearly cost is definitely less, than the 2009 preowned designer. My guess is better HVAC, insulation, less irrigation, better rate on HO insurance. Preowned if you are handy would be less dollar upkeep. But not worth it for us just to have lower bond.

[jasamy2]

Between a bumper crop of recent hurricanes and the litigious-friendly atmosphere in Florida, insurance companies have been either jacking their rates up like crazy, dropping customers who have ever filed a claim (legitimate or not, paid out or not) or even gotten out of the market here. In the nearly 8 years we've been here, home insurance has gone from "a bit high" to "kind of crazy".

As soon as you get here, go to the local government offices and check in on getting a Florida Homestead Exemption. This can lower your tax bill a bit in the long run.

"HOA" fees (we call them "Amenity" fees here) are going up for new homes and will probably eventually go up for pre-existing homes. Nobody likes to see a monthly bill go up but when you compare them to the fees at other retirment communities, they are really pretty reasonable, especially if you consider what all The Villages offers.

Depending on where you're coming from, you might find food prices to be quite high. That's not a Villages thing; that's a Florida thing. Generally, the specialty stores like Sprouts and The Fresh Market will be the highest. Publix gets dinged for higher prices than Winn Dixie but has (I think) a much larger selection. Wal-Mart has lower prices but can be a zoo to shop in. Aldi and Wal-Mart Neighborhood (their grocery-only stores) seem to have the lowest prices but very limited selection.

If you leave "the bubble" and drive around Florida, you'll be hit with toll roads almost everywhere to the south. It's best to get a Sun Pass or other automatic payment device as you get a discounted price on the tolls over the "bill by plate" method you get stuck with if you don't have such a device.

If you haven't bought a golf cart yet, be prepared for sticker shock. You can probably buy them somewhat cheaper outside of The Villages, but even so they will probably cost more than some of the cars you've owned in years gone by. Besides the more-or-less standard features like roof, roll-down sides, turn signals and rear view mirrors, make sure you get some extra lighting, seat belts (and USE THEM!) and better seats. The base seats will save you some serious coin over the nicer bucket seats but the better seats are SO MUCH MORE COMFORTABLE! Well worth it in the long run, if you ask me.

Budget for dining out, perhaps a LOT more often than you have in the past. You'll get to know people and people love to socialize over dinners (or breakfasts or lunches) out.

Budget for travel. If you're a fresh retiree, you've probably only had a few weeks per year to go anywhere and maybe were limited by having to bring kids with you. Now that you've got the time, go see the world! It ain't free by any means to do so, but also well worth seeing the places you've only ever dreamed of.

Budget for a new car. You won't need one and, in fact, you might be able to scale down to a single car and a golf cart, as so many of us have. However, there are a LOT of guys who get to this point and think, "I've always wanted a Corvette and always denied myself as I had kids to raise, put through school, etc. If I don't get a 'Vette now, I'll never get one!" and run out and get a 'Vette. You'll be amazed at how many Corvettes there are here. And Porsches. And other sports cars that seem utterly wasted on Villages roads with speed limits ranging from 20 (where multi-modal paths merge with streets and in traffic circles) to 30 (neighborhoods) to 35 (multi-lane "main" roads like Morse and Buena Vista).

Budget for sports equipment, such as shorty wet suits for playing water volleyball in, pickleball racquets and balls, golf clubs, airsoft guns, etc., etc. You'll probably pick up some new liesure activities while you're here.

Budget for theme parks. You're close to Disney World, SeaWorld, Universal Studios, Busch Gardens, Gatorland, Lego Land, Kennedy Space Center, Tampa Zoo and more. You may not be into these things, but your visiting family and friends will be and will want you to go along. Florida residents can get annual passes for nearly all of these that can be HUGE savings over the "daily" rates at all of these but are still pricey to buy. We got Disney World annual passes early on that cost less than the combined single-day admission for all four of their parks. Thereafter, we could go in and not pay for parking, not pay for admission and get discounts on food and souvenirs (or not buy either). We would stay only as long as we felt like it and left when it got too crowded or hot and come back another day to explore another part of the park. We went something like 16 times that year. We had similar experiences with all the other parks. Though we don't do it, some folks get Disney (or wherever) annual passes every year.

Budget for new furniture. You may drag down all the old furniture you've had for years, get here and realize the pieces really don't go well with the Florida sense of style. You'll probably need lanai furniture too.

It ain't cheap to retire, but it can be the best time you've ever had.
You covered it all. Great post.

[Sully2023]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5


What about streaming services, Prime, Netflex or peacock, Max?

How about an umbrella insurance policy?

How about costs to fix your sprinkler system?

Annual service plan for HVAC?

Weed pulling in your landscape?

Virus protection for your home computer?

House upgrades?

Fixing appliances, damage to the home?

House trash?

[Veracity]

If you buy a house that is located both within The Villages and a city (such as Lady Lake, Wildwood, Leesburg, etc.), you will have to pay taxes levied by that municipality.

[Lynnesail]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

I don’t think I saw golf cart insurance on your list..

[RoseyRed]

:coolsmiley:Between a bumper crop of recent hurricanes and the litigious-friendly atmosphere in Florida, insurance companies have been either jacking their rates up like crazy, dropping customers who have ever filed a claim (legitimate or not, paid out or not) or even gotten out of the market here. In the nearly 8 years we've been here, home insurance has gone from "a bit high" to "kind of crazy".

As soon as you get here, go to the local government offices and check in on getting a Florida Homestead Exemption. This can lower your tax bill a bit in the long run.

"HOA" fees (we call them "Amenity" fees here) are going up for new homes and will probably eventually go up for pre-existing homes. Nobody likes to see a monthly bill go up but when you compare them to the fees at other retirment communities, they are really pretty reasonable, especially if you consider what all The Villages offers.

Depending on where you're coming from, you might find food prices to be quite high. That's not a Villages thing; that's a Florida thing. Generally, the specialty stores like Sprouts and The Fresh Market will be the highest. Publix gets dinged for higher prices than Winn Dixie but has (I think) a much larger selection. Wal-Mart has lower prices but can be a zoo to shop in. Aldi and Wal-Mart Neighborhood (their grocery-only stores) seem to have the lowest prices but very limited selection.

If you leave "the bubble" and drive around Florida, you'll be hit with toll roads almost everywhere to the south. It's best to get a Sun Pass or other automatic payment device as you get a discounted price on the tolls over the "bill by plate" method you get stuck with if you don't have such a device.

If you haven't bought a golf cart yet, be prepared for sticker shock. You can probably buy them somewhat cheaper outside of The Villages, but even so they will probably cost more than some of the cars you've owned in years gone by. Besides the more-or-less standard features like roof, roll-down sides, turn signals and rear view mirrors, make sure you get some extra lighting, seat belts (and USE THEM!) and better seats. The base seats will save you some serious coin over the nicer bucket seats but the better seats are SO MUCH MORE COMFORTABLE! Well worth it in the long run, if you ask me.

Budget for dining out, perhaps a LOT more often than you have in the past. You'll get to know people and people love to socialize over dinners (or breakfasts or lunches) out.

Budget for travel. If you're a fresh retiree, you've probably only had a few weeks per year to go anywhere and maybe were limited by having to bring kids with you. Now that you've got the time, go see the world! It ain't free by any means to do so, but also well worth seeing the places you've only ever dreamed of.

Budget for a new car. You won't need one and, in fact, you might be able to scale down to a single car and a golf cart, as so many of us have. However, there are a LOT of guys who get to this point and think, "I've always wanted a Corvette and always denied myself as I had kids to raise, put through school, etc. If I don't get a 'Vette now, I'll never get one!" and run out and get a 'Vette. You'll be amazed at how many Corvettes there are here. And Porsches. And other sports cars that seem utterly wasted on Villages roads with speed limits ranging from 20 (where multi-modal paths merge with streets and in traffic circles) to 30 (neighborhoods) to 35 (multi-lane "main" roads like Morse and Buena Vista).

Budget for sports equipment, such as shorty wet suits for playing water volleyball in, pickleball racquets and balls, golf clubs, airsoft guns, etc., etc. You'll probably pick up some new liesure activities while you're here.

Budget for theme parks. You're close to Disney World, SeaWorld, Universal Studios, Busch Gardens, Gatorland, Lego Land, Kennedy Space Center, Tampa Zoo and more. You may not be into these things, but your visiting family and friends will be and will want you to go along. Florida residents can get annual passes for nearly all of these that can be HUGE savings over the "daily" rates at all of these but are still pricey to buy. We got Disney World annual passes early on that cost less than the combined single-day admission for all four of their parks. Thereafter, we could go in and not pay for parking, not pay for admission and get discounts on food and souvenirs (or not buy either). We would stay only as long as we felt like it and left when it got too crowded or hot and come back another day to explore another part of the park. We went something like 16 times that year. We had similar experiences with all the other parks. Though we don't do it, some folks get Disney (or wherever) annual passes every year.

Budget for new furniture. You may drag down all the old furniture you've had for years, get here and realize the pieces really don't go well with the Florida sense of style. You'll probably need lanai furniture too.

It ain't cheap to retire, but it can be the best time you've ever had.

[ThirdOfFive]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.
Not exactly "blindsided, and not much to add to the other excellent responses in this thread, but a few things to be aware of.

I'm assuming you'll be house-shopping in TV in the coming months. Things to watch out for:

1. How old is the roof? If 10 years old or older, you might have a hard time getting homeowner's insurance.

2. Ditto on the hot water heater. Insurance companies are very aware of the repair costs when one of those goes kaflooie. We changed homeowner's insurance about a year after we moved here: our roof was new, so not a problem, but the hot water heater, though working perfectly, was 15 years old. The insurance company wrote the insurance but gave us "x" number of days to get the water heater replaced.

3. Make sure the house you buy doesn't have any violations of community standards. There are stories of people who have purchased a house only to find one or more violations of those standards that they were, as the new owners, liable to fix. Can be things you don't think of, such as "artwork" on a garage door not in line with standards, mold on the house, a hedge that is too high, things like that. Don't depend on the realtor to tell you! Do your research and detective work beforehand.

4. How old is the house you're planning on buying? If built before a certain time (2003?) some of them might not be insurable with the company you select.

5. I'd talk to people in the neighborhood that you plan on buying in. Those informal chats at the neighborhood mail station can tell you a lot, not just about the house but the neighborhood in general.

Good luck.

[Romad]

At $100/month, the bond amount will not be enough if you purchase a newly constructed home. It may be ok if you purchase a home that the previous owners have been paying on the bond for the last 15 or so years.

Electric will be ok at $150/month if you purchase in the SECO service area. If the Duke area, it will be more.
Air conditioning is too low. Needs to be around $100 a month to account for servicing and system replacement.
Roof replacement should be around $80 a month.
Internet is closer to $75-85 these days.
TV could be ok, but may need to be increased for streaming services.
I would add another $10 a month for termite protection.

[bragones]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

The only thing I can add that others have not already pointed out is that Gas should be around $40/month if your appliances are gas and if you factor in winter heating. Also, my taxes are higher and that is in lower tax Sumter with a homestead exemption ($400/month).

[mrf6969]

Jerry,

Thank you so much for the kind, thoughtful and thorough response!

Lots of the points you make are covered under other subsets of my budget. This is just to keep a roof over my head....nothing else.

For example:
- I'm in contact with Babette's Furniture and one opinion is to budget 10% of the home's value for furnishings and decorating
- I'm carrying $17k for golf cart
- Have NOT started to consider budgetting for travel. I'll be working full time for the first two to four years as a Villages resident
- Our family did Disney to DEATH in the seventies and eighties....and there are no children nor grandchildren in my life. I will take the money that MIGHT have been spent at "The Most Expensive Day on Earth" for other luxuries.

My intention is to work right up until the day I have the house all upgraded to my desires, the mortgage paid to zero, and a new car in the garage....then stop worrying about a THING.

Great plan to work up until you are totally debt free, we did the same thing. Moved here in our 50's and I found a job paying almost what I was making up north. This allowed us to make some major home improvements with a large addition and pay cash all furnishings. Paid cash for new golf carts and a car. If you can get rid of that mortgage before you retire and it's a huge plus. With all that behind you, you are now ready to live a debt free retirement.
This will give you the freedom to do most anything you want to with travel and beyond. Best Wishes!

[colleen720]

Here are a few more things I have in my budget you might want to consider, if you haven't already:
Home maintenance (future roof, AC etc)
Golf cart maintenance/repair
Golf cart insurance
Golf cart towing plan. I purchased Kart Aide
If you golf - trail fees and golf reservation system

[Angelhug52]

Hopefully you are already securely employed. Salaries here may not be same as where you are moving from. If you can only afford here by working best you have emergency funds and a back up plan. Jobs ,economics of areas change. Look what happen during Covid. You might want to plan for surprise situations.Good luck. And since your parents live here already you probably are already almost a Villager.

[huge-pigeons]

Your list is based on what house cost? Size? If you want to buy a new premier home in Eastport, you are looking at around $1,000,000. Your $1100 a month mortgage won’t cover it. If you want to buy a 20 year old villa in old Spanish springs, then you will be closer in your estimates.
Also, bond costs are all over the place depending on where you live. We are in the $32,000 range, Newell area has $40,000+ range, and the new Eastport area is over $50,000. Our yearly cost for our bond is over $2500.
A smaller house, you will probably be in range for electricity. For a larger designer home, our costs is $100 more than your monthly estimate. Gas charge is 1/2 the cost, there is a $20 minimum charge for gas and if you have gas for cooking, dryer, and hot water, your price will go up.
If you and your spouse are active, you probably will need 2 cars and a golf cart unless you want to spend a lot of time in your golf cart to go to a function.
If you want to get a sports car, you won’t be looking at a corvette, they aren’t sports cars, they are a muscle car. Plus they are a dime a dozen here. If you want a sports car, look at a Porsche, Audi, Ferrari, Nissan Z, and others, these will get you the sports car feeling plus all the looks you want.
If you want more accurate expenses, please state home cost, location (village or square), driving habits to see if you need 2 cars or not based on your lifestyle.

[sallyg]

If you buy a new home there will be an annual bond payment and probably a maintenance fee. The sales staff may gloss over these expenses, but ours turned out to be over $2000/year, and that is on the low side. (Purchased our home approx 10 yrs ago).

[asianthree]

If you buy a new home there will be an annual bond payment and probably a maintenance fee. The sales staff may gloss over these expenses, but ours turned out to be over $2000/year, and that is on the low side. (Purchased our home approx 10 yrs ago).

10 years ago what extra expenses for $2,000 over and above that you didn’t prepare for. For us our new houses 2010, 2012, 2014, 2022, the budget I estimated was within $100 for the year, without any help of our sales rep. She only wanted a sale could care less, if there were problems.
Might be helpful for OP if you list what you didn’t include

[BrianL99]

Did anyone read the posters original post? He said "home costs". His cost to provide "shelter". Not how much to buy a Corvette. He specifically asked about "hidden costs" related to housing/shelter.

If he asked about "hidden overall costs" to live in TV and play golf, something like the "cost to buy tees" would be an example. Private club golfers don't buy golf tees ... move to The Villages and you're buying tees all the time. Unless of course, you adopt the habit of picking them up from range and collecting them, on slow, "non-mat" days.

[ronda]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

You seem like you want to be comprehensive. You probably need to budget in large one time expenses. Depending on how old your roof is, or your AC system, they will need to be replaced at some point. The roof replacement is a biggie. The insurance companies are mandating replacement something like every 12 years. Water heater replacement is a also costly.

I would also budget in inflation year over year. Mybe look at a 5-10 year period.

[WiscoDogsDad]

Hopefully you are already securely employed. Salaries here may not be same as where you are moving from. If you can only afford here by working best you have emergency funds and a back up plan. Jobs ,economics of areas change. Look what happen during Covid. You might want to plan for surprise situations.Good luck. And since your parents live here already you probably are already almost a Villager.
Thanks, Angelhug,

Yes. I have been with the same engineering/construction management firm, up here in Wisconsin, for almost 23 years. They have completely ratified my relocation and want me to work for them, full time remote, for as long as I wish. I'm really blessed.

I'll be working through the time it takes to get housekeeping set up, put a new car in the garage, and pay the mortgage to zero.

I have been planning this move for almost a year, already, and will continue to plan, scrimp, and research through the home-buying process....that will start in April, after I've sold up here, and moved into a furnished month-to-month rental, in The Villages. I'll be renting so that I am under minimal pressure to buy quickly. A "motivated buyer" is a disadvantaged buyer.

[44Apple]

If you want to buy a 20 year old villa in old Spanish springs, then you will be closer in your estimates.
Also, bond costs are all over the place depending on where you live.

And if in the old Spanish Springs area, your bond would be zero or close to it.

[WiscoDogsDad]

Did anyone read the posters original post? He said "home costs". His cost to provide "shelter". Not how much to buy a Corvette. He specifically asked about "hidden costs" related to housing/shelter.

If he asked about "hidden overall costs" to live in TV and play golf, something like the "cost to buy tees" would be an example. Private club golfers don't buy golf tees ... move to The Villages and you're buying tees all the time. Unless of course, you adopt the habit of picking them up from range and collecting them, on slow, "non-mat" days.
Many thanks, Brian. That was the original intent of this inquiry. In my mind "home costs" are a subset of "total costs to thrive" and the residents of The Villages are uniquely qualified to chime in on this subset of my retirement expenses.

Great to hear opinions on the periphery of the inquiry, but you've lasered in on the question.

[nn0wheremann]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5
You have it covered.

[WiscoDogsDad]

If you buy a new home there will be an annual bond payment and probably a maintenance fee. The sales staff may gloss over these expenses, but ours turned out to be over $2000/year, and that is on the low side. (Purchased our home approx 10 yrs ago).
Thanks, I would be thrilled to understand (as alluded to by AsianThree) as much detail about the $2k per year incremental costs that you had in YOUR blindspot. Apologies for the hassle and I'll understand if this juice is not worth your squeeze.

[WiscoDogsDad]

You have it covered.
LOL, thanks, NWM!

I'm sure as heck trying!

[Heytubes]

If you’re a Veteran you get an extra property tax exemption.

[WiscoDogsDad]

Your list is based on what house cost? Size? If you want to buy a new premier home in Eastport, you are looking at around $1,000,000. Your $1100 a month mortgage won’t cover it. If you want to buy a 20 year old villa in old Spanish springs, then you will be closer in your estimates.
Also, bond costs are all over the place depending on where you live. We are in the $32,000 range, Newell area has $40,000+ range, and the new Eastport area is over $50,000. Our yearly cost for our bond is over $2500.
A smaller house, you will probably be in range for electricity. For a larger designer home, our costs is $100 more than your monthly estimate. Gas charge is 1/2 the cost, there is a $20 minimum charge for gas and if you have gas for cooking, dryer, and hot water, your price will go up.
If you and your spouse are active, you probably will need 2 cars and a golf cart unless you want to spend a lot of time in your golf cart to go to a function.
If you want to get a sports car, you won’t be looking at a corvette, they aren’t sports cars, they are a muscle car. Plus they are a dime a dozen here. If you want a sports car, look at a Porsche, Audi, Ferrari, Nissan Z, and others, these will get you the sports car feeling plus all the looks you want.
If you want more accurate expenses, please state home cost, location (village or square), driving habits to see if you need 2 cars or not based on your lifestyle.
Thanks, HP.

I'm looking at everything from Courtyard Villas, to Designers, to Verandas. Watching my budget and the target mortgage amount is $150K on a 30-year. I won't overspend on the home and be house-poor in the years I should be as carefree and happy as possible.

Vehicles and vehicle expenses are not really...by my choice...in this "home costs" subset of my total budget. I drive a Subaru and am a singleton....one vehicle at any given time. Pay cash. I guess that rolling auto insurance into the line items is contradictory, there. Vehicle ownership and maintenance was not considered part of this subset.

I am basing my line item estimates on my parents' real life experiences with the monthly costs for their Designer Lily model in the Buttonwood neighborhood. It's about 1900 square feet and was built in 2006, I believe.

[MidWestIA]

Dunedin amenity $200

[DrHitch]

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.

[asianthree]

OP If you view my earlier post#21, I am the person who keep down to the penny every expense.

While a Patio Villa, 2/2 is the lowest price range the yearly expenses for everything is only $300 less per year than a 3/2 cottage. Since you are WFH that 3rd bedroom could be your permanent office, still leaving a “just in case guest room.”

That said you have advantage that your parents are here, and know the area, so it maybe where you want to buy. But we found that living in older neighborhoods was like living with my parents. While we loved our parents one should never go home again.

We did live between the 6’s with a house in Pennacamp, Fernandinia, and Duval. So 2 new one preowned, that by year 10-12 everything imaginable started to need replaced as I listed. Our homeowners doubled at 12 years because of age of roof, HVAC, Hotwater tank. So if you look at preowned, one need to factor in those expenses I listed.

We needed safe walking/bike paths, and south of 44 became our fourth home. New house is so much less costly, and the younger vibe in the neighborhood is well worth the move. Of course we are now in the 20% of older residents, with many in their 40s, 50’s very early 60’s. With fair amount of WFH.

[WiscoDogsDad]

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.
Thanks, Doc.

I'm carrying about $33K, so I might be a little light....thanks for the insight.

[WiscoDogsDad]

OP If you view my earlier post#21, I am the person who keep down to the penny every expense.

While a Patio Villa, 2/2 is the lowest price range the yearly expenses for everything is only $300 less per year than a 3/2 cottage. Since you are WFH that 3rd bedroom could be your permanent office, still leaving a “just in case guest room.”

That said you have advantage that your parents are here, and know the area, so it maybe where you want to buy. But we found that living in older neighborhoods was like living with my parents. While we loved our parents one should never go home again.

We did live between the 6’s with a house in Pennacamp, Fernandinia, and Duval. So 2 new one preowned, that by year 10-12 everything imaginable started to need replaced as I listed. Our homeowners doubled at 12 years because of age of roof, HVAC, Hotwater tank. So if you look at preowned, one need to factor in those expenses I listed.

We needed safe walking/bike paths, and south of 44 became our fourth home. New house is so much less costly, and the younger vibe in the neighborhood is well worth the move. Of course we are now in the 20% of older residents, with many in their 40s, 50’s very early 60’s. With fair amount of WFH.
Thanks, A3!

You make a VERY sound point that has been on my mind....the expectable ages of my neighbors. I completely agree that it is a significant consideration.

My folks are "between the sixes". That comes with very significant advantages of proximity to amenities...shopping, entertainment, etc....but that will be (my assumption) a more mature set of neighbors, on average.

As I look down south, I recognize that the likelihood of having neighbors closer to my age, goes up as I look at potentially buying new. Eastport will, as I perceive the intent, soon be filling the needs of southern Villagers now filled by Lake Sumter Landing, Spanish Springs, and Brownwood.

Buying new comes with a different set of costs, but has the allure of being a "blank canvas" on which I can paint while I'm working from home....upfit it to my exact tastes, out of employment income..

Can I hire you to be my consultant?
:-)

[ElDiabloJoe]

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.

Holy Crap! Is that ALL costs of living or JUST carrying costs of the house? To me, ALL costs include gasoline, car insurance, health insurance, groceries, dining, clothing, etc. CARRYING costs are just house expenses (lawn care, electricity, property taxes, pest control, homeowners insurance, water, sewer, etc.).

[Jhrath7@gmail.com]

Three that I can think of:

1. Homeowners insurance. Mine was initially lower but, as everyone knows, it has increased recently. That would be something for you to watch out for.

2. Property tax (at least for pre-owned homes). The year you purchase your home you will pay tax based on the previous owner's assessments and exemptions. The next year those will reset to your purchase price (which will be higher) and your exemptions (which will be lower). This could result in a significant jump in property tax.

3. Amenity fee. The fee that the current owner is paying is likely less than the fee that you will pay. Their fee was established when they purchased the home and has increased steadily since. It is likely that it has not increased to be the same amount as the current fee set when the home changes hands. For example, they may be paying $170/month while yours might be set at $195. Not a showstopper but maybe an unexpected adjustment.
Also payment for fire dept

[clouwho]

Check out “the villages newcomers” YouTube channel and search for their most recent annual budget video. It is very representative of what I would call an average villagers lifestyle costs. My friends and I find it to be very close to our own costs to live here. Jerry is a veteran so some of his costs are reduced for the generous veterans discounts here in Florida.
I am a budgeted, saver, and over-planner (which it sounds like you are also) and have tracked my income and expenses for 50 years and will P.M. you areas of concern based on huge increases across certain areas since we moved to TV full time 5 years ago. I don’t have time right now to open software and get hard numbers and I do want to be specific with someone such as yourself.
You will do great here!
My husband and I did the same kind of path to retirement you are choosing. He was engineer with same company in Georgia for 32 years. When we decided we wanted to retire to TV when he turned 64, he let his boss know he did not want to retire yet, but that we were definitely moving to TV. They did not want him to leave so they created their first “remote” employee position.
It worked fabulously. He worked full time year 1, 30-hour week year 2, 20-hour week year 3 (and started training his replacement), 10-hour week year 4. We maintained his company insurance, 401k match etc for those 4 years.
This allowed us to be debt and mortgage-free when he retired 12/23 at 68. Those extra 4 years also allowed us to create a nice travel fund, a more than adequate home maintenance and repair fund, college funds for grands, and increase our SSA payments by delaying filing.
And at the same time my husband got to enjoy the pleasures of retired life here in TV before and after work hours. We know several people who are choosing this path and have heard of a whole lot more who are moving here in their early 50s to have the best of both worlds.
I wish you a successful transition and happy house hunting. Make sure you work with both an MLS realtor and a Villages sales person to optimize your offerings. READ the Villages sales contract carefully. It is NOT a standard Florida real estate contract. We dealt with The Villages on our investment home and said never again. MLS realtor and standard Florida contract for us for any future transactions. Read your Deed Restrictions carefully. Every district has different restrictions. Since you are wisely renting first I would recommend you attend every new villagers class that is offered. ESPECIALLY the one that explains how CDDs and our district government works. It is unlike anyplace you have lived.

[Lisanp@aol.com]

Don't forget the costs of the "lifestyle". Budget $20 for every club you join for their annual dues, green fees if you wish to play championship, trail fees, fitness center membership, acquiring equipment for the activities you wish to participate in (shoes for pickle ball, mat for yoga, etc.).
As for the house remember termite bond, annual pest control contract, AC maintenance contract, annual pressure washing.
If you buy new, the taxes convert from vacant land to the home's full tax levy one year after closing and that number is a huge jump.

[FloridaGuy66]

Jerry,

- I'm in contact with Babette's Furniture and one opinion is to budget 10% of the home's value for furnishings and decorating


We originally we're going to furnish our whole house from Babette's for over $50k. Once we shopped around a decent amount, we ended up using City furniture and a couple other stores. Better pricing and comparable or better quality.

[BrianL99]

HOWDY!

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.




Don't forget the costs of the "lifestyle". Budget $20 for every club you join for their annual dues, green fees if you wish to play championship, trail fees, fitness center membership, acquiring equipment for the activities you wish to participate in (shoes for pickle ball, mat for yoga, etc.).




Solved !

[FloridaGuy66]

Our total monthly expenses on a 3 bedroom designer home are just over $1200/month including taxes, insurance, lawn care, utilities, etc. No mortgage.

[asianthree]

Thanks, A3!

You make a VERY sound point that has been on my mind....the expectable ages of my neighbors. I completely agree that it is a significant consideration.

My folks are "between the sixes". That comes with very significant advantages of proximity to amenities...shopping, entertainment, etc....but that will be (my assumption) a more mature set of neighbors, on average.

As I look down south, I recognize that the likelihood of having neighbors closer to my age, goes up as I look at potentially buying new. Eastport will, as I perceive the intent, soon be filling the needs of southern Villagers now filled by Lake Sumter Landing, Spanish Springs, and Brownwood.

Buying new comes with a different set of costs, but has the allure of being a "blank canvas" on which I can paint while I'm working from home....upfit it to my exact tastes, out of employment income..

Can I hire you to be my consultant?
:-)

don’t get me wrong we loved to visit our two WW guys, but average age in our neighborhood was mid 80s and up. With a few new sprinkles of I bought the dead guys house, (that was us, and we always lived in _their_house.) Have learned many things since 2007, you may send a message or email at anytime, LMK when arriving If I can help in anyway would be happy to. At one time we had 3 TV houses and our northern home. I am so budget oriented, with handwritten/computer spreadsheets it’s is kind of scary.

[Lisanp@aol.com]

Solved !

and the rest of the post? that was useless too? Have a lovely Sunday and stay dry!

[sharonl7340]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

Our cable is $296 and includes internet. Home insurance is 1200 for 1156 Sq ft home. Electric is $200 but with the new meters who knows. We have been here for 6 years and amenities are $193 and will go up in Nov. And don't forget the age of your roof. If it us over 12 years old, your home ensures may require you to replace it. Car insurance is $1500 every 6 months. Everything costs more than you anticipate.

[bragones]

Our total monthly expenses on a 3 bedroom designer home are just over $1200/month including taxes, insurance, lawn care, utilities, etc. No mortgage.

I think you nailed it. In my case, carrying costs have consistently been in the range of $1200/month average. (no mortgage or bond).

[WiscoDogsDad]

Check out “the villages newcomers” YouTube channel and search for their most recent annual budget video. It is very representative of what I would call an average villagers lifestyle costs. My friends and I find it to be very close to our own costs to live here. Jerry is a veteran so some of his costs are reduced for the generous veterans discounts here in Florida.
I am a budgeted, saver, and over-planner (which it sounds like you are also) and have tracked my income and expenses for 50 years and will P.M. you areas of concern based on huge increases across certain areas since we moved to TV full time 5 years ago. I don’t have time right now to open software and get hard numbers and I do want to be specific with someone such as yourself.
You will do great here!
My husband and I did the same kind of path to retirement you are choosing. He was engineer with same company in Georgia for 32 years. When we decided we wanted to retire to TV when he turned 64, he let his boss know he did not want to retire yet, but that we were definitely moving to TV. They did not want him to leave so they created their first “remote” employee position.
It worked fabulously. He worked full time year 1, 30-hour week year 2, 20-hour week year 3 (and started training his replacement), 10-hour week year 4. We maintained his company insurance, 401k match etc for those 4 years.
This allowed us to be debt and mortgage-free when he retired 12/23 at 68. Those extra 4 years also allowed us to create a nice travel fund, a more than adequate home maintenance and repair fund, college funds for grands, and increase our SSA payments by delaying filing.
And at the same time my husband got to enjoy the pleasures of retired life here in TV before and after work hours. We know several people who are choosing this path and have heard of a whole lot more who are moving here in their early 50s to have the best of both worlds.
I wish you a successful transition and happy house hunting. Make sure you work with both an MLS realtor and a Villages sales person to optimize your offerings. READ the Villages sales contract carefully. It is NOT a standard Florida real estate contract. We dealt with The Villages on our investment home and said never again. MLS realtor and standard Florida contract for us for any future transactions. Read your Deed Restrictions carefully. Every district has different restrictions. Since you are wisely renting first I would recommend you attend every new villagers class that is offered. ESPECIALLY the one that explains how CDDs and our district government works. It is unlike anyplace you have lived.
You sound like a kindred soul, CW!

I appreciate you taking the time to stop by my post and give me your insights.

It's looking good for me to WFH, from The Villages, until the end of 2026 or the end of 2028. Full time, full salary, full benefits.

If I pull the plug in 2026, I'll have to fund health insurance to the end of 2028. If I can weather the insanity until 2028, I'll transition right out of employment benefits, right into Medicare, and start "Me Version 2.0" with no debt and a razor-sharp understanding of what these costs will be.

Please feel free to reach out directly....anyone.

The classes are a real PRO TIP!

[WiscoDogsDad]

I think you nailed it. In my case, carrying costs have consistently been in the range of $1200/month average. (no mortgage or bond).
I'm carrying $1,600 per month, net of mortgage.....sounds like I've not missed any HUGE hidden costs.

[WiscoDogsDad]

don’t get me wrong we loved to visit our two WW guys, but average age in our neighborhood was mid 80s and up. With a few new sprinkles of I bought the dead guys house, (that was us, and we always lived in _their_house.) Have learned many things since 2007, you may send a message or email at anytime, LMK when arriving If I can help in anyway would be happy to. At one time we had 3 TV houses and our northern home. I am so budget oriented, with handwritten/computer spreadsheets it’s is kind of scary.
Gonna be visiting for a week, starting 8/18....I'll buy you lunch. That is as hollow an offer as YOU choose to make it.

I think I can work you in between golf with Dad, a trip to Babette's with Mom, finding a MLS agent and re-connecting with my VLS agent!

Never too early to start meeting people!

[WiscoDogsDad]

Our cable is $296 and includes internet. Home insurance is 1200 for 1156 Sq ft home. Electric is $200 but with the new meters who knows. We have been here for 6 years and amenities are $193 and will go up in Nov. And don't forget the age of your roof. If it us over 12 years old, your home ensures may require you to replace it. Car insurance is $1500 every 6 months. Everything costs more than you anticipate.
Sounds like my auto insurance might be light. I choose to jack all deductibles up as high as they go...so my mileage might vary...no pun intended.

[Michael 61]

I have been here a year and a half, and I haven’t really been surprised by any unexpected costs. Insurance and grocery prices have risen, but they would have risen equitably where I moved from. The only expense I had to get under control was dining out. Since I felt like every day was a “vacation day” when I first moved here, I treated it as such, and ate out all three meals every day for the first several months, with dinner usually being at a pricey FMK restaurant. I had to get that under control, and now only eat out one meal per day.

For those that did their homework, I think you’ll be prepared financially.

[clouwho]

Too funny! I am on Me v. 6.1.2😉😂🤣😅



You sound like a kindred soul, CW!

I appreciate you taking the time to stop by my post and give me your insights.

It's looking good for me to WFH, from The Villages, until the end of 2026 or the end of 2028. Full time, full salary, full benefits.

If I pull the plug in 2026, I'll have to fund health insurance to the end of 2028. If I can weather the insanity until 2028, I'll transition right out of employment benefits, right into Medicare, and start "Me Version 2.0" with no debt and a razor-sharp understanding of what these costs will be.

Please feel free to reach out directly....anyone.

The classes are a real PRO TIP!

[Topspinmo]

I just glad at my age able to and I have some skills fixing common stuff. Some are getting taken to cleaners for simple maintenance and around house tasks.

[clouwho]

We spent a couple of years living in a rental before buying. We are 65 and 68. The beloved go-go years.
We chose between the 6s and are in a small pocket community in Largo.
We LOVE where we live and we have a fabulous tight knit community on our tiny 10-home street.
Our neighbors are 50s, 60s, 60s, 60s, 50s, early 70s, and we have 4 of the original neighbors in their 80s.
Because of the constant turnover of original buyers aging out or passing away, ALL parts of TV have young people.

Our area is amenity rich, shopping, medical, restaurants, goods and services rich. And it is THE MOST golf and rec center rich area of TV. If you golf the south of 44 area is not a good choice.

It takes about 15 years for retail and restaurants to build to sustainable levels in TV. That is an easily trackable pattern.

In the newer built areas you will be closer to Leesburg than the heart of TV.

The good news is you are WISELY renting first, and will hopefully not buy until after you have lived thru at least one snowbird season. You truly cannot conceive of how massive TV is in scope and in humanity up until you are at least renting and out and about daily. Just to tackle the sports side of our offerings, or the entertainment side, or the exercise and lifestyle class options could take you a year of trying new things.

In the participation in recreation and activities you may well find your tribe(s). And if they happen to live in proximity to each other that may factor heavily into your location decision.

Every yes is a thousand noes. In TV, every yes is 10,000 noes!

If you approach the entire process as an adventure it will unfold in ways you can’t plan or predict. Who knows, you may wind up captaining a competitive dragon boat crew!






Thanks, A3!

You make a VERY sound point that has been on my mind....the expectable ages of my neighbors. I completely agree that it is a significant consideration.

My folks are "between the sixes". That comes with very significant advantages of proximity to amenities...shopping, entertainment, etc....but that will be (my assumption) a more mature set of neighbors, on average.

As I look down south, I recognize that the likelihood of having neighbors closer to my age, goes up as I look at potentially buying new. Eastport will, as I perceive the intent, soon be filling the needs of southern Villagers now filled by Lake Sumter Landing, Spanish Springs, and Brownwood.

Buying new comes with a different set of costs, but has the allure of being a "blank canvas" on which I can paint while I'm working from home....upfit it to my exact tastes, out of employment income..

Can I hire you to be my consultant?
:-)

[bragones]

I'm carrying $1,600 per month, net of mortgage.....sounds like I've not missed any HUGE hidden costs.

Oops, I didn't include internet and YouTube TV which run around $140/month, so I'm averaging $1,340/month (no mortgage or bond) with those items included for a stretched 3 bedroom golf front designer just south of 466.

[JMintzer]

What about streaming services, Prime, Netflex or peacock, Max?

How about an umbrella insurance policy?

How about costs to fix your sprinkler system?

Annual service plan for HVAC?

Weed pulling in your landscape?

Virus protection for your home computer?

House upgrades?

Fixing appliances, damage to the home?

House trash?
None of those are "blind side costs"...

[gorillarick]

Jerry,

Thank you so much for the kind, thoughtful and thorough response!

Lots of the points you make are covered under other subsets of my budget. This is just to keep a roof over my head....nothing else.

For example:
- I'm in contact with Babette's Furniture and one opinion is to budget 10% of the home's value for furnishings and decorating
- I'm carrying $17k for golf cart
- Have NOT started to consider budgetting for travel. I'll be working full time for the first two to four years as a Villages resident
- Our family did Disney to DEATH in the seventies and eighties....and there are no children nor grandchildren in my life. I will take the money that MIGHT have been spent at "The Most Expensive Day on Earth" for other luxuries.

My intention is to work right up until the day I have the house all upgraded to my desires, the mortgage paid to zero, and a new car in the garage....then stop worrying about a THING.
"The Most Expensive Day on Earth" - that's pretty funny !

Gas $25. Natural gas? I paid more than that for a month I wasn't here (nothing running, service fees).
But natural gas is relatively cheap in the winter for heating if you're lucky enough to have it. < $100/mo. in the winter.

[NavyVet]

Hi! You sound very organized which is a good thing.
The only thing I noticed that seems low is HO insurance (200) which will probably be closer to $300/month. We have a 2011 designer home with brand new roof and paid $3100 for the year.
Our insurance last year was $4100. We got cancelled (with zero claims) and were forced to replace roof and find a new insurance company. The new roof cost $22,000.
Do pay close attention to hurricane deductibles and sink hole coverage.
There are so many different costs here, maintenance and otherwise, but the one that irks me the most is "The Bond." The amounts on the newer homes are ridiculous.
I've been here since 2003 and now in my third home.
Be sure to use both MLS and TV agents for the most choices in your home search.
Best of luck!

[Stu from NYC]

You might want to consider cost of clubs and entertainment.

We go out more here than we have ever before.

Between all, it is higher than we would have thought but happy to do so.

[Pugchief]

Virus protection for your home computer?



Why would you spend $ on virus protection? Windows comes with Defender built in and is more than sufficient unless you are prone to opening attachments from people you don't know.

[PurePeach]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

In addition to what others have suggested, I think your gas estimate may be low. I live in a patio villa and cook with gas, as well as heat. I budget my both gas and electricity and my gas runs $41/mo and my electricity is $82/mo. And if you get suckered in by Massey for termite, inside bugs, and lawn care — another $300+/yr. I only kept the termite protection as my husband and I handled all the other in Atlanta and do it quite successfully here, too.

[CoachKandSportsguy]

2019 Designer Begonia,
2023 Annual Expenses
Cash Cost and Maintenance Cash Savings required (subjective depending upon house and age, etc)

21,000 annual cash cost
5,000 annual cash savings for maintenance replacements

$26,000 Annual cost of the house,
excluding mortgage (we don't have one)

[sharonl7340]

Topspin,

I don't understand the cost to which you're referring....and that scares me a little. Can I impose upon you to give me details?

This is EXACTLY the kind of thing for which I'm looking! BLINDSPOT!

You ad volerm and non- ad valorem included in your tax bill is the fire district assessment which went up 300% this year, the maintenance fee, and your bond which can be a total of $38,000 for your property. We bought pre-owned and our bond payoff was $10,000 which is about $960 per year.

[LeRoySmith]

21,000 annual cash cost
5,000 annual cash savings for maintenance replacements

$26,000 Annual cost of the house,
excluding mortgage (we don't have one)

This most closely matches our experience. We are at 24k a year. New house all in, no mortgage.

[bragones]

None of those are "blind side costs"...

I think the responses covered well the monthly costs and many blind side costs. When I moved to FL a relative warned me that things break in FL. He was right. I moved into a 20 yr old home with a pool. I replaced and repaired many things that I hadn't included in the monthly budget so I would consider them blind side costs. They included;

Garage Door Springs
Metal blinds that began to stick and break
Window balancer springs
Driveway pavers and maintenance
Rescreened and painted the lanai. Beams became stained, screens were loose/molded
Replaced pool pump and light. Resurfaced the pool gel coat
Replaced the refigerator because it broke and the rest of the appliance to match
Replaced the disposal
AC and dryer vent cleaning
Updated the water filtration system
Added landscape rocks and repaired weed barrier
Remodeled bathrooms
In addition, major updates made and included in other posts were roof, water heater and AC

[Normal]

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

Your tax estimate seems to be on the lower end. We set aside 600 a month. Maybe you are calculating for unincorporated areas? Still, county taxes are not cheap and don’t get me started on Wildwood or Leesburg taxes. Also, if you are using a water softener, media can be anywhere between 10 and 40 a month(depends on salt or potassium). Whole home water filter system filters are about 100 a year and a refrigerator filter is about 40 every 6 months.

[jebartle]

Tire and battery replacement on carts

[TCRSO]

In tracking our expenses, we include lost interest for the equity in the home.

[Timothyimitchell]

This is quite accurate QUOTE=WiscoDogsDad;2355884]Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5[/QUOTE]

[BrianL99]

This is quite accurate QUOTE=WiscoDogsDad;2355884]Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5[/QUOTE]

Am I the only person who's mystified and amazed, that folks really live on a "budget" that gets so deep into the weeds, they're concerned about allocating/budgeting $6/month for "house washing" or $5/month for "flat work washing" ?

My theory on budgeting, goes back to a conversation I had with a friend, 30+ years ago at a political fundraiser.

I said, "we better get out of here now, before I need to take a 2nd mortgage on my house to satisfy everyone who's looking for money". He said, "I don't have a 1st mortgage". When I asked him about it, he said, "I only buy things that cost about 1/2 of what I can afford. Take my sailboat. I could have bought one for $200k, but I bought one for $100K, that way, when I need new "sails", I can easily afford the $25K". Made sense to me, even if I'm not a sailor.

[If ShippinguptoBoston reads this, ask me who the people were and you'll get a good laugh.)

[Michael 61]

I like that logic - I bought a villa and was able to do many major upgrades vs purchasing a more expensive home with a view lot, and not having much left to improve or customize the home. . I’m rarely ever home anyway, and have found the lifestyle here is far more important than the home.

[CoachKandSportsguy]

Am I the only person who's mystified and amazed, that folks really live on a "budget" that gets so deep into the weeds, they're concerned about allocating/budgeting $6/month for "house washing" or $5/month for "flat work washing" ?



People who live and die by budgets and spending have money control issues. many have a paycheck to paycheck mentality of control. Its a planning illusion, but many have it, but its comforting to them to stay in financial control.

I have seen worse money behaviors in my family. I have seen a husband put his wife on an allowance so he controls all the money. I have seen a husband make his wife get a part time cashier job for her spending money, while he buys $80K trucks he doesn't need. I have seen people complain about paying taxes for being successful, so that they don't want to look wealthy, ie, can join in the complaining and look for handouts. I have seen people get angry about getting free stuff they don't need. I have seen people throw out itemized VISA bills and kept the monthly VISA payment check as proof of spending for tax deductions, such as medical expenses. .

If people are worried about running out of money, either they are neurotic about money or are living above their means. .

with finance(not accounting) maintenance is a funny expense. . Ask the consultants who routinely advise to cut maintenance since nothing bad has happened with a good maintenance plan.

either you save for it knowingly, or you pay as you go and take a bit more out of the IRA/savings than normal. . but its also a good way to see when you run out of money in the very, very long run. . of course they may not live that long, but no one knows when the end may come.

[Jerseygirl08]

Yes, on the pepper grinder, it was an interesting project.Once again, Villagetinker comes to the rescue. You are always so willing to help others. Amazing! Is your nickname "McGiver"?

[Drakeswood]

Any tips on learning more about those violations to watch out for?

[WiscoDogsDad]

Am I the only person who's mystified and amazed, that folks really live on a "budget" that gets so deep into the weeds, they're concerned about allocating/budgeting $6/month for "house washing" or $5/month for "flat work washing" ?

My theory on budgeting, goes back to a conversation I had with a friend, 30+ years ago at a political fundraiser.

I said, "we better get out of here now, before I need to take a 2nd mortgage on my house to satisfy everyone who's looking for money". He said, "I don't have a 1st mortgage". When I asked him about it, he said, "I only buy things that cost about 1/2 of what I can afford. Take my sailboat. I could have bought one for $200k, but I bought one for $100K, that way, when I need new "sails", I can easily afford the $25K". Made sense to me, even if I'm not a sailor.

[If ShippinguptoBoston reads this, ask me who the people were and you'll get a good laugh.)[/QUOTE]
Brian,

I appreciate and completely agree with your comments. Getting bogged down in minutiae is no way to live.

This will not be an ongoing budget document. I'm merely collecting ideas about costs that will PROBABLY be part of my post-work life in The Villages. I'm VASTLY more interested in the monthly/yearly "Big Round Number", than the picky details...but the big numbers are made of small numbers.

Apologies if my intent was unclear.

[WiscoDogsDad]

People who live and die by budgets and spending have money control issues. many have a paycheck to paycheck mentality of control. Its a planning illusion, but many have it, but its comforting to them to stay in financial control.

I have seen worse money behaviors in my family. I have seen a husband put his wife on an allowance so he controls all the money. I have seen a husband make his wife get a part time cashier job for her spending money, while he buys $80K trucks he doesn't need. I have seen people complain about paying taxes for being successful, so that they don't want to look wealthy, ie, can join in the complaining and look for handouts. I have seen people get angry about getting free stuff they don't need. I have seen people throw out itemized VISA bills and kept the monthly VISA payment check as proof of spending for tax deductions, such as medical expenses. .

If people are worried about running out of money, either they are neurotic about money or are living above their means. .

with finance(not accounting) maintenance is a funny expense. . Ask the consultants who routinely advise to cut maintenance since nothing bad has happened with a good maintenance plan.

either you save for it knowingly, or you pay as you go and take a bit more out of the IRA/savings than normal. . but its also a good way to see when you run out of money in the very, very long run. . of course they may not live that long, but no one knows when the end may come.
Thanks, Coach.

Please see my reply to Brian if you like. Have a fabulous day!

[LeRoySmith]

its comforting to them to stay in financial control

either they are neurotic about money or are living above their means



I think you're on something here.

I don't run on a strict budget but I do watch money like a hawk. I have always been very concerned about money, to the point of suffering now so that I can live well later - the trouble is I'm old as the hills and later may never arrive. I think this is the result of having depression age parents and starting with less than nothing. I have worked hard, saved hard, been really careful with money and lucky with investments. I always tell people (mostly my kids and wife) 'the wealthy stay wealthy by acting poor, the poor stay poor by acting wealthy'. I'm not sure where I stole that saying but I think there's a lot of truth to it.

We live well below our means but that doesn't stop me from wanting to watch money closely.

[bshuler]

Have not heard of that exemption. Will investigate and talk to my father to find out if he's leveraging it....many thanks!
I have been told the first thing to do after closing is head to the courthouse and file that Florida Homestead Exemption (https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx).

It will remove $50,000 of the taxable amount of your property. For example, if your property's taxable value is $300,000, you would only be taxed on $250,000. I haven't done this.. so correct me if this wrong.

When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the property’s taxable value by as much as $50,000.

Also .. The BIG one.. The Homestead exemption includes the SOH Assessment Limitation. This limits the amount of tax increase your property can be assessed for a few years. The PDF document for this is here (https://floridarevenue.com/property/Documents/pt112.pdf).

After the first year a home receives a homestead exemption and the property appraiser assesses it at just value, the assessment for each following year cannot increase more than 3 percent or the percent change in the Consumer Price Index (CPI), whichever is less.

[tophcfa]

I have been told the first thing to do after closing is head to the courthouse and file that Florida Homestead Exemption (https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx).

It will remove $50,000 of the taxable amount of your property. For example, if your property's taxable value is $300,000, you would only be taxed on $250,000. I haven't done this.. so correct me if this wrong.

When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the property’s taxable value by as much as $50,000.

Also .. The BIG one.. The Homestead exemption includes the SOH Assessment Limitation. This limits the amount of tax increase your property can be assessed for a few years. The PDF document for this is here (https://floridarevenue.com/property/Documents/pt112.pdf).

After the first year a home receives a homestead exemption and the property appraiser assesses it at just value, the assessment for each following year cannot increase more than 3 percent or the percent change in the Consumer Price Index (CPI), whichever is less.

You are referring to the “screw the part time resident exemption”. The county is going to raise the money they need regardless, so guess who makes up the difference. All else being equal, why should the taxes on a homeowner be different depending on how much time they spend at the home? A reasonable argument could be made that part time residents should pay less taxes because they tend to use less county funded services!

[CoachKandSportsguy]

I think you're on something here.

I don't run on a strict budget but I do watch money like a hawk. I have always been very concerned about money, to the point of suffering now so that I can live well later - the trouble is I'm old as the hills and later may never arrive. I think this is the result of having depression age parents and starting with less than nothing. I have worked hard, saved hard, been really careful with money and lucky with investments. I always tell people (mostly my kids and wife) 'the wealthy stay wealthy by acting poor, the poor stay poor by acting wealthy'. I'm not sure where I stole that saying but I think there's a lot of truth to it.

We live well below our means but that doesn't stop me from wanting to watch money closely.

I am planning on having dinner with you in January.

I think this is the result of having depression age parents and starting with less than nothing. I had depression era parents as well. They didn't assimilate into the modern technology world very well. Most depression era survivors didn't emerge with much BUT their skills and work ethic. I can't image living in the era, but it will happen again some day.

If the image of spending is uploaded, that is the tax deductions for the house being a rental in an LLC. Much different than just spending time doing accounting work 'cause I love it.

note that I just had major buckets of spending.
and the maintenance saving are again estimates, sh!t can happen at any time.

So for us, Social Security will be 70K+
housing cost at $25K per year
leaves enough for groceries, and some retirement vacations!

groceries can eat up a lot more of the budget than one might think
$400 per week = $20K per year. . almost as much as the cost of the house!

[WiscoDogsDad]

I think you're on something here.

I don't run on a strict budget but I do watch money like a hawk. I have always been very concerned about money, to the point of suffering now so that I can live well later - the trouble is I'm old as the hills and later may never arrive. I think this is the result of having depression age parents and starting with less than nothing. I have worked hard, saved hard, been really careful with money and lucky with investments. I always tell people (mostly my kids and wife) 'the wealthy stay wealthy by acting poor, the poor stay poor by acting wealthy'. I'm not sure where I stole that saying but I think there's a lot of truth to it.

We live well below our means but that doesn't stop me from wanting to watch money closely.
LeRoy,

With your permission, I'm going to steal that quote....it suits my perspective.

I'm acting poor....

[LeRoySmith]

LeRoy,

With your permission, I'm going to steal that quote....it suits my perspective.

I'm acting poor....

I shamelessly steal great ideas and encourage others to do the same.

[justjim]

HOWDY!

My plan is to be a Villages home owner by the end of next summer. I'm a planner.

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

It is...as far as I know...fairly comprehensive as it's been compiled with the help of my ten-year Villages veterans....my parents.

If you were blindsided by any monthly home costs, I would appreciate your insight.

You have my appreciation, in advance.

Monthly home costs was not blindsided. At closing, the actual closing cost I was because the costs in Florida were much higher than any closing cost I ever paid in Tennessee or Illinois.

[bshuler]

If you buy a new home there will be an annual bond payment and probably a maintenance fee. The sales staff may gloss over these expenses, but ours turned out to be over $2000/year, and that is on the low side. (Purchased our home approx 10 yrs ago). On bonds for new homes..
There are 5 new Designer Home (https://www.thevillages.com/whats-new/homes/discover-new-designer-floor-plans-in-shady-brook/) models announced this week. Several are for sale in the far south of Moultrie Creek (Andrew Machol Ct) in the village of Shady Brook.
Their bond is 222V Sumter County (https://www.districtgov.org/departments/Finance/amortization/Sumter/District%2015/S15%20-%20Unit%20220V%20Avery%20Villas.pdf). The bond is over $50,000 at 5.15% interest that's $230 a month. Patio Villa is half that in same area.

[Bwanajim]

Your estimate for electricity seems low. Depends on the size of your house. Mine averages about 225 a month at my house is 1900 ft.².

[CoachKandSportsguy]

Your estimate for electricity seems low. Depends on the size of your house. Mine averages about 225 a month at my house is 1900 ft.².

all depends upon which electric supplier you have,
DUKE or SECO

All depends upon whether you have a pool or how hard your air conditioner has to work. along with a few other usage items. .

So you need to be a bit more specific about your higher monthly payment.

its never just right or wrong. .

[BrianL99]

You are referring to the “screw the part time resident exemption”. The county is going to raise the money they need regardless, so guess who makes up the difference. All else being equal, why should the taxes on a homeowner be different depending on how much time they spend at the home? A reasonable argument could be made that part time residents should pay less taxes because they tend to use less county funded services!

In South Carolina, they have an interesting Real Estate Tax system. I looked at a gorgeous home for sale on a lake, with 2 golf courses (before I bought in TV). The house was about $400K. Taxes on the home as a "non-resident" would have been about $6500 year. If I was an actual "resident" of the state, taxes would have been about $2500. It seems that Residents of a home do not pay for any part of the school budget (although they're the ones who are likely to have school age children). Only part-time residents and investors pay for the schools. Also, "owner occupied" homes at taxed at a valuation of 4% vs 6% for investor owned or 2nd homes.

(I'm fairly certain I have those facts mostly correct. When I heard about it, I stopped paying attention and focused on buying in another state.)

Apparently it's the only state that does this.

[Flamingo2]

I would plan a significant allowance for eating out, including drinks! The first year or two you live here you will likely have a very active social life!

[mrf6969]

Your estimate for electricity seems low. Depends on the size of your house. Mine averages about 225 a month at my house is 1900 ft.².

Holy Moly, $225 a month? Our 2100 square foot home around Sumter is half of that, now.
You have a swimming pool? Hot tub?

[Michael 61]

I think electric is a bargain here - I lived in Las Vegas for a few years in the late 90s, and my monthly summer electric bill reached over $500 several times. (And that was for a 2-bedroom condo)

[LeRoySmith]

I think electric is a bargain here - I lived in Las Vegas for a few years in the late 90s, and my monthly summer electric bill reached over $500 several times. (And that was for a 2-bedroom condo)

Same story in Dallas, 450 a month wasn't unusual in the summer (large house 3500sq' and large pool 17000 gal). We are well under half that here with a smaller house 2000sq' and larger pool 19000 gal. This was all 6 years ago. I bet it's even worse now.

[bjansson]

One thing I wasn't expecting was the homestead exemption and one particular rule. I have my home in an LLC. In Idaho I still qualify for a homestead exemption but not in Florida. If I want to protect my home and keep it out of my name it has to be in a trust to get that exemption. They won't tell you that until it's past the expiration date. That cost me an extra $1000. :faint: