The Lofts
 

Can you please comment on living in the lofts? What do you like and don’t like about it?

lofts
 

We lived there for 4 months was fine if you like apartment living paid high rent to share pool with all the villages. They were not as nice as others and much more expensive I guess I was expecting more from the Villages.

When lofts were opened, we went to look at them for in-law. Nothing special, it’s an apartment. The drawback was only 1 year lease, and no sublet. A 3 bedroom house was about half than renting a 1 bed loft. Looks like that has changed if poster only stayed 4 months

Long Wait List
 

When I inquired, back in 2021, about vacancies -- was told there was a long, long wait list. Years as I recall. That alone may inhibit your ability to live there.

The problem with their wait list is that they don't require any deposit to get on it, and they don't follow up with those who are on the list. So, if all you do is to keep adding names to the list and never remove inactive names, the list will just continue to get longer.

If you can afford to pay cash for a villa, you can get the same square footage and the same amenities as The Lofts for a third of the monthly cost. I don't see any advantage to living at The Lofts.

You don't have to maintain the landscaping. You don't have to "go" anywhere to get to the pool. The rec center is downstairs. They have their own outdoor BBQ firepit and kitchen. Secure access to the building. The property has its own gated entry.

No lawn mowing, no weeding, no external pesticide costs, you don't have to pay for the roof replacement, or property insurance. Rental insurance is dirt-cheap.

There are LOTS of advantages to apartment living, but not everyone cares about those advantages. For people who do care about them, the Lofts are a great option.

Wasn't one of the reasons for them was to provide rental cash flow? They will probably build more apartments if demand remains high.

They were originally supposed to build "Lofts" in Richmond. That got shelved in favor of more houses. Although there is still a large parcel just before you come to the first bridge going into Brownwood. Not sure if they're holding that for commercial or maybe apartments.

There are good reasons not to pay cash for a home but rent instead.

1. You can invest the money you would have used to pay cash for a home. The interest earned can be used to help pay the rent. This will reduce out of pocket rent expense.

2. No additional costs. Property taxes, insurance, bond, amenity fees, lawn service etc. cost an additional $1000+ a month for homeowners.

3. Easy living in an apartment. No time spent on mowing the lawn, gardening, bug control, painting/spraywashing, the house etc. etc.

4. When an appliance, roof, carpet, flooring, etc needs replaced, a homeowner must pay for it. A renter does not have this expense.

The question is: Will you earn more money investing in a home or investing the cash?

I need to take issue with your post. I have a courtyard villa and my monthly cost to move into The Lofts would triple. I have done the math down to the penny, having lived in the villa for 7 years. The costs you cited are all included in my calculations. I pay someone to do all of the landscaping, so I have no maintenance work. My total cost per month for all of the things you mentioned is less than $900 per month, not $1,000 plus. Yes, you do earn interest on the money in the villa, but, you need to also consider the annual increase in the value for the villa, which is a wash at best. Also, the interest on the value of the villa is taxable income, but the income from an increase in the value of the villa is tax free because it is your primary residence.

$400 property taxes, $189 amenity fee, $250 insurance, $50 lawn service, plus I included $100 for other fees of maintaining home. Total $989. In my opinion, these are average costs. Yours may vary. My 1000 plus figure comes in for the purchase of new appliances, a new roof, landscaping, remodel, etc. These fees should not be ignored.

I did say a person has to determine if investing in a home is better than the income you will make by investing the cash. That is the choice everyone must make. For some it will be investing the cash, for others a home is wiser. It depends on your circumstance. Renting is not always a bad choice.

That $900/month doesn't include the purchase price of the home. Not everyone can afford to pay cash for a house. Some people mortgage their homes. You have to build that into the price when you're comparing to rental properties. How much would it cost, monthly, to pay premiums and interest for a 15-year mortgage, compared to how much it'd cost monthly to pay for rent.

If you read the thread, the scenario we are speaking about is paying cash for a new home vrs investing that cash and rent.

My scenario: Pay $450,000 cash for a home plus closing costs. You still have $1000 a month in fees. (property taxes, insurance, amenity, lawn, maintenance)

Or, invest the $450,000 and rent. The money you earn on the investment can be used to reduce the rent.

I have a dear friend who decided to rent. Her husband recently passed away, she sold the home, and is living off the investments. She says she now has more disposable cash and is using it for pleasure. When owning the home, most of the leftover monthly money had to be used to maintain the home. She is quite happy living a maintenance-free life.

lofts
 

I bought a new house from the villages they cancelled my lease. It was house number 9 in the villages. I really like the smell of a new house.

Pity the poor OP who got virtually no information about what he was asking for. The OP wanted opinion about the experience of living at the lofts, not whether you would choose to live there or not.

Don't forget the cost of a new roof on houses.

Hopefully, someone who actually rented at The Lofts or has a friend or relative who lives there will answer these questions for the OP: Are the apartments noisy or quiet? Is the pool pleasantly crowded or overcrowded? Same for rec room and BBQs. What's that renter's "things I like" list and "things I wish were better" list. How's storage? Is there extra available and is there a cost associated with that? What's the pet policy? How's parking? Clearly, I don't know the answers to these questions, but just trying to steer the bus back toward the original OP's post, with apologies, folks. I know how we can get off track, moi included :)

If you are drinker, you have several good choices for restaurants with bars you can walk to.

You are within walking distance to Eisenhower Center and a Publix shopping center.

After the recent runup in housing prices which I believe have peaked, the financial advantages have been greatly diminished. So rent and wait for the next housing collapse.

Typical thread hijacking. Some folks just can't resist.

I can't answer because I don't live there, but I often wonder why TV doesn't build condos. There are many widows in TV, who would undoubtedly like to not have to deal with a house, but would like to live out their days here where their friends are. Condos are the perfect solution.

Point taken. But I am not sure that comparing the cost of The Lofts to home ownership is that far off the topic.

I think your age should be considered as well.. we are not building a nest egg at this stage of the game, we're trying to live off the one we hopefully still have...

Wonder if anyone living in the Lofts actually posts here?

Parking is a space as long as it’s not near the pool is not a problem. If you want a covered space, a garage you must add that cost to your rent, if one is available. If you have a golf cart it sits in the elements.

We found noise is about the people next door, not issues with the walls. If they are extremely hard of hearing, and many are, their CW music is very loud, and one can hear the yelling in the halls. Pool isn’t any busier than any other neighborhood pool.

Didn’t have pets so not on the list, but they have a small dog area. The cost for a one bed, was $300 more than renting a PV. Both needed renter insurance, WiFi, streaming, electricity, furniture (both lofts and PV furnished for a fee). PV was 2 bed more SF. The lack of garage, ability to store was more of a deciding factor, than the $300 difference