Looking for advice
 

My wife and I are visiting TV this weekend. Our second visit. Our plan is to tour the model homes (we like the Lilly), decide on a lot, return to Chattanooga, and noodle on it for a week or so. If we then decide the Villages is where we want to spend our retirment, we will make the down payment on the lot, and plan to build within the next six months to a year. Would anyone like to comment, or share their experience with a similar plan? Any caveats relative to the sales pitch we will receive would be appreciated.

Trust me, you won't get much of a sales pitch per se. The sales reps pretty much just tell you about various aspects of TV, answer your questions, and try to get a feel for what all you're thinking. No heavy-handed, high pressure sales job!!

Bill :)

totally agree with the above post...no sales pitch. The decision is yours and yours only. BUT I have to add..... if you want my 2 cents.... you will be swayed as 80,000 other folks have regarding the "Lifestyle" for your future retirement. Granted we have had people over that this was not for them....and to be honest with you knowing these people we had to agree...but they are far and few between. The decision is all yours...you wil NOT find this to be a timeshare presentation.

AS a first poster where are you from?? Suggest trying to tie up with some ome people...that always helps!

That sounds like a good plan. We did basically the same.

The length of time you wish to hold the lot will determine how large a deposit you will be asked to put down. Your rep will have all the current numbers. A year ago it was $2500 for 3 months, $5000 for six months, and $7500 for 12 months.

Hello Hawkeye Fan,

Are you from Iowa? I was born and raised in Dubuque. I have lived in the Chicago area for 32 yrs. but I still get back to the Hawkeye state every few months to see my dad. I think "noodling" for a week or so is a good plan. Moving is stressful even if you are going to a long awaited destination, and you want to be sure you are comfortable with your decision. Good luck to you and your wife in whatever decision you come to. :welcome:

The new homes are fun to look at but have you considered a resale home? The deals on resales are very good. You can negotiate price with them and you cannot do that on a new home. The bond is much lower on a resale home, too. Some of the new home bonds are $30000 and up. I bought a resale home 2 years ago and my bond was $2,500. Big difference in the price and in the annual tax bill.

Just think about it.

Excellent point tbugs, I would add that with resale you can also pick an area that might be more to your liking, close to a square, close to restaurants, etc....gn

Good plan, HawkeyeFan, but listen to Tbugs and others and consider a resale. That being said, you will need a second sales rep, one who IS NOT working for TV. The TV sales reps can only show you homes, lots, etc., for sale by their office; an independent agent can show you all the ones not listed through The Villages. As someone pointed out, lots of real deals on reslaes, plus mature landscaping, sometimes upgrades in place that you can see, etc. Best of all (look out for this, it is not talked up much) on a resale the bond may be partially or (in some cases) fully paid off. On a new home you will have a brand new bond and they are big now - I forget exactly what they are but $20,000 in not unusual. Your biggest challange will be the short time you will be here (I presume you are on a Lifestyle Visit) to look around and see what's available.

I am a former Chattanoogan (Brainard, East Ridge, and Ooltewah area) and love it here. Still have family in Chattanooga (East Brainard) so do visit there sometimes.

Thanks everyone for the quick responses. We will certainly consider looking at resales.

I bought the "Don't Even Think About......" book and found it to be quite informative. On the issue of the bond, can it be included in the mortgage? Is it tax deductible?

We are originally from Fort Madison, IA. I graduated University of Iowa 1970. We have lived in Chattanooga (Hixson), TN for the past 33 years. I'm an avid tennis player and the availability of tennis facilities has been an important element of our retirment commuity search. My wife Peg enjoys cooking, trying new recipes, reading and learning about cooking, and water aerobics. She wants a pool. I'm not so sure about that. Will have to do some research on upkeep and utilities costs. Decisions, decisions.....

Bonds on the new homes are in the $20,000 - $30,000 range with the villas being less.

I was curious about the bond on the new Premier homes at Bridgeport of Laurel Valley (on 466) so I called Villages Properties. The bond on those home is $50,000!!! And they are either all or mostly sold, too.

Bryan is 100% right in saying you have to have 2 real estate agents in order to see both Villages Properties listings and MLS listings. Neither can show both.

HawkeyeFan..the bond can be paid through your mortgage via escrow, just like your insurance and taxes. Not sure if it's tax deductable Best of luck to you on your househunting.

HawkeyeFan:

:welcome: to TOTV. I see you are new to this forum.

There's something to be said for both new and resale homes.

Some people prefer a new home that no one has lived in, built to their likes and the newer neighborhoods to seem to have younger residents.

Resales are another option that some people prefer as they have mature landscaping and little or no bond.

My impression is that no matter where you decide to live in TV will be a good choice. Another thing to consider is if you want to be closer to shopping, doctors, rec centers, etc, as opposed to the squares. Some have pointed that as time goes on, they visit the squares less often.

Other members could tell you whether the bond can be included with your mortgage or tax deductible as I am a wannabee.

Look at the "nuts and bolts" section as that will be helpful with things you need to do.

Like you said, "decisions, decisions, decisions".

When you head starts spinninning, take a break. :)

Just be aware that you may not have a week to noodle about the lot you pick. While you're thinking about it, someone else may snatch it up! Great lots and homes can be sold within hours of putting them on the market. Have fun!!

MustangSally:

On second thought, you've made an excellent point.

Real estate does move very fast in TV as oppossed to other parts of the country.

A reinforcement that waiting may not be the best plan!

It may not be quite so frantic as it was when I bought in Sep '04, but know that way back then, I had 2 hours - or, in a stretch, 3 - to put down my deposit on my selected lot, or it might well be gone!

The bigger The Villages becomes, the more I think resales may satisfy the majority!

Whatever, welcome to TV and TOTV!!!!!!!!!!!!!!!

SWR
:beer3:

Welcome HawkeyeFan,

The bond is not tax deductible. Whether it can be included in your mortgage might depend upon your lender and the amount of your down payment. I would think it would be no problem though including it with your escrow, if you use one.

Keep in mind that there is only one time a year when you can pay the full bond without penalty. So you might not want to pay off the bond when you buy your home, depending on when that is.

Otherwise, you pay it off annually for 30 years. The amount of the bond, and the interest rate, depend upon the location of your home. Your sales agent can advise.

I agree with others that you can find some great deals on resales. As others have said, you will need both a TV sales agent and an MLS Realtor as they do not share listings. Ask for a written "buyers agent" agreement with your MLS Realtor.

Whether buying new or resale, be sure to find out how much the bond is and consider that as part of your total purchase price. Some resales have little or no bond left.

Here is a link to the very helpful Nuts and Bolts.

Happy house hunting in Lower Paradise. Please keep us posted.

I forgot to mention one thing. Right now I think it is a sellers market on the new lots-- they go very quickly-- but a buyers market on resales. As big as TV is, there is a decent supply of resales, and you can take your time and negotiate.

All best wishes!

Thank you all for the comments and advice. We selected our lot this weekend and made the deposit. We will be in Tamarin Grove, overlooking the lake, on Dividing Creek Path. We are probably about eight to ten months from starting construction, but looking forward meeting new neighbors, and making new friends.

Congrats, HawkeyeFan. We are currently building on the east end of Ansley path. See ya at the pool. And we'll have to watch a few Big Ten football and basketball games together... ILL-INI!!!

Glad to hear there will be another tennis player in Tamarind Grove. I am from Texas and will be looking for hitting buddies. We will be building in Oct. and moving around the first of the new year. Did you play league tennis? I was a 4.5, but have not hit a ball in 5 years. I am really looking forward to getting the court again.
B&BTexas

So very happy for you!!! We are closing the end of July and we are also building a Lily. Is your lot big enough for a pool? We did a few stretches on our home and also put a pool in.

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Tbug is right on this and all his previous post. If you want a plus 70 village with no bond then go north. If you want a plus 55 village with your peers...My opinion...buy new.

let us know if you are interested in renting a designer home in Liberty Park while looking/waiting. We just had it updated and is available starting Aug 1.

Welcome "Grover", this is how we refer to ourselves in the Tamarind Grove Village Area. I am around the corner from you on Tamarind Grove Run, lot 153. I'm not far from you as well in Western NC, just over the TN line by seven miles, 15 miles from Murphy. Good luck on all your plans, and you have made a very wise decision.

One thing to note here. As it has been mentioned, the bond itself is not tax deductible. As a result the 7% interest you will pay on the unpaid balance is not either. One way around this is to include the bond into the mortgage if your property appraises for enough to be included in the loan. That way, the interest will be tax deductible and also around 4 or 5% instead of the 7%.