Ongoing bond assessment
 

My husband and I have an option on a lot in Sanibel. Someone told a friend of mine that even after the bond is paid on a home, there would be an annual fee of approximately $700.00 yearly. This is a surprise to me. Does anyone out there know if this is true?

Monthly fee
 

Probably for maintenance. Nothing more due for the bond.

If you put a deposit on a lot. Your paper work should have the annual maintenance amount.

From Nuts & Bolts Thread by Zcaveman.
"The bond pays for the infrastructure. You will be assessed an annual charge on your tax bill for the ongoing maintenance in your CDD (mowing, plants, cleanup, etc). This amount is determined annually by your CDD. It varies by CDD"

I thought your monthly amenity charge covers the mowing, plants, etc.

John

The amenity fees cover the cost of the executive courses, recreation centers, pools, etc. . It is paid to the central districts on a monthly basis.

From the same source:
"Amenity Fees
Amenities fees are used to pay for the upkeep of recreational facilities. Check with your sales person to find out what the current starting fee is. The Deed Restrictions document outlines the Amenity process and the rate. Basically, the fees go up annually based on the Consumer Price Index (CPI). Please check your Deed Restrictions to see what your terms are. If you purchase a pre-owned home, there are differences. The start of your amenity fees is the date of the contract for purchase of the lot. I am not sure but I think the contract signing date of the original house is used for pre-owned homes. Not positive on that."

Yes, there is an annual maintenance fee of about $700 that is separate from your bond. There is also the ammenity fee that is paid monthly. They cover different things. Do not forget the annual trail fee if you use a golf cart at the golf courses of about $142. :boxing2:

I heard that once your District becomes autonomous, even if you paid your bond in full, they begin another one to pay for the recreation centers. Is that right?

No. You heard wrong.

Is the $700 billed at year end?

It is part of your annual tax bill.

Maintenance, bond,Taxes
 

Made settlement in Sanibel on a designer home in Jan. The maintenance fee for district 9 is $911.06 per year. The bond payoff is $20,269 or about $1713.56 per year for 30 years. (6.963% interest rate). $100 of the yearly bond payment goes to the county as a fee for collecting the bond. The total before property taxes is $2624.62. Since the the C.O. on my house was pulled in 2012 I will not know my property tax amount until 2013. I think my property taxes will be about $2,800 with homestead for a grand total of $5,424.62 per year. :faint:

Annual costs
 

Thanks for divulging your info. We purchased a lot in Fernandina in April and I recall our agent advising expect to pay about $6000.

What's interesting is the non tax deductible interest on the bond plus the $100/year charge. I've been an advocate of paying off the bond and with mortgage rates sub 4% it seems to me that it makes very good sense, IMHO

I would say that might be a good idea but check with a financial advisor.

I bought a re-sale home 3 years ago and it had every extra in it that I could imagine plus a golf course view. The price was negotiable with the owner since he needed money to buy his new place. No construction going on around me. Mature landscaping. Instead of $20,000 bond, it had $1500 left on the bond. Re-sales are always worth checking out before buying a lot in a new section.

Annual maintenance assessments are often a lot less in established neighborhoods also.