[duffysmom]

Hi All,

We currently live on Hutchinson Island, Florida, and have our condo up for sale. As soon as it sells we are moving to TV. We rented last Summer for a month and love the life style. We notice that the market for homes has changed dramatically in recent months and would like some information on new construction. We plan on buying a designer home and would like to know what the bonds are currently. We have heard that they are considerable. I have done a search on closing costs and see that they are constantly changing. Can someone enlighten me on the current costs. That would be the Bond and closing costs.

Thanks

[Barefoot]

To get the most up-to-date information, any Village Sales Agent should be able to explain the bonds and closing costs on new homes to you. Of course they vary depending on the price of the house you buy, whether you opt for title insurance, etc. There has also been considerable discussion of bonds on this website. If you click the search button at the top of the page you will find an abundance of information on many topics.

Welcome to TOTV, I'm sure you'll grow to love this site as much as we all do.

[Fourpar]

Duffysmom,

Indeed the market has changed...a bunch! We bought in May 2007 (CSB Designer, New) and walked away from closing feeling we'd been raped. Not that we were not told about the closing costs, bond, etc. Just the preponderance of charges on our side of the ledger vs selling side. Charges like Electric meter & service fee, Utility hook up fee, City/County Permit/Impact Fees, Mail Box Fee, Water Usage Fee, Water Assessment Fee, Fire Assessment fee...you get the picture. Oh, and the Bond(s). Yes, there is a Special Assessment Bond, and a Special Assessment Maintenance Fee too.

I have a friend who is now looking at new homes there, and the tune is totally different. His sales person is telling him that the Seller will pay all of those charges. That however is just hearsay at this point. I am of the "show me" ilk. It'll be interesting to see what really happens at his closing.

My advice (and I have 18+ years as RE Broker in FL) is to ask questions about all, and request they put answers in writing, before you commit to anything with TV. Resales are a total different animal. They are pretty much as anywhere else, save the Bond thing. Again, all should be in the contract to purchase.

Good Luck,

[duffysmom]

Fourpar, thanks for your thoughtful response. I have heard that TV was willing to pay closing costs and should we buy new I will take your advice and get everything in writing.

Barefoot, we too love this site and all the great information.

[TomW]

When we close on a home here in Indiana, we get a document called a "Good Faith Estimate" of closing costs and charges that we will be paying at closing. Everyone understands that the estimated amount may vary a little but generally there are no big surprises. In the last 35 years we have bought 7 new homes and were furnished with this type document prior to every closing. Does Florida have something similar to the good faith estimate? Some of the posts here would lead one to think that there will be several unpleasant surprises at closing.

[Fourpar]

Originally Posted by TomW

When we close on a home here in Indiana, we get a document called a "Good Faith Estimate" of closing costs and charges that we will be paying at closing. Everyone understands that the estimated amount may vary a little but generally there are no big surprises. In the last 35 years we have bought 7 new homes and were furnished with this type document prior to every closing. Does Florida have something similar to the good faith estimate? Some of the posts here would lead one to think that there will be several unpleasant surprises at closing.

Yes, it's the same in Florida. Matter of fact the requirement for those "Good Faith Disclosures" is codified in HUD regulations, more specifically the Real Estate Settlement Procedures Act (RESPA). However, when you get to the closing table the environment and the papers are no longer "estimates". And the variances between estimated and real can indeed be significant. And at that point, you sign and press on because of that environment.

Many of the disclosures are loan related, and those tend to be pretty accurate. But there are also some that depend on Broker or Owner, Lawyer or Title company to disclose. These get a bit fuzzy sometimes. Therein lies most of the variances.

Hopefully all will go well for you. And you can help make sure that happens by asking questions, and making sure all is explained to your satisfaction (in writing) well in advance.

That's my take after 18+ years as a RE Broker in Florida.

[ldj1938]

Bond on the new premier homes runs between $45,000 & $47,000. Doesn't that make your bond seem a lot less? My advice would be to buy an existing home. We live in Santo Domingo and there are some really nice homes for sale here. Love the location. Convenient to everything and a well established village.

[TomW]

Fourpar,
Thanks for the info. May need to consult you again when closing looms.

[Grill Meister]

Some time back I read a response from one of the posters that listed the benefits when purchasing an existing house versus purchasing a new one, ie., inclusion of landscaping, driveway pavers, etc.

I hope whoever wrote that list reads my note and will republish. I am giving consideration to selling my home in The Villages to upgrade to a new house on one of the golf courses and I would like to point out the benefits of purchasing my house to buying new.

HELP????[/FONT]

[katezbox]

Gilmer,

Click on the search button above and then do an advanced search. There have been several threads on this and you should find them easily.

[champion6]

GILMERMURRAY,

You might be thinking of this thread: https://www.talkofthevillages.com/fo...d.php?p=222228 Post #6 lists the cost of after market upgrades.

I hope this helps.