[kstew43]

I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?

[graciegirl]

Originally Posted by kstew43

I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?

Because "they" wanted it to happen.

Kstew, Is the non village development where you live in Lake County?

I have heard this said many times; that Lake County initially was not very cooperative or hospitable to the people developing The Villages in the past and The Villages avoided going back "into" their territory for some time..

But now it appears to be in their "best interest" to have a bunch of nice old people like us live there. Whadyya think?

I love living in Sumter County. Glad there is no pee in Lake Sumter too.

[cmj1210]

Originally Posted by kstew43

I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?

And the taxes in Lake County are higher too...

[Villageswimmer]

Originally Posted by kstew43

I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?

Interesting post. Thanks. Does this change include bonds for the new cottages in the historic area?

[Pmount]

We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes

[graciegirl]

Originally Posted by naneiben

Interesting post. Thanks. Does this change include bonds for the new cottages in the historic area?

No.

Remember, Bonds are for infrastructure, water lines, electrical lines, golf courses, etc. etc. They are already there in the historical part.

Those new homes are very fairly priced for what the developer paid for the land. I like the fact that they are trying to keep the older areas up to par with the new ones.

[graciegirl]

Originally Posted by Pmount

We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes

Was this an MLS realtor or a Villages sales person?

Remember, no outside realtors can sell new homes in The Villages. It is wise to have both and work with both. And compare information from both and then use your very wise intuition. That is the benefit of being older.

[Pmount]

It was a Village sales person

[Villageswimmer]

Originally Posted by Pmount

We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes

Not sure I understand what you mean about "maintenance assume that was 578.09 per year..." Could you please 'splain?

Also, isn't that bond high for a cottage? I thought 25k was about par for a designer?

[Villageswimmer]

Originally Posted by graciegirl

No.

Remember, Bonds are for infrastructure, water lines, electrical lines, golf courses, etc. etc. They are already there in the historical part.

Those new homes are very fairly priced for what the developer paid for the land. I like the fact that they are trying to keep the older areas up to par with the new ones.

Ohhh...good point.

[Pmount]

I was told annual maintanance fee of the $550. Spell checker got me! I thought the bond and taxes were very high so have stopped looking. Good point about Silver Lakes, not sure I wanted to live there but if no bond it might help. Have not been interested enough to get all the cost on one of those.

[Villageswimmer]

Originally Posted by Pmount

I was told annual maintanance fee of the $550. Spell checker got me! I thought the bond and taxes were very high so have stopped looking. Good point about Silver Lakes, not sure I wanted to live there but if no bond it might help. Have not been interested enough to get all the cost on one of those.

I think you're very wise to consider all related costs before jumping in. It's not just the bond principal...be sure to ask for the Amortization schedule so you can see how much you'll pay for interest and admin fees over the years if you don't pay it off. It's quite an eye opener. Interest rates have gone down somewhat, but ours was 6.125. Pretty hefty.

[kstew43]

I do own a home in Leesburg,55+ community, established right about the same time as TV. we have no bond being in Lake county and our millage tax rate is I think slightly higher than our home in Sumter.

But we do not have a bond attached, and If I look at my Sumter county home(bond paid at closing) vs the Lake county home, it doesn't add up to the difference of financing a bond.

$25,000 x 30 years at 7 percent adds an additional $19000 interest financed over the 30 years.

out of your pocket..

I know you will say, I will never live that long......but that house will forever have a bond payment, 30 years anyway, whether you pay it or not. Somebody will.

Funny how everyone thought the bond was to be placed into the home price in Lake.....But financialy, the developer will make lots more money adding a bond rather than raising the price of the home.

[kstew43]

Originally Posted by naneiben

I think you're very wise to consider all related costs before jumping in. It's not just the bond principal...be sure to ask for the Amortization schedule so you can see how much you'll pay for interest and admin fees over the years if you don't pay it off. It's quite an eye opener. Interest rates have gone down somewhat, but ours was 6.125. Pretty hefty.

Lake county taxes plus fruitland park taxes, plus the $25K bond......plus the yearly matainance charges of $590.....

.Lots to think about...

[kstew43]

Sumter County Millage rate....12,2918

Lake County Millage rate 15,7924

no homestead