[MidWestIA]

Dunedin amenity $200

[DrHitch]

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.

[asianthree]

OP If you view my earlier post#21, I am the person who keep down to the penny every expense.

While a Patio Villa, 2/2 is the lowest price range the yearly expenses for everything is only $300 less per year than a 3/2 cottage. Since you are WFH that 3rd bedroom could be your permanent office, still leaving a “just in case guest room.”

That said you have advantage that your parents are here, and know the area, so it maybe where you want to buy. But we found that living in older neighborhoods was like living with my parents. While we loved our parents one should never go home again.

We did live between the 6’s with a house in Pennacamp, Fernandinia, and Duval. So 2 new one preowned, that by year 10-12 everything imaginable started to need replaced as I listed. Our homeowners doubled at 12 years because of age of roof, HVAC, Hotwater tank. So if you look at preowned, one need to factor in those expenses I listed.

We needed safe walking/bike paths, and south of 44 became our fourth home. New house is so much less costly, and the younger vibe in the neighborhood is well worth the move. Of course we are now in the 20% of older residents, with many in their 40s, 50’s very early 60’s. With fair amount of WFH.

[WiscoDogsDad]

Originally Posted by DrHitch

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.

Thanks, Doc.

I'm carrying about $33K, so I might be a little light....thanks for the insight.

[WiscoDogsDad]

Originally Posted by asianthree

OP If you view my earlier post#21, I am the person who keep down to the penny every expense.

While a Patio Villa, 2/2 is the lowest price range the yearly expenses for everything is only $300 less per year than a 3/2 cottage. Since you are WFH that 3rd bedroom could be your permanent office, still leaving a “just in case guest room.”

That said you have advantage that your parents are here, and know the area, so it maybe where you want to buy. But we found that living in older neighborhoods was like living with my parents. While we loved our parents one should never go home again.

We did live between the 6’s with a house in Pennacamp, Fernandinia, and Duval. So 2 new one preowned, that by year 10-12 everything imaginable started to need replaced as I listed. Our homeowners doubled at 12 years because of age of roof, HVAC, Hotwater tank. So if you look at preowned, one need to factor in those expenses I listed.

We needed safe walking/bike paths, and south of 44 became our fourth home. New house is so much less costly, and the younger vibe in the neighborhood is well worth the move. Of course we are now in the 20% of older residents, with many in their 40s, 50’s very early 60’s. With fair amount of WFH.

Thanks, A3!

You make a VERY sound point that has been on my mind....the expectable ages of my neighbors. I completely agree that it is a significant consideration.

My folks are "between the sixes". That comes with very significant advantages of proximity to amenities...shopping, entertainment, etc....but that will be (my assumption) a more mature set of neighbors, on average.

As I look down south, I recognize that the likelihood of having neighbors closer to my age, goes up as I look at potentially buying new. Eastport will, as I perceive the intent, soon be filling the needs of southern Villagers now filled by Lake Sumter Landing, Spanish Springs, and Brownwood.

Buying new comes with a different set of costs, but has the allure of being a "blank canvas" on which I can paint while I'm working from home....upfit it to my exact tastes, out of employment income..

Can I hire you to be my consultant?
:-)

[ElDiabloJoe]

Originally Posted by DrHitch

Dick Betts Realty did a similar spreadsheet... The TOTAL carrying cost including a mortgage he estimated at $35,000 per year.

Holy Crap! Is that ALL costs of living or JUST carrying costs of the house? To me, ALL costs include gasoline, car insurance, health insurance, groceries, dining, clothing, etc. CARRYING costs are just house expenses (lawn care, electricity, property taxes, pest control, homeowners insurance, water, sewer, etc.).

[Jhrath7@gmail.com]

Originally Posted by Bill14564

Three that I can think of:

1. Homeowners insurance. Mine was initially lower but, as everyone knows, it has increased recently. That would be something for you to watch out for.

2. Property tax (at least for pre-owned homes). The year you purchase your home you will pay tax based on the previous owner's assessments and exemptions. The next year those will reset to your purchase price (which will be higher) and your exemptions (which will be lower). This could result in a significant jump in property tax.

3. Amenity fee. The fee that the current owner is paying is likely less than the fee that you will pay. Their fee was established when they purchased the home and has increased steadily since. It is likely that it has not increased to be the same amount as the current fee set when the home changes hands. For example, they may be paying $170/month while yours might be set at $195. Not a showstopper but maybe an unexpected adjustment.

Also payment for fire dept

[clouwho]

Check out “the villages newcomers” YouTube channel and search for their most recent annual budget video. It is very representative of what I would call an average villagers lifestyle costs. My friends and I find it to be very close to our own costs to live here. Jerry is a veteran so some of his costs are reduced for the generous veterans discounts here in Florida.
I am a budgeted, saver, and over-planner (which it sounds like you are also) and have tracked my income and expenses for 50 years and will P.M. you areas of concern based on huge increases across certain areas since we moved to TV full time 5 years ago. I don’t have time right now to open software and get hard numbers and I do want to be specific with someone such as yourself.
You will do great here!
My husband and I did the same kind of path to retirement you are choosing. He was engineer with same company in Georgia for 32 years. When we decided we wanted to retire to TV when he turned 64, he let his boss know he did not want to retire yet, but that we were definitely moving to TV. They did not want him to leave so they created their first “remote” employee position.
It worked fabulously. He worked full time year 1, 30-hour week year 2, 20-hour week year 3 (and started training his replacement), 10-hour week year 4. We maintained his company insurance, 401k match etc for those 4 years.
This allowed us to be debt and mortgage-free when he retired 12/23 at 68. Those extra 4 years also allowed us to create a nice travel fund, a more than adequate home maintenance and repair fund, college funds for grands, and increase our SSA payments by delaying filing.
And at the same time my husband got to enjoy the pleasures of retired life here in TV before and after work hours. We know several people who are choosing this path and have heard of a whole lot more who are moving here in their early 50s to have the best of both worlds.
I wish you a successful transition and happy house hunting. Make sure you work with both an MLS realtor and a Villages sales person to optimize your offerings. READ the Villages sales contract carefully. It is NOT a standard Florida real estate contract. We dealt with The Villages on our investment home and said never again. MLS realtor and standard Florida contract for us for any future transactions. Read your Deed Restrictions carefully. Every district has different restrictions. Since you are wisely renting first I would recommend you attend every new villagers class that is offered. ESPECIALLY the one that explains how CDDs and our district government works. It is unlike anyplace you have lived.

[Lisanp@aol.com]

Don't forget the costs of the "lifestyle". Budget $20 for every club you join for their annual dues, green fees if you wish to play championship, trail fees, fitness center membership, acquiring equipment for the activities you wish to participate in (shoes for pickle ball, mat for yoga, etc.).
As for the house remember termite bond, annual pest control contract, AC maintenance contract, annual pressure washing.
If you buy new, the taxes convert from vacant land to the home's full tax levy one year after closing and that number is a huge jump.

[FloridaGuy66]

Originally Posted by WiscoDogsDad

Jerry,

- I'm in contact with Babette's Furniture and one opinion is to budget 10% of the home's value for furnishings and decorating

We originally we're going to furnish our whole house from Babette's for over $50k. Once we shopped around a decent amount, we ended up using City furniture and a couple other stores. Better pricing and comparable or better quality.

[BrianL99]

Originally Posted by WiscoDogsDad

HOWDY!

I have a spreadsheet started, for estimated/budgeted costs of maintaining the home....this spreadsheet is ONLY about the house...not food, not clothing, not entertainment/lifestyle.

Originally Posted by Lisanp@aol.com

Don't forget the costs of the "lifestyle". Budget $20 for every club you join for their annual dues, green fees if you wish to play championship, trail fees, fitness center membership, acquiring equipment for the activities you wish to participate in (shoes for pickle ball, mat for yoga, etc.).

Solved !

[FloridaGuy66]

Our total monthly expenses on a 3 bedroom designer home are just over $1200/month including taxes, insurance, lawn care, utilities, etc. No mortgage.

[asianthree]

Originally Posted by WiscoDogsDad

Thanks, A3!

You make a VERY sound point that has been on my mind....the expectable ages of my neighbors. I completely agree that it is a significant consideration.

My folks are "between the sixes". That comes with very significant advantages of proximity to amenities...shopping, entertainment, etc....but that will be (my assumption) a more mature set of neighbors, on average.

As I look down south, I recognize that the likelihood of having neighbors closer to my age, goes up as I look at potentially buying new. Eastport will, as I perceive the intent, soon be filling the needs of southern Villagers now filled by Lake Sumter Landing, Spanish Springs, and Brownwood.

Buying new comes with a different set of costs, but has the allure of being a "blank canvas" on which I can paint while I'm working from home....upfit it to my exact tastes, out of employment income..

Can I hire you to be my consultant?
:-)

don’t get me wrong we loved to visit our two WW guys, but average age in our neighborhood was mid 80s and up. With a few new sprinkles of I bought the dead guys house, (that was us, and we always lived in _their_house.) Have learned many things since 2007, you may send a message or email at anytime, LMK when arriving If I can help in anyway would be happy to. At one time we had 3 TV houses and our northern home. I am so budget oriented, with handwritten/computer spreadsheets it’s is kind of scary.

[Lisanp@aol.com]

Originally Posted by BrianL99

Solved !

and the rest of the post? that was useless too? Have a lovely Sunday and stay dry!

[sharonl7340]

Originally Posted by WiscoDogsDad

Outstanding....thanks....probably should have listed what I HAVE, to facilitate answers....For review and critique:
Type Mthly est - 2024
Mortgage 1100
Electric 150
Gas 25
Villages Utilities (Amenities embedded) 350
TV 80
Internet 45
Landscaping service 90
Mowing service 65
Exterminator service 40
Bond 100
Real Estate Taxes 250
HVAC 15
Homeowner's Ins 200
Auto Ins. 140
Painting, ext. 25
House washing 6
Flatwork washing 5

Our cable is $296 and includes internet. Home insurance is 1200 for 1156 Sq ft home. Electric is $200 but with the new meters who knows. We have been here for 6 years and amenities are $193 and will go up in Nov. And don't forget the age of your roof. If it us over 12 years old, your home ensures may require you to replace it. Car insurance is $1500 every 6 months. Everything costs more than you anticipate.