Just a thought....

One reason to not pay off the bond is, if you decide to sell your home and move, you will likely NOT be able to recoup your bond in the sales price.

I think folks [buying a home] accept that there is a bond to pay down, but they will not pay you an extra $23K, just because you paid it off early.

But, whatever makes you comfortable . . .

The 1st. week in May, we were given a "Voluntary Opportunity" that came in the mail. They gave us until July 22nd. this year to do it. That's less than 3 months. That's not anytime. What do you think would have happened to the person who called them at any time (let's say July 25th.) to get the bond payoff amount. Do you think they could have paid it off the 26th.? It really is once a year and for a certain amount of time. I DO think if you call at any time, they will tell you the payoff.

BOND PAY-OFF
DIRECT LINE (352) 751-3900

Please don't be upset with me...I was just trying to answer your 1st. question.

Not a hijack of the thread. I just thought this page might be of intrest. http://www.districtgov.org/departmen...ter.aspx#dist9 Click on your unit # and get the Amortization Schedule for your bond. If you are yet to buy you may just click on one of the units or Villas in District 9 at the bottom of the page to see a typical Bond Amortization. Note the bonds around $20,000 are Designers, Unit 207 must be Premier.

Oh gosh, I am not upset...I was trying to understand all this. No, I don't think I could pay it off on July 26th for that year, but maybe for the following year. Thank you for the bond payoff number...I will give them a call. I think we want to pay it off...I know we might not recoup it if we ever sell, but it would be one heck of a good selling point, to have it paid off. 7% in today's market is outrageously high...IMHO

I would not pay off the bond because of that "you never know factor" of selling or keeping your present Villages home, while it is a secondary residence. Some have taken the bond and paid it off using HELOC from their primary home, if still owned, and if the interest rate is lower than the bond rate they are paying now. But, the down side is you probably will not recoup the bond payoff in the sell price of your home. But, it does look better on the sales ad, Bond is Paid! :confused:

That was our reasoning as well. And here it is 6 years later, we haven't sold the house, and we're close to recouping the money we would have spent on bond payments, yet our bond is paid off. 7% is ridiculous - the word that comes to mind is "gouging".

Gracie, is the 'percentage of tax' you mention referring to the 'interest rate'?

Perhaps everyone in your Unit will have the same interest rate. But the bond on our place in Duval is at 5.375% (issued in 2006). The rate at issuance has differed over time.

We're just going to keep paying the annual amount as we suspect we'll wind up with a different house in TV at some point in the not-real-distant future.

Bill :)

We have each threatened divorce if the other utters the word move in this lifetime. Seriously. I did look up our bond on the site someone kindly posted and handwritten on the bottom of it is 6.125%. This was online. I thought we were told 7%. In any case, it is too much. But I do see where everyone's rates will vary based on where they are and when built. I did see that when we pay the bond off, we still will need to pay a special assessment maintenance fee of almost $400.

The special assessment fee is the annual cost for your CDD to take of the common areas in your district - mowing, flowers, maintenance, etc. That price could go up or down depending on your CDD's projected costs for the year. It is discussed and voted on annually at one of the CDD meetings in your district.

Did not know that...thanks for the info!

And it is billed annually? Years end?

It is annual. It is in your tax bill which you should have received recently. It is a non-valorem entry. In mine (Marion county) it is called Villages Comm Development - Purpose - maintenance.

Just a Maybe Villager at this point garnering important facts for decision making. Thanks.

Sorry. I thought about that after I posted the tax info. Let me see if there is something I can PM to you about the tax bill, etc.

Z

BTW. Have you gone to the Nuts and Bolts section and looked at my three part note about Moving to the Villages?