Talk of The Villages Florida

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)

- The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)

- - Bond payoff (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/bond-payoff-44654/)

Quote:

Originally Posted by zcaveman (Post 414710)

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

Yes sir, just always looking for any info I can. Thank you.

Quote:

Originally Posted by Bill-n-Brillo (Post 414628)

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 :)

Whoops. Thank you. It was interest, not tax.

Are these the same bonds that the IRS is investigating?

NO..... IRS is looking into recreational bonds

Quote:

Originally Posted by bonrich (Post 414585)

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:

Hi Bonrich,

I think you have hit it on the head. I have met some people here who have moved 3 or 4 times within the Villages. You probably know (if you are here full-time) if you are one of those people who might potentially do this, or at least move twice. If you move 3 or 4 times, you probably can afford to keep paying the bond interest or aren't that affected by losing a few thousand every time you move anyway.

If you are here full-time you have had a chance to figure out your life-style, and most importantly, your financial situation in retirement. If you retired early, you may still be waiting for Social Security and/or fixed pensions to kick in, which might also make a difference.

In our case, we owned for over 4 years before we moved down. We weren't yet sure if we would stay in our CYV or move to a designer. We found out that for us, our CYV is the perfect home, but didn't make that final decision until we were here full-time.

I would say that if you are dissatisfied for any reason with your current home, and occasionally think about moving, then don't pay off your bond yet. But don't do it until you are here full-time, or have a couple of seasonal seasons under your belt. Don't assume you will always be snowbirds - consider that if you did sell your up-north home whether or not you would stay in your same Villages home.

We just got our tax bill, and with only the maintenance bond (we paid off our CDD bond last year) and with our homestead exemption (since we are now Florida residents), the total is less than $1700! The yearly property tax alone was only $1300 plus. For the year!

My wife and I will be moving to the villages in Feb 2012. Our question is can we take a mortgage on the house we are building and pay the bond off this way?

thanks for your help

Quote:

Originally Posted by mbikowski (Post 421881)

My wife and I will be moving to the villages in Feb 2012. Our question is can we take a mortgage on the house we are building and pay the bond off this way?

thanks for your help

If you are not borrowing the full 80% on your house and it appraises for enough to include the bond in the mortgage, there is no reason you should not be able to finance the bond at the lower 4 to 4.5% interest rate.

Thank you getdul981

I should be fine doing just that. Enjoy the holiday

There certainly is no one right answer here, and perhaps it is single minded thinking but it has not been my desire to enrich a bank anymore than absolutely necessary. I was misinformed prior to my May closing that I could pay off my bond at anytime and consequently had to wait the following year. If I do decide to sell, prospective buyers have just one price to consider. In the meantime I am banking the interest I would have paid on my bond and it is one less expense my offspring will have to worry about.

Quote:

Originally Posted by getdul981 (Post 421886)

I am pretty sure that the bond will be part of your escrow unless you can include the bond as part of your mortgate. Please check this out before you do anything.

Quote:

Originally Posted by zcaveman (Post 421940)

I am pretty sure that the bond will be part of your escrow unless you can include the bond as part of your mortgate. Please check this out before you do anything.

It is part of the escrow if you have a mortgage. Citizens first just paid my tax bill and the tax bill included the bond as a non-valorem assessment. The Tax Collector receives the bond & maintainance fees then distributes it back to the VCCDD.

Quote:

Originally Posted by graciegirl (Post 414534)

Herve...my advice is..

Don't pay it off because you may be moving. It keeps the price of your home sounding lower and everyone says this is just your first home in The Villages. I scoffed and laughed at that three years ago. but here we are in our second home here. Some people want more space and some people want less space but it is fairly cheap to move from one house to the other here in TV and many people do it. Just sayin'.

It is seven percent because it can be I guess.

We all have the same percentage of interest on the bond and many of us have just gotten used to it. (Or if you wish to rephrase that, swallowed it, accepted, looked over it, or some other such thing)

Our water bill for the first month on a lot larger lot than our last one and watering more for establishing lawn and greenery was $180. This is FAR less than water bill in Ohio. It may be far more than where others are coming from.

It is what it is.

When anyone moves from one geographic area to another there will be some things that are different, cost more, or less, require different clothes, sports equipment, means of traveling about etc. etc.

I think our water in Ohio cost more than in the areas of this country that are desert. Our taxes were VERY high compared to a friend who ended up living in Huntsville, Alabama....But our schools were wonderful. Our grandson said his first year of college was easy compared to the high school in our area. Some things will be better here and some things not so good, just like any area of the country, I guess.

It is what it is.

And as anyone who reads this forum knows, we just love it here.

Hope you will too.

Hugs.

Gracie.

Graciegirl: Please may I ask a legitimate question "Why is it fairly cheap to move within The Villages? Where does one save off costs short of mileage when transporting your personal belongings? Unless you mean that a resident moves his/her own stuff? I am interested in how that works...Thanks

Does anybody know why the bonds in one village on one side of the street are $2000 more than another village on the other side of the street with the same streets, same sidewalks, same pools, etc?

Quote:

Originally Posted by janmcn (Post 422148)

Does anybody know why the bonds in one village on one side of the street are $2000 more than another village on the other side of the street with the same streets, same sidewalks, same pools, etc?

Must be a different number of homesites per village.

Quote:

Originally Posted by Bogie Shooter (Post 422149)

Must be a different number of homesites per village.

That is a determining factor. Added to that, one village being in a different district than the other also affects the bond. In otherwords, the initial funds required to develop the infastructure of the district determines the amount the initial bond is taken out, which in turn affects the amount of the homeowners individual assessment. More detail on this subject can be found at:

http://www.districtgov.org/departments/finance/faq.aspx