Talk of The Villages Florida - Cheaper to Rent or Buy??

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OP, in short it depends on what will be most comfortable and financially feasible for you. Everybody is different. What works for me might not work for you. I would rather own because it is my place and within the deed restrictions I can do as I please. Past Experence tells me that I can also make money by owning my house instead of renting.

But to each his own.

Quote:

Originally Posted by rhart (Post 1158874)

We are coming to TV next year. I seems an annual lease for a $250,000 home is pretty much a wash to buying one. Are we missing something? Looking for 3/2 with two car or 2 1/2 car garage.
Any input appreciated.

p.s. You can offer the landlord a long term proposition, i.e. 5 yr. with numerous protection clauses - death, advanced nursing care, rent increases not to exceed _ %/year, and so on even to the extend that if the landlord(s) pass away you'd be entitled to remain in the house until your lease was up or renegotiated. Mallory Voice

Quote:

Originally Posted by njbchbum (Post 1159031)

Hmm...let us see...what villages to stay away from...perhaps you don't want to consider the original and now considered historic villages across hgwy 27/441 - that requires use of what some consider the 'scary' golf cart bridge to reach shopping, dining, entertainment, many golf courses and doing chores if not taking the car. Actually - many of the manufactured homes there have been purchased by the Developer and the historic side is now becoming gentrified - or at least, updated! :)

We on the historic side also suffer from a lack of traffic when compared to other Villages areas. We have no shopping available to us amongst our homes. But we do have to contend with having the only bricks and mortar U.S.Post Office and a convenient gas station and convenience store which can be reached by golf cart.

Don't know where you were on the 'north side' that made you feel houses were closer together; but we in the original Villages suffer from maintaining larger lots and landscaping that has reached the stages of maturity and beyond. And much of that landscaping is 'complicated' by some very unusual ornamental design due to the fact that our deed restrictions are less stringent than other Villages. While that design can make one wonder, it can also provide one with some great big chuckles when enjoying a pleasant golf cart cruise around the streets without traffic on a pleasant evening to check out what's going on in the area.

And what can/can't be said about the newly refurbished and managed country club? - so welcoming. Wonder why everything updated except for the only pool in the Villages with its own waterfall! Golfers did have to suffer some while one of the courses was also updated - however they do that.

Good luck with the house hunt.

I doubt that the bridge will scare me. I used to race cars for a hobby.
If the developer is redoing some of the old man. houses there must be an opportunity for others to do the same. No??

I did visit the "historic" side last week while there and liked in particular the houses with the lake view. I talked to one lady that owned two of them and she indicated that the lake view came with a $30K price differential. I think the "landscape complications" mentioned above must be a euphemism for gnomes. :)

Question for you: Can the carports in the historic area be enclosed and made into garages without undue complications or nonsense with codes/permits??
Thank you
Rick

On the historic side with a $75,0000 mortgage you'll spend about $9000 a year for everything. Renting for 4 months will cost you $10,000+. If you buy you won't have to figure out where to rent every year and can leave your belongings. So it depends on how long you would be here. Houses sell real fast in the historic side so you could buy a starter house and sell it later when you know where you want to be. We love it up here and won't leave the area if we upgrade later.

Quote:

Originally Posted by Mallory Voice (Post 1159067)

I've been in some sort of real estate for over 30 yrs. Depending on the lease/month amount. Figure that $250k invested and earning 8% would yield $20k before taxes. Upkeep here is expensive not counting countless repairs to appliances, pools, hot tubs, lawn maintenance, bug control, monthly maintenance fees, etc. The list goes on and on......... If we were doing this again here we'd rent and leave all the hassels and repairs to the landlord!! Hope this helps - Mallory Voice
:MOJE_whot:

Wow, even my millennial daughter just bought into The American Dream, despite what her generational peers think. I taught her right. The only way middle income folks can build wealth is through home ownership.

Quote:

Originally Posted by rhart (Post 1159133)

Rick - There are folks who have torn down the man. house and had their approved site built home constructed. No problem doing so as long as the architectural plans are Villages approved.

Those homes on the "lake"... are only waterfront as long as there is lots of rain to fill them! In the dry season - not so much water! But the view is lovely.

Re the garage - my guess is that it could easily be done - have seen some homes go through that process. When we first owned we had the rear carport area privacy screened with slider panels [could see out but could not see in from the street] and stored the golf cart there - leaving the car under the front carport area [we have a double length/2 car carport]. Eventually we added a separate golf cart on the back of the house and remade the screened carport area into a man cave. Our contractor took care of the permits/inspections/approvals and had no problem with architectural review or town of Lady Lake - easy peasy for us!

we've rented. Last year one month, this year two months, next year three months. The villa we're in is unique as it is on the NL golf course and has a wonderful view and virtually no neighbors on three sides. I'd never even rent a unit with twelve feet separation and you share the grill with the house behind you. Last year we asked about buying this unit. The owner has raised the cost 50k over one year! Nicest place and we've been looking with a Village Realtor and found non better. But this villa is not worth $315,000. We'd need to sell our Minnesota lake home to live here...no rush

i think it comes down to intention, if you are looking for a permanent or long term home it might be best to lease first as has been suggested, and get a real feel for that and other areas before you buy.Home prices and their escalation differs from the local area, so a purchased home will at least appreciate at the same 'villages' rate should you later decide to sell.

Quote:

Originally Posted by njbchbum (Post 1159238)

Thanks Beachbum. Highly important to know about the water level in the lake! May I ask what it cost to do the slider panels? Were they reasonably weather resistant? Can you give me the name or generic type of panel? Helpful post, thanks again.

Owning has many advantages. Come and go as you please. Your things are always there. Your neighbors are always your neighbors!

Years ago I did some number crunching on the "rent vs. own" issue, and what I came up with was this:
If lived in TV for 7 months, dollar wise, it was the break-even point. More than 7 months it would be cheaper to own, and less than 7 months, cheaper to rent.

This was probably 6 or 7 years ago. Curiously, an acquaintance of mine who was renting in TV at the time ran the same question with all of the numbers by his accountant, who came up with the same 7 month answer.

I have not kept up with the numbers since then, but I doubt the ratios have changed much.
Also, keep in mind that I was only crunching dollars, and not taking into account the various hassles and conveniences that are inherent in both renting and owning.

Are you planning on living in TV all year long?

Hi Laker
I will probably be there more than 7 months. I think with the convenience of owning plus cheap mortgage money I'm going to buy.
Thank you for the input

We are renting long term. We got an excellent price with all utilities included. At 74 and 65 we do not want the ownership hassle. We have a great landlady who responds quickly. As for equity....we certainly won't be the ones to use it so decided to enjoy that house cost in other ways and we can pay rent on our social security income.

ooooh. Now there is one I hadn't thought of! Well into my 70's means I won't be using the equity increase either, more than likely.

the good news is that either way, you'll have a good time.