Impact Fee Vs Bond

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  #1  
Old 09-24-2007, 07:47 AM
nanci2539 nanci2539 is offline
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Default Impact Fee Vs Bond

I have a simple question (I think). I googled FLA Impact fee and understand what it is. And I understand what the bond is but the definition on both appear to be the same. A new buyer is paying for the infrastructure that it cost the builder to develop the land to build the new home! But the impact and bond are separate fees with more or less the same definition.

So, I understand (and correct me if I'm wrong) -- when buying new construction, the buyer must pay both a bond and impact fee?

If that is the case, wouldn't more people buy resales?
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  #2  
Old 09-24-2007, 10:11 PM
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zcaveman zcaveman is offline
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Default Re: Impact Fee Vs Bond

My two cents: From what I understand (and it is limited to reading), impact fees are charged to the developers to help pay for new school construction and the additional burden of people and traffic to the area. The Bond is used to pay for the infrastructure (cart paths, tunnels, roads, sewers, etc) in your immediate community. Whether you buy new or pre-owned, you are going to pay or inherit these charges as part of your purchase.

The advantage of new is that no one lived there before and has not made any changes or improvements. All warranties are new and at 100% value. The disadvantage is that it is new and you have to do the landscaping and work out the kinks of new construction.

The advantage of buying pre-owned is that the landscaping is in place and the kinks have been worked out of the house. The disadvantage is that some of the warranties do not pass to the new owners and what you see is what you get.
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Old 09-25-2007, 06:44 AM
nanci2539 nanci2539 is offline
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Default Re: Impact Fee Vs Bond

So what you're saying Caveman is even with a resale, the seller is going to incorporate those fees that he already paid into the selling price of the home. At least I would if it were me.

We are struggling with new vs resale. I've owned three homes and all were built to my specifications. I want brand new but I keep going back and forth because of those up front fees. And the 20% non refundable deposit scares me too - it's just too much money to give up front and not have it refunded if something should happen to prevent you from moving. I know it's a distant possibility but I'm not a risk taker. Even though my husband is fine with this (he's in sales) and just chalks it up to how they do business there; I have too many reservations.
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