[nanci2539]

I saw a post (or maybe it was a link) outlining closing costs on new vs. reslaes in TV. Can someone point me in the right direction - I can't seem to find it!

Thanks

[jadebox]

Not sure where it is BUT new is much higher then most resales. There are TV closing costs+the banks. You pay hook up fees and all kinds of stuff. Resale you don't have those. Can't remember how much they were on the new but where a shock to my system. I would not have done otherwise though. I loved my courtyard villa UNTIL I found a 3 bedrrom ranch that I loved better.

[tony]

Try this link. It may help.

http://64.92.167.158/smf/index.php/t...3.html#msg9873

[sandi]

I found this on the web and thought it might help. If you pay cash it's a little less

NEW
FROM TO
SALES PRICE 350,000 400,000
MORTGAGE 150,000 150,000
STATE DOC TAX 2450 2800
INTANGIBLE TAX 400 500
NOTE TAX 700 875
TITLE INSURANCE 2243 2540
RECORDING FEE 165 165
ELECTRIC METER 265 265
SURVEY 250 250
UTILITY HOOKUP 2300 2300
MAIL BOX FEE 150 150
WATER
ASSESSMENT 700 700
WATER USE FEE 50 50
FIRE
ASSESSMENT 51 51
IMPACT FEES 20,000 28,000
VILLAGE CLOSING
COSTS 8575 9800
EST LOAN COST 3000 3000

TOTAL COST 41,299 51,446
NEW


CLOSING COSTS RESALE ABOUT 5,000

[nanci2539]

Thanks - I think what I saw was on a real estate site that handles resales for TV.

So, correct me if I'm wrong....

If you buy a new home, there are two sets of fees. The traditional bank closing costs and TV closing costs.

If you buy a resale, there are only the traditional bank closing costs so these costs are substantially less than a new TV home.

And, it makes no sense to pay the bond up front when buying a new home?

Do I have it straight????

How is the bond paid over time - is it added to a mortgage or to your tax bill and how long can you take this bond loan out for?

[LG]

[sandi]

nanci2539

That’s the way it works. The bond can be paid off over 30 years with interest of course. Instead of about a 1.5% tax rate you will pay around 2.5%. So lets say your tax would have been 3750 with no bond it would now be around 6250 on a 250,000 house with no exemptions. I might be a little off but not much. So yes you don't have to pay it off but you will pay interest.

[jadebox]

One thing all should remember--the bond is not a Villages alone thing. You buy a house anywhere in the area and you pay the bond. If it is advertised as 'no bond' you can be assured that the bond is figured in the price of the house. Someone will pay it and it sure won't really be the seller.

[pili]

Can someone tell us what the Village closing costs are? They seem pretty steep. What do they entail? ???

Thank you.

Pili

[Frangyomory]

We purchased a villa two years ago and closing was over $13k I have never heard of such closing cost in my life before but this is how it is here. I was shocked at that until I heard from my neighbors who bought much more expensive homes who had closing costs of $20k.

That was exclusive of our bond by the way. We paid the bond off because we didn't want to have something like a second mortgage hanging on.

Resales are sometimes much more cost effective. You need to balance all data before signing on the bottom line.

[kar guy]

WE JUST CLOSED ON A NEW COURTYARD VILLA AND OUR TOTAL CLOSING COSTS WERE ONLY $4200. I AM SHOCKED TO HEAR OF THE PRICES BEING SO HI. LOOK AROUND BEFORE YOU SETTLE ON THE BANK. AS ALWAYS TAKE CARE THE KAR GUY

[nanci2539]

That's the way it works. The bond can be paid off over 30 years with interest of course. Instead of about a 1.5% tax rate you will pay around 2.5%. So lets say your tax would have been 3750 with no bond it would now be around 6250 on a 250,000 house with no exemptions

Sandi, so what you're saying is the tax bill will be almost twice as much on a $250K home? At what interest rate are you carrying the bond?

[JohnN]

The bond is real and needs to be accounted for in your decision.

Impact fees are paid by the developer and incorporated into the home price, the buyer should not see that as a line item, but always good to check before commitment.

When we were visiting The Villages sales rep, he said the Villages closing costs of $8-10K were no more, but again, best to check.

If you get a mortgage, obviously you pay the origination and points.

Get an estimate on closing costs.

[shy]

What is an impact fee?

[pili]

Ouch!! I'm hearing closing costs from $8,000-20,000 (not counting the Bond). That's a lot of money for closing costs. I'm going to have lots of questions for TV agent when we visit. If closing costs are that high, you factor in the Bond, and whatever add-ons you will need (enclosed lanai), plus landscaping, and decorating, a $380,000 home will go up to over $450,000. That's way too much. I better look at resales more closely.

Thanks.

Pili