DE..... maybe I'm interpreting this incorrectly....are you saying on a resale, that the new buyer MUST pay off the existing bond balance? Or, does he/she just inherit the balance and can elect to pay it off in total or pay it down yearly just as the original owner did?

07,

I don't know. I am not saying the bond must be paid off. However, the bond balance, if any, will be addressed.
Any local RE broker would have the correct answer.

The buyer assumes the same obligation as the original owner.

Russ,

TV is building the Bigonia with poured concrete walls instead of CB I
understand. A friend of ours was talking to the contractor. He said they
were trying this.
I like this house too. I'm told there are two other new models.

Yes F16, but consider that they've been living in the house and enjoying the Villages Lifestyle for those 2 years. $20K divided by 24 is less than $1,000 a month.

Judy
Not an accountant or an English major, neither ;)

Closing Costs
 

My closing costs were a couple hundred bucks, and the bond was about $10K

course I had a patio villa, but still not so bad in my mind,

I shopped a lot of Florida real estate and for the lifestyle and the home, I think TV is just a bargain, IMHO

I didn't find that to be the case at all. Other than prorated stuff like amenity fees, taxes and bond (all stuff that is rightfully associated with the purchase of the house) and buyers' title insurance (which is optional) there were no other closing costs. However, we paid cash. If we had financed the purchase, then the mortgage company would have assessed quite a lot of fees as I recall; but I assume that they would have assessed those same fees regardless of whether it was a new or resale.

As the others said, all our closing costs of our in-laws new home were covered by TV (with the exception of prepaids and optional title insurance.)

This is different than when we closed several years ago. When we bought in 2005 we did have a LOT of closing costs. They dont do that anymore.

jeffy

Here's what I have from the aforementioned sale..brand new , this is March 2007. A Camelia, the purchase price was $237,000

$5525 in closing costs associated with the mortgage (20% down conventional)

in addition to those, the pro-rated county taxes..which of course you pay no matter what,,

here are the costs associated with the new house purchase=

Mail Box Fee ..........................$190
Deed recording fees. ................156
Documentary Stamps...............1660
Utility Hook up........................2300
wAter hook up..........................700

underground electric Service Fee...165
Water and wastewater fee.......... 90
electric meter fee...................100

Building Permits....................3998

That came to a total of ......$9498

as far as I know that $9498 is from buying a new place. You wouldn't pay that on a resale...

In addition to those fees is the bond, which in this case was $20500.

So, in addition to the purchase price in this example, one would add the bond price (which may or may not be a factor in the purchase of a resale) and the $9498 that would not be a factor in a resale.

My understanding is that some of these charges may be picked up by the developer at certain times, depending upon market conditions, to "sweeten" the deal. I don't know if that's true or not. I heard that. Could be BS.

Correct me if I'm messed up on this. I think I get it, but I'm still crunching these numbers.

Dan L

Jeffy, I should have read that before I wrote. THat would make a big difference when comparing new vs. resale, fer shur.