Talk of The Villages Florida
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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/)
-   -   "No Bond" is promoted in home sales. But what's the real savings? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/no-bond-promoted-home-sales-but-whats-real-savings-345690/)

Desiderata 11-27-2023 08:15 AM
Quote:
Originally Posted by CoupleNCA (Post 2277349)
We visited the Brownwood TS to introduce ourselves and interest. But the realtor we were assigned on our first in-person visit has refused to answer one of our most basic of questions multiple times (she seems to keep copy/pasting the same answer to my very direct question).

My simple question is this: We've seen several really nice properties that promote the fact that they're "NO BOND". As if it was some huge savings or advantage. I just want to know: "What is the average real-world saving on a property with a bond vs. no-bond?"

The sales brochures shows the monthly fees as "bond+maintenance+fire" so you can't gauge what percentage each makes up.

I totally understand the concept of the bond and I totally understand why each "Villages" bond may differ in terms of price. But we're merely trying to ascertain if a property being highly-promoted as "NO BOND" is really that significant and should be given priority in our choices.

Can anybody please answer this question honestly? My assigned realtor can't or won't.
As you can see by all of the replies, there is no simple answer to your question. I suspect that your agent is trying to explain this to you.
I suggest looking at all home that meet your criteria, regardless if there is a bond, then base your offer on what you are comfortable paying for it. Tax records will show the bond balance and how much it costs each year.

EddieUA 11-27-2023 08:17 AM
A bond is a lien against the house imposed by land improvements. In the Enclave the bonds are $72,000 @ 5.47% with principle and interest payments between $5,000 and $6000. With Lake county taxes you would be looking at $15,000 taxes verses $6,000 in taxes for a similar house north of 466 for a premier home. Location location location....

Laker14 11-27-2023 08:18 AM
Quote:
Originally Posted by charlieo1126@gmail.com (Post 2277449)
I’ve sold 5 homes here in villages I did not pay the bond off on any of them .there are people who will try to offer you the price for the home after they deduct the bond those bids are quickly shot down . I’m not sure but I think the longest it took to sell one of my homes was about a month . it’s nice if you find a house with no bond but.I don’t think it’ll be much difference in price from one with the bond ,
From a seller's perspective, the seller has set a target for how many dollars they want or expect to realize from the sale of their home. In that case the presence or absence of a bond is immaterial.
From a buyer's perspective, the presence or absence of a bond just becomes one of the many pros or cons one considers when deciding if the home meets their criteria for purchase.
Very much like the counter tops, or the carpeting, or any other feature. If the house has counter tops that I know I will be changing, then I have to do the math and decide at what price I'd buy this house. The seller may or may not agree to lower the price because I don't like the counter tops. It all depends on how eager the seller is to sell, and how the seller evaluates the other chances of selling at a better price.
All of those logical steps we take when evaluating a potential home to buy apply to the existence, or lack thereof, of a bond.

Larchap49 11-27-2023 08:25 AM
Bond
 
Quote:
Originally Posted by CoupleNCA (Post 2277349)
We visited the Brownwood TS to introduce ourselves and interest. But the realtor we were assigned on our first in-person visit has refused to answer one of our most basic of questions multiple times (she seems to keep copy/pasting the same answer to my very direct question).

My simple question is this: We've seen several really nice properties that promote the fact that they're "NO BOND". As if it was some huge savings or advantage. I just want to know: "What is the average real-world saving on a property with a bond vs. no-bond?"

The sales brochures shows the monthly fees as "bond+maintenance+fire" so you can't gauge what percentage each makes up.

I totally understand the concept of the bond and I totally understand why each "Villages" bond may differ in terms of price. But we're merely trying to ascertain if a property being highly-promoted as "NO BOND" is really that significant and should be given priority in our choices.

Can anybody please answer this question honestly? My assigned realtor can't or won't.
If it's new construction the only way it is no bond is if it's in the section where Village employees buy. The disadvantage to that is you do not have use of the amenities. From what I hear the bonds on pre construction lots now run from 40,000 to over 100,000 and are paid over a 30 year period with interest.

LucyP 11-27-2023 08:27 AM
No Bond!
 
Quote:
Originally Posted by CoupleNCA (Post 2277349)
We visited the Brownwood TS to introduce ourselves and interest. But the realtor we were assigned on our first in-person visit has refused to answer one of our most basic of questions multiple times (she seems to keep copy/pasting the same answer to my very direct question).

My simple question is this: We've seen several really nice properties that promote the fact that they're "NO BOND". As if it was some huge savings or advantage. I just want to know: "What is the average real-world saving on a property with a bond vs. no-bond?"

The sales brochures shows the monthly fees as "bond+maintenance+fire" so you can't gauge what percentage each makes up.

I totally understand the concept of the bond and I totally understand why each "Villages" bond may differ in terms of price. But we're merely trying to ascertain if a property being highly-promoted as "NO BOND" is really that significant and should be given priority in our choices.

Can anybody please answer this question honestly? My assigned realtor can't or won't.
No Bond means it’s Been paid off you don’t have to fork out extra $20k 30k …or whatever the Bond is on the property you are looking at.

Sandy and Ed 11-27-2023 08:41 AM
Simple answer
 
Bond is attached to property. You, or subsequent owners, pay the bond off monthly IN ADDITION to whatever mortgage you may have along with other monthly costs. BOND FREE or BOND PAID means you don’t pay that.

If you are buying a property of course look for those that have the bond already paid ( or prepaid by previous owner).

Do sellers of properties where they prepaid the bond ask for more? Probably. But when the property is listed it is shown along side those listed for less that do not have bonds paid.

As a buyer which one would catch your attention? As a realtor agent what part of the REAL cost would you downplay?

Obvious for me. Buy BOND PAID for lowest asking price in newer areas for the model you want. I would look for turnkey with zero carpeting and a fresh coat of paint as well.

Wondering 11-27-2023 08:42 AM
You must be talking about resale homes. If the original buyer (new construction) paid the bond, they could tell you what was paid and your savings. My first house, 2005 had a bond of $11,000. My second house 2009, had a bond of $16,000. I have heard new construction bonds could be $25,00 to $35,000.

Normal 11-27-2023 08:53 AM
Dated vs Improved
 
Homes south of 44 have bonds (between 10-20 percent do not). The trade off is, do you want an older roof, less efficient AC, poor efficiency windows, popcorn ceilings, old appliances, dated sliding doors, old carpet, and many holes in your drywall?

Ask yourself what you want for your retirement home.

Dusty_Star 11-27-2023 08:54 AM
Quote:
Originally Posted by Franee621 (Post 2277595)
A house without a bond is much cheaper. Say a $400,000 home without a bond is $400,000 a house with a say $40,000 bond is $440,000. Even though you don’t have to pay it off and if you sell your house it goes with the house. However there is interest you are paying on the bond. Two exact houses to buy. One has a $40,000 bond one doesn’t. Which would you buy?
If money is the ONLY concern, then the one without the bond. Since money is usually one of the considerations, then the house I would buy would be the one I preferred. Usually, it is difficult to fine EXACT houses, presuming the age, model & condition are the same then: Perhaps the location, whether there is a neighboring lanai right behind the house, the orientation of the house, view, interior finishes, & so on. There are many considerations when buying a house.

Bay Kid 11-27-2023 08:59 AM
A bond is bad debt. You cannot write off the interest.

polaris 11-27-2023 09:03 AM
Quote:
Originally Posted by Larchap49 (Post 2277637)
If it's new construction the only way it is no bond is if it's in the section where Village employees buy. The disadvantage to that is you do not have use of the amenities. From what I hear the bonds on pre construction lots now run from 40,000 to over 100,000 and are paid over a 30 year period with interest.
There are bonds attached to the properties in Middleton which is the new family section that is open to anyone - not just employees. You are right though that they will not have access to “our” amenities.

Dusty_Star 11-27-2023 09:08 AM
Quote:
Originally Posted by Wilson02852 (Post 2277611)
Even if you do and pay it off the true savings is just interest.
The savings is the interest & the administrative fee.

Birdrm 11-27-2023 09:20 AM
That is not really true that the bonds are less in the north and more in the south. I bought a new courtyard villa in Hammock at Fenney and the bond was only 17k. If you are referring to the new construction on the other side of the turnpike in Lake County then yes the bonds there are much higher!

BlueStarAirlines 11-27-2023 09:34 AM
Quote:
Originally Posted by BrianL99 (Post 2277444)
That is correct from what my CPA told me.

Many people simply deduct them, because it appears as "Taxes" on the payment to the County and unless there's an Audit, the IRS may not catch it. Not that anyone in TV would cheat on their taxes.
For many folks that have a mortgage, the taxes are reported on IRS form 1098. Whatever is in that box is what goes in the 1040. Since escrow is collected and paid by the mortgage company, folks just go off of the documentation provided.

I agree that for folks with no mortgage its on them to ensure the correct amount of taxes is reported....

BlueStarAirlines 11-27-2023 09:40 AM
Quote:
Originally Posted by Normal (Post 2277586)
This house just sold a couple days ago and no realtors were involved.

4160 Deskin Ln, The Villages, FL 32163 - MLS G5075727 - Coldwell Banker

Bond was paid off. Check all avenues, You save 10s of thousands if sales commissions aren’t involved. The prices are often inflated by sellers who have to pay for sales agents. Check Zillow, Redfin etc. There are some real bargains. Home prices have been dropping.
Not sure how you can say home prices are dropping. For the home you cited, it was sold in 2018 for $473k and was listed in 2023 for $679k. Where is the price drop?


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