[heartofthecountry]

My wife and I have noticed that many of the homes we are looking at under MLS or VLS from up north in TV are from 2000-2004 [not considering the east with the mobile home section] Most have all been updated, roof, hvac, water heater, and sometimes appliances, floor, etc, most no bond which is good. But they are now 20 to 24 years old, and I have heard/read that some insurance companies won’t insure homes that are at this age, even with a new roof. Then there is the fact that there will be obvious work needing to be done on older homes. Then we move towards the middle of TV and we see homes built in 2008-let’s say to 2013 and many of these may have nice upgrades like cabinets, epoxy garage, garage screen, lani cage, etc, etc, but the major stuff like roof, hvac, water heater, flooring are like in between their shelf life and have not been replaced, and of course a bond that usually has some kind of balance. So if we purchased one from that era, we are looking at a new roof not too far down the road and perhaps more cost with other appliances, hvac, water heater, etc to replace. Then going south some are built in 2017-2019, obviously new enough for not having to think about roof, etc, right now, but much higher bond and usually more expensive than in northern area. Then of course there are new builds and spec homes with everything new, but highest bond payment. So we are on the fence as to which way to proceed. On the one hand perhaps paying the higher bond is better and cheaper, than having an older house but having to put more money in it for what I described above. I am aware of the two sides of the coin as to whether new or resale. I’m also aware of the pros and cons to the north vs south part of TV, such as: closer/further away to amenities, stores, doctors, etc. My wife and I do not care which part of TV other than we want Sumter county. We are in our late 60’s early 70’s and realize we will not be in the home 30 years. We are looking to buy 350 and under, no mortgage. We have been here to visit two times, and are doing another life style visit late summer with the intent to make a decision since I want to retire this December. Would love to hear your thoughts. Thank you

[Stu from NYC]

For 350,000, if you can find one you will only get a much smaller home. Designer homes go for considerably more.

[heartofthecountry]

Originally Posted by Stu from NYC

For 350,000, if you can find one you will only get a much smaller home. Designer homes go for considerably more.

I realize that, but that is our budget. I know we could never purchase a designer home. Thank you

[Marathon Man]

It seems to me that the financial considerations of any future purchase are your priorities. Since you asked for thoughts, here are mine: Have you looked at other communities where $350K gets you more home? Those that stretched their budget to come here are no complaining about rising costs. This is not an inexpensive community to keep up.

[npwalters]

Getting insurance on a home built in the 90s has not been a problem for the thousands of residents north of 466. Many have had to replace the original roof.

[oldtimes]

I would rather pay the money to renovate/personalize the house than pay a bond

[Altavia]

Be sure you comprehend the bond is not a personal debt.

It is a debt again the property and caries with the property when you sell.

A bond does not count against your credit.

In most cases, people who pay off their bond do not recover their pay off.

The true cost of a bond is the bond interest minus what you can earn on your investments. If you have a 4% bond but earn 4% on a CD carrying the bond costs you nothing.

[vintageogauge]

For $350,000 in a new home you would be looking at a Villa or Cottage home or a smaller designer with a less than desirable lot which have smaller footprints and lower bonds. The newer homes have better insulation and stronger windows along with up to date features, etc. Nothing wrong with a used home but walking into a new one with nothing to do but a little decorating and some minor landscaping makes it very easy and don't forget everything is under warranty. This is strictly one man's opinion.

[Velvet]

I made a list of the 20 most important things to me. Which for you maybe price would be number one. Then I weighed the list as to how significant each item was to me. When I looked at houses I graded each one according to how they checked off against my list. For example, my neighbors were very important to me so I checked out the area around the house I wanted. At the pool, on the street etc. Took my time. Talked to people. Some people would move, but not the whole street. When my husband passed suddenly, unexpectedly, they became the most important element to my actual survival, later, my quality of life. Never regret my initial time investment. Yours maybe other things.

[shaw8700@outlook.com]

Buy what makes you happy, period.

[JMintzer]

My wife and I decided on your third option... Our home was built in 2017.

The previous owner added many upgrades, such as a water softener, Stained driveway/lanai, epoxy garage, customized closets. It also came with LPV flooring and granite countertops throughout.

We're just north of of 44... Our bond is lower (some of it already paid) with a very reasonable monthly payment...

Granted, we have an inside (and somewhat smaller lot), but we bought just before the Covid Boom hit in 2021. Our home (and nearby comps) jumped in value in 6 months.... But that only matters if we sell...

That worked FOR US. No one else can decide what is best FOR YOU...

[OrangeBlossomBaby]

Some insurance companies have pulled out of insuring homes in Florida. Most insurance companies that do insure homes in Florida, aren't refusing to insure homes that are 15-25-years-old, unless those homes are on the shoreline. Anything on the shoreline is an "all bets are off" sort of thing. We're as far inland as you can get in Florida. Homeowner's insurance in Florida will be stupidly expensive no matter what.

Also, the Historic Section isn't mobile homes anymore. Most are manufactured homes (the phrases mean ALMOST the same thing but there are legal differences), and there are quite a lot of site-built homes. There are also a couple of empty lots available that you can buy and build on.

Lastly, your main concerns regarding insurability should be: is the structure sound? Are the floors, walls, ceilings, electrical and HVAC ductwork in livable condition? Is the roof relatively new and in excellent condition? If those things are true, then the rest should take care of itself.

If it's a fixer-upper or one of the exterior walls shows signs of mold, then the insurance company might have a word or two to say about it.

I just saw a really nice house on San Marino, it was built in the 1990's but the roof was replaced just last year. Has all plank floors, no carpet, the lawn needs some love and so does the little porch foundation in the back yard (maybe just resurface and sealant), for under $300,000. Had 1300 square feet and a pretty cool layout. When you walk in the front door, the kitchen isn't the first thing you see. It's behind the formal living room through a side entrance, and it has its own dining room in the back. Just a couple of minutes from Spanish Springs, north of 466 on the east side of Morse. San Marino has a traffic light so you never have to worry about trying to take a left to 466/Sumter when the snowbirds return and Morse is full up with cars, or trying to take a left back onto San Marino when you're coming from points north.

It's a nice neighborhood too.

[Rainger99]

Originally Posted by heartofthecountry

I realize that, but that is our budget. I know we could never purchase a designer home. Thank you

Do a search on the Villages website. There are a lot of brand new designer homes for under $350,000. They won’t have a “view” but I’ve never had a view my entire life.

[MrChip72]

Originally Posted by Stu from NYC

For 350,000, if you can find one you will only get a much smaller home. Designer homes go for considerably more.

There's some brand new 3 bedroom designer homes available for under $350k currently close to Eastport.

[Snakster66]

Originally Posted by OrangeBlossomBaby

There are also a couple of empty lots available that you can buy and build on.

True, but the big question there is, how much does it cost to build a house on said lot? The lots in the historic district aren’t cheap (relative to lots down south anyway); 90-165k. That wouldn’t leave a whole lot for building a house. Admittedly, I haven’t the first clue how much that would cost; so I’m not saying it can’t be done. But maybe it can’t be done. I’d be curious if anyone had at least a ballpark figure for such a pursuit.