[MandoMan]

Originally Posted by 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

I bought a 20 year old house when I moved here four years ago. New roof and HVAC and appliances and countertops. Great house, well kept up. 20 years old is NOT old. But you have to judge whether or not things need to be replaced and take that into account when you choose a house. The reason there are so many for sale is that the people moved in when they were your age and now are dying off. A lot of the residents will still be much older than you. Do you have to have, say, stone countertops? I’m fine with Formica. Avoid a house where the shingles need to be replaced, or it’s the original HVAC system. I did have the original Berber carpet replaced with luxury vinyl plank flooring. That was $14,000.

[Randall55]

Originally Posted by 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.

That is a taking from Peter to pay Paul concept. If you do not have a bond, you will not have to worry about the additional monthly expense.

OP, Your goal should be to carry the LEAST amount of monthly expenses. Take a close look at property taxes. If you buy a home located in Wildwood, you will have to pay an additional city tax. Unincorporated parts of Sumter do not carry this additional cost. Insurance concerns you? Call and get a quote on each home you wish to purchase. Insurance companies look at the style of home (vinyl vrs block) location, type of roof, as well as age. Some styles of homes may have higher quotes and you can eliminate them. Look at the yard and how much monthly maintenance it will need. Include the bond expense if the home has one. By choosing a home with the least amount of monthly expenses, you should be able to SAVE money each month instead of worrying about how to pay for unnecessary added costs.

Worried about repairs or upgrades? ALL homes, new or old will have this added cost. Again, compare the homes. Add these additional costs to the sales price and omit ALL that go over your $350,000 goal.

IMO, both of these need to be thoroughly reviewed before purchasing a home. Monthly expenses as well as the cost of the home.

I have no idea of your finances. Due to high interest rates that can be earned, some are now choosing to rent a home instead of plopping large amounts of cash into a home. You may want to review this option with your financial advisor.

If an older home with no bond, maintenance free lawn, and low taxes is the one you fall in love with, you may want to consider this. Finance the needed upgrades. Instead of paying monthly expenses for a bond, higher taxes, and extensive lawn maintenance, pay a monthly cost for the loan of your upgrades. Movng forward, Yyour monthly cost will be the same as a new home but you are living in a home you WANT instead of a home you settled for. Just another thing to consider

[sowtime444]

Originally Posted by 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.

Can you explain the "stronger windows"? I was not aware of this. Are they actually impact (hurricane) windows? Thank you.

[Stu from NYC]

Originally Posted by Cobullymom

It wasn't their question...

I thought it was good info for the op.

[skippy05]

Everything you describe is true, but buying a home is much more than a list of pros and cons and deciding based on rationalizations. What's more important is the feeling you get when you stand in the yard and inside the house and you have a sense that this one is the one (within financial reason, of course)

[Robojo]

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 saw a designer home today for 399 but it has carpet.

If you buy brand new its cheaper.

[asianthree]

OP has stated they don’t care how Far or Close amenities are, has a set budget, which is important.

So from a standpoint of owning three new houses and one preowned in TV, gave insight for us.

New house gives you that one year fix everything except landscaping, which was a piece of mind since odd things needed to be fixed, and not out of our pocket.

Yes there is a bond, but one doesn’t need to ever pay off. We didn’t, just sold the house with bond in place. The new homes had better insulation, wind mitigation, for lower insurance. Repairs were non existent, for the 10 years we owned them.

The 6yo preowned was great, paying $50,000 more than a new build for same house. Yes it was at the time in the middle of TV, for those who need to have medical facilities, doctors, and shopping, golf.

But we didn’t shop at brick stores, going offsite for grocery stores that we prefer, doctors were that once a year required visit, and still traveling to multitude of golf, as far as 1 hour away.

Even though we had 9 courses within minutes of our house, it became too boring to play over and over. Much more enjoyable to go to any of the new courses.

Ten years later, house was now 16yo preowned house was dated, in need of a roof. Insurance quadruple, replaced hot water heater, HVAC, 4 windows lost seals, faucets, toilet rings, new sprinklers, and controller. Replaced carpet, flooring, electrical outlets, and garage opener, painted interior and exterior.

We sold the house with balance of bond, so new owners assumed the balance.

So which houses in that 10 year period was more out of pocket was the preowned, and would have been much more if we have done the total makeover it needed.

I don’t think anyone can tell someone what is best for them, but offering advice of what works for them.

OP good luck in your search, we love the southern area, and have continued to move farther south with each home.

[Robojo]

Originally Posted by 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

I personally have decided to rent for a year in the South. I wasn't sure if I would like it here. I recommend that you rent 6 months in the South and 6 months in the North and then decide. If it's not all about money and more about happiness

[sowtime444]

I would first and foremost download the list of 3,000+ clubs from districtgov dot org recreation department and figure out which clubs you would want to go to each and every week. Then do the same for the sports and other activities. If your two favorite activities are, say, beach volleyball and bowling, and there are only 4 rec centers with beach courts and 3 bowling alleys, draw your search in Zillow around those 7 areas. Then consider if you want to be close to a grocery store, and how close you want to be to a "town square" with the entertainment and restaurants. Then consider type of house. For me it would have to be a courtyard villa or one with mature plantings that create a very private space. For that budget I personally would look at the area between Spanish Springs and Lake Sumter Landing. If possible one with vaulted ceilings and a courtyard in a nice looking neighborhood.

[Sully2023]

Originally Posted by 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

I purchased almost three years ago in Citrus Grove. No regrets. Even with $65k in additional upgrades to the home. I love my place. If I was looking to make the purchase today - I would purchase in the new Eastport area! It is already a popular area and your home prices should increase because of the new town square. Its going to be a great place to hang out! I would spend up to $400k if you budget allows, get a bigger place - trust me on this - you need at least 1,900 sq ft to give you some room. I rented homes from 950 to 2500 sq ft. The 1900 sq ft was the best for my girl to have some space between us. Get a new spec home - with no frills. The value of the property will be less for tax purposes. Stay in Sumter county. You can do updates if you so desire later. Granted you will have to drive to lots of places at first, but give it 2-5 years and everthing (businesses) will follow. Don't pay the bond off! I spent seven years looking at the villages, and spent five months renting different homes throughtout the villages to experince the differences between the areas - north/south, mid,ect. Close to town squares. Stay in your budget - you know your finances. last note, I met a couple in their mid 70s at a town square - they stated they purchased "up north" because they did not have time left to wait for everything to be built. They wanted everything close by, shopping, doctors, activities, etc. Good logic as well.

[Villagesgal]

Originally Posted by heartofthecountry

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

You can find designer homes north of 466 for $350,000, with no bond, upgrades done and only county taxes to pay. I live and love north of 466, plenty of shopping and services, new young neighbors moving in every month, it's settled, quiet and beautiful up here.

[heartofthecountry]

Originally Posted by 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.

Thank you for your thoughts. We have been looking in all parts of the state, but keep coming back to TV. They just seem to know how to do it. When you compare what is just outside TV we see a big differences in many aspects. We know the financial considerations but the cost of living is going up everywhere. We are still praying about our options. Hopefully the next life style visit will reveal much to us. Thanks much

[Velvet]

Originally Posted by skippy05

Everything you describe is true, but buying a home is much more than a list of pros and cons and deciding based on rationalizations. What's more important is the feeling you get when you stand in the yard and inside the house and you have a sense that this one is the one (within financial reason, of course)

I disagree, a one time feeling looking at a house can be influenced by have you eaten, time of day, did you have a fight with your spouse, an enthusiastic real estate agent etc. A list made over time is much more reliable. A house is a major investment, and one doesn’t usually invest large sums of money in stocks, for example, based on “feelings”.

[Stu from NYC]

Originally Posted by heartofthecountry

Thank you for your thoughts. We have been looking in all parts of the state, but keep coming back to TV. They just seem to know how to do it. When you compare what is just outside TV we see a big differences in many aspects. We know the financial considerations but the cost of living is going up everywhere. We are still praying about our options. Hopefully the next life style visit will reveal much to us. Thanks much

I would do more than just a lifestyle visit. A week is not nearly enough time to figure out if you want to move here as well as where to live.

We rented for a month and if we had a do over would have rented longer

[Jameson]

My understanding of insurance costs and the age of home is not just the age of the roofing but the construction method used. I was informed that in 2001 Florida had a new building code requiring rafter straps to help keep the roof intact in high winds. I don't know if that went into effect immediately or maybe in 2002 once it had been approved and published to builders. Most homes north of 466 pre-date that code but not all. South of 466 I think they start around 2004-5 and have the strapping. There are a lot of homes built after 2001 north of 466. When I checked I estimated the older non-strap homes to add maybe $800-$1000 to the annual insurance cost and some companies won't even cover the older homes built without straps. I know I read about someone that retrofitted their home at some point with the straps but the insurance didn't seem to care. Everyone has a choice on location, taste, budget, etc. so there is no right or wrong place to live.