[Tbugs]

Your bond payment is once per year. It is hooked onto your property tax bill.

Really, consider buying a previously owned home with a low bond or no bond. It saved me a lot of money as compared to my friends who bought new homes. My bond payment this year was $435 vs their $1650.

You are able to negotiate prices on "used" homes with the sellers while there is no negotiation on new homes. Saves a lot of money.

Of course, in buying either new or used homes, get an independent home inspector to give a detailed report and use that to make sure it is free of defects. In either case, too, have the seller (or builder) have a 1 year warranty on everything.

Just a couple of friendly tips. The Villages is a great place to live!!!

[zcaveman]

Originally Posted by Russ_Boston

30 year amortization - 7% interest rate (yes it's higher than a typical mortgage rate) = $166.33 per month on 25K

I live in the same section as Tom H. Also 23K for our bond.

But there is no monthly payment. It is paid once a year at tax time so you are talking $1992 annually - non-tax deductable.

[Russ_Boston]

Originally Posted by zcaveman

But there is no monthly payment. It is paid once a year at tax time so you are talking $1992 annually - non-tax deductable.

True if you have no mortgage. But I have to mortgage for a few years until I sell up here. My monthly payment for bond is $153 per month escrow added to my P&I and taxes.

[ricthemic]

Originally Posted by Tbugs

Your bond payment is once per year. It is hooked onto your property tax bill.

Really, consider buying a previously owned home with a low bond or no bond. It saved me a lot of money as compared to my friends who bought new homes. My bond payment this year was $435 vs their $1650.

You are able to negotiate prices on "used" homes with the sellers while there is no negotiation on new homes. Saves a lot of money.

Of course, in buying either new or used homes, get an independent home inspector to give a detailed report and use that to make sure it is free of defects. In either case, too, have the seller (or builder) have a 1 year warranty on everything.

Just a couple of friendly tips. The Villages is a great place to live!!!

I know it is a buyer's market but I never heard of getting a warranty on a used house. Maybe an existing manufacturer's warranty on appliances, boiler or HW heater but not one on everything.

[bike42]

Originally Posted by ricthemic

I know it is a buyer's market but I never heard of getting a warranty on a used house. Maybe an existing manufacturer's warranty on appliances, boiler or HW heater but not one on everything.

Many of the listings on The Villages pre-owned homes website have a seal that says "Certified Pre-owned Home" and the listings say "Home Warranty". I do not know who issues these warranties or what they cover -- the sales reps should be able to tell you.

[Snowbird]

I purchased a designer home in St Charles last November. The bond was around 20k. My yearly bond payment this November was $2234.94. I called the District office and asked for a breakdown of this payment. I was advised that $1264.02 was for interest, $264.14 went to principle, $97.54 was for admin expenses, and $609.24 went for maintenance. I questioned why there was such a large maintenance expense with everything being new in our neighborhood, they could not give me a reason, just another number to call. I gave up. Even if you pay your bond off, there will always be the yearly maintenance fee, but you can avoid the interest and admin charges by paying it off. One final word, don't pay it off if you might sell your home in the next few years, it doesn't increase the selling price by having the bond paid, just makes it sell much quicker. (found this out when we sold our bond paid villa)

[hdh1470]

Originally Posted by ricthemic

I know it is a buyer's market but I never heard of getting a warranty on a used house. Maybe an existing manufacturer's warranty on appliances, boiler or HW heater but not one on everything.

We just bought a 5 yr old home for about 45k less then a new one and a much better location,I can do a lot of repairs with that.

[Tbugs]

I got a 1 year warranty which covered just about everything in my home that was built in 2002 (and I purchased in 2009). It covered all appliances, plumbing, and HVAC. I did call the HVAC folks out to check on the output of the air conditioner and it was fully covered. No problem was detected. This warranty was purchased by the seller and was a good selling feature.

As I said earlier, my bond payment per year is about $435 compared to the approx. $1650 for a new house with a bond of $20,000. I have a better house at a lower tax payment.

[graciegirl]

Originally Posted by Snowbird

I purchased a designer home in St Charles last November. The bond was around 20k. My yearly bond payment this November was $2234.94. I called the District office and asked for a breakdown of this payment. I was advised that $1264.02 was for interest, $264.14 went to principle, $97.54 was for admin expenses, and $609.24 went for maintenance. I questioned why there was such a large maintenance expense with everything being new in our neighborhood, they could not give me a reason, just another number to call. I gave up. Even if you pay your bond off, there will always be the yearly maintenance fee, but you can avoid the interest and admin charges by paying it off. One final word, don't pay it off if you might sell your home in the next few years, it doesn't increase the selling price by having the bond paid, just makes it sell much quicker. (found this out when we sold our bond paid villa)

I THINK, but don't know for sure that the yearly maintainance is for painting rec centers, we live by the Odell and they have painted the "out buildings" every year (It is three years old) AND the stuff we all love: the pristine streets cleaned every night, the flowers in the medians changed out several times a year, the cutting of grass and weeding of plants in public areas and replacement of dead trees, bushes and the watering of these areas?

[getdul981]

All this beauty ain't free!!!

[villages07]

Mostly correct, Gracie..... but, a clarification.

Rec centers, pools, gates, postal centers, exec golf courses are covered by our monthly amenity fee.... all maintenance and operation costs are paid out of amenities.

The annual CDD maintenance fee that appears on our property tax bills (approx $400-$500 for the year) pay for the maintenance and operation of common area infrastructure .... landscaping, water, electricity (lamp posts, street lights), mowing/trimming, cart paths, sidewalks, CDD government management fees, etc.

There is a lot of information on the CDD website, including annual budgets and expense breakdowns.

http://www.districtgov.org/

The bond on the house was to build the initial infrastructure. The annual CDD fee is to maintain it.

[sam&rog]

The intrest on my bond was over 7% so I paid it off. It was like having a second mortgage.
Call the sevice center to find out your intrest rate.