Talk of The Villages Florida - Where can I find out about the costs of living in the Villages?

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- - Where can I find out about the costs of living in the Villages? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/where-can-i-find-out-about-costs-living-villages-316283/)

Quote:

Originally Posted by nicksgram51@yahoo.com (Post 1901902)

New to the area. I thought the amount was only the balance that we pay on it, did not realize they add interest. Does anyone know what interest they charge?

Go to the Bond Amortization Schedules page and look up the details for your area. For me, the actual interest rate is 5% BUT, there is a fixed Admin fee that brings the effective rate to 5.5% this year and over 6% by the time my payments would end.

You can find that link on the website TheVillages.com. Utilities are normally what you mighty pay for your current home - taxes are not bad if you Homestead - living here full time. The big difference is a Bond charged and that can be extremelty high, depending upon the cost and newness of your home. The newer the home, the higher the bond balance. On a $300,000 home which is new, the bond can be around $30,000 amortized over 30 years and then a bond maintenance payable monthly. I am Realtor and would be happy to send you more information if you wish.

You have to look at your district, each one is different. Some are pretty high.

Quote:

Originally Posted by bobk544 (Post 1901628)

Hello, is there a Villages link that talks about the typical costs of living in The Villages like what the House Insurance might be on a 300k home and typical monthly HOA/Amenity fees? And in many posts, I see discussions about a "bond" purchase or something like that and haven't got a clue what this "bond" item is all about?

Thanks very much for any help on these questions and or pointing me to a link on these kinds of topics!

The Villages site bases their numbers on a $250,000 home. If you plan on a designer home you had better plan on the home being $350.00+.

Quote:

Originally Posted by bobk544 (Post 1901628)

The cost of living here are this;

The amenity fees are right around $150 a month.
Everything else is pretty much the same..cost of food is slightly higher. The cost of your home does not have the cost of the infrastructure added in, if it is new. So just add that into the cost of the new home and you will have the real price. Some pay off this infrastructure cost * (called "the bond") right away and some pay it off over time. The amenity fee is based on the cost of living index and once it even went down. They do not "dock" you unexpectedly for changing the golf courses or make you pay to eat at the restaurants like some private clubs do. I find that, you can make a big difference in how much you spend here by whether you intend to cook at home a little or a lot, by the size of home you buy and just other reasonable choices.

Quote:

Originally Posted by nicksgram51@yahoo.com (Post 1901902)

New to the area. I thought the amount was only the balance that we pay on it, did not realize they add interest. Does anyone know what interest they charge?

Check what I am saying. First of all if you have a mortgage call your bank and they can tell you the interest you are paying or who to call. We decided to pay ours off. The interest rates I've heard are 4-5%-they are not the same. It depends on the date of your home, the date of the bond. To make it perhaps more confusing we were told the rate will renegotiate in roughly two years from now. You cannot as you can on a mortgage send extra money and pay the bond off in a shorter time. You need to find the money to pay it all off. Others cannot answer the question for you. Do you have the money to pay it off in full? What is that money earning for you?

To pay it off or not to depends on how long you plan on staying in your home. A typical villager moves three times. I never understand that. Do it right the first time, whatever that means to you. It is far less expensive than doing it over and over and over again

To get the homestead exemption you have to be a a full time resident by January 1st. Florida Real Estate Taxes are for that calendar year unlike some states that are for the prior year. You have to apply for the Homestead Exemption before March 1st in Sumter County. They also want a Florida DL/ID and a letter from your prior county saying you gave up the homeowners exemption there.

Most people I know are to smart

Quote:

Originally Posted by OrangeBlossomBaby (Post 1901674)

Insurance can vary, depending on the size and type of the home, its value, how close/far it is to/from a wetland, garage, pool, enclosures, safety/security systems, etc. etc. etc. Your best bet would be to call the Villages Insurance to get a better idea.

The only "HOA" is the actual homeowner's association, which is a membership group of people who support the developer and the development that the developer developed, and all things related. The POA is the property owners' association, which is a membership group of people who support the individual homeowners within the development. Often the two groups are in sync with each other. On occasion, they are opposed to each other. As a result they serve as a checks and balances network.

The HOA fees - don't exist in the Villages. You pay an amenity fee of approximately $164/month (the recently announced rate), which covers all the recreational facilities, golf cart and multi-modal paths, executive golf courses and executive play, walking trails, etc. etc.

The bond is a typical developers' bond you'll find in any planned development. The main difference is here, it's considered a separate fee and passed off to the buyer above and beyond the selling price of the home. In other communities the cost is built into the selling price of the home, OR the cost is absorbed by the developer as a cost of doing business (or the cost is otherwise split between buyer and developer). In some parts of the Villages, the bond has already been paid off, and buyers of pre-owned homes in those areas don't have to pay any bond fees at all.

There are also property taxes, which in Florida, are determined by the most recent purchase price. So if you're buying a home that was owned by someone else for the past 20 years, and that owner paid $1000/year for property tax, you might be in for an unpleasant surprise to learn that the house you just bought is now being taxed $2000/year. The good news, is that it'll continue being (more or less) $2000/year until you sell it to someone else.

There's water fees, sewer fees, electricity, cable/internet, lawn maintenance (which is required but you can do it yourself, you aren't required to hire someone else to do it. As long as it gets done), pest control (Florida = fire ants, termites, cockroaches), groceries, a golf cart (or two), dining out, any clubs you want to join (most clubs are founded and run by individual members of the community) that have fees (typically $10-20 per year plus any materials for crafting clubs), etc. etc. etc.

Figure after all is said and done, you'll be looking at around $1400/month for EVERYTHING including dining out once in awhile. That does NOT include any mortgage on your home, since most people here pay cash.

to pay cash ,why tie up your money with such low interest rates, put 20% down let the home rise in value and leave the other money to invest in whatever savings.vehicle you choose

You can go to the community district site and look up the bond on your home. there are three components to the payment. Principal, interest and a admin fee that was .06 percent on my bill. The rate was just over 6 percent with the admin fee. This shows up on your annual tax bill until paid off. It is not tax deductible as a property tax since a large part of the bond payment is principal and not based on the value of the home

Quote:

Originally Posted by charlieo1126@gmail.com (Post 1902027)

to pay cash ,why tie up your money with such low interest rates, put 20% down let the home rise in value and leave the other money to invest in whatever savings.vehicle you choose

They weren't asking for financial advice. They were asking for data, information.

What I said was true. Most people pay cash for homes in the Villages. That is a fact, whether you think it's a good idea or not.

It is also why mortgage is not included in cost of living in the Villages, in most publications. You don't factor mortgage payments into a monthly cost of living, on a property that has no mortgage on it.

Also FYI - Gracie's estimate of "right about $150" for amenity fee is incorrect. It is $164 for any property purchased, presently. If you buy this month, that's what your amenity fee will be, and continue to be. Next year it might be $172, but that will be for people who buy next year. This year's buyers will still pay $164.

That's why we have residents in the Villages who only pay $84/month for their amenity fees. It's how much it was at the time they purchased the house.

One important point that has not been mentioned is that your taxes will be much higher if your Villages home is not your primary residence. Florida has tax incentive plans such as home steading and save our homes tax credits that are given for primary residence homes only. Bonds on new homes are higher than resales but I was told by my mortgage company that I could not put my bond amount in my mortgage as it is billed as a tax and not part of the purchase price. I lived in Connecticut before moving here and find The cost of living is much less than most places up north. Good luck.

The $1000 + per month does not include lawn maintenance. It assumes you do your own. You have lawn mowing $50 - $65 per month, Shrup triming ~$115 per 3 months (Does not include trimming tall palms), grass treatment for insects, weeds, and fungi, ~$65 every 2 months, de-weeding mulch and flower beds ~ $20/month. All of this can be done by the owner for considerably less cost and the numbers quoted may be trimmed by shopping vendors. Good luck!

I’ve lived in 5 new neighbors in villages and before Covid I was out somewhere every night and most people I meet didn’t pay cash and most of them like me could but don’t take my word under cool facts about the villages about50% do they probably still have Christmas club accounts also

Bond Balance='Mortgage'?

[QUOTE=bobk544;1901628]Hello, is there a Villages link that talks about the typical costs of living in The Villages like what the House Insurance might be on a 300k home and typical monthly HOA/Amenity fees? And in many posts, I see discussions about a "bond" purchase or something like that and haven't got a clue what this "bond" item is all about?

For whatever reason assuming a '5%+ Bond Balance' is generally accepted by 'Resale' Home-Buyers in The Villages.
It's a 'lien' on the house you are buying which should be paid off by the seller, just like any other 'mortgage'. If not - Why not?

I've always heard with regard to housing it is about 12k. The rest is up to you. Whatever your doing now will work