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/)
-   -   Would the 38K bond on new homes be a deal breaker? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/would-38k-bond-new-homes-deal-breaker-305976/)

rlcooper70 05-03-2020 06:24 AM
Friend just bought in Chitty Chatty .... an Ivy with a golf cart garage for $380 ... without the upgrades and with a pond view with the woods in the background over the point. It is ridiculously low for that four bedroom house. Ridiculous. Are they keeping the price of the house that low because they are making it up on the bond? Is this just a balancing act?

Travelhunter 05-03-2020 07:20 AM
Quote:
Originally Posted by Goldwingnut (Post 1757128)
DeLuna is in CDD12 and Chitty Chatty is in CDD13. The bonds are not specific to the CDD but to the subdivision (Unit #).

Adjusted for inflation the bonds have not gone up significantly over the last 20 years. Also consider in the newer areas, CDDs 12 & 13, there is a lot more green/open space than anywhere else in The Villages and the overall population density is lower. This results in longer road, more pipes, and more infrastructure in general that has to be paid for. You will pay for it one way or another, as a bond or just rolled into the price of the house the way other developers do it.

This video explains the bonds here in The Villages:

The Villages 5-30-19 Construction update and Bond information - YouTube
Thanks I learned something

Travelhunter 05-03-2020 07:25 AM
Quote:
Originally Posted by JimJohnson (Post 1757154)
We are in home number two and paid the bond in full for both. The bond is part of the home value to us. Paying it like a second mortgage is foolish to me. Yes, there is interest on the bond if paid over time that is higher than mortgage interest. If you can’t pay the bond off, at least add it to your home payment and pay less at the end of the note.
The Rep’s will tell you that no one pays the bond up front, but this is false. At closing on our first home, the buyer confessed to us that our home was a little high, but that our bond was paid so it became a better purchase.

Today’s bonds are approximately:
Patio Villa $19,000
Courtyard $25,000
Designer $35,000

You can find the occasional Cottage home in a Patio Villa neighborhood and pay the $19,000.
My sales rep told me not to pay the bond. He said so many people move after a few years and they do not recover the bond pay off in the sale price
I wonder if that’s true

dewilson58 05-03-2020 07:27 AM
Quote:
Originally Posted by jimbo2012 (Post 1757816)
My complaint is not price (over 30 years not that much a month) there's a lot of costs in the infrastructure, it's the fact you can't deduct the interest.

Take out a mortgage loan.

Dr Winston O Boogie jr 05-03-2020 07:59 AM
I suppose it depends on how much money you have. If you are very wealthy and can afford a half a million dollar house then it's probably not a big deal. For me, there is no way that I'd buy a house that has any kind of a bond.

EnglishJW 05-03-2020 08:25 AM
Check any payment table (principal and interest) for the actual facts.

Boilerman 05-03-2020 08:58 AM
Quote:
Originally Posted by ficoguy (Post 1757823)
I used to deduct the bond on my taxes since it sows up as an "ad valurem" item on my tax bill....its a grey area
This is not a grey area. The bond interest is not a tax and is not deductible.

jellybeanrt 05-03-2020 09:32 AM
I would buy a resale, also in Lake County , like Mera Mesa etc. there never was a bond issue. Beautiful homes as well, and location

John_W 05-03-2020 09:37 AM
The amount of the bond and the yearly payment, I just consider it's like another utility. My CYV bond was $14,000 and it's $1100 a year. This year will be my ninth year, so I'm in for $9900 come November. It's not until my 13th year that I break even, by then I'll be 74 and could be dead. If not, my bond payoff will be about $12,000, so I can pay it off or continue to pay $1100 a year. For a bond any bigger than what I pay, I would only look at resales, unless money was no object.

erojohn 05-03-2020 09:49 AM
Seems like a lot but you could be paying it off over a long period of time.
It kind of overstated that taxes went up 25%. My total tax bill was up 7.57%
The Sumter co portion was up a substantial percentage. I choose to look at the bottom line. My bill was up a whopping total of. 233. I challenge anyone to check out the facts and report back. Instead of echoing others complaints about going up 25%. How much did your total tax bill go up? You can take a look at any properties tax records in Sumter County on the tax collectors website and compare Totals and break it down. I find some of my totals have actually gone down.

dewilson58 05-03-2020 10:13 AM
Quote:
Originally Posted by Boilerman (Post 1758003)
This is not a grey area. The bond interest is not a tax and is not deductible.

Fic said bond, not interest on the bond. Bond has some footage, never tested.

raney3099 05-03-2020 10:21 AM
TV Realty is always going push the new areas. Better to get a realtor from outside to be open and honest with all your questions.

dewilson58 05-03-2020 10:26 AM
Quote:
Originally Posted by Travelhunter (Post 1757917)
My sales rep told me not to pay the bond. He said so many people move after a few years and they do not recover the bond pay off in the sale price
I wonder if that’s true



Yes & No.

Challenger 05-03-2020 10:47 AM
Quote:
Originally Posted by Travelhunter (Post 1757917)
My sales rep told me not to pay the bond. He said so many people move after a few years and they do not recover the bond pay off in the sale price
I wonder if that’s true
No one has ever presented stats on this exact point, and I doubt that it is true. If so it defies all financial logic

Duane McCartney 05-03-2020 10:54 AM
A Real Estate Agent's Responsibilies
 
Quote:
Originally Posted by Challenger (Post 1757348)
No one buying or selling a house - using a competent real estate sales person, would ever assume a bond. If they do, the sales person is guilty of malfeasance.
A competent real estate agent's job is to advise the client (buyer or seller) about the issues buying within a CDD community. As the seller's agent they should make sure they advertise a property with the bond being paid and price the property appropriately to get the seller their bond payment back. As a buyer's agent they can suggest that the seller pay the bond off as part of the sale contract, but that is highly unlikely if the property still has a high bond amount due. They should point out to the buyer the advantages of buying a property with the bond being paid and how that reflects on the asking price. A real estate agent that goes beyond advising and educating their clients are the ones guilty of malfeasance.


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