[Zoomie1955]

Originally Posted by graciegirl

Changing the subject a bit.

Does anyone know the dollar amount for the Designers in the new village of Sanibel??

The bond on Premiers in Pennecamp and Laurel Valley is $48,000.

Our bond is $20, 259.00 for a designer, Section 178 in Sanibel.

[asianthree]

Originally Posted by CarGuys

We haven't moved in yet. Were already Looking! It's a CarGuy thing

looking also

[elevatorman]

Here is a list of the bonds due for each area. It includes an amortization schedule. Intrest rates are hand written on each page. This one is only for Sumter County. Village Community Development Districts

[jimbo2012]

So designer lots are $19,500 in #215 at 5.5% at about $115 month

the patio villas are $11,500

[festusrules]

The infrastructure roads, utilities, etc were financed with bonds. The property owners are responsible for paying off the bond for their property over 30 yrs. The bond amts vary for each type of property and in each village or development district. Ex, in our Buttonwood Patio Villa the bond was about $11,000.....cottages about $16, Designers about $21,000. The fewer the properties the higher the bond. That is my understanding.

[mickey100]

Originally Posted by elevatorman

Here is a list of the bonds due for each area. It includes an amortization schedule. Intrest rates are hand written on each page. This one is only for Sumter County. Village Community Development Districts

Thanks Elevatorman, that's a good chart to look at. For example, someone in district 5, with a total bond of about $11,000, will, over 30 years pay about $11,000 in principal, $14,000 in interest, and $1600 in administrative fees for a total of $27,000 (at 6.5% interest). That's almost 2 1/2 times the original amount of bond. At that interest rate, if you think you're going to be in your house for awhile, it appears it would make financial sense to pay off the bond. As Gracie mentioned, if you think you're going to move, it might not be worth it. Although, a caveat, some buyers look at houses with Bonds paid as a big plus, so it can be a selling factor for your house, but you may not recoup the total amount you spent on the bond.

[2 Oldcrabs]

Separating the bond cost from the house is a marketing tool to make the house look like it cost less than it does. The bond is a "lein" against your house until paid off. IMHO, If you are staying in your home for about 10 years, you might be better paying off the Bond if you can. If you pay $2k/ year for 10 years, you will have paid $20k and still owe about $14k. There is no tax advantage to paying over 30 years. But if you are selling or plan to die in less than 10 years, you or your estate may not recover the bond cost.

[jimbo2012]

With that thinking you should buy a house cash also.

The bond costs $30 a week, I would rather have 20K more cash in the bank than pay it off.

[Bill-n-Brillo]

Jimbo, paying cash for things helps some people sleep better at night. Not every decision comes down to purely the financial aspect of things.

Just sayin'.......

Bill

[elevatorman]

Question: Our bond was issued in 2006 and was $19,336.00. We purchased our home new in 2009. The developer had already paid about $5000.00 in principal intrest and fees on the bond. Does anyone remember if at closing the developer recovered these payments as a seperate line item?

[2 Oldcrabs]

Originally Posted by jimbo2012

With that thinking you should buy a house cash also.

The bond costs $30 a week, I would rather have 20K more cash in the bank than pay it off.

$20k in the Bank at 1-1.5% interest vs paying 6% on a non tax deductible loan? If I was going to pay the bond over time I would get a Home equity loan or get it into to the mortage somehow to make it tax deductible.

[jimbo2012]

Originally Posted by 2 Oldcrabs

$20k in the Bank at 1-1.5% interest vs paying 6% on a non tax deductible loan? If I was going to pay the bond over time I would get a Home equity loan or get it into to the mortage somehow to make it tax deductible.

Cash is king, I didn't necessarily mean the bank at next to nothing rates, now to get a home equity loan is an ok idea, considering the tax benefits.

[hdh1470]

Cash always, Don't think it makes sense to spend a dollar to save twenty cents in tax

[2 Oldcrabs]

Originally Posted by hdh1470

Cash always, Don't think it makes sense to spend a dollar to save twenty cents in tax

I think a married couple gets $11,000 "standard deduction". If Taxes, Interest and Charity does not exceed $11k I do not think it pays to borrow money.

[Ohiogirl]

Thanks for that link, Elevatorman. I learned something new. We are in district 6 - I had thought all CYVs in same district had the exact same bond, but not so. Appears all the CYVs in one specific villa neighborhood are the same, as I thought, but looks like the bond in each CYV neighborhood is determined by the actual land mass for that neighborhood - each of the bonds in the 3 CYV neighborhoods in my Village (Sabal Chase) vary by a few hundred dollars.

Imagine this holds true for the various designer neighborhoods as well.