Maintenance Fees and CDD fees

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  #1  
Old 06-21-2011, 12:32 PM
Coltsgirl Coltsgirl is offline
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Default Maintenance Fees and CDD fees

This is my first time posting, I have been reading these boards but still have questions on what is the difference between annual maintenance fees, amenity fees and the bond? I am retiring at the end of this month and my husband and I hope to be moving to TV within the next year but are really perplexed about all the different fees since we will be on a fixed income. Still not sure whether to buy new or resale, so many different decisions. I really enjoy reading all the posts on here I have gained so much knowledge. Thanks to all.
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Old 06-21-2011, 12:36 PM
Bogie Shooter Bogie Shooter is offline
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Quote:
Originally Posted by Coltsgirl View Post
This is my first time posting, I have been reading these boards but still have questions on what is the difference between annual maintenance fees, amenity fees and the bond? I am retiring at the end of this month and my husband and I hope to be moving to TV within the next year but are really perplexed about all the different fees since we will be on a fixed income. Still not sure whether to buy new or resale, so many different decisions. I really enjoy reading all the posts on here I have gained so much knowledge. Thanks to all.
Try looking at the "Nuts and Bolts section of this site, it has a lot of information.
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Old 06-21-2011, 12:51 PM
bkcunningham1 bkcunningham1 is offline
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Nuts and Bolts has great info. It is near the bottom of the main Talk of the Villages page. Also, welcome to the forum. I hope you stick around and post more questions and answers. Look over the Nuts and Bolts and if you have any additional questions; ask away. Again, welcome!
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Old 06-21-2011, 01:35 PM
Coltsgirl Coltsgirl is offline
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Thanks, the nuts and bolts talks about amenity fees and then the bond fees. I see on listings by realtors outside the villages most are posted with maintenance fees usually anywhere from $400 to $600 and the annual bond. I thought the $135 that is in all the brochures from TV is the ammenity fee. Just a little confused on are there really 3 different fees that could be in play here, ammenity, maint and bond?

We are hoping to do the Lifestyle visit in August/Sept, am just trying to understand all the fees, those seem to scare my husband when he keeps seeing different fees than just the $135 ammenity.
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Old 06-21-2011, 01:47 PM
bkcunningham1 bkcunningham1 is offline
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I have no idea about the additional maintenance fee. I live on the historic side in a preowned home and we don't have a bond or a maintenance fee. We pay the monthly amenity fee, which, btw, is billed on the same invoice as our water and sewer fee.

Maybe somebody else can answer that one for you. I have never heard of the maintenance fee.
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Old 06-21-2011, 02:10 PM
downeaster downeaster is offline
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The monthly amenity fee pays for the amenities. Executive golf, rec centers, swimming pools, etc.

The annual maintenance fee is for maintaining the "grounds" or sometimes referred to a common areas. Mowing, irrigating, flower beds, etc.

The bond may be described as debt incurred in order to pay for so called horizontal improvements. Roads, water, sewage, gas, electric, etc. In a normal subdivision, the developer goes to a lending institution (bank) and borrows the money to prepare the site for building. He then sells lots to builders and his costs associated with the loan are included in the purchase price. That is passed on to the home buyer and included in the advertised price of the home. For reasons open to much discussion, the developer of The Villages does not include the buyer's share of the bond in the advertised purchase price. The buyer's share, plus interest, is handled separately in the form of a annual obligation which may be paid off in lump sum.

That's it in a nutshell. I would advise discussing this in detail with your sales rep when you come down for your visit.
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Old 06-21-2011, 02:28 PM
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rjm1cc rjm1cc is offline
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Consider the bond as part of the cost of the house. You will pay it just like you would a mortgage. Like a mortgage you can pay it off (and thus a resale could have the bond paid off) or pay over time. The bonds cover the costs of improving the site - roads etc. I think in most parts of the US these costs are just added to the swelling price of the house.
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Old 06-21-2011, 03:23 PM
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Quote:
Originally Posted by downeaster View Post
....For reasons open to much discussion, the developer of The Villages does not include the buyer's share of the bond in the advertised purchase price....
I believe that most, if not all, of the (over 600) developments in Florida that are organized under the Florida Community Development District (CDD) laws do this also. I dont like it because it gives the impression of false advertising.

So that new home in TV advertized for $160k will end up costing $180k or so. With a pre-owned home, the age of the home will dictate the bond balance with a home built in 1995 probably having a bond balance of only a few thousand dollars. Also, as noted previously the mostly modular homes in the historic section of TV (east side of 441) dont have any bonds.
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Old 06-21-2011, 04:39 PM
Coltsgirl Coltsgirl is offline
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Downeaster, thank you so much, I think you clarified that perfectly.
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Old 07-13-2011, 07:46 PM
edwardt6 edwardt6 is offline
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Nothing in Lake County has a BOND
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Old 07-13-2011, 09:26 PM
GatorFan GatorFan is offline
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Consider a resale. Many have already paid the bonds in full.
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