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  #1  
Old 05-24-2011, 07:27 AM
dolphinchum dolphinchum is offline
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Hello,

We are considering a move from Northern Michigan to TV and have read about the bond cost, wondering about other monthly fees. Thank you.
  #2  
Old 05-24-2011, 09:57 AM
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Quote:
Originally Posted by dolphinchum View Post
Hello,

We are considering a move from Northern Michigan to TV and have read about the bond cost, wondering about other monthly fees. Thank you.
The only MONTHLY fees I know of is the amenities fee of approx. $135 that everyone pays and is on your water bill.

The bonds differ with village and usually age of properties, ie, the newer properties with new bonds will be higher than older neighborhoods that have been paying on the bonds for several years. I'm not sure how it is calculated but a certain amount ($762.84 on a villa we are looking at) is paid annually as an assessment on your tax bill until the bond is paid off. I believe I read that it carries a 7% interest rate. Of course, you can pay the bond off at any time and save the 7% but my observation is that most pay it annually until such time that it is paid off. By the way there is another annual assessment ($340 on the same villa) called (I believe) a CDD fee.

We are new and learning and, like you, I was interested in what might be "hidden" fees but these are all I could find. I believe the bonds and CDD fee vary by neighborhood so you'd need to know where you are looking to find the correct info.

Good luck and come on down! It's worth all the various fees. Entertainment and alcohol is cheap!

  #3  
Old 05-24-2011, 10:30 AM
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On a medium size home, 1800 square feet, figure about $1000 a month over and above your mortgage payment. That would include lawn mowing, weeding, cable, internet, gas and electric, water, garbage, amenity fee, termite and bug control, and a few other miscellaneous costs. Bigger home, maybe $1200, smaller home maybe $800. Put that in your budget and you will be close. Add food, clothing, entertainment and medical and you should be plus or minus 5% of what you need to live in The Villages.
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  #4  
Old 05-24-2011, 11:26 AM
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Quote:
Originally Posted by dolphinchum View Post
Hello,

We are considering a move from Northern Michigan to TV and have read about the bond cost, wondering about other monthly fees. Thank you.
Try http://www.talkofthevillages.com/for...play.php?f=139
This is the nuts and bolts form and will be of interest. The form also has a lot of info on budgets so do some searching.
  #5  
Old 05-24-2011, 02:06 PM
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Bill-n-Brillo Bill-n-Brillo is offline
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To add to what wendy noted about the interest rate on the bonds - - - it will vary. Ours is 5.375% on a Patio Villa in Duval, built in '07. Some will be more, some less.

Bill
  #6  
Old 05-24-2011, 03:25 PM
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Quote:
Originally Posted by dolphinchum View Post
Hello,

We are considering a move from Northern Michigan to TV and have read about the bond cost, wondering about other monthly fees. Thank you.
dolphinchum:

I see this is your first post. to TOTV.

wendyquat and rjmicc explained it well.

You can also google, "thevillages" or www,thevillages.com and the web site will show you many homes. One option, is to buy a pre-owned home that has little or no bond. The owner has paid almost all, if not all of the bond. There is a place on this website that describes the basic expenses, (it's accurate), of owning a home but this site is the best for any information you will need.

I would recommend a visit to TV as there are not enough words to decribe how wonderful it is.

Last edited by 2BNTV; 05-24-2011 at 03:27 PM. Reason: Corrections
  #7  
Old 05-25-2011, 06:42 PM
dolphinchum dolphinchum is offline
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Thank you for all the info...it is very helpful and we are looking forward to visiting TV in the near future. TOTV is great!
  #8  
Old 05-30-2011, 06:46 AM
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Quote:
Originally Posted by Bill-n-Brillo View Post
To add to what wendy noted about the interest rate on the bonds - - - it will vary. Ours is 5.375% on a Patio Villa in Duval, built in '07. Some will be more, some less.

Bill
Making settlement in July, thought I had the monthly budget set...but never asked this question- is the bond payment tax deductible? (I assume the interest is)...
  #9  
Old 05-30-2011, 07:40 AM
784caroline 784caroline is offline
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The bond payment (including the interest paid) is NOT tax deductible for it is clearly marked Non-Ad Valorem. Now do people separate it out from the property tax they pay every year.....some do and probably some dont. The point is if you are audited it is not allowable. Others will get a Home Equity loan and then pay off the Bond, interest from the Home equity oan would be deductible in most cases.
  #10  
Old 05-30-2011, 07:48 AM
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.
  #11  
Old 05-30-2011, 07:50 AM
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Ditto what 784caroline said - bond payment is not deductible. I got the same feedback here on TOTV as well a while back (during 'tax season') and found concurring info elsewhere when I checked around. As she said, you can pay the bond off and take out a home equity loan if you'd like to be able to deduct the interest. Interest rate on the loan might be higher or lower.....but it will more than likely also be variable whereas the rate on the bond is fixed.

Bill
  #12  
Old 05-30-2011, 08:12 AM
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Thanks Bill & Caroline!
Nick
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