[Skybo]

Hello! I’ve just returned from TV after a 10 day visit with my sister who recently bought a home there. Before we even left TV, my husband and I had pretty much decided that we wanted to move there. We have to sell our house in Virginia first, so it might be awhile, hopefully not too long.

I found this board last night and stayed up half the night reading it. So much great information.

I’m sure I’ll have many questions in the coming weeks, but there is one question I have right now...

We took a look at the model homes with a Village sales rep and he gave us a breakdown of average monthly expenses...Amenity fee, utilities, insurance, taxes, etc. There is also a ($192/mo) expense listed as the “Development District Assessment”. Is that the same thing as the bond?

Thanks in advance, and looking forward to getting to know you all...hopefully one day in person!

[skyguy79]

Originally Posted by Skybo

We took a look at the model homes with a Village sales rep and he gave us a breakdown of average monthly expenses...Amenity fee, utilities, insurance, taxes, etc. There is also a ($192/mo) expense listed as the “Development District Assessment”. Is that the same thing as the bond?

I could be wrong, but I think you're correct that the fee is the bond. If so the bond is paid annually unless you pay it off all at once. We did not pay off the bond and here are the annual figures on our home from the Tax Assessor's tax rolls as an example for you. Just don't forget these figures are annual and not monthly. You only pay once a year with your other taxes.

Levying Authority / Amount (Non-Ad Valorem Assessments)
VILLAGE DISTRICT 7: $0.00
UNIT 135 SPEC ASMT-MAINT: $493.68
UNIT 135 SPEC ASMT-BOND: $1,507.27
VILLAGES FIRE DISTRICT" $81.00
Total Assessments" $2,081.95

[Skybo]

Thanks for the reply Skyguy. I do realize that the bond and taxes are paid annually, I think that they just break it down into “monthly” amounts on that paperwork for planning purposes. So, do you think that the $192/mo figure I quoted includes both the maintenance assessment and the bond? That would work out to $2304 per year and is based on a $250K home with a homestead exemption.

Also, do you pay the taxes/bond in advance or in arrears? And when does the tax year start? I assume (if you pay in advance) that when you first purchase, you pay some kind of pro-rated amount for taxes/bond?

These are all questions I should have asked the sales rep, but at the time we were just browsing the models and we didn’t really start crunching the numbers until we got back home.

Thanks again.

[Tbugs]

I moved to The Villages in Oct. 2009 from the Washington DC 'burbs. I decided on a re-sale home and am very happy with my choice. Consider some things before going for a new house: You can negotiate price with the seller of a re-sale home and not with a new home; lower or no bond at all in a re-sale vs $20,000 or more bond on a new home; mature landscaping; no construction going on around you. I live equal distance from Lake Sumter Landing and Spanish Springs. I visit Seabreeze Rec Center and St. Charles and it only takes 15 minutes to drive. No place is very far away. Lots of nice designer homes North of 466 or just South of 466. Not necessary to go down to the brand-new areas.

Be sure to use 2 realtors. Use a Villages Property realtor to show you properties listed by The Villages and an outside realtor to show you properties not listed by The Villages. Neither can show both.

I bought a designer home called a Lantana. It is on a golf course (no golf balls come in my yard!) and has a beautiful Florida room looking out on the fairway. $2300 bond and bond payment last year was $425. Friends who bought a new house have a bond payment of $1675. Big difference.

Villages Properties realtors like to steer you to the brand-new homes in new neighborhoods. Nothing wrong with that but you will pay full price. Since all the neighbors move in about the same time, it is very friendly. However, with all the activities in The VIllages, all the places are friendly.

The Villages is a wonderful place to live. Good luck in selling your home. Mine sold in 8 days in Silver Spring, MD.

[Skybo]

Thanks TBugs! We’re definitely open to buying a resale for all the reasons you mentioned, and a low bond and some negotiating room would be great.

Wow, 8 days...that's wonderful. Our current home is in a pretty desirable area, I think we'll get offers on it fairly quickly. But we bought it at the height of the housing bubble. We know we are going to take a sizable loss on it even if we are able to sell it for top dollar (in today's market). But we can only take so much of a loss, otherwise we won't walk away with enough equity to do what we want to do in TV. So we're going to have to find a buyer that wants it really bad.

[skyguy79]

Originally Posted by Skybo

Thanks for the reply Skyguy. I do realize that the bond and taxes are paid annually, I think that they just break it down into “monthly” amounts on that paperwork for planning purposes. So, do you think that the $192/mo figure I quoted includes both the maintenance assessment and the bond? That would work out to $2304 per year and is based on a $250K home with a homestead exemption.

Also, do you pay the taxes/bond in advance or in arrears? And when does the tax year start? I assume (if you pay in advance) that when you first purchase, you pay some kind of pro-rated amount for taxes/bond?

These are all questions I should have asked the sales rep, but at the time we were just browsing the models and we didn’t really start crunching the numbers until we got back home.

Thanks again.

Brother/Sister Sky... I only closed on my home on Jan 18th and I'm not that knowledgable yet to be the one to answer most of your questions. Tbugs has given you some good advice and I'm sure others will be a big help to you. That's just the way people around here are. What I can answer is that there will be pro-ratings in a closing. One other thing that I can't say is if your quote included both the bond or the maintainance. Only the agent that told you would know that for sure. I would guess though that the quote probably did not include the maintainance. Also, if I was informed correctly, the maintainance assessment will continue even after the bond is paid off. Perhaps someone else could confirm that. Welcome to the adventure that still has my head spinning!

[wlou]

Hey Skybo,we bought our home in the villages 3 years ago and now have our VA home on the market. ( again) We are in Mechanicsville ( suburb of Richmond). Had the house listed last year, lots of lookers, no offers. Pulled off market thru Holidays and back on now...Good luck to you!!
FYI We bought new in the villages because we found the perfect lake lot home, and we have never regretted it...Process thru the villages realtor and Citizens Mortgage was flawless and we shopped rates ,etc .and still found them to be the easiest and best to deal with...

[Skybo]

Thanks wlou. And good luck to you too. I'm very familiar with Mechanicsville. We are in Chesapeake.