My Bond Is How Much? New vs Existing Bonds In The Villages!
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- Опубліковано 19 чер 2024
- Thinking of buying a new home in The Villages Florida? Wondering why a new home is cheaper than an existing home? Lets review some new bonds and compare them to some older ones to find out... All this, plus home reviews today.
Fast Forward To Home Reviews Here: 13:48
The Villages Florida is a 55+ retirement community, located in Central Florida. As Eastport takes off with new builds, existing inventory is building up across other area's of The Villages and showing signs of stagnation. Should you list your home with The Villages? Are prices continuing to drop? Only time will tell but over the last 12 months it has been obvious that a change to the real estate market in The Villages was and is continuing to happen. If you are looking to buy or sell in The Villages, reach out to us today or visit our website at www.gilborealty.com to start your search. Thanks for watching and don't forget to like and subscribe if you have a moment.
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Mark Gilbo
Gilbo Realty
NY & FL
Lic. Real Estate Broker
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www.gilborealty.com
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Let's talk about bonds, new vs existiing.... Post below, like and subscribe when you get a moment.
You cannot make an “extra” payment on your bond. You pay the required annual amount with your taxes or you pay the whole thing off. TV gives you no other options.
Not only are the bonds high in Dabney but the taxes in Lake county are high as well. Also you can not add $$ to the pay off the principal on the bond. It’s kind of a scam. Do your homework people.
Bonds are the scam here....the builder is most definitely making a spread on the interest rate charged on the bond...tax collecter makes admin fees....and then the true cost of this new home is hidden....if they put the selling price to include the bond price the number would be a shocker....ridiculous
Can’t believe how people get sucked into such a scam.
Nuts to buy a new home in the Villages.
designer house in a great area lot was also an upgrade & closed in August 21 3.67% INTEREST RATE Balance started in @ $34K
It’s easy enough to add the bond amount to the listed price of a new home. I am not convinced that I should not pay off the bond. I did some quick math on the first sample…if you stay in the house for 15 years, it’s a break even (total cost of bond divided by annual bond amount = 15 years). So basically if you don’t pay it off, you are paying only interest for the next 15 years. That hurts a bit.
HI Mark. Good video. Are you able to breakdown who gets what funds on the bonds? In the first example the interest is 5.19%. Who is getting that interest? Does the district get a cut? Plus the admin fee of $237.75. Is that for the county to collect and process the annual payment? I tend to agree with you when someone buys a new house with a 30 year bond there isn't much motivation to pay it off since a lot of us won't be here in 30 years.
Getting a second mortgage doesn’t make sense rn since rates are so high….
If you can afford the monthly bill, or pay in full, pay monthly and put the full payment in the stock market with a 8% average return. IMO
I love a house wondering what you think about it 807 Miranda way The villages main concern it’s far from sawgrass your thoughts please 🙏
Nice house and it’s priced pretty good for the size and updates compared to some I’m seeing.
If the mortgage rate is higher than your bond rate, you’d be better off, adding that to your mortgage principal. IMO
1st house "one sink," I think the other sink is across the room. Check the mirror.
The wall color🫣🫣🫣🫣 and the brown island ugh.
Don't forget the bond is a non ad valorum tax so if you itemize, you can't deduct the interest. But if you have a mortgage for that amount and you itemize, you can deduct the interest. Something to consider.
You cannot deduct the interest on the bond.
@@tjlarson6519 correct. I should have been more specise. I'll edit my comment.
Dabney and Lake Denham rates are 5.47% on the courtyard villas I'm looking at to buy.........we planned on paying off the bond right away, now listening to you, maybe we won't.
Yep, save the cash and either invest it or to put into the house principle if you are taking a mortgage to decrease the long-term interest. Here is an example of the latter. Assume home is $500k and you put 20% down ($100k) if you finance (mortgage) $400k at 7% for 30yrs you would have a total payment of $~960k. If the bond were $40k and you added that to you down payment you would mortgage $360k for a total of $860k and the difference would be about ~$100k in your favor. Now keeping in mind the bond (+5%) will double with the interest, but you should still come out ahead about $10k. This might give you some peace of mind should you worry about moving before the 30 years. My suggestion is put your $$ toward the higher of the interest rates (i.e. invest or mortgage or bond).
@@michaelsd284 We would be paying cash for the house.
Buying a home in a place with bonds, all kinds of fees is crazy. It gives just want to be part of a certain crowd. The villages are going to suck all of you dry. 😂😂
@@user-kk3qg5el1m When you buy in a community with no bond you are just not seeing the bond (aka infrastructure costs) separated out (i.e. itemized) You are paying the same infrastructure fees, but they are just being incorporated into your home price. The bond practice is similar to what the airlines have done. We used to see one price for a ticket which include your luggage, meals, etc. Now you see a price just for the flight and then get nickeled and dimed for luggage. meals, etc. after you selected the flight/airline. The benefit seeing the bond separate is you see what you are paying for and for how much. It can also be beneficial to have the bond separated from the home cost if the bond interest rate is less than the mortgage. I realize it is sticker shock for those not accustom to seeing the bond separate, but you are paying for it one way or the other. Also, take a look at what the Villages offered for those infrastructure fees. You have all the roads, cart paths, golf courses, bridges over and tunnels under major roads, rec centers, pools, lawn and garden maintenance on common areas, etc. You do get a lot for your $$ . When has anyone living or visiting the villages said the roads are full of potholes, the rec centers are run down, the common areas are barren and all the free golf sucks? It's the complete opposite from what I've heard.
Bonds are not unique to TV. That said I don't like them. Personally I think development costs for a subdivision should be included in the list price of a new home. I don't know how it works here but in one place out of state I know the developer made interest on the bonds and the county made some money for their troubles of collecting it. It just seems like a rigged game to hide the true price of a home. A second mortgage of sorts and I don't think it can be written off like a regular mortgage. When we bought our pre-owned home I always considered any outstanding bond as part of the price of the house as we shopped. It turned out our 17 year old home had no bond. I know in our unit the bond payments are a little over $800 at around 2.5% so it wasn't anywhere near as bad as the new areas.
You are absolutely correct, you can not write off the bond. It’s like adding an extra $100k to the price of the house.
Watching this on my phone, I can’t
See these charts.
Get glasses
That is crazy. Would never buy or advise ANYONE to buy in The Villages. Such a waste of $$😂😂😂
Seems people are moving there! What you like may not be what someone else likes.
Keep your powder dry, Florida is starting The BiG AirBNB Sell OFF and this will continue for years to come.
Airbnb’s are priced pretty good right now. You can get a night for as low as $80-100 with a golf cart.
@@noneofyourbusiness2554 Plus 40% in additional fees, plus a to-do list you must accomplish or you get another $150 cleaning fee that you already paid, plus a report card from the unprofessional hosts who run it. NO THANKS! I stayed in two Villages homes in The Dirty North above 446 or 466 those homes are 40 years old a full of mold gross.