the thing is, you need that income to have a home pretty much anywhere - the bond is the same as the bonds that get passed and added to property taxes everywhere else- it's just that there isn't a flat amount because new stuff gets voted on and added every stinking year. Thanks for sharing this- it helped me to see living there isn't mjuch different cost wise than where I am now in the north west. I just need to decide where I would prefer to live. Thanks for the information, it was very thorough!
We've been here since September and quickly realized that living in The Villages is comparable to our cost of living in Vermont. Not having to shovel snow for 5 months out of the year...PRICELESS!
@@christined2066 We were practically neighbor's! My opinion, and you know what they say about opinions... Moultrie Creek/Shady Brook will be the most desirable locations going forward due to their almost equal distance to Eastport and Middleton. We went to a high school football game in Middleton in September and their stadium is comparable to a college stadium. Just minutes away by golf cart from our home on Cadorette Drive. Booster's Pub, again just minutes away by GC.
Thanks Gary! we bought a Tall Pine in Moultrie Creek because the bond prices were less than over at Shady Brook, still pricey, but I love the location of our home that is why we chose it. It backs up to the wall of the Courtyard Villas and all of the homes on my block lanais face away from each other so we have complete privacy from our neighbors and the wall in the backyard.
Great video Gary. You get what you pay for. I have travelled extensively around the country and in my opinion between crazy high property taxes, very high cost of living , terrible infrastructure and the general poor quality of life in other places, The Villages was a no brainer for us. Our new build is underway and after comparing interest payments on the 50K bond over 31 years bond and what the market might return on that 50K, we chose to pay off the bond. We are fortunate that we planned on this move a long time ago and had a nice home we sold. Every situation is different but your videos are a good education. Thanks
Excellent video Gary. One of the first I’ve seen to show the entire ‘big picture’ of total ownership costs. Plus the ability to quickly cost out scenarios with 90% accuracy.
Gary Thanks for taking the time to put together a realistic accounting of expenses. You often see cost of living estimates which are much lower and unrealistic. This is a good accounting for many of the real life expenses of living in the Villages. Face it if you're there, you're going to go out and enjoy the Restaurants and things to do. Who wants to buy a house and be cash poor when you're on a tight budget. I know many people in the Villages have no money worries but there are also some who want to be there that may be borderline in expenses. This will help them to get a real life look at costs.
That bond price is crazy. I’m retiring at age 59 and bought a retirement home in South Carolina a decade ago. I was thinking of buying a second home in Florida for tax purposes, but real estate taxes, fire and bond has me rethinking this. Might look at Margaritaville.
Hi Gary, Thanks for all the wonderful information because it's an eye opener. I retired two months ago and wish I had the money to pay off my $50,000.00 bond so it added a lot to my taxes this year. This video was great and it should help a lot of people to understand what it really takes to live in TV.
Glad it was helpful! I was conflicted whether to make it but I wanted to show two things that are missing from many other video's the bond & cash vs loan.
Great video, thanks! Will be there in December to look at homes and do more research. I can't speak about the property taxes, but the new higher priced bonds are way too high in my opinion. Admin costs what the heck is that? A money maker for The Villages for sure. I live in Henderson/ Las Vegas area and we have what are called SIDS/LIDS for new home communities, not anywhere this high on new construction. Probably comparing apples to oranges...hopefully still considering a new home in TV. We shall see, thanks again!
Thanks for watching Julie. I think most communities don’t have a bond like this but it is just added to the house price. You can still find homes in the Villages with lower bonds but just ask to see the bond schedule once you narrow it down.
Hi Gary, great video. For me my first desire is to build a budget template that has as complete list of spend items as possible. Obviously some folks may want more details but having a placeholder so to speak is a great start. Its more of ensure we do not forget anything significant. The second desire will be to fill in the actual $ budget amounts so we know where we actual stand at that point in time. I'm still a few years away from retirement, so I use a spreadsheet and calculate inflation against today's amounts. I also divide my retirement into 10 year chunks (Go-go, Slow-go, No-go) where some expenses reduce over time (travel) and some increase in our later years (prescriptions, Dr visits, etc). I also like you do not include Fed or State tax in the budget as they vary based on income and retirement withdrawals amounts/timing.
video is spot on ! Would love to see a comparison of taking out a mortgage for 30 yrs with insurance, taxes, bond, etc versus renting the same house for 30 yrs with NO extra expenses. The rent includes taxes, amenity fees, and water bill (both household & irrigation)
I think you could do this by replacing my living expenses in the spreadsheet with what it will cost for a rental manager, cleaning services, adding state rental tax iexpense. I’m just not sure what these items cost. Then look at what rentals are getting and see if it works. Good luck.
Gary, Great video. I did not understand how bonds work in the Villages. I live in an over 55 north of Tampa. We have 3500 homes, 63 holes of golf, tennis, pickle ball, new gym, pools etc. Our community was build from1982-1997 and kept as many live oaks as possible. We have no bond or CDD. Our HOA has no debt, pays cash for everything and has 13 million dollars in the bank. The home in your example is very similar to mine at 370k. My taxes are 5k per year, trash and fire are $688 per year, and homeowners insurance is $2300 per year. Our HOA fee is $314 per month. Also the HOA includes cable, internet, and DVR. Our golf courses are in excellent condition and are weed free and we get reclaimed water from the county for the golf courses and common grounds. So it looks and feel of the Villages. Finally, your point on the golf cart is spot on.
I'm still about two years away from retirement and recently did a side-by-side comparison of my actual monthly expenses vs. my projected retirement expenses. Very interesting to see the changes. For example, short and long term disability insurance goes to $0 in retirement.
A realistic video. Monthly expenses will be higher if you golf on private courses and have a very active social life. It should be stressed, that the house you selected as a reference point was extremely modest. So at the end of the day, you'll be spending $10,000 per year in property taxes to live in a bungalow.
I agree as I was going to do higher priced homes but this made many of the points I wanted most buyers to understand. Also the video would have been way too long. Thanks for watching.
Is there any one that does a full accounting of the total bond? Just seems very high infrastructure development cost that is going into someone's pocket. Then add on Wildwood taxes and it really gets sketchy.
I haven't ever looked into it but at the bottom of each bond schedule it gives the aggregate amount which is divided by all the homes in that specific to an area of development. I'm sure it must be part of the filing. Good question as bonds have jumped since covid but so has construction costs.
Hi Allison, the CDD is your community development district which maintains community watch program, reviews & approves home improvements individuals want to make, and the biggest item is it fixes infastructure in the district. Sorry if I called it CCD.
This might be the most informative video about TV on TH-cam... When you buy a new home do you have to pay a commission to the VLS agent or any VLS fees? Also we were told plan on closing costs of 4-5% of the price of the house. Is that accurate? Thanks Gary
If the bond is less you would cut that annual payment in half which would save about $145 per month. ($3500 to $1750) Not that much overall since the bond is annual. It's the interest that I don't like over time on the original amount almost doubling what it costs over 30 years.
I wonder what is a realistic rate of increase over time, say, ten years or longer, for The Villages monthly amenity fee. As the pools, rec centers, etc. age. they are going to need increasing maintenance. Also, what entities maintain the roads in TV - the County, the City? What entity maintains the golf cart paths, bridges, and tunnels?
Great questions. The amenity goes up about 2.5% a year and the CDD (which I may have called it CCD in the video) added to your tax bill pays for maintenance of the Community Development District. (Which includes community watch and infrastructure etc.
House and Bond are separate but the bond does have it’s own interest rate as shown in the bond table I showed in the video. Also check out my follow up video where I talked about the bond again since I got a number of comments from this video. You wouldn’t want to roll it into the mortgage as it rolls with the property so you can sell the property leaving it to the next owner or I recommend you just pay it off at the time of purchasing if you think you will own the house for about 10 years. That is about the break even point. I hope I answered your question.
Hi Jeff, Starting to tank? None of the realtors around the Villages are stating that homes are tanking. I've been watching my home value and it continues to go up every year based on sales around me. Check out my 3rd quarter Villages report video.
@@GaryAbbott "Tank" is perhaps overboard. The recent market based on total listings, days on the market, price per foot, and price reduction after reduction tells me the market is slipping. If they'd stop adding neighborhood after neighborhood, the inventory would be finite. I don't think folks necessarily care about the home as much as they care about the low hoa and the amenities.
Thanks Jeff for the clarification. I agree that a lot of homes have been put on the market and the crazy asking prices are starting to come down as buyers have a lot more choices. As I look at the numbers sales have been level for the past year. That maybe slipping as mortgage rates have not lowered as many anticipated and cost of living has gone through the roof (budgets getting tighter). The next couple of quarters will see which way the market goes. The Trump effect if that is thing!
The bond is crazy expensive, BUT if you figure that at $300 per month plus the amenity fee means $500 per month, compared to a different 55+ community, with no bond and everything else is equal except their HOA fee of $700 a month, Villages is a couple hundred less to live in.
Below is the millage rates I got from a few years ago. Now I don’t know what they are today. @GaryAbbott • 1 year ago This is what I got off facebook - Villages millage rates, Lake Co - 16.864, Marion Co - 15.82, Sumter Co south of 44 - 13.4 and Sumter Co north of 44 - 10.4. Hope this answers your question. I don’t know if this is the upcoming tax rates.
still haven't paid for transportation and fixed the house. $55K is common almost every where not in a major city. only hypocrites think Florida is cheap unless you live in a trailer home then that too will cost just the same as most places.
Thanks! We're part timers with a primary home. Great video
Thanks for watching! AnThank You for Super Thanks contribution as it is truly appreciated. Hopefully I will see you in the Villages.
Great video. Much thanks.
the thing is, you need that income to have a home pretty much anywhere - the bond is the same as the bonds that get passed and added to property taxes everywhere else- it's just that there isn't a flat amount because new stuff gets voted on and added every stinking year. Thanks for sharing this- it helped me to see living there isn't mjuch different cost wise than where I am now in the north west. I just need to decide where I would prefer to live. Thanks for the information, it was very thorough!
We've been here since September and quickly realized that living in The Villages is comparable to our cost of living in Vermont. Not having to shovel snow for 5 months out of the year...PRICELESS!
I’m in agreement with you.
Can’t wait for 2027 to say the same thing. Living in northern Vermont right now! With snow in the forecast this weekend.
@@christined2066 What part? We came from St-Albans.
@ Essex! What village do you enjoy most in the Villages? How long have you been living there?
@@christined2066 We were practically neighbor's! My opinion, and you know what they say about opinions... Moultrie Creek/Shady Brook will be the most desirable locations going forward due to their almost equal distance to Eastport and Middleton. We went to a high school football game in Middleton in September and their stadium is comparable to a college stadium. Just minutes away by golf cart from our home on Cadorette Drive. Booster's Pub, again just minutes away by GC.
Thanks Gary! we bought a Tall Pine in Moultrie Creek because the bond prices were less than over at Shady Brook, still pricey, but I love the location of our home that is why we chose it. It backs up to the wall of the Courtyard Villas and all of the homes on my block lanais face away from each other so we have complete privacy from our neighbors and the wall in the backyard.
Great video Gary. You get what you pay for. I have travelled extensively around the country and in my opinion between crazy high property taxes, very high cost of living , terrible infrastructure and the general poor quality of life in other places, The Villages was a no brainer for us. Our new build is underway and after comparing interest payments on the 50K bond over 31 years bond and what the market might return on that 50K, we chose to pay off the bond. We are fortunate that we planned on this move a long time ago and had a nice home we sold. Every situation is different but your videos are a good education. Thanks
I agree the community is unlike any others which you can’t put a dollar amount on. Thanks for watching.
Excellent video Gary. One of the first I’ve seen to show the entire ‘big picture’ of total ownership costs. Plus the ability to quickly cost out scenarios with 90% accuracy.
Glad you enjoyed it. I agree with your 90% as I think some of my expenses are low in reality.
You speak my language Gary, keep up the good work.
Gary Thanks for taking the time to put together a realistic accounting of expenses. You often see cost of living estimates which are much lower and unrealistic. This is a good accounting for many of the real life expenses of living in the Villages. Face it if you're there, you're going to go out and enjoy the Restaurants and things to do. Who wants to buy a house and be cash poor when you're on a tight budget. I know many people in the Villages have no money worries but there are also some who want to be there that may be borderline in expenses. This will help them to get a real life look at costs.
Thanks for watching. This should help many understand the real costs and how bonds work when buying new.
I didnt know about the Bond requirement..thanks Gary!
It was new to me when I started looking at the Villages in 2021. Something you need to consider as it has its positives and negatives.
@@GaryAbbott At least with Property Taxes you get to pay quarterly
In the Villages we get billed only once a year for property taxes.
Thank you, Gary this was really helpful and well layed out. Much appreciated. 😊
Glad it was helpful!
That bond price is crazy. I’m retiring at age 59 and bought a retirement home in South Carolina a decade ago. I was thinking of buying a second home in Florida for tax purposes, but real estate taxes, fire and bond has me rethinking this. Might look at Margaritaville.
Hi Gary, Thanks for all the wonderful information because it's an eye opener. I retired two months ago and wish I had the money to pay off my $50,000.00 bond so it added a lot to my taxes this year. This video was great and it should help a lot of people to understand what it really takes to live in TV.
Glad it was helpful! I was conflicted whether to make it but I wanted to show two things that are missing from many other video's the bond & cash vs loan.
Great video, thanks! Will be there in December to look at homes and do more research. I can't speak about the property taxes, but the new higher priced bonds are way too high in my opinion. Admin costs what the heck is that? A money maker for The Villages for sure. I live in Henderson/ Las Vegas area and we have what are called SIDS/LIDS for new home communities, not anywhere this high on new construction. Probably comparing apples to oranges...hopefully still considering a new home in TV. We shall see, thanks again!
Thanks for watching Julie. I think most communities don’t have a bond like this but it is just added to the house price. You can still find homes in the Villages with lower bonds but just ask to see the bond schedule once you narrow it down.
@GaryAbbott thanks!
Thank you Gary. This really helps.
Glad it was helpful
Hi Gary, great video. For me my first desire is to build a budget template that has as complete list of spend items as possible. Obviously some folks may want more details but having a placeholder so to speak is a great start. Its more of ensure we do not forget anything significant. The second desire will be to fill in the actual $ budget amounts so we know where we actual stand at that point in time. I'm still a few years away from retirement, so I use a spreadsheet and calculate inflation against today's amounts. I also divide my retirement into 10 year chunks (Go-go, Slow-go, No-go) where some expenses reduce over time (travel) and some increase in our later years (prescriptions, Dr visits, etc). I also like you do not include Fed or State tax in the budget as they vary based on income and retirement withdrawals amounts/timing.
Glad you liked it. I did a entire video on the spreadsheet I showed in this video in the past. I have made a few budget videos.
video is spot on ! Would love to see a comparison of taking out a mortgage for 30 yrs with insurance, taxes, bond, etc versus renting the same house for 30 yrs with NO extra expenses. The rent includes taxes, amenity fees, and water bill (both household & irrigation)
I think you could do this by replacing my living expenses in the spreadsheet with what it will cost for a rental manager, cleaning services, adding state rental tax iexpense. I’m just not sure what these items cost. Then look at what rentals are getting and see if it works. Good luck.
Gary,
Great video. I did not understand how bonds work in the Villages. I live in an over 55 north of Tampa. We have 3500 homes, 63 holes of golf, tennis, pickle ball, new gym, pools etc. Our community was build from1982-1997 and kept as many live oaks as possible. We have no bond or CDD. Our HOA has no debt, pays cash for everything and has 13 million dollars in the bank. The home in your example is very similar to mine at 370k. My taxes are 5k per year, trash and fire are $688 per year, and homeowners insurance is $2300 per year. Our HOA fee is $314 per month. Also the HOA includes cable, internet, and DVR. Our golf courses are in excellent condition and are weed free and we get reclaimed water from the county for the golf courses and common grounds. So it looks and feel of the Villages. Finally, your point on the golf cart is spot on.
Sounds like a great community you live in. Thanks for watching.
Thanks Gary for the info...
I appreciate a lot that you liked the information. I wasn't sure I was going to make this one.
I'm still about two years away from retirement and recently did a side-by-side comparison of my actual monthly expenses vs. my projected retirement expenses. Very interesting to see the changes. For example, short and long term disability insurance goes to $0 in retirement.
Gary, would you please make your spreadsheets available for download ? Ty. Phil
I have a spreadsheet video I did in the past. Take a look at it th-cam.com/video/bGvNQpczKx4/w-d-xo.html
Checkout the description in that video.
Excellent
Thank you!
Total principal is 50, 597.38. Total interest is $49, 649.70
You’re correct Anthony. My mistake.
A realistic video. Monthly expenses will be higher if you golf on private courses and have a very active social life.
It should be stressed, that the house you selected as a reference point was extremely modest. So at the end of the day, you'll be spending $10,000 per year in property taxes to live in a bungalow.
I agree as I was going to do higher priced homes but this made many of the points I wanted most buyers to understand. Also the video would have been way too long. Thanks for watching.
Is there any one that does a full accounting of the total bond? Just seems very high infrastructure development cost that is going into someone's pocket. Then add on Wildwood taxes and it really gets sketchy.
I haven't ever looked into it but at the bottom of each bond schedule it gives the aggregate amount which is divided by all the homes in that specific to an area of development. I'm sure it must be part of the filing. Good question as bonds have jumped since covid but so has construction costs.
Please define what CCD stands for and what it covers. Thanks!
Hi Allison, the CDD is your community development district which maintains community watch program, reviews & approves home improvements individuals want to make, and the biggest item is it fixes infastructure in the district. Sorry if I called it CCD.
This might be the most informative video about TV on TH-cam... When you buy a new home do you have to pay a commission to the VLS agent or any VLS fees? Also we were told plan on closing costs of 4-5% of the price of the house. Is that accurate? Thanks Gary
No Commission with a VLS agent but closing varies depending on bank & time of year.
But that is more because the bond was$ 50,000 dollars . What if the bond is twice less than that? Great video though. Thanks ❤😊
If the bond is less you would cut that annual payment in half which would save about $145 per month. ($3500 to $1750) Not that much overall since the bond is annual. It's the interest that I don't like over time on the original amount almost doubling what it costs over 30 years.
I wonder what is a realistic rate of increase over time, say, ten years or longer, for The Villages monthly amenity fee. As the pools, rec centers, etc. age. they are going to need increasing maintenance.
Also, what entities maintain the roads in TV - the County, the City? What entity maintains the golf cart paths, bridges, and tunnels?
Great questions. The amenity goes up about 2.5% a year and the CDD (which I may have called it CCD in the video) added to your tax bill pays for maintenance of the Community Development District. (Which includes community watch and infrastructure etc.
If you pay your pay your house in cash is there interest on the bond? Or is that only if you roll it into the mortgage?
House and Bond are separate but the bond does have it’s own interest rate as shown in the bond table I showed in the video. Also check out my follow up video where I talked about the bond again since I got a number of comments from this video. You wouldn’t want to roll it into the mortgage as it rolls with the property so you can sell the property leaving it to the next owner or I recommend you just pay it off at the time of purchasing if you think you will own the house for about 10 years. That is about the break even point. I hope I answered your question.
If they'd stop developing NEW properties, the values of the homes would most likely continue to climb instead of starting to tank.
Hi Jeff, Starting to tank? None of the realtors around the Villages are stating that homes are tanking. I've been watching my home value and it continues to go up every year based on sales around me. Check out my 3rd quarter Villages report video.
@@GaryAbbott "Tank" is perhaps overboard. The recent market based on total listings, days on the market, price per foot, and price reduction after reduction tells me the market is slipping. If they'd stop adding neighborhood after neighborhood, the inventory would be finite. I don't think folks necessarily care about the home as much as they care about the low hoa and the amenities.
Thanks Jeff for the clarification. I agree that a lot of homes have been put on the market and the crazy asking prices are starting to come down as buyers have a lot more choices. As I look at the numbers sales have been level for the past year. That maybe slipping as mortgage rates have not lowered as many anticipated and cost of living has gone through the roof (budgets getting tighter). The next couple of quarters will see which way the market goes. The Trump effect if that is thing!
@@jeffsmutny1187 it's correcting after a couple of years of stupid-high prices, just like it is doing in other states, overall the trend is still up
The bond is crazy expensive, BUT if you figure that at $300 per month plus the amenity fee means $500 per month, compared to a different 55+ community, with no bond and everything else is equal except their HOA fee of $700 a month, Villages is a couple hundred less to live in.
Gary, which county is the lowest.
Below is the millage rates I got from a few years ago. Now I don’t know what they are today.
@GaryAbbott
• 1 year ago
This is what I got off facebook - Villages millage rates, Lake Co - 16.864, Marion Co - 15.82, Sumter Co south of 44 - 13.4 and Sumter Co north of 44 - 10.4. Hope this answers your question. I don’t know if this is the upcoming tax rates.
Ha Ha
Gary is talking to us poors!
Just kidding, love TV and your channel and look forward meeting you someday!
Does Poors mean beer? :)
Too costly
still haven't paid for transportation and fixed the house.
$55K is common almost every where not in a major city. only hypocrites think Florida is cheap unless you live in a trailer home then that too will cost just the same as most places.
Great video, thank you!