Latineducator Marie (Ocala: sales, real estate, renting)

[Latineducator]

Hi, wondering if anyone can share some insights about the expenses on buying a home in Top of the World gated community in Ocala?

[dontaskwhy]

Are you 55+ ?

[beatkay]

OTOW buy expenses aren't much different from any other real estate transaction. The difference is the high HOA fee, and some of the villas and houses are land-lease, not owned. The current HOA is just over $400 and covers lawn care and water in some villas, plus all amenities. If you like golf, tennis, fitness/gym classes, and the like, it's a good value. If that's not your thing, justifying the HoA fee is harder to do.

I'm renting here now and torn about whether to buy. Yes, I like the safety and the access to classes, but that means it's $400 a month just to wake up here every morning.

These types of communities are designed around the premise that folks either come in and pay cash for the house or that they have multiple income streams/pensions where a high HOA and mortgage aren't a factor. For fixed income folks, it's something you to budget for carefully.

[rjm1cc]

Their are several communities so get your facts by community because the fees vary.
Used home should be a good deal if the sell is motivated to move.
Be sure to see if the house has a bond that has to be paid. Some communities do not have a bond. Maybe all now.
Some homes have electric heat. Some gas. If electric be sure to put that in your budget.
Water is expensive as you have to water your lawn. Indigo is probably the least expensive area. They have their own amenities. Candler is probably the most expensive (if you do not do your own lawn care) and has its own amenities and access to all of OTOTW amenities.
You have golf cart access to two small shopping centers and a "town" square.
They will be building for years so maintenance should not be a problem.
You can look up property taxes on the Marion County Appraisers site. Add to this fire district and maybe a couple of other expenses depending on community.
I would visit the sales office for a tour or a 3 day stay and also find a local realtor. Try Bobby Mathew at Fox Fire. He use to work at OTOTW.
If you buy a new home you will probably have additional costs for painting etc. You can also get a lot of extras. I think you can find a used home way under a 100,000 to new homes up to 400,000+. I think the lower priced homes are electric heat.