[lmrk32]

Can you please comment on living in the lofts? What do you like and don’t like about it?

[wereback]

Originally Posted by lmrk32

Can you please comment on living in the lofts? What do you like and don’t like about it?

We lived there for 4 months was fine if you like apartment living paid high rent to share pool with all the villages. They were not as nice as others and much more expensive I guess I was expecting more from the Villages.

[asianthree]

When lofts were opened, we went to look at them for in-law. Nothing special, it’s an apartment. The drawback was only 1 year lease, and no sublet. A 3 bedroom house was about half than renting a 1 bed loft. Looks like that has changed if poster only stayed 4 months

[MsPCGenius]

When I inquired, back in 2021, about vacancies -- was told there was a long, long wait list. Years as I recall. That alone may inhibit your ability to live there.

[retiredguy123]

Originally Posted by MsPCGenius

When I inquired, back in 2021, about vacancies -- was told there was a long, long wait list. Years as I recall. That alone may inhibit your ability to live there.

The problem with their wait list is that they don't require any deposit to get on it, and they don't follow up with those who are on the list. So, if all you do is to keep adding names to the list and never remove inactive names, the list will just continue to get longer.

[retiredguy123]

If you can afford to pay cash for a villa, you can get the same square footage and the same amenities as The Lofts for a third of the monthly cost. I don't see any advantage to living at The Lofts.

[OrangeBlossomBaby]

Originally Posted by retiredguy123

If you can afford to pay cash for a villa, you can get the same square footage and the same amenities as The Lofts for a third of the monthly cost. I don't see any advantage to living at The Lofts.

You don't have to maintain the landscaping. You don't have to "go" anywhere to get to the pool. The rec center is downstairs. They have their own outdoor BBQ firepit and kitchen. Secure access to the building. The property has its own gated entry.

No lawn mowing, no weeding, no external pesticide costs, you don't have to pay for the roof replacement, or property insurance. Rental insurance is dirt-cheap.

There are LOTS of advantages to apartment living, but not everyone cares about those advantages. For people who do care about them, the Lofts are a great option.

[Caymus]

Wasn't one of the reasons for them was to provide rental cash flow? They will probably build more apartments if demand remains high.

[Kenswing]

Originally Posted by Caymus

Wasn't one of the reasons for them was to provide rental cash flow? They will probably build more apartments if demand remains high.

They were originally supposed to build "Lofts" in Richmond. That got shelved in favor of more houses. Although there is still a large parcel just before you come to the first bridge going into Brownwood. Not sure if they're holding that for commercial or maybe apartments.

[Randall55]

Originally Posted by retiredguy123

If you can afford to pay cash for a villa, you can get the same square footage and the same amenities as The Lofts for a third of the monthly cost. I don't see any advantage to living at The Lofts.

There are good reasons not to pay cash for a home but rent instead.

1. You can invest the money you would have used to pay cash for a home. The interest earned can be used to help pay the rent. This will reduce out of pocket rent expense.

2. No additional costs. Property taxes, insurance, bond, amenity fees, lawn service etc. cost an additional $1000+ a month for homeowners.

3. Easy living in an apartment. No time spent on mowing the lawn, gardening, bug control, painting/spraywashing, the house etc. etc.

4. When an appliance, roof, carpet, flooring, etc needs replaced, a homeowner must pay for it. A renter does not have this expense.

The question is: Will you earn more money investing in a home or investing the cash?

[retiredguy123]

Originally Posted by Randall55

There are good reasons not to pay cash for a home but rent instead.

1. You can invest the money you would have used to pay cash for a home. The interest earned can be used to help pay the rent. This will reduce out of pocket rent expense.

2. No additional costs. Property taxes, insurance, bond, amenity fees, lawn service etc. cost an additional $1000+ a month for homeowners.

3. Easy living in an apartment. No time spent on mowing the lawn, gardening, bug control, painting/spraywashing, the house etc. etc.

4. When an appliance, roof, carpet, flooring, etc needs replaced, a homeowner must pay for it. A renter does not have this expense.

The question is: Will you earn more money investing in a home or investing the cash?

I need to take issue with your post. I have a courtyard villa and my monthly cost to move into The Lofts would triple. I have done the math down to the penny, having lived in the villa for 7 years. The costs you cited are all included in my calculations. I pay someone to do all of the landscaping, so I have no maintenance work. My total cost per month for all of the things you mentioned is less than $900 per month, not $1,000 plus. Yes, you do earn interest on the money in the villa, but, you need to also consider the annual increase in the value for the villa, which is a wash at best. Also, the interest on the value of the villa is taxable income, but the income from an increase in the value of the villa is tax free because it is your primary residence.

[Randall55]

Originally Posted by retiredguy123

I need to take issue with your post. I have a courtyard villa and my monthly cost to move into The Lofts would triple. I have done the math down to the penny, having lived in the villa for 7 years. The costs you cited are all included in my calculations. I pay someone to do all of the landscaping, so I have no maintenance work. My total cost per month for all of the things you mentioned is less than $900 per month, not $1,000 plus. Yes, you do earn interest on the money in the villa, but, you need to also consider the annual increase in the value for the villa, which is a wash at best. Also, the interest on the value of the villa is taxable income, but the income from an increase in the value of the villa is tax free because it is your primary residence.

$400 property taxes, $189 amenity fee, $250 insurance, $50 lawn service, plus I included $100 for other fees of maintaining home. Total $989. In my opinion, these are average costs. Yours may vary. My 1000 plus figure comes in for the purchase of new appliances, a new roof, landscaping, remodel, etc. These fees should not be ignored.

I did say a person has to determine if investing in a home is better than the income you will make by investing the cash. That is the choice everyone must make. For some it will be investing the cash, for others a home is wiser. It depends on your circumstance. Renting is not always a bad choice.

[OrangeBlossomBaby]

Originally Posted by retiredguy123

I need to take issue with your post. I have a courtyard villa and my monthly cost to move into The Lofts would triple. I have done the math down to the penny, having lived in the villa for 7 years. The costs you cited are all included in my calculations. I pay someone to do all of the landscaping, so I have no maintenance work. My total cost per month for all of the things you mentioned is less than $900 per month, not $1,000 plus. Yes, you do earn interest on the money in the villa, but, you need to also consider the annual increase in the value for the villa, which is a wash at best. Also, the interest on the value of the villa is taxable income, but the income from an increase in the value of the villa is tax free because it is your primary residence.

That $900/month doesn't include the purchase price of the home. Not everyone can afford to pay cash for a house. Some people mortgage their homes. You have to build that into the price when you're comparing to rental properties. How much would it cost, monthly, to pay premiums and interest for a 15-year mortgage, compared to how much it'd cost monthly to pay for rent.

[Randall55]

Originally Posted by OrangeBlossomBaby

That $900/month doesn't include the purchase price of the home. Not everyone can afford to pay cash for a house. Some people mortgage their homes. You have to build that into the price when you're comparing to rental properties. How much would it cost, monthly, to pay premiums and interest for a 15-year mortgage, compared to how much it'd cost monthly to pay for rent.

If you read the thread, the scenario we are speaking about is paying cash for a new home vrs investing that cash and rent.

My scenario: Pay $450,000 cash for a home plus closing costs. You still have $1000 a month in fees. (property taxes, insurance, amenity, lawn, maintenance)

Or, invest the $450,000 and rent. The money you earn on the investment can be used to reduce the rent.

[margaretmattson]

Originally Posted by Randall55

If you read the thread, the scenario we are speaking about is paying cash for a new home vrs investing that cash and rent.

My scenario: Pay $450,000 cash for a home plus closing costs. You still have $1000 a month in fees. (property taxes, insurance, amenity, lawn, maintenance)

Or, invest the $450,000 and rent. The money you earn on the investment can be used to reduce the rent.

I have a dear friend who decided to rent. Her husband recently passed away, she sold the home, and is living off the investments. She says she now has more disposable cash and is using it for pleasure. When owning the home, most of the leftover monthly money had to be used to maintain the home. She is quite happy living a maintenance-free life.