If you're thinking about buying a home in one of Terramor's 55+ neighborhoods, there are three things you need to understand before you make an offer. Each one can affect your budget, your day-to-day life, or both.
Page 1 of 4 Buying a Home in Terramor: 3 Things to Know Before You Make an Offer
I'm Casey Bogle, a Realtor with Bogle Realty Group in Corona. I specialize in helping seniors buy and sell homes in 55+ communities, including Terramor and Trilogy at Glen Ivy. I also live in Terramor, and over the past four years I've learned a lot about this community.
The homes are beautiful, and the clubhouse and amenities are as nice as anything you'll find in a Southern California 55+ community. But there are a few things about Terramor that buyers often don't learn until they're already in escrow. Here's what they are.
1. Homeowners insurance can cost more than you expect
Terramor is located in an area designated as a high fire-risk zone. As a result, many major insurance companies have stopped writing new policies here.
That has pushed a growing number of buyers to the California FAIR Plan, the state's insurer of last resort. FAIR Plan coverage isn't cheap. Over the past year, the policies I've helped buyers secure in Terramor have averaged about $3,200 to $3,600 per year. Many buyers didn't budget for that when they started looking.
The good news is that it's slowly improving. More companies are willing to insure homes here than a year ago. Still, I've seen several buyers get into escrow and then struggle to find coverage.
My advice: Get an insurance quote as early as possible, before you write an offer. Make sure the numbers work for you before you commit.
2. Property taxes are higher because of special assessments
Because Terramor is a newer community, its property taxes are higher than in older, established Corona neighborhoods. The difference comes from special assessments.
A special assessment is an extra charge on your property tax bill. It pays for public improvements that benefit the neighborhood, such as streets, sewers, schools, parks, sidewalks and street lights. The county collects it along with your regular property taxes.
The easiest way to estimate your total tax bill in Terramor is about 1.7% of the purchase price. Here's an example for a $700,000 home:
Tax Approximate annual cost | |
Base property taxes | $8,400 |
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Buying a Home in Terramor: 3 Things to Know Before You Make an Offer
Tax Approximate annual cost | |
Special assessments | $3,500 |
Total | $11,900 |
Why does this matter? Most people buying in Terramor's 55+ neighborhoods are at or near retirement and moving to a fixed income. An extra $3,500 a year can strain a budget if you weren't planning for it. It's not necessarily a deal-breaker, but you'll want to know the number before you get into escrow.
3. Terramor is a mixed-use community, not a traditional 55+ community
This is the one that surprises visitors most. Terramor isn't only for people 55 and older. It's a mixed-use community, with family neighborhoods built right alongside the 55+ neighborhoods.
The community isn't split with families on one side and seniors on the other. Senior and family sections are mixed together throughout, so as you drive through Terramor, it feels like one big community.
That raises fair questions for many seniors:
Will there be more noise?
Will there be more traffic?
Will there be more e-bikes, scooters and skateboards around the community?
The honest answer is that you'll probably see some of all three. Many seniors like that. They enjoy being around families and people of all ages. Others want a traditional 55+ community with only other seniors, and that's perfectly okay too.
About the amenities: Homeowners in the 55+ neighborhoods and their guests have their own amenities, which family-section residents can't use. The family section has a separate, much smaller clubhouse and pool. That difference has caused some hard feelings within the community.
The bottom line
Before you make an offer in Terramor, make sure you understand these three things:
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Buying a Home in Terramor: 3 Things to Know Before You Make an Offer
1. Homeowners insurance: Costs are higher because of the high fire-risk zone, so get a quote early.
2. Property taxes: Budget about 1.7% of the purchase price, including special assessments.
3. The mixed-use layout: 55+ and family homes share one community.
Terramor is a beautiful community with great amenities, but it isn't one-size-fits-all. Some people love it and others don't. I think it's a great option and well worth considering.
Thinking about Terramor? Let's talk.
If you're trying to decide whether Terramor is right for you, or comparing it with Trilogy at Glen Ivy, I'm happy to walk you through the pros and cons of each and show you what's available.
Free guide: What It Really Costs to Live in Terramor or Trilogy at Glen Ivy compares HOA dues, taxes and insurance side by side.
Book a call: Schedule a time to talk Call or text: 909-762-0405 Email: [email protected]
Casey Bogle, Bogle Realty Group, DRE #01518106
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