One of the most common questions we get from real estate home buyers is the question about Mello Roos. I heard this term a lot when I first moved to California and had no idea what people were talking about. It's worth getting to know this term as it can cost you a lot of money if the home has it. It's pretty simple, home builders are always looking to save costs when building a brand new community. Often times they will create a bond called Mello Roos which essentially pass on many of the neighborhood building costs to the buyer. Things like sidewalks, streets, etc are costs that are often paid by the buyer in a Mello Roos bond. The bond itself normally ranges around 30 years but I've seen it as low as 25 years, it all depends on various factors. So this is an annual fee that is paid by the buyer which can add up considering most consumers will have a monthly mortgage, annual property taxes and association dues if they live in an association. The Mello Roos fee is on top of all of these costs so it's no wonder why people look for homes that are not under Mello Roos.
If you are looking at new construction homes this should be your first question to the real estate agent. Does the home have Mello Roos and how much is the cost? There are some newer neighborhoods that avoid Mello Roos and use this as part of their advertising. Some time buyers have the option to pay for all of the Mello Roos up front when they purchase the home so these homes are always very much sought after. There is currently one home for sale in the 53 Melrose community where the owner has done such that. Places to look in Carlsbad would be the older neighborhoods near the Village area. Older communities like Olde Carlsbad will often not having any association dues nor Mello Roos. For guidance on how to find homes without Mello Roos please contact our local Carlsbad Real Estate agents at 760-710-0268.
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Listing information last updated on January 15th, 2021 at 4:48pm PST.