About Us LAND DEV. Guide BYOB Guide Service Area The Cove

THE MATHEMATICS OF BUYING A NEW CUSTOM HOME

Our homes range in price from the "Starter Home" for approximately $200,000 to the "Estate Home" costing in excess of $1,000,000. An initial interview with you over the phone or, preferably at our sales office will enlighten us to the goals you are trying to achieve, and the financial resources that are available. Knowing these facts we can advise you of the best possible approach to meet all of your criteria.

 AN EXAMPLE OF COMPUTING A SELLING PRICE IS AS FOLLOWS:

(Assuming you own your lot)

The Basic “Starter” home might cost

$190,000

Most people add some optional items

  $15,000

County fees and site preparation is estimated in Balt. Co.

  $20,000

Closing costs

  $10,000

Interest during construction

     $5,000

Funding for future furnishing

     $5,000

Total House Cost (estimated) 76% 

 $245,000

Fair Market Value of your Paid-up lot

   $75,000

Total Appraised Value for                                         Bank Purposes 100% 

 $320,00

   

You would be asking for a loan that is 76% of the True Value of the home.
This example can be modified to your needs regardless of the house type or cost.

To calculate what you would need to maintain your home’s debt, and the income that you would need for the lender to give you the loan is as follows: If you do not own your lot outright, or you are buying a total House & Lot Package, you could need from 3.0% to 10.0% down.  In today’s market there are many factors that need to be considered, that is why a face-to-face interview is so important.  Certain items cannot be discussed over the telephone; plus, there are several ways we can save you expenses, i.e, – for closing costs, for marketing your existing home, if needed.

  CASH (If your lot is debt-free) $-0-  
  MONTHLY COST TO CARRY (PITI) $1,859  
  Less: Est. Income Tax Savings (1/3) $615  
   Net Annual Cost $1,246  
  QUALIFYING INCOME $42,750  

 

 

 

 

There is no need to purchase the standard

model production home or a factory-built modular

which is designed by someone else,

when you can customize

"Your Dream House"

 

Remember "we will build your house, you don't buy ours" 

call Interstate Ventures today and take the first step.

 

SALES CENTERS

MAYFIELD WOODS
RHONDA COURT & CARLSON LANE
WINDSOR MILL, MD. 21244

THE COVE
GEORGE ST. & WOODLAND AVE
MIDDLE RIVER, MD. 21220

Phone:(410) 879-4242
Fax: (301) 622-3033
E-mail:SR9889@aol.com
www.interstateventures.com
www.CustomHomeSimplified.com
Visit us on Facebook
www.facebook.com/interstateventures