Dear Potential Purchaser,
I have provided some facts and sample figures on some of the premier locations we are presently offering.
This attractive property and location will consist of approximately 172 homes and 170 townhouses built by Park Square Homes. The community will have a security gate at the entrance, amenities will include a pool, clubhouse, beach areas and fishing pier on a good size 13-acre lake, tennis court and a tot lot for younger children. This Community will have completed models by June and will deliver completed homes by summer or early fall of this year. The property (located east of Disney, behind Medieval Times and Wal-Mart) is very close to the main gate of the Walt Disney World Resort and other area attractions, and only 3 miles from the new World Expo Center which is presently under construction. The developer will utilize the attractiveness of the conservation areas, lake and water retention area to preserve the beauty of the property, which should enhance the value of each home. There are many standard priced lots for buyers to select from and a lot premium for homesites on the lake, pond and conservation areas.
Allow me to sum up some of the obvious advantages to owning a vacation/secondary home in the number one tourist destination in the world.
When you visit, you could spend a significant amount of time in the typical 80-degree weather that Kissimmee and Orlando enjoy.
Extra income (if you want to become involved in a small degree.)
Buying a second/vacation home when the interest rates are lower than they have in 25 years. As the years pass, the rates will surely increase while the mortgage payment will remain the same.
Walt Disney World's recent announcement that they will bring 55 million visitors by the year 2000 is also very exciting (and great for rentals). Presently they only bring in 43 million yearly.
Ownership comes with a deed and a title.
Future retirement income.
Security of US funds.
Rate of Return on a 20% down payment.
A prime development that is only 2 1/2 miles from World Drive, the main road leading to the Walt Disney World Resort Area. The entry features an outstanding display of palm trees and luscious landscaping. The developer will provide a small putting green, a tot lot, basketball courts, something for everyone. These well-designed homes are on 55' x 115' lots, with larger size lots available at a premium.
I have provided below an illustration of "The Silver Springs", shown as a 4 bedroom, 3 bath. I personally like this floor plan, so I illustrated a financial example for your review. The example shows a 20% down payment, but a US buyer can put as little as 10% down. Greater Homes offers a complete home, which includes everything listed under the "Holiday Package" fabulous features. In addition, the homes come completely outfitted with a pool. Great prices for everything included. This builder will pay up to 3% of the mortgage amount towards closing cost. Furniture packages available upon request. All buyer or vacationers need to bring on holiday is a toothbrush, change of clothes and spending money.
- The Silver Springs $165,000.00
- Down Payment, 20% or $165,000 33,000.00
Mortgage balance after down payment $132,000.00
- Present mortgage rate 8.25% fixed 30 year
- Monthly principle and interest payment $ 991.00
- Property taxes, approx. $2,400.00/yr 200.00
- Homeowners insurance 50.00
$ 1,242.00
The rental program is currently providing a 32-week guarantee, with an extra 8 weeks optional.
The guarantee for a 4-bedroom home is $650.00 per week, for a total of $20,800.00 yearly, less appropriate taxes. Payment is made to the homeowner's bank account and shown on the end of the month management statement. For any additional rentals over the 32 week guarantee, the homeowner will receive an additional $650 per week. The rental/management companies are presently averaging 40-44 weeks per year.
The homeowner is also permitted to bring his own guest or relatives, of course this depends on availability. Also, if the owner personally sends only four families yearly at say $850.00 per week for a two week stay, he would generate $6,800.00 additional income. All of this income is theirs to keep, minus maid service, electric and whatever small charges could occur for this eight-week period.
I have provided below a typical illustration showing operational expenses for the 4 bedroom, 3 bath home. This is a great home for people buying together and holiday/vacationers alike.
- Pest Control $ 20.00
- Pool Maintenance 65.00
- Lawn Service 60.00
- Electricity (varies) 150.00
- Maid Service 130.00
- Property Management Mos. Fee 65.00
- Basic Telephone 19.00
- Basic Telephone (Cable) 23,00
Total Monthly Expenses $532.00
I used higher numbers where it says (varies).
Therefore, below is a summary of the mortgage payment and operational charges yearly.
- 32 weeks guarantee ($650 x 32) $20,800.00 $20,800.00
- 8 extra weeks by Management Company
- (650.00 x 8) 5,200.00
OR
- 8 weeks owner booking ($850 x 8) $ 6,800.00
- Gross Income $26,000.00 $27,600.00
- Yearly Mortgage Payment ($1241 x 12) <$14,892.00> <$14,892.00>
- Yearly Operational Expenses ($532 x 12) <$ 6,384.00> <$ 6,384.00>
Net Income $ 4,724.00 $ 6,324.00
Given all the factors, I am confident that the holiday/vacation home is a tremendous opportunity that will only get better as the years pass. I appreciate the opportunity to work with you. If you need any additional information, please do not hesitate to contact me.
Very Truly Yours,
Christine Sundquist
Click here for On-Line for Mortgage Loan Application and Approval