Help with buying land/lot for 1st timer
This is the first time I will be buying a home but I don't want to build the home just yet, I have a few questions that I would appreciate some help with.
There is a lot in the suburbs for sale that I absolutely want. My questions are:
1. I can buy a lot and build the house whenever I want, let's say 5 years from now right? I still pay property tax and it counts as a tax write off similar to a home, or no?
2. Let's say for the sake of the argument, the lot is $100k and the value of other houses in the division are $300k, making the price of building the home $200k. Is financing in any way different than you would go through for a home, and should I bother trying to get as high of a down payment as possible? Is there any incentive for that if I don't plan on building for a couple of years?
3. I read somewhere else: "monthly payments you make will end up counting towards your down payment on your home."
I thought house price was different than land price. Does this mean that if the house itself costs $200k to build, and I have made $60k worth of payments on the lot itself after a couple of years, that the house will now cost $140k (200 - 60)??
I would appreciate any help for a first timer as well as any other tips you may have. Thank you
This post was edited by gardenweb123456 on Wed, Jul 9, 14 at 9:13