I don't know much about property, but have you looked into the different tax implications of what your options are? Especially if you put the profits of a sale in the bank rather than rolling over into a new loan.
Also, if you are holding the land for a really long time before you start to build, will that mean you pay 2 mortgages for longer (or 1 mortgage on 2 properties)?
Also, this is totally not a criticism, but I can't help but wonder if your new house will give you the happiness you're looking for? Are you just chasing what you think will make your happy, give you the perfect family life, but when you get it you realise it's not enough? You've just build what is most likely a beautiful house, but it's not satisfying you. I'd hate to see you make the same "mistake" (in inverted commas as I don't know the full story and could be way off track!). Like I said, not a criticism, but I know sometimes I can fall into this trap.
Surpised - the house we're in now was the house to get us out of the renting cycle and into the property market. We always intended it to be a stepping stone. We bought a house and land package priced well under what the bank said we could borrow, knowing that buying in stage one would make us a nice profit when the time came to sell. We've made it into a comfy home, but not one we planned to live in long term, ITMS. We know we'll be taxed on our profit that we make for however long we have it in the bank, but we should gain some interest too which will help cover the tax. We'll be sitting on the land for about a year (provided we can find something we like when we want) before we build on it. So if we're lucky enough to buy our land next year and sell next year, then there will only be a short amount of time we're paying two mortgages. Hope all that makes sense!!!!! Thanks for your reply
I can only tell you what we are doing and that is that we have put our house on the market 3 weeks ago. We will be investing our money elsewhere other than the real estate market. When the market drops considerably - which it will - then we will build/buy again. We want to sell while we can basically, if we leave it too long we could very well be stuck in this house for years to come without a buyer. mind you it's a beautiful house to be stuck in if that were to happen! BUT we always planned this to be house number one. Sometimes selling is just how the cookie crumbles
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I'll pitch a tent!!!!
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