I am interested in your view of our situation. I am poised on placing a 5% deposit on a block of land . We would like to do a house and land package, but we have not looked at house yet(only viewed one) My income is 45K and I am teaming up with my daughter and her income is around 55k(she is looking to increase her income) I have 17K saving and she has 30k.
The land is available now but won't be titled until approx December 2013, so gives us a bit of time to accumulate some money , pick a house and decide what needed in the house construction--and see a mortgage broker?? My income is full time , but my daughter is contract( has been for four years?) There is no require to begin any construction on land and I read somewhere that land held in that time increases in value negating necessity for mortgage insurance. Currently we are paying $1600 in rent as we have been for the last four years. We are in not too great a hurry to move, but it would be wonderful to turn the keys to the front door of a new house in a couple of years. No -one can argue with that!