DFW and buying land....ready to pull the trigger and then wait
I would like to buy land in the DFW area, anywhere from .66 to 1 acre. I am conflicted about whether to buy now or wait until I am actually planning to build as I do not wish to pay property taxes on the land but I am concerned the few remaining lots in the areas I am interested in (Fairview, Allen, Lucas) will be gone and\or that by the time I am ready to build (in about 18 months from now) I will be priced out of the larger lots and will have to build on something smaller. I am a bit shocked that in Allen I can get a .3 acre lot for $275K which I think is a lot of money but I can certainly afford it. I have never built a house before, I have no idea of the lending process of a home build, yet for something reason, I feel an urgency to buy land right now. Am I over reacting? Will there be no more lots in a central area in Allen in 12 months or will the $350K for an acre of land in Fairview seem cheap in 12 months? I would like some thoughts on people with more experienced than myself on this as I do not wish to make a mistake with hundreds of thousands on the line plus being on the hook for about $7K in property taxes per year while I figure things out.