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The government's own info on using Lifetime ISA funds to purchase your first home here, state that
The home you buy must:
- be in the UK
- have a price of £450,000 or less
- be the only home you will own
- be where you intend to live
- be purchased with a mortgage
That first point appears to rule out what you want to do. So to use the Lifetime ISA funds ...
2
I would be leery of taking assessor's value as gospel, when calculating the value of a house vs. a build-ready lot. Better to estimate it yourself, using recent sales of lots and houses.
Regarding construction for house hacking, from this BiggerPockets podcast transcript, "more bathrooms" equals a more hackable house. That way, you can advertise &...
1
As part of the purchase process, you should get some kind of document packet, containing both financial information on the condo association, and meeting minutes. Read the meeting minutes; that's where you run into issues like "that lovely creek in the back yard overflows into the crawlspace in heavy rain, and it can't be fixed because of environmental ...
1
Calculate your debt to income ratio after the new mortgage. If it's too high, you shouldn't take any extra mortgage.
How do you know what is too high? In my case, I'm young and have a rather high income from my job in the software industry. I'm comfortable with approximately twice my annual income minus taxes as loan.
For someone who has an average income as ...
1
You don't need to infer the land assessment from values in your escrow statement. The city property assessment does this already. You can also review if they are accurately applying the abatement or the homestead exemption.
https://property-beta.phila.gov/#/
Look up your address, click on it, and scroll into the valuation history table.
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