Is it better for me to do A or B?

Hi guys and gals, could one of you numberologists answer a question for me. It's a simple problem, I'll try to make it sound like one. I am 49.5 years old. I pay $300 for rent, I earn $7.50 an hour. I will begin to save 20% in a 401k. Zero in a Roth. Would it be better for me to buy a small lot for a future cabin as soon as I can, or cash in all of the 401k when I'm 59.5 and buy it then, having enough money for all of the land and half of the house. I could spend then the next 12 years paying off that 2nd half of the mortgage. I figure if I save, then the earned interest would to be to my benefit. If I bought the land soon, the mortgages interest would work against me. But if I did buy the land now, I probably would be spending more of my life in it than I would if I had to save all the money first. Also, spending $300 every money on rent would not be as much to my advantage as it would be if I were to pay that on a mortgage. So, do I save now for the land and half the house and buy when I'm 59.5, or do I save enough to buy the land the house as soon as I can? Thanksamundo, Dov