I notice you mentioned that you’ll have lower costs buying than your current rent.
Are you looking to own long term… In other words, is this a shelter decision?
Or are you looking at this purchase as an investment… where ROI is the bottom line.
I’m in the minority on this board, I think, since I tend to look at home purchases in terms of affordability of shelter. I don’t look at owning a house strictly in investment terms. It would be silly to do that if you don’t have plans to sell in the forseeable future.
If your plan is to buy, live there, and hold it for the long term… and this house meets your needs and you can afford it. Go for it.
But, if this is a stepping stone home… with plans to buy bigger/better in the future, or if you think the odds are decent you’ll be relocating in the future, don’t buy now… the prices will be coming down and you’ll lose money on the deal.
