To buy or not to buy

I work for a construction company so of course I think about what it would be like to build a home.

For the same price that we would pay for a tiny one bedroom apartment in the inner city suburbs we could buy some land in the outter suburbs and built a 3 bedroom house.

As much as I like the idea of a brand new spanking house with all my picks and pieces I have to admit that I really like living close to the city. We dont own a car and if we moved out to the sticks we’d have to get one, it would be a complete change!

We currently pay a shit load of money for rent so it would make sense to pay that money into a mortgage instead. Now with the boost in first home owners grant, shit, makes me want it even more! Up to $26,000 compliments of the government! Crazy!

I am afraid to jump into it and realize we cant afford it.  As it is we are a bit tight now and the mortgage repayments would be slightly more and we have to consider the extra costs for a car and also possibly for a motorcycle for my crazy dude.

I admit its tempting but would we be jumping the gun or is this perfect timing?