Originally Posted by kaatesha

As murtaza posted, one of the main reasons people suck into it is because of the family pressure. They think that if you buy a house you have achieved everything. Let me quote my own example. My brother in law bought a flat recently. (Its in the middle of nowhere. Way way far from the city. And they leveraged 85% from the bank. Even for the down payment they bought money from others). My FIL, asks me, they bought, when are you buying?. I tell them, i will buy when my net worth is at least 3 or 4 times the property price and moreover I should be convinced from all aspects with no compromise on location etc. Obviously they don't like me. But I don't care. Today i live in a rented 2400 sqst independent house in a very posh location. The rent i am paying is peanuts compared to the claimed value of the house. The owner is very nice person. I see no reason why i should buy now.