Back away from this a moment: do you want to invest in real estate, be a homeowner, or neither?
I say this because I firmly believe that home ownership is a lifestyle choice (for those who can afford it), and that when you decide you can afford to own your own home, the lifestyle it affords is paramount.
If you're looking for an investment, especially if you're crunching numbers hard, you probably will be better off buying a property to rent to someone else, rather than living in it.
Consider this: qualities such as finishes, architectural details, landscaping, et cetera, may not add up to increased rent, but they do have value to homeowners. Consider them, "consumables" - today's nicely remodeled kitchens and baths will be stylistically out of date midway through the mortgage!
With a rental, these "consumables" aren't necessarily as important.
To recap: make your home a lifestyle choice, and make your investments pencil.?
Source: http://www.zillow.com/advice-thread/Rent-or-Buy-Am-I-crazy/476900/
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