I used to have a financial planning business. We helped over 600 clients. I’ve seen it all. Buying dream home right away works for some and not others. Waiting is better for some and not others. Depends on so many things.
The interesting thing we learned was doctors and lawyers tended to be horrible with money. There was a lot of “keeping up with the Jones’s” which caused a lot of stress.
If you’re at all thinking about starting a business in the near future, do not buy the most you can afford. Having a big mortgage impacts how long you can take to get your business off the ground. Having said that, you’ll want to get a mortgage while you have employment income since being self-employed makes it a lot harder to get a mortgage
Where it worked for couples to max out early was with those with a predictable path that had job security with significant increase in pay, those who got a windfall or had help from family, and those who had the right business at the right time. Also, those who bought in the right area. The nicest area doesn’t always appreciate the most.
The fact that you withdrew your offer means something didn’t sit well with you. There will always be another dream home. Another commenter mentioned buying a fourplex, living in one unit and renting out the others. That’s a great option to look into and learn more about.
If you look at who’s wealthiest in society, it’s the business owner. It’s awesome that you’re exploring that avenue. Just make sure you’re managing your risk well. Also, the wealthiest are landowners. Lots to explore beyond conventional wisdom which hasn’t been working like it used to
If you and your fiancé aren’t aligned with this decision it might help to know that you’ll be able to buy a nicer dream home once your schooling is done, your career is underway, and the credit card debit is taken care of