Owning your own home

I don't understand, surely it doesn't matter if your house depreciates by x in 5 years if you're intending on living in it for the next 30 years/the rest of your life? And is the 20k spent on doing it up really 'lost' money? I'd have thought that living in the house of your dreams is worth more than paying less to live in a rented place you can't touch.

Lose your job, have to move.. what then?

Most people can't buy their dream house as their first house.

I still think if you have the cash, then buy but that's from the point of view of someone who can't spend time watching markets and crap to make money elsewhere.