The biggest problem is as soon as you buy a house, something will inevitably come up that you've always wanted to do but now won't be able to.
I bought a place last year. All of a sudden they're rolling out a similar function to what I do in the Bristol, UK office. For the last few years I've wanted to work in that office, buy a cheap used exotic, drive it on the Welsh roads they showcase in Evo and then bring it back to Australia tax free (there's an exception for cars used by someone on a work visa) where it's worth at least twice the price...but I can't because I have a mortgage