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Vaniver comments on Rational Home Buying - Less Wrong
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Houses keep their value better than Lexuses. (Lexi. Lexoi. Lexūs. Whatever.) Eventually, you (or your heir(s)) will presumably sell the house, and then you will get more for the second house. Buying the first house gets you more liquidity than buying the second; it doesn't get you any more wealth. (If the housing market is performing well, which it did once upon a time, it may get you rather more in the long run.)
Though, from an investment perspective, unless you believe the neighborhood you're going to live in will change for the better (more than the rest of the area), you're probably better putting that 35k into stocks. So, it's not 35k going down a black hole- but it might be $700 a year (presuming 4% returns on stocks and 2% returns on houses).
Sure. (Though past performance is no guarantee of what happens in the future, etc.) And "would I pay $700/year for an extra bedroom?" might have a different answer from "would I trade a Lexus for an extra bedroom?".