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You are in a fantastic financial position to buy that property with this strong income and no debt. I know it's very difficult to live in a rented apartment with a huge family. But buying that house for $720,000 is a fantastic deal, particularly considering a large down payment will help reduce monthly costs.
If you have the patience, wait for a favorable option that you are certain you will secure in the future. However, I advise you to act quickly, as the cost of real estate is constantly increasing. In the end, it only relies on your long-term goal and your level of readiness for the responsibility of homeownership.