I need some advice. About to close on a home. (Vancouver)

[Alfredo Young]

Hello BP'ers,

I'm looking for advice as I'm a first time home-buyer and I feel like I've made a mistake. My girlfriend and I are about to close on a townhome and I'm having trouble deciding whether I should back out or buy the property.

Details: We've negotiated up to 640k from an asking price of 628k (argh), two bedroom, 928sqft, and the place allows rentals but only for 12months +, 16 minute walk to the skytrain. At the moment we're paying $700 + bills for rent.

Our options are to try and back out, move in immediately after closing date, or rent it out for a year and move in. We're deciding on a year because we're about to start a family within that time. 

Appreciate any advice! Thanks,