"How much house am I able to afford?" Have you asked yourself question and are still asking yourself about it? Well, I have the answer.

There is not any magic dollar amount you should be searching for when it comes the "idyllic house". How much house you can afford is as unique as you are; it is dependent on numerous things, such as where you are located, income, your savings, your individual tastes, and most importantly, the home-buying plan you have on hand.

The perfect way to purchase a home is the one-hundred-percent-down plan. It sounds unusual, isn’t it?! But consider how much fun that would be! Do not borrow money. Period. If I can’t get you to postpone the purchase that long, I very much advise that you save a down payment of 20 percent or more, go with a 15-year (or shorter) fixed-rate mortgage, and limit your monthly payment to 25 percent or less of your monthly net pay.

You will want your newly acquired home to be a boon, not a bane. If you buy a home with nothing down and a sizable monthly payment, you are inviting Murphy to move into the guest bedroom. You don’t want Murphy in your house – believe me! Slow down a little and realistically deliberate everything before you get in head-first into making this major purchase. If you do not, you will merely be giving Murphy an open invite to take over the home.

Here’s a quick checklist of crucial questions you should review as you consider how much house you can afford. If you are not able to answer YES to these questions involving the house you have your eye on, then it isn’t a smart move to buy it right now.

- Can I make at least a 10% (preferably 20 percent) deposit on the home?

- Will I be able to maintain house payments at or below 25% of my monthly net pay?

- Can I afford to take out a 15-year fixed-rate loan?

- Am I working closely with a house agent I can rely on?

Good luck house-hunting!