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If you are like most people, it’s easy to relate to one simple fact. A home is perhaps the most valuable asset you can ever own! And, of course, buying a home is a journey, a feat that may involve a lot of mind-boggling questions if not confusion.


One of the challenging situations many to-be homeowners face is deciding whether or not they should spend extravagantly on a home purchase as long as they can afford it or have the means to do so.


But should you really buy the most expensive house you can afford? The following pointers might have the answer to this burning question!


Reasons To Buy the Most Expensive House

As long as it’s affordable, buying a luxury home comes with numerous perks. More often than not, expensive homes guarantee a high level of safety, comfort, and a modern lifestyle in a better environment.


Better yet, purchasing the most expensive house you can afford can be worthwhile if you are a real estate investor or you intend to resell the house in the future.


Other reasons people buy expensive houses include:


  • They’re super-wealthy
  • Prestige
  • To maintain their social status and protect their image


Reasons Not to Buy the Most Expensive House

In most cases, buying a pricier house means that the house will be larger, so you can expect to spend more on furnishing it, and the monthly utility bills to be higher depending on your state or country. Chances are that the maintenance costs, as well as repairs, could be above the roof if something goes wrong.


This is not to mention the mortgage payments in case you use a home loan to purchase your house. And what happens if you lose your job or primary income source?

If you’re not careful, it could leave you in a “house poor” situation, where most of your income is expended on mortgage repayments, bills, repairs, and maintenance!


How To Tell If a House Is Affordable

A chalet won’t have enough space for your needs, but it may be tempting to buy a bigger house just because it has a nice backyard, plenty of bedrooms, and a wine cellar. Yet, you’ll probably end up empty-handed after you’ve made all these purchases.


Luckily, it doesn’t take rocket science to gauge the affordability of a house before making your purchase decision these days. Using a home affordability calculator, you can get an idea of whether or not the purchase is realistic or if it could leave you under financial strain.


The tool might only require details such as your annual income, monthly spending, down payment savings, mortgage rate, and property tax.


You can also consult with a trusted real estate agent or financial advisor for guidance on the same.


Tips To Reduce Spending on Home Purchases

When buying a home, you want to buy the best home for your needs without spending too much on the purchase.


Apart from the aforementioned money-saving tips, here are some suggestions to consider:


  • Set a budget before making the purchase and stick to it.
  • Don’t buy a house with a lower mortgage! You’ll end up saving more in the long run.
  • Consider a rental instead of buying if you can’t afford to own it. You’ll avoid a lot of waste and unnecessary expenses!
  • If you can, choose to pay your home loan early by making lump sum payments! This can attract a better interest rate from lenders.
  • Don’t be afraid to go for an aesthetically pleasing house that fits your lifestyle.


Buying a home is no easy feat – there’s often a lot of hassle involved. Although many people consider this life milestone as their most cherished one, many get overwhelmed and end up spending more than they can afford.


Thankfully, the above few tips can help you stick to your lane and get a home that suits your needs.