Iíve never owned a house. I have no idea what the rule of thumb is for deciding your budget. All I know is just Bc you can ďaffordĒ it, doesnít mean you should get it and stretch your money thin. Iíd rather be safe then sorry.
So any advice on how much money I should spend based on my yearly income? Letís say I only have $10,000 to put down.
Be sure you get a fixed interest rate if you finance.
Adjustable rates go up or if your lucky down. (never happens )
Consider the square footage of the house and heating and air
conditioning cost. If you finance then your homeowners insurance
and taxes will be included in your monthly payment. Get your own
insurance, check if flood insurance is needed, That is an extra policy,
not included in regular insurance. There is a small creek near my house
and two years ago the gov. decided I was in a food zone now. Your finance
company will require several things to close, insurance, closing costs, lawyers
fees etc. You will pay or fiance these.
Monthly cost such as heating, water, sewage, and just lawn care also.
Maintenance if needed also ( things happen and break )