I spent years watching House Hunters on HGTV, and it is still one of my favorite shows of all time. However, we need to start being honest with ourselves—people are spending too much on their homes.

Buying your first home can be an amazing (and scary) experience. But the most crucial part of the experience is the numbers.

The question shouldn't be, if you can afford a property, it should be what is your savings rate after you purchase this home?

Your savings rate will determine your overall happiness throughout life. You can afford a bigger home if you can offset your mortgage by renting rooms or starting an online business.

Your home should be a small part of your overall wealth and investment strategy. You can still buy the home of your dream, but treat it as an investment into a bigger retirement scheme.