Buyers now take into account all the various costs of owning a home, from municipal rates and taxes to levies and even transport and commuting costs.
Traditionally, buyers would search for homes based on location, property type or asking price.
However, affordability concerns have led many buyers to reverse that process, says online property portal MyProperty.
It says that rather than focusing solely on the selling price, buyers are increasingly considering the monthly repayment they would be comfortable paying and then working backwards to determine which properties fall within that range.
This approach is said to often provide a more realistic picture of what is achievable, and can help buyers avoid the disappointment of falling in love with homes that may ultimately be beyond their reach.
