The Problem With “How Much Home Can I Afford?” | Buying a Home in Ventura

by Gary and Lisa Schoeffler on July 21, 2011

in Latest News

If your home search starts with the question “How much home can I afford?”, you’re doing it wrong. Your focus is misplaced.

The question should really be “How much can I afford to spend on a home each month?”

Search For Homes By “Monthly Payment”

When you buy a home, you should search by cost, not price. After all, cost is what you pay monthly. It’s your mortgage, your taxes, your insurance, and assessments. It’s your costs of homeownership and maintenance.

Cost is all the things that hit you in the wallet.

I penned a piece for TruliaPro this week on this exact topic. Titled “How To Help Your Buyers Determine What They Can Afford“, the article is geared toward REALTORS® and loan officers and shows, step-by-step, the means to make a budget and stick to it.

An excerpt:

“Payment is paramount in the home search because — unlike purchase price — it’s something to which homeowners must tend monthly. Irrespective of health, wealth, or family, mortgage payments are due.”

This article makes a great point and the link to the “How to Help your Buyers Determine what they Can Afford” is a great article too. Making and Sticking to a budget are difficult tasks but necessary in determining what you can afford – monthly. If your are relocating to a new city, don’t forget to factor in the cost of living for the new location. Visit to get some information and links to help in determining the cost of living for Ventura County.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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