• Prequalify for a loan

Being prequalified for a loan means you know exactly how much house you can afford. t also allows you to move swiftly when you find the right property – this is very important if other buyers are interested.

• Shop around for mortgage rates and terms

A difference of even half a percentage point can make a huge difference in both your monthly payments and in your total costs over the lifetime of your loan. For example, on a mortgage of $100,000, the monthly payments at 8.0 percent are about $35 dollars more than they would be at 7.5 percent. This translates into $12,600 over a typical 30 year term – and who has $100,000 mortgage these days? There are many different loans available – work with your Realtor to select the one that is right for you.

• Using a Realtor

A Realtor, or buyer's agent, is legally responsible for representing the buyer's interest in a real estate transaction. You must find a Realtor that you trust – the recommendations of others are very important here, so talk to relatives and friends that have recently bought properties, and see who they have used. You should do this before you start looking at properties since you may end up with no representation. You can use organizations like the California Association of Realtors (CAR) to help you find a suitable agent – see our links page for more suggestions. Generally, the Realtor is compensated by the seller at the time you purchase a new home, so be wary of anyone looking to charge you a fee for their services..

• Features that affect property values

In some areas, a swimming pool actually detracts from the value of a home, and may make the property more difficult to sell. Alternatively a property with a single-car garage may be worth a lot less if it is located next to properties with mainly double garages. There a lots of issues such as these which can affect both the price you should pay for a property and the resale value. Your Realtor can help identify which features are the most relevant in your area.

• Rate the houses you tour

After touring each home, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the house that's the best for you.

• Making an offer

Once you’ve found a house that meets your needs, it’s time to make an offer. Discuss with your agent how much to offer. You will have to weigh up several factors: asking price vs. comparable home sales, market conditions, potential for other offers, how badly you want the house, and the home’s condition – your Realtor will be able to provide invaluable assistance with this step. When you are ready to make an offer, you will sign a purchase agreement that your agent will write out, that indicates the amount and terms of your offer. Your agent will present your offer to the seller’s agent who will in turn present it to the seller. If your offer is accepted, the seller will sign your contract agreeing to your price and terms. Now it is time for you to inspect the property.

• The Property Inspection

A Property Inspection is a non invasive, visual inspection of a building, carried out by a fully qualified professional trained and experienced in evaluating buildings and their components.

The inspection is designed to provide you with all the information you need to make an informed decision about your potential purchase. You will be able to walk away from the inspection with a clear knowledge of what major issues (if any) are involved with your property, and which items will need maintenance in the short and longer term.

It is important to bear in mind that since an inspection is visual and non-invasive, no part of any building will be tampered with or dismantled – obviously this includes NOT removing drywall, digging up the garden or drilling holes in the roof.  The building will be in identical condition after the inspection.  Indeed, if an inspector does any damage to any building or contents, he would be liable for the cost of repair or replacement.  Any reputable property inspector will carry insurance to cover the event of accidental damage – and are well within your rights to ask to see proof of this insurance before the inspection commences.

At Aston Property Inspection, we encourage our clients to participate in the evaluation of their property. As we say, “C’mon, let’s take a look round your new house!”  Many clients say this is the most enjoyable part of purchasing a new home. The inspection will last about three hours for a typical family home, depending upon size and condition.

Our visual inspection involves a verbal discussion of our findings, where the inspector will also be happy to answer additional questions.  In addition we guarantee to provide an individual written report to the client within 48 hours of the inspection, though we can sometimes be quicker if our client has an urgent need.  Our report will be specific to the property inspected, and will not be a simple checklist of items that you could fill in yourself.  If you would like more information on our services, please follow this link or contact us to discuss your needs.

• Closing costs

What exactly are closing costs? This is one questions first-time buyers ask most frequently. Lenders are required by law to disclose your estimated closing costs and fees in writing – this is known as a Good Faith Estimate. This is a brief summary of typical closing costs you may have to pay – exact closing costs are dependent on the type of loan you select. Your Realtor can help you understand these costs in more detail.

• Keeping your paperwork

Whew. You’re done. You’ve bought your first home – but you’ll want to protect your investment. One of the best ways to do so, besides insurance, is to keep your paperwork in order and in a safe place, so you can access it whenever you need it – at tax time, to refinance, to take a home equity loan or to sell.