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Stop Paying Rent

How to Stop Paying Rent and Own Your Own Home

 

Don’t pay another cent in rent to your landlord! 

 

It’s a dream we all have – to own our own home and stop paying rent.  But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.  How could it when you’re not even permitted to bang in a nail or two without a hassle?  You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home

Well, don’t feel trapped anymore!  It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem.  The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner.  With this information, you will begin to see how you really can:

– save for a down payment

– stop lining your landlord’s pockets, and
– stop wasting thousands of dollars on rent.

 

6 Little Known Facts That Can Help You Buy Your First Home

 

The problem that most renters face isn’t your ability to meet a monthly payment. Goodness knows you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn’t have to be as difficult as you might think.  Consider the following 6 important points:

You can buy a home with much less down than you think.

There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market.  You can qualify as a first time buyer even if your spouse has  owned a home before as long as your name was not registered.  Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

You may be able to get your lender to help you with your down payment and closing costs.

Even if you do not have enough cash for a down-payment, if you are debt-free, and own an asset free and clear (such as a car, for example), your lending institution may be able to lend you the down-payment for your home by securing it against this asset.

 

You may be able to find a seller to help you buy and finance your home.

Some sellers may be willing to hold a second mortgage for you as a “seller take-back.”  In this case, the seller becomes your lending institution.  Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.

 

You may be able to create a cash down payment without actually going into debt.

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down-payment.  While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

You can buy a home even if you have problems with your credit rating.

If you can come up with more than the minimum down-payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage.  Alternatively, a seller take-back mortgage could also help you in this situation.

 

You can, and should, get preapproved for a home loan before you go looking for a home.

Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written preapproval for you at no cost and no obligation, and it can all be done quite easily over-the-phone.  More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank.  It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.

 

 

Consider dealing only with a professional who specializes in mortgages.  Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.

To sum up, there are many important issues you should be aware of that affect you as a renter.  Why on earth would you continue to lose thousands by throwing it away on rent when with your agent you could take a few minutes to discuss your specific needs so that you can stop renting and start owning?

This conversation costs you nothing. And, of course, you shouldn’t have to feel obligated to buy a home at the time you review this.  But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you’ll be when you are ready to make this important step.

9 Buyer Traps & How to Avoid Them

No matter which way you look at it, buying a home is a major investment.  But for many home buyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either:

* paying too much for the home they want, or
* losing their dream home to another buyer or,
* (worse) buying the wrong home for their needs.

A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you.

This important article discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.

 

The 9 Buyer Traps

Bidding Blind

What price should you offer when you bid on a home?  Is the seller’s asking price too high, or does it represent a great deal?  If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bdding blind.  Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

 

Buying the Wrong Home.

 

What are you looking for in a home?  A simple enough question, but the answer can be quite complex.  More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small.  Maybe they’re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down.  Take the time upfront to clearly define your wants and needs.  Put it in writing and then use it as a yard stick with which to measure every home you look at.

Unclear Title.

 

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed.  The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

Inaccurate Survey.

As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries.  If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor’s new fence which is extending a boundary line, etc.).  Be very clear on these issues.

Undisclosed Fix-ups.

 

Don’t expect every seller to own up to every physical detail that will need to be attended to.  Both you and the seller are out to maximize your investment.  Ensure that you conduct a thorough inspection of the home early in the process.  Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector’s report.  This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.


Not Getting Mortgage Preapproval.

Preapproval is fast, easy and free.  When you have a preapproved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

 

Contract Misses.

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement.  Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

 Hidden Costs.

 

Make sure you identify and uncover all costs – large and small – far enough ahead of time.  When a transaction closes, you will sometimes find fees for this or that sneaking through after the “sub”-total – fees such as loan disbursement charges, underwriting fees etc.  Understand these in advance by having your lender project total charges for you in writing.

 

 

 

Rushing the Closing.

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign.  Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted.  Is the interest rate right?  Is everything covered?  If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.

One More Tip…

Find out if your agent offers a Buyer Profile System or “House-hunting Service,” which takes the guesswork out of finding just the right home that matches your needs.  This type of program will crossmatch your criteria with ALL available homes on the market and supply you with printed information on an on-going basis. A program like this can help you to affordably move into
the home of your dreams.

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Residential For Sale

531 High Street, New Glasgow, NS B2H 2X9

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
25Picture(s)
695Sqft
RE/MAX Nova
C$199000

Residential For Sale

531 High Street, New Glasgow, NS B2H 2X9
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
695Sqft
RE/MAX Nova
Welcome to this adorable and newly renovated 2 bedroom home! The lot is huge, partially fenced in and there is plenty of room to build a garage or secondary suite. With the North End Recreational Centre located directly across the street, and located in the quiet North End of New Glasgow, this adorable home is ready for a new owner.
C$199000

Residential For Sale

531 High Street, New Glasgow, NS B2H 2X9
RE/MAX Nova
2Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

1442 Salmon River Road, Salmon River, NS B6L 4E2

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,275Sqft
Keller Williams Select Realty (Truro)
C$328500

Residential For Sale

1442 Salmon River Road, Salmon River, NS B6L 4E2
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,275Sqft
Keller Williams Select Realty (Truro)
Situated on a spacious acre lot, offering plenty of outdoor space for recreation, gardening, or future expansions.Featuring a single-car garage, providing convenient shelter for your vehicle and additional storage space. Equipped with a durable metal roof, known for its longevity and low maintenance.Also offers a paved driveway to sweeten the curb appeal.
C$328500

Residential For Sale

1442 Salmon River Road, Salmon River, NS B6L 4E2
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$328500

Residential For Sale

4/6 Elroy Lane, Hilden, NS B0N 1C0

6Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,391Sqft
Keller Williams Select Realty
C$474900

Residential For Sale

4/6 Elroy Lane, Hilden, NS B0N 1C0
6Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,391Sqft
Keller Williams Select Realty
Welcome to Units 4 & 6 Leroy Lane, Hilden, NS! (over under) This property is truly stunning—from the lush green lawn and mature trees surrounding the home to the sleek, modern interior with its open-concept layout. Stepping into either unit feels like a breath of fresh air.
C$474900

Residential For Sale

4/6 Elroy Lane, Hilden, NS B0N 1C0
Keller Williams Select Realty
6Bedroom(s)
2Bathroom(s)
C$474900

Residential For Sale

411 Great Village Lornevale Road, Great Village, NS B0M 1L0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
36Picture(s)
1,546Sqft
Keller Williams Select Realty
C$298000

Residential For Sale

411 Great Village Lornevale Road, Great Village, NS B0M 1L0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,546Sqft
Keller Williams Select Realty
This well-kept home has been thoughtfully maintained and clearly cared for over the years. Step onto the inviting large deck and take in the stunning country surroundings — fields and trees create a peaceful setting without feeling secluded. Inside, you’re welcomed by a bright porch with convenient laundry area before entering the spacious, cozy kitchen.
C$298000

Residential For Sale

411 Great Village Lornevale Road, Great Village, NS B0M 1L0
Keller Williams Select Realty
4Bedroom(s)
1Bathroom(s)
C$298000

Residential For Sale

362 Orchard Street, South Berwick, NS B0P 1E0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
1,684Sqft
EXP Realty of Canada Inc. (Fall River)
C$349900

Residential For Sale

362 Orchard Street, South Berwick, NS B0P 1E0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,684Sqft
EXP Realty of Canada Inc. (Fall River)
Berwick is a quaint community that you will fall in love with. 362 Orchard Street, is a lovely 4-bed, 2-bath home with space, comfort, and walkability. The standout is the main-floor primary suite with ensuite, added as an addition in 2010 for privacy and convenience. Ideal for families, professionals, and military members posted near Greenwood.
C$349900

Residential For Sale

362 Orchard Street, South Berwick, NS B0P 1E0
EXP Realty of Canada Inc. (Fall River)
4Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

52-175 Darner Drive, Beaver Bank, NS B4G 0E2

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
1,967Sqft
Royal LePage Atlantic
C$659900

Residential For Sale

52-175 Darner Drive, Beaver Bank, NS B4G 0E2
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1,967Sqft
Royal LePage Atlantic
Meet "Sasha", a beautifully designed 4-bedroom, 3.5-bathroom home by Rooftight Homes, located in the cozy community of Carriagewood Estates in Beaver Bank, Halifax, Nova Scotia. This model starts at $624,900 offering exceptional value and this LEGAL basement suite version is just $659,900! These homes are built with municipal services (no well or septic to maintain!).
C$659900

Residential For Sale

52-175 Darner Drive, Beaver Bank, NS B4G 0E2
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$659900

Residential For Sale

307 Cabot Street, Sydney, NS B1P 4E9

3Bedroom(s)
1Bathroom(s)
14Picture(s)
1,152Sqft
Roger Burns Real Estate Ltd.
C$298000

Residential For Sale

307 Cabot Street, Sydney, NS B1P 4E9
3Bedroom(s)
1Bathroom(s)
1,152Sqft
Roger Burns Real Estate Ltd.
3 Bed 2 Story home in excelant location large rooms including kitchen.Currently ductless heat pump and oil furnace but installation of Ducted heat pump system to be completed by mid October ,resulting in all electric heating system. This property on a Large corner lot in prime residential area ism a must see property.
C$298000

Residential For Sale

307 Cabot Street, Sydney, NS B1P 4E9
Roger Burns Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$298000

Residential For Sale

2396 Prospect Road, Halifax, NS B0M 1Z0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
49Picture(s)
1,861Sqft
RE/MAX Nova (Halifax)
C$464900

Residential For Sale

2396 Prospect Road, Halifax, NS B0M 1Z0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,861Sqft
RE/MAX Nova (Halifax)
Fantastic Value For First Time Homebuyers or Investors! This Lovely raised Bungalow is in an ideal White's Lake location, seconds from neighbourhood grocery stores, personal services, elementary school, daycare, community center and more, but also only ten minutes to Bayers Lake and 20 minutes from downtown Halifax! Park out back in the huge driveway or pull into the wired double garage and head i
C$464900

Residential For Sale

2396 Prospect Road, Halifax, NS B0M 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
1Bathroom(s)
C$464900

Residential For Sale

1000 Sherman Belcher Road, Centreville, NS B0P 1J0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,963Sqft
Royal LePage Atlantic (New Minas)
C$499000

Residential For Sale

1000 Sherman Belcher Road, Centreville, NS B0P 1J0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,963Sqft
Royal LePage Atlantic (New Minas)
Welcome to this exceptionally well-maintained property in the heart of Kings County—set on a beautifully landscaped double corner lot just steps from Centreville Community Park.
C$499000

Residential For Sale

1000 Sherman Belcher Road, Centreville, NS B0P 1J0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

7072 Highway 340 Highway, Weaver Settlement, NS B0W 3T0

6Bedroom(s)
3Bathroom(s)
NoneParking(s)
46Picture(s)
3,280Sqft
Royal LePage Atlantic (Greenwood)
C$550000

Residential For Sale

7072 Highway 340 Highway, Weaver Settlement, NS B0W 3T0
6Bedroom(s)
3Bathroom(s)
NoneParking(s)
3,280Sqft
Royal LePage Atlantic (Greenwood)
This impressive three-unit property offers space, versatility, and excellent income potential. The main house stands separately and features three bedrooms, one bath, a large covered deck, and an enclosed sunroom, creating the perfect blend of comfort and charm. A partially fenced yard makes it ideal for children or pets to enjoy safely.
C$550000

Residential For Sale

7072 Highway 340 Highway, Weaver Settlement, NS B0W 3T0
Royal LePage Atlantic (Greenwood)
6Bedroom(s)
3Bathroom(s)
C$550000

Residential For Sale

20 Bremner Drive, Hacketts Cove, NS B3Z 3L3

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
3,236Sqft
Red Door Realty
C$764900

Residential For Sale

20 Bremner Drive, Hacketts Cove, NS B3Z 3L3
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
3,236Sqft
Red Door Realty
Escape the ordinary on Bremner Drive, where space, character, and privacy meet. Located in picturesque Hackett's Cove, just 35 minutes from Halifax, this property is surrounded by the best of both worlds: the Atlantic Ocean across the road and endless wilderness trails behind. With over 3,200 sq. ft. of living space, the home was designed for entertaining.
C$764900

Residential For Sale

20 Bremner Drive, Hacketts Cove, NS B3Z 3L3
Red Door Realty
3Bedroom(s)
3Bathroom(s)
C$764900

Residential For Sale

25 Joyce Avenue, Halifax, NS B3P 1W7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
27Picture(s)
1,625Sqft
Red Door Realty
C$589900

Residential For Sale

25 Joyce Avenue, Halifax, NS B3P 1W7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,625Sqft
Red Door Realty
Discover this charming home that offers a blend of modern comforts with classic character! This 2-bedroom home is complemented by a bright and tidy 1-bedroom apartment, perfect for rental income or guest accommodation. The main house greets you with a spacious and bright living room, a kitchen and pantry with loads of storage, and a dining room that overlooks the mature trees in the backyard.
C$589900

Residential For Sale

25 Joyce Avenue, Halifax, NS B3P 1W7
Red Door Realty
3Bedroom(s)
2Bathroom(s)
C$589900
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