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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

314 Carleton Road, Lawrencetown, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
35Picture(s)
1,984Sqft
RE/MAX Banner Real Estate
C$210000

Residential For Sale

314 Carleton Road, Lawrencetown, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,984Sqft
RE/MAX Banner Real Estate
Welcome to the quiet village of Lawrencetown! This 3-bedroom, 1.5-bath home has been tastefully updated and sits on over half an acre of land. Offering plenty of storage and a spacious attached workshop, this property is perfect for families or those needing extra room.
C$210000

Residential For Sale

314 Carleton Road, Lawrencetown, NS B0S 1M0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$210000

Residential For Sale

21 Howe Street, Dartmouth, NS B2A 3G2

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
36Picture(s)
1,405Sqft
Royal LePage Atlantic
C$440000

Residential For Sale

21 Howe Street, Dartmouth, NS B2A 3G2
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,405Sqft
Royal LePage Atlantic
This home has such a warm inviting feeling that offers plenty of opportunities and numerous upgrades. Zoning Is ER3! Detached wired garage, extended paved driveway with plenty of parking and large back yard is a bonus. Currently set up in a work from home/long time family 2 Bedroom 2 full bath owned home. Downstairs was Originally used as an in-law suite.
C$440000

Residential For Sale

21 Howe Street, Dartmouth, NS B2A 3G2
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$440000

Residential For Sale

12 Hemlock Drive, Port Hawkesbury, NS B9A 3G7

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
24Picture(s)
1,106Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$250000

Residential For Sale

12 Hemlock Drive, Port Hawkesbury, NS B9A 3G7
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,106Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
This 3 BDRM, 1 BATH bungalow is nicely landscaped and situated on a 5880 SQ FT lot. Single paved driveway and shed for all your storage needs. Centrally located within walking distance to both P-8, and 9-12 schools and all your daily needs. The main floor hosts the eat in kitchen with wood cabinetry fridge, stove, overhead microwave and dishwasher included in the purchase.
C$250000

Residential For Sale

12 Hemlock Drive, Port Hawkesbury, NS B9A 3G7
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
1Bathroom(s)
C$250000

Residential For Sale

2096 Diamond Street, Westville, NS B0K 2A0

5Bedroom(s)
3Bathroom(s)
Parking Spaces(s)Parking(s)
29Picture(s)
1,958Sqft
Blinkhorn Real Estate Ltd.
C$279000

Residential For Sale

2096 Diamond Street, Westville, NS B0K 2A0
5Bedroom(s)
3Bathroom(s)
Parking Spaces(s)Parking(s)
1,958Sqft
Blinkhorn Real Estate Ltd.
Welcome to this 1.5 storey home. Currently a triplex but was originally a single family home and could be converted back with some work. The property features recent upgrades including a complete basement unit renovation , electrical and efficient heat pumps, this property ensures comfort and energy efficiency. Each unit has its own power meter for tenant convenience.
C$279000

Residential For Sale

2096 Diamond Street, Westville, NS B0K 2A0
Blinkhorn Real Estate Ltd.
5Bedroom(s)
3Bathroom(s)
C$279000

Residential For Sale

1535 King Street, Windsor, NS B0N 2T0

4Bedroom(s)
3Bathroom(s)
OtherParking(s)
46Picture(s)
2,771Sqft
RE/MAX NOVA (Windsor)
C$658500

Residential For Sale

1535 King Street, Windsor, NS B0N 2T0
4Bedroom(s)
3Bathroom(s)
OtherParking(s)
2,771Sqft
RE/MAX NOVA (Windsor)
In the heart of Windsor, where charm and convenience meet, this beautifully reimagined character home awaits, mere steps from King’s-Edgehill School, parks, and the vibrant downtown core with easy Highway access, and an easy commute to Halifax.
C$658500

Residential For Sale

1535 King Street, Windsor, NS B0N 2T0
RE/MAX NOVA (Windsor)
4Bedroom(s)
3Bathroom(s)
C$658500

Residential For Sale

691 Celebration Drive Lot 742, Fall River, NS B2T 0V1

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
9Picture(s)
2,888Sqft
Parachute Realty
C$1179000

Residential For Sale

691 Celebration Drive Lot 742, Fall River, NS B2T 0V1
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,888Sqft
Parachute Realty
Introducing 691 Celebration Drive, an exceptional offering by Live Well Homes in Fall River’s newest phase of Kinloch Estates. Currently under construction, this slab-on-grade bungalow with a bonus room has been carefully planned to deliver both comfort and style.
C$1179000

Residential For Sale

691 Celebration Drive Lot 742, Fall River, NS B2T 0V1
Parachute Realty
3Bedroom(s)
3Bathroom(s)
C$1179000

Residential For Sale

111 2 Highway, Enfield, NS B2T 1C8

5Bedroom(s)
5Bathroom(s)
SingleParking(s)
47Picture(s)
4,500Sqft
Viewpoint Realty Services Inc. (Elmsdale)
C$959900

Residential For Sale

111 2 Highway, Enfield, NS B2T 1C8
5Bedroom(s)
5Bathroom(s)
SingleParking(s)
4,500Sqft
Viewpoint Realty Services Inc. (Elmsdale)
Do you need room with a view? This water front property has that and so much more. Situated on over 2 acres on the Shubenacadie river this home has 4500 sq ft of living space with 5 bedrooms and 5 baths with 2 built in garages. There is a rental unit and a in law suite to boot or if you have extended family this is the perfect fit.
C$959900

Residential For Sale

111 2 Highway, Enfield, NS B2T 1C8
Viewpoint Realty Services Inc. (Elmsdale)
5Bedroom(s)
5Bathroom(s)
C$959900

Residential For Sale

605 31 Kings Wharf Place, Dartmouth, NS B2Y 0C1

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
23Picture(s)
875Sqft
Atlantis Realty Ltd.
C$450000

Residential For Sale

605 31 Kings Wharf Place, Dartmouth, NS B2Y 0C1
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
875Sqft
Atlantis Realty Ltd.
Welcome to unit 605 Kings Wharf The Keelson, this spacious one bedroom condo is open concept living at its finest, featuring stunning ocean views, stainless appliances, natural gas fireplace, in suite laundry, underground parking and more. The building offers a gym, guest suite and lounge room with condo fees including heat & water.
C$450000

Residential For Sale

605 31 Kings Wharf Place, Dartmouth, NS B2Y 0C1
Atlantis Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$450000

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

Residential For Sale

4857 Highway 2 River, Little Bass River, NS B0M 1B0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
32Picture(s)
1,951Sqft
RE/MAX Fairlane Realty
C$639000

Residential For Sale

4857 Highway 2 River, Little Bass River, NS B0M 1B0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,951Sqft
RE/MAX Fairlane Realty
Come take a look at this very private 26 acre old century farm. There are many possibilities with this piece of land including hobby farm, operate a camp ground along the Cobequid Bay, or just relax and enjoy all the land with your family.
C$639000

Residential For Sale

4857 Highway 2 River, Little Bass River, NS B0M 1B0
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$639000

Residential For Sale

403 15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
36Picture(s)
880Sqft
Atlantis Realty Ltd.
C$495000

Residential For Sale

403 15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
880Sqft
Atlantis Realty Ltd.
Welcome to unit 403 at The Anchorage! Live by the ocean in this spacious 1 bedroom condo at King's Wharf. Open concept design with quality finishes steps away from the harbour, Alderney Landing ferry, Downtown Dartmouth with shops, restaurants, bars, and much more. The building includes an exercise room, rooftop lounge area with large terrace, BBQ, and underground parking.
C$495000

Residential For Sale

403 15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Atlantis Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$495000

Residential For Sale

167 Schurman Road, Falmouth, NS B0P 0B9

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
30Picture(s)
1,080Sqft
Royal LePage Atlantic - Valley(Windsor)
C$349000

Residential For Sale

167 Schurman Road, Falmouth, NS B0P 0B9
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,080Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to this beautifully maintained and thoughtfully updated 3-bedroom, 1.5-bathroom home nestled on a quiet street. Bursting with character, this older home has been meticulously cared for, blending timeless charm with modern updates throughout. Enjoy a bright and inviting living space, a well-appointed kitchen, and the two bedrooms all designed for comfort and functionality.
C$349000

Residential For Sale

167 Schurman Road, Falmouth, NS B0P 0B9
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
2Bathroom(s)
C$349000
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