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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

26 Split Rock Drive, Salmon River, NS B0J 1P0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
45Picture(s)
1,580Sqft
EXP Realty of Canada Inc.
C$495500

Residential For Sale

26 Split Rock Drive, Salmon River, NS B0J 1P0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,580Sqft
EXP Realty of Canada Inc.
Welcome to 26 Split Rock Drive in Head of Jeddore, a beautifully updated 4-bedroom home offering breathtaking harbour views from both the first and second floors. This move-in ready property features a renovated kitchen, new flooring, fresh paint throughout much of the home, and a stylishly updated main bathroom, along with one full 4-piece bath and a convenient 2-piece.
C$495500

Residential For Sale

26 Split Rock Drive, Salmon River, NS B0J 1P0
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$495500

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5992 Pictou Landing Road, Pictou Landing, NS B0K 1X0

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
41Picture(s)
2,348Sqft
RE/MAX Nova (Halifax)
C$469900

Residential For Sale

5992 Pictou Landing Road, Pictou Landing, NS B0K 1X0
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,348Sqft
RE/MAX Nova (Halifax)
This glorious century home in Pictou Landing is ready to welcome you! Step through the front door into a grand foyer that sets the tone for the character and charm throughout. To the left a beautiful staircase leads to the second level featuring FIVE spacious bedrooms and the main bath.
C$469900

Residential For Sale

5992 Pictou Landing Road, Pictou Landing, NS B0K 1X0
RE/MAX Nova (Halifax)
5Bedroom(s)
2Bathroom(s)
C$469900

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693 Truro Heights Road, Truro Heights, NS B6L 1Y3

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
31Picture(s)
1,742Sqft
RE/MAX Fairlane Realty
C$389000

Residential For Sale

693 Truro Heights Road, Truro Heights, NS B6L 1Y3
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,742Sqft
RE/MAX Fairlane Realty
Welcome to 693 Truro Heights Road-A Perfect Blend of Charm, Space, and Convenience. Discover this beautifully updated 3-bedroom, 2-bathroom chalet-style home nestled in the desirable community of Truro Heights. Ideal for families, this spacious home offers a warm and welcoming layout with thoughtful upgrades throughout.
C$389000

Residential For Sale

693 Truro Heights Road, Truro Heights, NS B6L 1Y3
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

1578 Cooks Brook Road, Cooks Brook, NS B0N 2H0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
45Picture(s)
2,696Sqft
Press Realty Inc.
C$1200000

Residential For Sale

1578 Cooks Brook Road, Cooks Brook, NS B0N 2H0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,696Sqft
Press Realty Inc.
This charming 3 bedroom bungalow sits atop 48 acres of rolling countryside with views so good you might start every morning with a cup of coffee and a contented sigh! Having just under 2,700 square feet of living space, it’s the perfect spot to embrace country living without being too far from the action, just 45 minutes to Halifax or, if you're feeling adventurous, about five hours by horseback
C$1200000

Residential For Sale

1578 Cooks Brook Road, Cooks Brook, NS B0N 2H0
Press Realty Inc.
3Bedroom(s)
3Bathroom(s)
C$1200000

Residential For Sale

161 + 163 Ketch Harbour Road, Herring Cove, NS B3J 1J5

3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
2,268Sqft
Royal LePage Atlantic
C$549900

Residential For Sale

161 + 163 Ketch Harbour Road, Herring Cove, NS B3J 1J5
3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
2,268Sqft
Royal LePage Atlantic
Welcome to 161 & 163 Ketch Harbour Road. This duplex sits in a large 22,000 Square foot lot that has views of the ocean from the upstairs. Both sides have 3-bedrooms, 1 and half-bathrooms with ample living space and a well kept spacious backyard, perfect for summer barbecues, and children to play. One side is currently rented giving you an immediate return on this investment opportunity.
C$549900

Residential For Sale

161 + 163 Ketch Harbour Road, Herring Cove, NS B3J 1J5
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

2-3136 Highway 2, Economy, NS B0M 1B0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
42Picture(s)
1,712Sqft
Coldwell Banker Open Door Realty Ltd.
C$349000

Residential For Sale

2-3136 Highway 2, Economy, NS B0M 1B0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,712Sqft
Coldwell Banker Open Door Realty Ltd.
Welcome to this beautifully maintained two storey home that truly has it all. Featuring an open concept main floor design, 4 spacious bedrooms and 1.5 baths, this property is perfect for growing families or those who love to entertain. The modern kitchen complete with 2021 appliances, flows seamlessly into spacious living areas offering a bright, inviting space ideal for everyday living.
C$349000

Residential For Sale

2-3136 Highway 2, Economy, NS B0M 1B0
Coldwell Banker Open Door Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$349000

Residential For Sale

78 Cavendish Road, Halifax, NS B3P 2J7

3Bedroom(s)
1Bathroom(s)
AssignedParking(s)
33Picture(s)
968Sqft
Harbourside Realty Ltd.
C$349900

Residential For Sale

78 Cavendish Road, Halifax, NS B3P 2J7
3Bedroom(s)
1Bathroom(s)
AssignedParking(s)
968Sqft
Harbourside Realty Ltd.
This updated condo townhouse is a fantastic opportunity for first-time homebuyers, investors, or anyone looking to downsize. With a new floor and a renovated kitchen with new appliances, and a renovated bathroom the home offers a fresh and modern feel the moment you step inside.
C$349900

Residential For Sale

78 Cavendish Road, Halifax, NS B3P 2J7
Harbourside Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

29 Chittick Avenue, Dartmouth, NS B3A 3J7

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,574Sqft
Sutton Group Professional Realty
C$599900

Residential For Sale

29 Chittick Avenue, Dartmouth, NS B3A 3J7
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,574Sqft
Sutton Group Professional Realty
A Rare Find Near Penhorn Lake Step inside, and you’ll find far more space than meets the eye. This 3-bedroom home includes a finished attic with two versatile bonus rooms plus a bright, full-height 1-bedroom-and-den apartment with its own entrance, laundry, power meter, and paved driveway. Perfect for extended family or extra income.
C$599900

Residential For Sale

29 Chittick Avenue, Dartmouth, NS B3A 3J7
Sutton Group Professional Realty
4Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

105 Duffell Drive, Mira Road, NS B1P 3G7

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
44Picture(s)
1,800Sqft
Roger Burns Real Estate Ltd.
C$325000

Residential For Sale

105 Duffell Drive, Mira Road, NS B1P 3G7
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,800Sqft
Roger Burns Real Estate Ltd.
WOW THIS 2 BEDROOM BUNGALOW LOCATED IN A GREAT AREA OF MIRA ROAD IS IN GREAT CLEAN CONDITION AND READY FOR ITS NEW OWNER. THERE IS ALSO A PARTIALLY FINISHED BASEMENT WITH TWO MORE ROOMS AND AN OFFICE / FAMILY ROOM PLUS A PARTIAL WASHROOM GOOD SIZE SHED IN BACK YARD WITH A GREAT FIREPIT.
C$325000

Residential For Sale

105 Duffell Drive, Mira Road, NS B1P 3G7
Roger Burns Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$325000

Residential For Sale

212 Patterson Street, Pictou, NS B0K 1H0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
31Picture(s)
1,166Sqft
Sunrise Brokerage & Sales Ltd.
C$374900

Residential For Sale

212 Patterson Street, Pictou, NS B0K 1H0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,166Sqft
Sunrise Brokerage & Sales Ltd.
On the corner of 212 Patterson and Westwood Crescent you will find this perfect 4 bedroom family home nestled in a park like setting of trees, shrubs, and endless varieties of flowers.
C$374900

Residential For Sale

212 Patterson Street, Pictou, NS B0K 1H0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
2Bathroom(s)
C$374900

Residential For Sale

439 Victoria Road, Spa Springs, NS B0S 1P0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
38Picture(s)
1,602Sqft
Royal LePage Atlantic (Greenwood)
C$525000

Residential For Sale

439 Victoria Road, Spa Springs, NS B0S 1P0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,602Sqft
Royal LePage Atlantic (Greenwood)
When only new will do, this stunning 2024 property build delivers comfort, convenience, and style—all on one level. Designed with accessibility and ease of living in mind, the bright open-concept layout welcomes you with its spacious kitchen, dining, and living area, perfectly complemented by a generous walk-in pantry for effortless storage and organization.
C$525000

Residential For Sale

439 Victoria Road, Spa Springs, NS B0S 1P0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

277 Haven Drive, Bridgewater, NS B4V 4E4

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
41Picture(s)
1,404Sqft
Holm Realty Limited
C$409900

Residential For Sale

277 Haven Drive, Bridgewater, NS B4V 4E4
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,404Sqft
Holm Realty Limited
This beautifully designed 3-bedroom, 2-bathroom bungalow is located in the desirable LaHave Heights II in Bridgewater and offers the perfect blend of modern comfort and traditional charm. A formal entry with a walk-in closet welcomes you into the home and opens into a bright, spacious living room.
C$409900

Residential For Sale

277 Haven Drive, Bridgewater, NS B4V 4E4
Holm Realty Limited
3Bedroom(s)
2Bathroom(s)
C$409900
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