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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

5052-227 Bondi Drive, Middle Sackville, NS B0N 1Z0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1Picture(s)
2,053Sqft
Air Realty Limited
C$729900

Residential For Sale

5052-227 Bondi Drive, Middle Sackville, NS B0N 1Z0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,053Sqft
Air Realty Limited
Welcome to The Pineview by FH Development Group! Nestled in the tranquil and private community of Indigo Shores in Middle Sackville, The Pineview is the perfect home for new buyers seeking modern comfort and style.
C$729900

Residential For Sale

5052-227 Bondi Drive, Middle Sackville, NS B0N 1Z0
Air Realty Limited
4Bedroom(s)
3Bathroom(s)
C$729900

Residential For Sale

2112 North Street, Westville, NS B0K 2A0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
35Picture(s)
2,271Sqft
Turning Point Real Estate Limited
C$309000

Residential For Sale

2112 North Street, Westville, NS B0K 2A0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,271Sqft
Turning Point Real Estate Limited
This well maintained and thoughtfully updated home offers a perfect blend of charm and functionality. Over the years, the property has seen numerous upgrades while preserving its original character. The attached rental unit provides excellent income potential and is ready to be rented out immediately upon closing.
C$309000

Residential For Sale

2112 North Street, Westville, NS B0K 2A0
Turning Point Real Estate Limited
4Bedroom(s)
3Bathroom(s)
C$309000

Residential For Sale

77 Pleasant Street, Dartmouth, NS B2Y 3P6

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
35Picture(s)
1,450Sqft
Keller Williams Select Realty
C$499900

Residential For Sale

77 Pleasant Street, Dartmouth, NS B2Y 3P6
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,450Sqft
Keller Williams Select Realty
Welcome to 77 Pleasant Street, a well-located home offering excellent potential in the heart of Downtown Dartmouth! One of the area’s original homes, built in the 1800s, this property is ready for new owners to enjoy its historic charm or reimagine it with a fresh new look.
C$499900

Residential For Sale

77 Pleasant Street, Dartmouth, NS B2Y 3P6
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$499900

Residential For Sale

223 New Ross Road, Leminster, NS B0N 2T0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
225Sqft
Viewpoint Realty Services Inc.
C$287000

Residential For Sale

223 New Ross Road, Leminster, NS B0N 2T0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
225Sqft
Viewpoint Realty Services Inc.
Are you looking for a perfectly private lake oasis where you can relax and unwind? Here it is! Sit by Mill Pond lake and listen to Mill brook babble and the peepers call. This adorable and cozy cottage has everything you need and is the only dwelling on the lake. With 5.5 acres encompassing almost 1/2 of this little lake there is plenty of room to build additional dwellings if need be.
C$287000

Residential For Sale

223 New Ross Road, Leminster, NS B0N 2T0
Viewpoint Realty Services Inc.
1Bedroom(s)
1Bathroom(s)
C$287000

Residential For Sale

5047 East River East Side Road, Plymouth, NS B2H 5C5

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
44Picture(s)
1,296Sqft
Blinkhorn Real Estate Ltd.
C$234900

Residential For Sale

5047 East River East Side Road, Plymouth, NS B2H 5C5
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,296Sqft
Blinkhorn Real Estate Ltd.
Located in the locally known “Blue Acres” area just minutes from town, 5047 East River East Side Road is a solid 2 storey home perfect for first-time buyers or those looking to downsize.
C$234900

Residential For Sale

5047 East River East Side Road, Plymouth, NS B2H 5C5
Blinkhorn Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$234900

Residential For Sale

57 Somerset Drive, East Sable River, NS B0T 1V0

2Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
30Picture(s)
1,241Sqft
Engel & Volkers (Liverpool)
C$339000

Residential For Sale

57 Somerset Drive, East Sable River, NS B0T 1V0
2Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
1,241Sqft
Engel & Volkers (Liverpool)
Charming Bungalow on 7.3 Acres with Deeded River Access. Nestled on a total of 7.3 acres, this property includes a 3.66 acre lot with a well-built bungalow and an adjoining 3.66 acre vacant lot offering space, privacy, and future potential. Built in the 1990s with quality craftsmanship, this 1,241 sq. ft.
C$339000

Residential For Sale

57 Somerset Drive, East Sable River, NS B0T 1V0
Engel & Volkers (Liverpool)
2Bedroom(s)
3Bathroom(s)
C$339000

Residential For Sale

34 Alicia Boulevard, Kentville, NS B4N 4Y6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
4,314Sqft
Royal LePage Atlantic (New Minas)
C$750000

Residential For Sale

34 Alicia Boulevard, Kentville, NS B4N 4Y6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
4,314Sqft
Royal LePage Atlantic (New Minas)
If you’re looking for more space inside & out, this could be the perfect property for you! This spacious family home sits on a double lot, offering more than 3000 sf of living space on the main level & more than 4300 in total. The Town of Kentville owns the land in behind, allowing for peace & quiet & piece of mind. The paved drive is partially lined by a hedge for added privacy.
C$750000

Residential For Sale

34 Alicia Boulevard, Kentville, NS B4N 4Y6
Royal LePage Atlantic (New Minas)
4Bedroom(s)
3Bathroom(s)
C$750000

Residential For Sale

18 Keefe Drive, Purcells Cove, NS B3P 2J1

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
47Picture(s)
3,321Sqft
Red Door Realty
C$1895000

Residential For Sale

18 Keefe Drive, Purcells Cove, NS B3P 2J1
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,321Sqft
Red Door Realty
If you are lucky enough to live by the sea, you are lucky enough! But if you are lucky enough to have this airy, refined house, with this 180 degree view of Halifax Harbour, with a great wharf, and your own beach…you are really lucky! I mean, there are ocean views from every room…and a four season sunroom overlooking the Arm, the Harbour, Point Pleasant, McNab’s Island to out past Lawlor’s
C$1895000

Residential For Sale

18 Keefe Drive, Purcells Cove, NS B3P 2J1
Red Door Realty
3Bedroom(s)
3Bathroom(s)
C$1895000

Residential For Sale

75 Mackinley Drive, Coxheath, NS B1R 2E2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
37Picture(s)
2,730Sqft
VALMAC REALTY LTD. - 16139
C$435000

Residential For Sale

75 Mackinley Drive, Coxheath, NS B1R 2E2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,730Sqft
VALMAC REALTY LTD. - 16139
Welcome to 75 MacKinley Drive , in the popular subdivision of Cantley Village that is within walking distance to Coxheath Elementary and Riverview High and the County Arena . Located across the street from the Cantley Village community park , you can easily supervise your children as they play .
C$435000

Residential For Sale

75 Mackinley Drive, Coxheath, NS B1R 2E2
VALMAC REALTY LTD. - 16139
3Bedroom(s)
2Bathroom(s)
C$435000

Residential For Sale

194 Radcliffe Drive, Clayton Park, NS B3S 1E3

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
2,673Sqft
CANOE REALTY - 14497
C$799900

Residential For Sale

194 Radcliffe Drive, Clayton Park, NS B3S 1E3
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,673Sqft
CANOE REALTY - 14497
194 Radcliffe Drive offers privacy, comfort, and connection to nature — all while centrally located in HRM. This spacious home is bright and welcoming, with a layout that includes both open concept living, and warm, inviting areas.
C$799900

Residential For Sale

194 Radcliffe Drive, Clayton Park, NS B3S 1E3
CANOE REALTY - 14497
5Bedroom(s)
4Bathroom(s)
C$799900

Residential For Sale

7 Fraser Road, Williamswood, NS B3V 1B7

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,615Sqft
Keller Williams Select Realty
C$600000

Residential For Sale

7 Fraser Road, Williamswood, NS B3V 1B7
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,615Sqft
Keller Williams Select Realty
Welcome to 7 Fraser Road! This executive style bungalow is more than it seems! Open concept main floor, multiple bedrooms off to the side, a large hosting kitchen and oodles of bathrooms on both levels, including an ensuites.
C$600000

Residential For Sale

7 Fraser Road, Williamswood, NS B3V 1B7
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$600000

Residential For Sale

7 Butler Drive, Bible Hill, NS B2N 5M9

2Bedroom(s)
1Bathroom(s)
21Picture(s)
832Sqft
Nova Coast Realty Inc.
C$194900

Residential For Sale

7 Butler Drive, Bible Hill, NS B2N 5M9
2Bedroom(s)
1Bathroom(s)
832Sqft
Nova Coast Realty Inc.
Welcome to 7 Butler Drive! This beautiful 2 years young 2 bedroom, 1 bathroom mini home located in Twin Rivers Trailer park is ready for you to call home. This home is ideal for first-time home buyers, retirees or if you are looking to downsize.
C$194900

Residential For Sale

7 Butler Drive, Bible Hill, NS B2N 5M9
Nova Coast Realty Inc.
2Bedroom(s)
1Bathroom(s)
C$194900
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