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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

516 Lower Cove Road, Lower Cove, NS B0L 1A0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
36Picture(s)
1,331Sqft
Coldwell Banker Performance Realty
C$249900

Residential For Sale

516 Lower Cove Road, Lower Cove, NS B0L 1A0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,331Sqft
Coldwell Banker Performance Realty
Enjoy over 800 feet of waterfront on the breathtaking Bay of Fundy! This charming seaside home is nestled on 8.77 acres, offering uninterrupted views of the famous Joggins fossil cliffs and the bay. Recent improvements over the last decade include new roofing (shingles and metal), updated windows and siding, and a brand-new oil tank.
C$249900

Residential For Sale

516 Lower Cove Road, Lower Cove, NS B0L 1A0
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

462 Mill Cove Shore Road, Birchy Head, NS B0J 1T0

2Bedroom(s)
1Bathroom(s)
11Picture(s)
725Sqft
Viewpoint Realty Services Inc.
C$319000

Residential For Sale

462 Mill Cove Shore Road, Birchy Head, NS B0J 1T0
2Bedroom(s)
1Bathroom(s)
725Sqft
Viewpoint Realty Services Inc.
Looking for a project that will give you stunning ocean views across St Margaret's Bay and outdoor space to spare with the additional pid adjacent and included in the sale. This one may be for you. Located in tranquil Birchy Head, just minutes from the beautiful Fox Point Beach and the community of Hubbards, where you can find everything you need.
C$319000

Residential For Sale

462 Mill Cove Shore Road, Birchy Head, NS B0J 1T0
Viewpoint Realty Services Inc.
2Bedroom(s)
1Bathroom(s)
C$319000

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
24Picture(s)
1,335Sqft
Engel & Volkers (Chester)
C$475000

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,335Sqft
Engel & Volkers (Chester)
GOLD RIVER GEM. Charming 2 bedroom 1300+ sq. ft home.Wharf with protected deep water anchorage, and picture postcard views of the Gold River Marina and the ocean beyond. Located on a low traffic, paved road convenient to Chester, Chester Basin, Mahone Bay and 45 minutes from Halifax. Wake up to amazing water views from the upper level primary suite with ensuite bath.
C$475000

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0
Engel & Volkers (Chester)
2Bedroom(s)
2Bathroom(s)
C$475000

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
40Picture(s)
2,162Sqft
RE/MAX Nova (Enfield)
C$799900

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,162Sqft
RE/MAX Nova (Enfield)
Welcome to 379 Meadow View Way, a stunning 4 year young, two-storey home with attached garage in the beautiful Garden Meadows Subdivision in Belnan. Nestled on a gorgeous corner lot in the newest phase, this exquisite residence features four spacious bedrooms and three and a half bathrooms, providing ample space for families of all sizes.
C$799900

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1
RE/MAX Nova (Enfield)
4Bedroom(s)
4Bathroom(s)
C$799900

Residential For Sale

232-24 Hammonds Plans Road, Bedford, NS B4A 3P3

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
32Picture(s)
965Sqft
Royal LePage Atlantic
C$312500

Residential For Sale

232-24 Hammonds Plans Road, Bedford, NS B4A 3P3
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
965Sqft
Royal LePage Atlantic
Top-Floor Condo in Prime Bedford Location! This bright and spacious 2-bed, 1-bath unit offers the perfect combination of location, convenience and unbeatable value. Priced exceptionally well, this space is ideal for first-time buyers, downsizers, or investors looking for a smart opportunity in one of the most sought-after communities.
C$312500

Residential For Sale

232-24 Hammonds Plans Road, Bedford, NS B4A 3P3
Royal LePage Atlantic
2Bedroom(s)
1Bathroom(s)
C$312500

Residential For Sale

481 Main Street, Middleton, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
15Picture(s)
1,504Sqft
RE/MAX Banner Real Estate
C$279000

Residential For Sale

481 Main Street, Middleton, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,504Sqft
RE/MAX Banner Real Estate
This charming craftsman-style home is nestled among mature trees, shrubs, and vibrant perennial gardens, offering curb appeal and a peaceful setting.
C$279000

Residential For Sale

481 Main Street, Middleton, NS B0S 1P0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$279000

Residential For Sale

43 Colby Street, Sydney, NS B1P 3P9

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
17Picture(s)
1,000Sqft
EXP Realty of Canada Inc.
C$189000

Residential For Sale

43 Colby Street, Sydney, NS B1P 3P9
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,000Sqft
EXP Realty of Canada Inc.
This charming and affordable home is an excellent choice for first-time buyers or those looking to downsize. Ideal as a starter or retirement home, it offers a manageable size, a convenient location, and great value—especially in today’s high-cost market.
C$189000

Residential For Sale

43 Colby Street, Sydney, NS B1P 3P9
EXP Realty of Canada Inc.
2Bedroom(s)
2Bathroom(s)
C$189000

Residential For Sale

454 Basinview Drive, Bedford, NS B4A 1T4

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
2,566Sqft
Royal LePage Atlantic
C$799000

Residential For Sale

454 Basinview Drive, Bedford, NS B4A 1T4
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,566Sqft
Royal LePage Atlantic
Nestled in one of Bedford’s most sought-after neighbourhoods, 454 Basinview Drive is a beautifully updated and well maintained home that offers timeless style, modern comfort, and exceptional functionality for today’s lifestyle. With striking curb appeal and a spacious, landscaped lot, this home is just a short walk to Basinview Drive Community School—perfect for families.
C$799000

Residential For Sale

454 Basinview Drive, Bedford, NS B4A 1T4
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$799000

Residential For Sale

616-1048 Wellington Street, Halifax, NS B3H 0C2

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
36Picture(s)
850Sqft
RE/MAX Nova (Halifax)
C$684900

Residential For Sale

616-1048 Wellington Street, Halifax, NS B3H 0C2
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
850Sqft
RE/MAX Nova (Halifax)
Welcome to Gorsebrook Park in the heart of Halifax’s desirable South End. For those who crave big city living surrounded by nature, it doesn’t get any better than this. Enjoy walking distance to the best restaurants, shopping, the waterfront, and Point Pleasant Park, not to mention universities, hospitals, and public transportation.
C$684900

Residential For Sale

616-1048 Wellington Street, Halifax, NS B3H 0C2
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$684900

Residential For Sale

16 Wild Rose Drive, East Mountain, NS B6L 2N3

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2Picture(s)
1,370Sqft
Keller Williams Select Realty (Truro)
C$399000

Residential For Sale

16 Wild Rose Drive, East Mountain, NS B6L 2N3
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,370Sqft
Keller Williams Select Realty (Truro)
Brand-New Semi-Detached Homes in East Mountain – Steps from the Golf Green, Minutes from Town Located within walking distance of the golf course and nestled on a quiet dead-end street, these newly built semi-detached homes in East Mountain offer the perfect blend of peaceful country living and modern comfort.
C$399000

Residential For Sale

16 Wild Rose Drive, East Mountain, NS B6L 2N3
Keller Williams Select Realty (Truro)
3Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3Picture(s)
3,196Sqft
Parachute Realty
C$1195000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,196Sqft
Parachute Realty
Welcome to 741 Celebration Drive, where thoughtful design, natural beauty, and everyday comfort come together in one beautiful package.
C$1195000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6
Parachute Realty
4Bedroom(s)
3Bathroom(s)
C$1195000

Residential For Sale

5 Minas Crescent, New Minas, NS B4N 4H1

5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
33Picture(s)
2,533Sqft
Exit Realty Town & Country
C$424900

Residential For Sale

5 Minas Crescent, New Minas, NS B4N 4H1
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,533Sqft
Exit Realty Town & Country
Second chance at this one! Back on the market through no fault of its own! Do you need a home with lots of bedrooms and convenient proximity to amenities? Then 5 Minas Cresent might be for you! Located in one of the most desirable neighbourhoods in New Minas, with close by groceries, shopping, parks, school, highway access and restaurants.
C$424900

Residential For Sale

5 Minas Crescent, New Minas, NS B4N 4H1
Exit Realty Town & Country
5Bedroom(s)
2Bathroom(s)
C$424900
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