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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

3319 Highway 2, Fall River, NS B2T 1J2

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
39Picture(s)
5,048Sqft
RE/MAX Nova
C$1395000

Residential For Sale

3319 Highway 2, Fall River, NS B2T 1J2
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
5,048Sqft
RE/MAX Nova
Welcome to elegant living at its finest! From the moment you enter the front door, peace and silence surround you. This oasis in the midst of the popular area of Fall River was designed and lived in by the current owner with great attention to detail.
C$1395000

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3319 Highway 2, Fall River, NS B2T 1J2
RE/MAX Nova
3Bedroom(s)
4Bathroom(s)
C$1395000

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702-5511 Bilby St, Halifax, NS B3K 0M5

2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
15Picture(s)
679Sqft
Keller Williams Select Realty
C$639900

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702-5511 Bilby St, Halifax, NS B3K 0M5
2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
679Sqft
Keller Williams Select Realty
Welcome to unit 702 at NRTH — the newest modern statement in Halifax’s vibrant North End. This stunning 679 sqft east-facing unit is designed for elevated urban living, blending minimalist style with thoughtful finishes, clean lines, and a sleek, contemporary aesthetic throughout.
C$639900

Residential For Sale

702-5511 Bilby St, Halifax, NS B3K 0M5
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$639900

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4 Covington Way, Halifax, NS B3M 3K2

3Bedroom(s)
3Bathroom(s)
DrivewayParking(s)
41Picture(s)
1,760Sqft
Keller Williams Select Realty
C$409900

Residential For Sale

4 Covington Way, Halifax, NS B3M 3K2
3Bedroom(s)
3Bathroom(s)
DrivewayParking(s)
1,760Sqft
Keller Williams Select Realty
Comfort, Space & Great Amenities – Welcome to 4 Covington Way! This inviting 3-bedroom townhouse condo with 1 full and 2 half bathrooms offers plenty of space for families, professionals, or anyone looking for a low-maintenance lifestyle with room to grow.
C$409900

Residential For Sale

4 Covington Way, Halifax, NS B3M 3K2
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$409900

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16 Marsh Hawk Drive, Wolfville, NS B4P 1B2

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
49Picture(s)
2,616Sqft
MacKay Real Estate Ltd.
C$660000

Residential For Sale

16 Marsh Hawk Drive, Wolfville, NS B4P 1B2
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,616Sqft
MacKay Real Estate Ltd.
Welcome to 16 Marsh Hawk Drive, Wolfville. This well-maintained home offers comfort, versatility, and a prime location. The main level features hardwood floors, an open-concept living and dining area with access to a spacious back deck overlooking the dykes and Cape Blomidon.
C$660000

Residential For Sale

16 Marsh Hawk Drive, Wolfville, NS B4P 1B2
MacKay Real Estate Ltd.
3Bedroom(s)
3Bathroom(s)
C$660000

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28111 Highway 7, Moosehead, NS B0J 2K0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
41Picture(s)
1,071Sqft
Keller Williams Select Realty
C$159900

Residential For Sale

28111 Highway 7, Moosehead, NS B0J 2K0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,071Sqft
Keller Williams Select Realty
Welcome to this ocean view home on Nova Scotia’s Eastern Shore.Enjoy your morning coffee on the front deck with panoramic water views,ocean breezes,and the calming sound of Moosehead Brook. Located just across the road from a sandy beach and just 20 minutes from the friendly town of SheetHarbour.
C$159900

Residential For Sale

28111 Highway 7, Moosehead, NS B0J 2K0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$159900

Residential For Sale

40 Kilgar Road, Shearwater, NS B3G 1M6

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
45Picture(s)
786Sqft
Keller Williams Select Realty
C$299900

Residential For Sale

40 Kilgar Road, Shearwater, NS B3G 1M6
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
786Sqft
Keller Williams Select Realty
Opportunity knocks in Eastern Passage for a first-time buyer! This one-owner home has stood the test of time. Enhanced with a sunlit space that's great for a home office, this one-bedroom home has been lovingly maintained. Tucked at the end of a quiet cul-de-sac, it sits on a spacious 16,000 sq ft R2-zoned lot.
C$299900

Residential For Sale

40 Kilgar Road, Shearwater, NS B3G 1M6
Keller Williams Select Realty
1Bedroom(s)
1Bathroom(s)
C$299900

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1049 Bloomfield Road, Bloomfield, NS B0W 1H0

2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
48Picture(s)
1,224Sqft
Exit Realty Town & Country
C$249900

Residential For Sale

1049 Bloomfield Road, Bloomfield, NS B0W 1H0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,224Sqft
Exit Realty Town & Country
Tucked away on approximately 31.70+/- acres, 1049 Bloomfield Road offers the perfect blend of privacy, potential, and peaceful rural living. This off-grid two-bedroom, one-bath home is an exceptional opportunity to bring your hobby farm dreams to life.
C$249900

Residential For Sale

1049 Bloomfield Road, Bloomfield, NS B0W 1H0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

1049 Bloomfield Road, Bloomfield, NS B0W 1H0

2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
47Picture(s)
1,224Sqft
Exit Realty Town & Country
C$249000

Residential For Sale

1049 Bloomfield Road, Bloomfield, NS B0W 1H0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,224Sqft
Exit Realty Town & Country
Tucked away on approximately 31.70+/- acres, 1049 Bloomfield Road offers the perfect blend of privacy, potential, and peaceful rural living. This off-grid two-bedroom, one-bath home is an exceptional opportunity to bring your hobby farm dreams to life.
C$249000

Residential For Sale

1049 Bloomfield Road, Bloomfield, NS B0W 1H0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$249000

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304-990 Mclean Street, Halifax, NS B3H 2V1

2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
43Picture(s)
775Sqft
Exit Realty Metro
C$449900

Residential For Sale

304-990 Mclean Street, Halifax, NS B3H 2V1
2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
775Sqft
Exit Realty Metro
Welcome to this beautifully renovated 2-bedroom condo nestled in the heart of Halifax’s vibrant South End. Bright, modern, and move-in ready, this unit offers an open-concept living space flooded with natural light, anchored by a stunning kitchen featuring quartz countertops, a large island with seating for four, and sleek stainless steel appliances.
C$449900

Residential For Sale

304-990 Mclean Street, Halifax, NS B3H 2V1
Exit Realty Metro
2Bedroom(s)
1Bathroom(s)
C$449900

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106 Tilbury Avenue, Bedford, NS B4B 0X9

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
39Picture(s)
2,323Sqft
RE/MAX Nova (Halifax)
C$689000

Residential For Sale

106 Tilbury Avenue, Bedford, NS B4B 0X9
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,323Sqft
RE/MAX Nova (Halifax)
Discover 106 Tilbury Avenue, a stunning 2020-built end-unit townhome, The Corra, crafted by renowned builder Cresco in the vibrant, well-planned Parks of West Bedford community. This 2-storey, 3-bedroom, 2 full/2 half bathroom home blends modern design with functionality, located just 1.7 km from schools in a friendly, high-quality neighborhood.
C$689000

Residential For Sale

106 Tilbury Avenue, Bedford, NS B4B 0X9
RE/MAX Nova (Halifax)
3Bedroom(s)
4Bathroom(s)
C$689000

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
1,928Sqft
Engel & Volkers
C$525000

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,928Sqft
Engel & Volkers
This spacious and well-cared-for 3-bedroom plus den, 2-bathroom home is located in the quiet rural community of Inverside—just minutes from the thriving town of Inverness and world-renowned golf destinations, Cabot Links and Cabot Cliffs. With over 1,600 square feet of finished living space, this property offers excellent functionality for family living or those seeking extra room to spread out.
C$525000

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
8Picture(s)
940Sqft
Atlantis Realty Ltd.
C$475000

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
940Sqft
Atlantis Realty Ltd.
Welcome to unit 204 at King's Wharf, where ocean living is at its finest! This spacious, open concept condo with balcony is only steps away from the ocean, King's Wharf marina, Alderney Landing ferry, Downtown Dartmouth with local shops, restaurants, and bars! The Anchorage offers an exercise facility, recently renovated rooftop lounge and patio, with BBQ and a view.
C$475000

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Atlantis Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$475000
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