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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

2160 Lower Branch Road, Lower Branch, NS B4V 4J7

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
10Picture(s)
2,113Sqft
PG Direct Realty Ltd.
C$799999

Residential For Sale

2160 Lower Branch Road, Lower Branch, NS B4V 4J7
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,113Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Just 15 minutes from Bridgewater, this updated 4-bed, 2-bath home on 9.62 acres blends style, and country charm. The open-concept main floor features a renovated kitchen with stainless appliances, updated flooring, and fresh paint throughout. Enjoy FibreOp high-speed internet, ideal for remote work or homeschooling.
C$799999

Residential For Sale

2160 Lower Branch Road, Lower Branch, NS B4V 4J7
PG Direct Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$799999

Residential For Sale

254 Shore Road, Caribou River, NS B0K 1H0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
45Picture(s)
1,344Sqft
Blinkhorn Real Estate Ltd.
C$697000

Residential For Sale

254 Shore Road, Caribou River, NS B0K 1H0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,344Sqft
Blinkhorn Real Estate Ltd.
Welcome to your coastal retreat in Caribou River! This three-year-old bungalow sits on eight private acres, offering a peaceful lifestyle just minutes from Waterside Beach. Inside, the home features an open-concept layout with two spacious bedrooms and two full baths. The primary suite includes a walk-in closet and a beautiful ensuite.
C$697000

Residential For Sale

254 Shore Road, Caribou River, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
2Bathroom(s)
C$697000

Residential For Sale

610 Little Liscomb Road, Little Liscomb, NS B0J 2A0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
2,700Sqft
Viewpoint Realty Services Inc. (Pictou)
C$399000

Residential For Sale

610 Little Liscomb Road, Little Liscomb, NS B0J 2A0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,700Sqft
Viewpoint Realty Services Inc. (Pictou)
Waterfront Living on Liscomb Harbour. Welcome to 610 Little Liscomb Road, a spacious and thoughtfully designed 2,700 sq ft bungalow nestled on 4.56 acres of pristine oceanfront property. With over 300 feet of direct frontage on the sparkling waters of Liscomb Harbour, this rare coastal gem offers the perfect blend of comfort, privacy, and maritime charm.
C$399000

Residential For Sale

610 Little Liscomb Road, Little Liscomb, NS B0J 2A0
Viewpoint Realty Services Inc. (Pictou)
4Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

209-647 Bedford Highway, Bedford, NS B3M 0A5

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
24Picture(s)
914Sqft
Royal LePage Atlantic
C$385000

Residential For Sale

209-647 Bedford Highway, Bedford, NS B3M 0A5
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
914Sqft
Royal LePage Atlantic
Welcome to Unit 209 at The Terrace Condos – where bright vibes, easy living, and a prime location come together. This spacious, light-filled suite features stunning floor-to-ceiling windows that flood the open-concept layout with natural light. A clean, modern palette sets the tone, making the space feel fresh and inviting from the moment you step inside.
C$385000

Residential For Sale

209-647 Bedford Highway, Bedford, NS B3M 0A5
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$385000

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,150Sqft
Holm Realty Limited
C$724900

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,150Sqft
Holm Realty Limited
Welcome to 4027 Highway 331 in Dublin Shore—a unique Nova Scotia oceanfront home full of charm and craftsmanship. Built from hand-laid stone sourced from Mosher’s Beach, this 4-bedroom, 2-bath home is a true landmark, featured in books and magazines. Inside, you'll find spacious rooms, formal living and dining areas, main-level laundry, and original woodwork milled from a ship’s mast.
C$724900

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0
Holm Realty Limited
4Bedroom(s)
2Bathroom(s)
C$724900

Residential For Sale

608 Stanhope Street, South End, NS B3H 3A8

6Bedroom(s)
5Bathroom(s)
SingleParking(s)
44Picture(s)
4,380Sqft
RE/MAX Nova (Halifax)
C$1999999

Residential For Sale

608 Stanhope Street, South End, NS B3H 3A8
6Bedroom(s)
5Bathroom(s)
SingleParking(s)
4,380Sqft
RE/MAX Nova (Halifax)
As you step inside 608 Stanhope Street, you’re greeted by a warm and inviting foyer that sets the tone for the entire home. Sunlight spills through large windows, illuminating the open layout, while the house faces south, offering stunning views of beautiful sunsets.
C$1999999

Residential For Sale

608 Stanhope Street, South End, NS B3H 3A8
RE/MAX Nova (Halifax)
6Bedroom(s)
5Bathroom(s)
C$1999999

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
48Picture(s)
2,142Sqft
Blinkhorn Real Estate Ltd.
C$430000

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,142Sqft
Blinkhorn Real Estate Ltd.
Welcome to this spacious 5-bedroom, 2-bath split entry home on Little Harbour Road, New Glasgow – perfect for a larger family craving space and comfort. Step into the bright main floor offering an large kitchen, dining area, and living room ideal for gatherings.
C$430000

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9
Blinkhorn Real Estate Ltd.
5Bedroom(s)
2Bathroom(s)
C$430000

Residential For Sale

10568 Upper Clyde Road, Welshtown, NS B0T 1W0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,203Sqft
Royal Lepage Atlantic (Mahone Bay)
C$429900

Residential For Sale

10568 Upper Clyde Road, Welshtown, NS B0T 1W0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,203Sqft
Royal Lepage Atlantic (Mahone Bay)
Curb appeal, comfort, and convenience – this one has it all! Built in 2018 and meticulously maintained, this beautiful 2-bedroom, 1.5-bath home has been thoughtfully designed for modern living. Step inside to a bright and welcoming open-concept kitchen, dining, and living area—ideal for both everyday living and entertaining guests.
C$429900

Residential For Sale

10568 Upper Clyde Road, Welshtown, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
2Bedroom(s)
2Bathroom(s)
C$429900

Residential For Sale

2784 Arlington Road, Arlington East, NS B0S 1P0

1Bedroom(s)
GravelParking(s)
10Picture(s)
468Sqft
RE/MAX Banner Real Estate
C$72500

Residential For Sale

2784 Arlington Road, Arlington East, NS B0S 1P0
1Bedroom(s)
GravelParking(s)
468Sqft
RE/MAX Banner Real Estate
MLS®202518506. Asking $72,500. 2784 Arlington Road, Arlington East. Escape to your own private retreat on this unique 2-acre property tucked away in the heart of the Annapolis Valley. Enjoy sweeping ocean views with public beach access and parking nearby, while a 4-wheel drive trail to a peaceful lake borders the east side.
C$72500

Residential For Sale

2784 Arlington Road, Arlington East, NS B0S 1P0
RE/MAX Banner Real Estate
1Bedroom(s)
C$72500

Residential For Sale

302-476 Main Street, Mahone Bay, NS B0J 2E0

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
21Picture(s)
1,175Sqft
Domus Realty Limited
C$425000

Residential For Sale

302-476 Main Street, Mahone Bay, NS B0J 2E0
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,175Sqft
Domus Realty Limited
Amazing opportunity to get into this beautiful 2 bedroom, 2 bath condo in the heart of Mahone Bay. The Quinlan is an extremely well managed and well kept 34 unit building with underground parking, spacious common areas and beautifully landscaped grounds. Entering the unit, you will appreciate the open concept floor plan, hardwood floors and the natural light coming in through the wall of windows.
C$425000

Residential For Sale

302-476 Main Street, Mahone Bay, NS B0J 2E0
Domus Realty Limited
2Bedroom(s)
2Bathroom(s)
C$425000

Residential For Sale

23 Siteman Lane, Lower Ship Harbour, NS B0J 1Y0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,847Sqft
EXP Realty of Canada Inc.
C$750000

Residential For Sale

23 Siteman Lane, Lower Ship Harbour, NS B0J 1Y0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,847Sqft
EXP Realty of Canada Inc.
Top Reasons You’ll Love 23 Siteman Lane 1. Renovated Interior with Room to Expand: This 2,475 sq ft detached 2-storey home has been thoughtfully updated to blend comfort and style. The large main living room features beautiful wide-plank flooring, a river-stone fireplace, and lots of natural light through a picturesque front window.
C$750000

Residential For Sale

23 Siteman Lane, Lower Ship Harbour, NS B0J 1Y0
EXP Realty of Canada Inc.
3Bedroom(s)
3Bathroom(s)
C$750000

Residential For Sale

32 Brianna Drive Lot B, Lantz, NS B2S 0K4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1Picture(s)
2,756Sqft
RE/MAX Nova (Halifax)
C$749900

Residential For Sale

32 Brianna Drive Lot B, Lantz, NS B2S 0K4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,756Sqft
RE/MAX Nova (Halifax)
Why settle for anything less, when you can have top-quality new construction, with enough space for the entire family, in the beautiful and mega-popular community of Lantz? Introducing this stunning NEW PLAN on Brianna Drive, brought to you by Beirut Homes.
C$749900

Residential For Sale

32 Brianna Drive Lot B, Lantz, NS B2S 0K4
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$749900
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