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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

9744 Highway 8, Caledonia, NS B0T 1B0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
26Picture(s)
1,874Sqft
EXIT Realty Inter Lake (Liverpool)
C$279000

Residential For Sale

9744 Highway 8, Caledonia, NS B0T 1B0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,874Sqft
EXIT Realty Inter Lake (Liverpool)
Experience the perfect blend of small town living and modern updates in this stunning 2-storey home, set on just under an acre of land. Looking over Mary Lake in the town of Caledonia, this spacious 3-bedroom, 1-bath home with nearly 1800 sq.ft.
C$279000

Residential For Sale

9744 Highway 8, Caledonia, NS B0T 1B0
EXIT Realty Inter Lake (Liverpool)
3Bedroom(s)
1Bathroom(s)
C$279000

Residential For Sale

10247 Highway 3, Arcadia, NS B0W 1B0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
35Picture(s)
968Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$349000

Residential For Sale

10247 Highway 3, Arcadia, NS B0W 1B0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
968Sqft
RE/MAX Banner Real Estate(Yarmouth)
Located at the beginning of Arcadia just a few minutes from Starrs Road sits this modern open concept with vaulted wood ceilings 26 year old Interhab house with 3 bedrooms and 1 and 1/2 bathrooms. On the main level you will find the kitchen, dining, living room, bedroom and 1/2 bath. On the upper level you will find two bedrooms and a full bath and loft area overlooking the main level.
C$349000

Residential For Sale

10247 Highway 3, Arcadia, NS B0W 1B0
RE/MAX Banner Real Estate(Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$349000

Residential For Sale

12 Elizabeth Street, Dartmouth, NS B2W 2T5

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,062Sqft
Royal LePage Atlantic (Dartmouth)
C$439500

Residential For Sale

12 Elizabeth Street, Dartmouth, NS B2W 2T5
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,062Sqft
Royal LePage Atlantic (Dartmouth)
This 2-bedroom plus den bungalow offers a solid foundation in a desirable location, making it an excellent opportunity for the right buyer. Featuring hardwood floors, vinyl siding, and roof shingles only a couple of years old, the home is move-in ready with room to add your personal touch.
C$439500

Residential For Sale

12 Elizabeth Street, Dartmouth, NS B2W 2T5
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$439500

Residential For Sale

3 Acadia Dr, Kentville, NS B4N 5E1

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,509Sqft
RE/MAX Advantage
C$549900

Residential For Sale

3 Acadia Dr, Kentville, NS B4N 5E1
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,509Sqft
RE/MAX Advantage
McDougall Heights Subdivision under $550,000 !This R2000 home ranks in the top 5% for high-efficiency heat standards. Featuring two spacious bedrooms and two full baths on the main level, plus an additional bedroom and full bath on the lower level, no detail has been overlooked in this one-owner home. Lovingly maintained, it shows like new.
C$549900

Residential For Sale

3 Acadia Dr, Kentville, NS B4N 5E1
RE/MAX Advantage
3Bedroom(s)
3Bathroom(s)
C$549900

Residential For Sale

75 Denoon Street, Pictou, NS B0K 1H0

5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
24Picture(s)
3,550Sqft
Viewpoint Realty Services Inc. (Pictou)
C$465000

Residential For Sale

75 Denoon Street, Pictou, NS B0K 1H0
5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
3,550Sqft
Viewpoint Realty Services Inc. (Pictou)
75 Denoon Street, Pictou — Timeless Elegance in the Heart of History?Step into the charm and character of this distinguished 1874 heritage home, ideally situated in the picturesque town of Pictou.
C$465000

Residential For Sale

75 Denoon Street, Pictou, NS B0K 1H0
Viewpoint Realty Services Inc. (Pictou)
5Bedroom(s)
4Bathroom(s)
C$465000

Residential For Sale

141/143 Timberland Road, South Range, NS B0W 1H0

7Bedroom(s)
5Bathroom(s)
AttachedParking(s)
45Picture(s)
5,162Sqft
RE/MAX Banner Real Estate
C$1349500

Residential For Sale

141/143 Timberland Road, South Range, NS B0W 1H0
7Bedroom(s)
5Bathroom(s)
AttachedParking(s)
5,162Sqft
RE/MAX Banner Real Estate
Live the dream at 141 and 143 Timberland Trail, located on nearly 9 acres with approximately 494 feet of water frontage on desired Porters Lake. This lake is located 15 minutes to the town of Digby and is the perfect lake to swim, fish and boat on. This property features a main house, separate apartment and detached, year round ,waterfront cabin, all with their own kitchens and living spaces.
C$1349500

Residential For Sale

141/143 Timberland Road, South Range, NS B0W 1H0
RE/MAX Banner Real Estate
7Bedroom(s)
5Bathroom(s)
C$1349500

Residential For Sale

9431 Upper Clyde Road, Welshtown, NS B0T 1J0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
31Picture(s)
1,520Sqft
Royal Lepage Atlantic (Mahone Bay)
C$274999

Residential For Sale

9431 Upper Clyde Road, Welshtown, NS B0T 1J0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,520Sqft
Royal Lepage Atlantic (Mahone Bay)
Nestled in the desirable Welshtown, this charming property is just 10 minutes from the town of Shelburne and sprawls over 1.5 acres, making it an ideal retreat for downsizers or Horse and Farm enthusiast alike. Boasting over 1200 ft.² on the main level this large one bedroom home features modern upgrades, including newly shingled roof, new windows, siding, hot water tank, and more.
C$274999

Residential For Sale

9431 Upper Clyde Road, Welshtown, NS B0T 1J0
Royal Lepage Atlantic (Mahone Bay)
1Bedroom(s)
1Bathroom(s)
C$274999

Residential For Sale

3513 Spruce Avenue, New Waterford, NS B1H 2C4

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
31Picture(s)
700Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$109900

Residential For Sale

3513 Spruce Avenue, New Waterford, NS B1H 2C4
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
700Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to 3513 Spruce Avenue where you'll find this fantastic one bedroom home situated on a nicely kept lot with a paved driveway. This property has had some great updates including furnace, oil tank, roof, and full blown-in insulation only five years ago. The heat pump is around two years old and some of the windows as well as the electrical panel have also been updated.
C$109900

Residential For Sale

3513 Spruce Avenue, New Waterford, NS B1H 2C4
Keller Williams Select Realty(Sydney,Townsend St.)
1Bedroom(s)
1Bathroom(s)
C$109900

Residential For Sale

1030 Highway 325, Blockhouse, NS B0J 1E0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
34Picture(s)
1,370Sqft
EXIT Realty Inter Lake
C$359900

Residential For Sale

1030 Highway 325, Blockhouse, NS B0J 1E0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,370Sqft
EXIT Realty Inter Lake
Welcome to a truly unique and thoughtfully crafted home, purpose-built to offer independence, comfort, and peace of mind for someone using a wheelchair. Every detail has been considered— from the custom cabinetry that allows for full accessibility to countertops designed to accommodate a wheelchair with ease.
C$359900

Residential For Sale

1030 Highway 325, Blockhouse, NS B0J 1E0
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$359900

Residential For Sale

9080 Hwy#6 Highway, Pugwash, NS B0K 1L0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
38Picture(s)
1,062Sqft
Royal LePage Cumberland Realty Ltd.
C$249900

Residential For Sale

9080 Hwy#6 Highway, Pugwash, NS B0K 1L0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,062Sqft
Royal LePage Cumberland Realty Ltd.
Talk about extensive renovations!!! This beauty offers more than 1,000 square feet of living space with an open concept kitchen/dining/living room, a full bath, a half bath, laundry space, and a large primary bedroom all on the main floor. The upper floor features one large room (which could easily be divided into two rooms).
C$249900

Residential For Sale

9080 Hwy#6 Highway, Pugwash, NS B0K 1L0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$249900

Residential For Sale

6875 Highway 4, Linacy, NS B2H 5C4

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,492Sqft
Results Realty Atlantic Inc.
C$379000

Residential For Sale

6875 Highway 4, Linacy, NS B2H 5C4
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,492Sqft
Results Realty Atlantic Inc.
Welcome home to Linacy! This very nice, oversized bungalow is situated on a beautiful lot, backing on the Glen Lovat golf course. Peace, quiet, and privacy are yours to enjoy. With 4 bedrooms on the main level and potential for another on the lower level, a walk out from the lower level, a chicken coup, and a two bay 2 floor garage, the possibilities are endless with this property.
C$379000

Residential For Sale

6875 Highway 4, Linacy, NS B2H 5C4
Results Realty Atlantic Inc.
5Bedroom(s)
2Bathroom(s)
C$379000

Residential For Sale

4283 Shore Road W, Parkers Cove, NS B0S 1A0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
41Picture(s)
1,360Sqft
RE/MAX Banner Real Estate
C$319000

Residential For Sale

4283 Shore Road W, Parkers Cove, NS B0S 1A0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,360Sqft
RE/MAX Banner Real Estate
Amazing 3-bedroom bungalow overlooking the Parkers Cove harbour and Bay of Fundy. This lovingly cared for home features main floor bedrooms and bathroom, hardwood flooring, a beautiful year-round sunroom, huge screened in porch, and front deck. The basement has a family room with wood stove, a cold room, a large workshop, and storage with a level walkout to the back yard.
C$319000

Residential For Sale

4283 Shore Road W, Parkers Cove, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$319000
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