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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

149 Honeygold Drive, Spryfield, NS B3R 0G3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
42Picture(s)
2,001Sqft
One Percent Realty East Inc.
C$599900

Residential For Sale

149 Honeygold Drive, Spryfield, NS B3R 0G3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,001Sqft
One Percent Realty East Inc.
Welcome to 149 Honeygold Drive, a beautifully designed and move-in-ready 4-bedroom semi-detached home located in the highly sought-after McIntosh Run Estates—Spryfield’s fastest-growing community.
C$599900

Residential For Sale

149 Honeygold Drive, Spryfield, NS B3R 0G3
One Percent Realty East Inc.
4Bedroom(s)
4Bathroom(s)
C$599900

Residential For Sale

268 Seaview Drive, Upper North Sydney, NS B2A 3N4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,724Sqft
VALMAC REALTY LTD. - 16139
C$375000

Residential For Sale

268 Seaview Drive, Upper North Sydney, NS B2A 3N4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,724Sqft
VALMAC REALTY LTD. - 16139
Sitting on over half an acre of nicely landscaped property in beautiful Upper North Sydney with an AMAZING UNOBSTRUCTED VIEW OF THE HARBOUR, paved drive, large back deck and shed, this three bedroom home with 1.5 baths is awaiting its new family. Entering the front door there is a small porch through which to access the hallway to the living room or kitchen and into the dining room.
C$375000

Residential For Sale

268 Seaview Drive, Upper North Sydney, NS B2A 3N4
VALMAC REALTY LTD. - 16139
3Bedroom(s)
2Bathroom(s)
C$375000

Residential For Sale

31 Limestone Avenue, Fall River, NS B2T 1N6

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
34Picture(s)
2,233Sqft
RE/MAX Nova
C$644900

Residential For Sale

31 Limestone Avenue, Fall River, NS B2T 1N6
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,233Sqft
RE/MAX Nova
Seller Says Bring All Offers – in the picturesque community of Fall River, 31 Limestone Avenue offers the perfect blend of natural beauty, convenience, and opportunity. This spacious home boasts three bedrooms upstairs, plus a main-floor den/office that can easily serve as a fourth bedroom, making it ideal for growing families or those in need of extra space.
C$644900

Residential For Sale

31 Limestone Avenue, Fall River, NS B2T 1N6
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$644900

Residential For Sale

18 Shaw Avenue, Yarmouth, NS B5A 2T9

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
36Picture(s)
1,434Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$250000

Residential For Sale

18 Shaw Avenue, Yarmouth, NS B5A 2T9
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,434Sqft
RE/MAX Banner Real Estate(Yarmouth)
Cozy Bungalow in Milton, Yarmouth - Ideal for Family Life. Welcome to this charming bungalow with attached garage, perfectly situated in Milton's center-town area, just steps from downtown Yarmouth and within walking distance of shopping and amenities. Property Highlights Single-owner home now available for a new family. Roof re-shingled in 2022 and electrical upgrade to 100-amp service in 2025.
C$250000

Residential For Sale

18 Shaw Avenue, Yarmouth, NS B5A 2T9
RE/MAX Banner Real Estate(Yarmouth)
4Bedroom(s)
2Bathroom(s)
C$250000

Residential For Sale

1192 Main Street, Glace Bay, NS B1A 5A2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
31Picture(s)
1,217Sqft
Viewpoint Realty Services Inc. (Sydney)
C$298500

Residential For Sale

1192 Main Street, Glace Bay, NS B1A 5A2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,217Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome home. 1192 Main Street in Glace Bay is a spacious family home located on a large lot that is close to shopping and the beach. The very large and beautiful yard comes with flowering trees for privacy and beauty and there is a two car garage along with a paved driveway. This welcoming home has three generously sized bedrooms, 1.5 bathrooms and a large eat in kitchen that invites ou in.
C$298500

Residential For Sale

1192 Main Street, Glace Bay, NS B1A 5A2
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
2Bathroom(s)
C$298500

Residential For Sale

1696 Highway 336, Dean, NS B0N 2M0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
45Picture(s)
2,500Sqft
Hants Realty Ltd.
C$429900

Residential For Sale

1696 Highway 336, Dean, NS B0N 2M0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,500Sqft
Hants Realty Ltd.
As you step inside, you're greeted by a stunning chef's dream kitchen, meticulously designed to inspire culinary creativity. Boasting top-of-the-line appliances, ample counter space, and sleek finishes, this kitchen is the heart of the home, perfect for both everyday cooking and entertaining guests. ( a new 8 x 12 deck will be installed prior to closing off the kitchen.
C$429900

Residential For Sale

1696 Highway 336, Dean, NS B0N 2M0
Hants Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$429900

Residential For Sale

14 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

14 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

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

Residential For Sale

6 Clearview Lane, Brule Shore, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
19Picture(s)
1,576Sqft
Parachute Realty
C$485000

Residential For Sale

6 Clearview Lane, Brule Shore, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,576Sqft
Parachute Realty
Modern Coastal Bungalow | Fully Accessible | 1.4 Acres with Deeded Water Access Welcome to this beautifully built two-bedroom, one-bathroom bungalow nestled along the sought-after Brule Shore. Thoughtfully designed with ICF construction for superior energy efficiency and durability, this newer home offers both modern comfort and peace of mind.
C$485000

Residential For Sale

6 Clearview Lane, Brule Shore, NS B0K 1V0
Parachute Realty
2Bedroom(s)
1Bathroom(s)
C$485000

Residential For Sale

81 Brooklyn Shore Road, Brooklyn, NS B0J 1H0

4Bedroom(s)
2Bathroom(s)
NoneParking(s)
33Picture(s)
1,626Sqft
EXIT Realty Inter Lake Liverpool
C$224900

Residential For Sale

81 Brooklyn Shore Road, Brooklyn, NS B0J 1H0
4Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,626Sqft
EXIT Realty Inter Lake Liverpool
Welcome to Brooklyn's diamond in the rough. This great four bedroom, two bathroom home features an updated kitchen and primary bedroom on the main floor with an en suite. The spacious rooms, privacy of the lot and and being situated just across the street from the Brooklyn Marina and Waterfront Park make this a desirable property.
C$224900

Residential For Sale

81 Brooklyn Shore Road, Brooklyn, NS B0J 1H0
EXIT Realty Inter Lake Liverpool
4Bedroom(s)
2Bathroom(s)
C$224900

Residential For Sale

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
22Picture(s)
2,830Sqft
J.F. MacIvor Properties
C$469000

Residential For Sale

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,830Sqft
J.F. MacIvor Properties
Experience the perfect mix of comfort and country charm in this thoughtfully updated bungalow. Set on a beautifully landscaped lot just minutes from town, the home features four spacious bedrooms and three full bathrooms, including a custom ensuite of the primary suite.
C$469000

Residential For Sale

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0
J.F. MacIvor Properties
4Bedroom(s)
3Bathroom(s)
C$469000

Residential For Sale

5 Bumblebee Lane, Hubley, NS B3Z 1C2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
39Picture(s)
1,992Sqft
EXIT Realty Inter Lake
C$799900

Residential For Sale

5 Bumblebee Lane, Hubley, NS B3Z 1C2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,992Sqft
EXIT Realty Inter Lake
Welcome to 5 Bumblebee Lane, a beautifully crafted, 10-year-old custom bungalow nestled in the quiet community of Hubley. From the moment you arrive, it’s clear that every detail was carefully considered—from the solid construction that exceeds building code in most areas to the fully wheelchair-accessible layout featuring extra-wide doorways and smooth, seamless transitions between spaces.
C$799900

Residential For Sale

5 Bumblebee Lane, Hubley, NS B3Z 1C2
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$799900

Residential For Sale

101-9281 Highway 101, Brighton, NS B0V 1A0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
29Picture(s)
655Sqft
EXP Realty of Canada Inc.
C$370000

Residential For Sale

101-9281 Highway 101, Brighton, NS B0V 1A0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
655Sqft
EXP Realty of Canada Inc.
Ever dreamed of owning your own piece of land? Filled with vast forests, a bubbling brook & even a gravel pit? Well, here’s your chance! Located on Highway 101, lies 80 acres waiting for you to make it your canvas. Already subdivided into two lots, you will find 50 acres of beautiful, wooded vacant land that provides endless possibilities.
C$370000

Residential For Sale

101-9281 Highway 101, Brighton, NS B0V 1A0
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$370000
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