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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

1443 Sandy Point Road, Sandy Point, NS B0T 1W0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
11Picture(s)
648Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$149900

Residential For Sale

1443 Sandy Point Road, Sandy Point, NS B0T 1W0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
648Sqft
RE/MAX Banner Real Estate (Bridgewater)
Older homestead on approximately 30 acres offering lots of privacy. Home in need of TLC and renovations. Nice high elevation.
C$149900

Residential For Sale

1443 Sandy Point Road, Sandy Point, NS B0T 1W0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
1Bathroom(s)
C$149900

Residential For Sale

Loch Haven Lane Lot 24, Old Barns, NS B6L 1L8

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
21Picture(s)
1,660Sqft
RE/MAX Fairlane Realty
C$555000

Residential For Sale

Loch Haven Lane Lot 24, Old Barns, NS B6L 1L8
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,660Sqft
RE/MAX Fairlane Realty
New Build Opportunity on 2.6 Acres in Beautiful Old Barns! Here’s your chance to build a thoughtfully designed, high-quality home on a spacious 2.6-acre lot in the welcoming community of Old Barns—just 10 minutes from Truro and only minutes to Irwin Lake Chalets and trails. This facsimile listing showcases a custom home plan, offering 1,660 sq. ft.
C$555000

Residential For Sale

Loch Haven Lane Lot 24, Old Barns, NS B6L 1L8
RE/MAX Fairlane Realty
3Bedroom(s)
3Bathroom(s)
C$555000

Residential For Sale

3 Island View Drive, Boutiliers Point, NS B3Z 1S5

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
3,349Sqft
Exit Realty Metro
C$925000

Residential For Sale

3 Island View Drive, Boutiliers Point, NS B3Z 1S5
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
3,349Sqft
Exit Realty Metro
Perched above the sparkling Atlantic, 3 Island View Drive is a coastal sanctuary designed for inspired living. Every room in this sun-drenched home offers south-facing ocean views, the perfect backdrop for slow mornings, peaceful afternoons, and jaw-dropping sunsets that steal the show every night.
C$925000

Residential For Sale

3 Island View Drive, Boutiliers Point, NS B3Z 1S5
Exit Realty Metro
4Bedroom(s)
2Bathroom(s)
C$925000

Residential For Sale

34 Centennial Drive, Abercrombie, NS B2H 5C4

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
15Picture(s)
1,734Sqft
J.F. MacIvor Properties
C$567000

Residential For Sale

34 Centennial Drive, Abercrombie, NS B2H 5C4
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,734Sqft
J.F. MacIvor Properties
Welcome to your dream home, perfectly positioned beside the Abercrombie Golf & Country Club, where sophistication meets convenience in this beautifully constructed, single-level residence.
C$567000

Residential For Sale

34 Centennial Drive, Abercrombie, NS B2H 5C4
J.F. MacIvor Properties
3Bedroom(s)
2Bathroom(s)
C$567000

Residential For Sale

6471 Highway 8, Graywood, NS B0S 1A0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
22Picture(s)
440Sqft
RE/MAX Banner Real Estate
C$85000

Residential For Sale

6471 Highway 8, Graywood, NS B0S 1A0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
440Sqft
RE/MAX Banner Real Estate
Welcome to this 1-bedroom, 1-bathroom affordable mobile home. The home sits on 3.71 acres and offers great privacy. Also, on the property come two storage sheds, including one that is wired. Additionally, this home is equipped with generator wiring ensuring that you stay powered and comfortable no matter the circumstances.
C$85000

Residential For Sale

6471 Highway 8, Graywood, NS B0S 1A0
RE/MAX Banner Real Estate
1Bedroom(s)
1Bathroom(s)
C$85000

Residential For Sale

182 Falkenham Road, East Dalhousie, NS B0R 1H0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
47Picture(s)
1,204Sqft
Royal LePage Atlantic
C$475000

Residential For Sale

182 Falkenham Road, East Dalhousie, NS B0R 1H0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,204Sqft
Royal LePage Atlantic
Welcome to 182 Falkenham Road, your perfect year-round home or cozy cottage escape. This incredible property includes two lots for the price of one: the main 2.39-acre parcel plus a neighbouring 1.28-acre lot, giving you 3.67 acres to enjoy.
C$475000

Residential For Sale

182 Falkenham Road, East Dalhousie, NS B0R 1H0
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$475000

Residential For Sale

64 Dow Road, New Minas, NS B4N 3R5

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
38Picture(s)
2,184Sqft
Viewpoint Realty Services Inc.
C$549000

Residential For Sale

64 Dow Road, New Minas, NS B4N 3R5
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,184Sqft
Viewpoint Realty Services Inc.
If you are looking for a family home in New Minas, close to the highway, golf course, shopping, schools ( including French Immersion), this may be the place for you. Set back on a private lot with a large double garage and lots of backyard area, this five bedroom ( could be six) house has had a complete facelift.
C$549000

Residential For Sale

64 Dow Road, New Minas, NS B4N 3R5
Viewpoint Realty Services Inc.
5Bedroom(s)
3Bathroom(s)
C$549000

Residential For Sale

88 Faulkland Street, Pictou, NS B0K 1H0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
19Picture(s)
995Sqft
Royal LePage Atlantic(Stellarton)
C$99000

Residential For Sale

88 Faulkland Street, Pictou, NS B0K 1H0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
995Sqft
Royal LePage Atlantic(Stellarton)
Located in the heart of Pictou, this 3 bedroom, 1 bath property offers a fantastic opportunity for those looking to invest or take on a renovation project. Just a short walk to schools, playgrounds and local amenities, the home is ideally situated in this charming historic harbour town. While it does need work, the potential is undeniable.
C$99000

Residential For Sale

88 Faulkland Street, Pictou, NS B0K 1H0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$99000

Residential For Sale

17 Emma Janes Way, Stewiacke, NS B0N 2J0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
1,170Sqft
Royal LePage Atlantic (Enfield)
C$409900

Residential For Sale

17 Emma Janes Way, Stewiacke, NS B0N 2J0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,170Sqft
Royal LePage Atlantic (Enfield)
Feel at home the moment you walk in. This thoughtfully designed 2-bed, 2-bath bungalow offers vaulted ceilings and an open layout that brings people together -whether you're sharing meals, relaxing with coffee, or hosting friends. The kitchen flows seamlessly to a covered deck for year-round comfort outdoors. The primary suite is a quiet retreat with tray ceiling, ensuite, and walk-in closet.
C$409900

Residential For Sale

17 Emma Janes Way, Stewiacke, NS B0N 2J0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
2Bathroom(s)
C$409900

Residential For Sale

80b-180 Colonial Crescent, Halifax, NS B3R 2H8

5Bedroom(s)
4Bathroom(s)
SingleParking(s)
44Picture(s)
2,373Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

80b-180 Colonial Crescent, Halifax, NS B3R 2H8
5Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,373Sqft
Royal LePage Atlantic
Model Home located at 50 Keepsake Cres on the next street over. Book a showing or visit us at our Open House, Saturday & Sunday 2-4pm "some exceptions" apply. Amara Developments proudly introduces “The Arcadia” - a unique and distinctly modern LEGAL TWO-UNIT semi-detached home. This exquisite 5 bedroom, 3.
C$699900

Residential For Sale

80b-180 Colonial Crescent, Halifax, NS B3R 2H8
Royal LePage Atlantic
5Bedroom(s)
4Bathroom(s)
C$699900

Residential For Sale

221 Highway 8, Milton, NS B0T 1P0

5Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
2,220Sqft
Engel & Volkers (Liverpool)
C$429000

Residential For Sale

221 Highway 8, Milton, NS B0T 1P0
5Bedroom(s)
1Bathroom(s)
GravelParking(s)
2,220Sqft
Engel & Volkers (Liverpool)
Charming Gothic Revival Home on 4 Acres with Approx 1500 Feet of Waterfront. Step into history and timeless elegance with this stunning 5-bedroom, 1-bathroom home. Located just 3 minutes from the vibrant town of Liverpool and only 1 hour and 20 minutes from Halifax, this unique property offers the perfect blend of classic charm and modern convenience.
C$429000

Residential For Sale

221 Highway 8, Milton, NS B0T 1P0
Engel & Volkers (Liverpool)
5Bedroom(s)
1Bathroom(s)
C$429000

Residential For Sale

109 Old School Hill Road, Cornwallis Park, NS B0S 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
17Picture(s)
950Sqft
RE/MAX Banner Real Estate
C$189000

Residential For Sale

109 Old School Hill Road, Cornwallis Park, NS B0S 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
950Sqft
RE/MAX Banner Real Estate
Charming, well-maintained post-war semi-detached house in the scenic community of Cornwallis. Gorgeous hardwood floors throughout, generous back deck with a view of the basin. Two comfortable bedrooms on the second floor with closets and modern windows. Upstairs is rounded out with a three piece bathroom and landing with a hallway and closet.
C$189000

Residential For Sale

109 Old School Hill Road, Cornwallis Park, NS B0S 1H0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$189000
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