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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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22034 Highway 7, Sheet Harbour, NS B0J 3B0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
41Picture(s)
2,565Sqft
Keller Williams Select Realty
C$529900

Residential For Sale

22034 Highway 7, Sheet Harbour, NS B0J 3B0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,565Sqft
Keller Williams Select Realty
Stunning Oceanfront retreat with modern upgrades and Water Access to Sheet Harbour! Welcome to your dream oceanfront escape!This beautifully updated home offers over 2,500 sq. ft. of well-appointed living space,nestled on the tranquil shores of Sheet Harbour. From high-end finishes to thoughtful design,every detail has been carefully curated for comfort,functionality and style.
C$529900

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22034 Highway 7, Sheet Harbour, NS B0J 3B0
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3Bedroom(s)
3Bathroom(s)
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2Bathroom(s)
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47Picture(s)
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3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,590Sqft
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Welcome to your private oasis on the edge of Westville! Nestled on 2.2 acres of beautifully maintained land, this wonderfully kept bungalow offers comfort, space, and natural beauty. A paved horseshoe driveway winds through mature trees, adding character and shade to the front of the property. In the backyard, a stunning oak tree stands tall, creating a picturesque and peaceful setting.
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3Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
42Picture(s)
1,862Sqft
EXIT Realty Inter Lake Liverpool
C$299900

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850 Rockland Road, East Side Of Ragged Island, NS B0T 1V0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,862Sqft
EXIT Realty Inter Lake Liverpool
Welcome to your dream coastal escape—where timeless character meets natural beauty. This gorgeous home offers direct access to a stunning sandy beach along the Atlantic Ocean, all nestled on an expansive 2.8-acre lot that blends forest, garden, and open space into a truly special setting.
C$299900

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850 Rockland Road, East Side Of Ragged Island, NS B0T 1V0
EXIT Realty Inter Lake Liverpool
3Bedroom(s)
1Bathroom(s)
C$299900

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3285 Samuel Walker Drive, Halifax, NS B3L 4A8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,323Sqft
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C$599000

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3285 Samuel Walker Drive, Halifax, NS B3L 4A8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,323Sqft
Sutton Group Professional Realty
Make yourself at home at 3285 Samuel Walker Drive, one of Halifax’s sweetest and most convenient locations at the entrance to the peninsula! This fully updated home sits on a surprisingly private one-way street across from a fantastic park.
C$599000

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3285 Samuel Walker Drive, Halifax, NS B3L 4A8
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$599000

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5065 Highway 1, Waterville, NS B0P 1V0

3Bedroom(s)
1Bathroom(s)
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46Picture(s)
1,474Sqft
Keller Williams Select Realty
C$449900

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5065 Highway 1, Waterville, NS B0P 1V0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,474Sqft
Keller Williams Select Realty
Located in the heart of the Annapolis Valley, this inviting 2-storey home offers the perfect blend of rural privacy and convenient access. Set on 12 picturesque acres, it's a dream property for hobby farm enthusiasts or those simply seeking a quieter lifestyle. Just minutes from the Michelin plant, 20 minutes to Greenwood, and only an hour to Halifax, this home is ideally situated for commuting.
C$449900

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5065 Highway 1, Waterville, NS B0P 1V0
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$449900

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639 Highway 3 Highway, Lower East Pubnico, NS B0W 2A0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
42Picture(s)
1,515Sqft
EXP Realty of Canada Inc.
C$422500

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639 Highway 3 Highway, Lower East Pubnico, NS B0W 2A0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,515Sqft
EXP Realty of Canada Inc.
Welcome to 639 Highway 3; a rare gem in the heart of the picturesque fishing village of Lower East Pubnico, Nova Scotia. This charming oceanfront bungalow sits on a generous double lot and offers sweeping views of Pubnico Harbor, the perfect backdrop for peaceful coastal living.
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EXP Realty of Canada Inc.
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3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
20Picture(s)
2,186Sqft
PG Direct Realty Ltd.
C$649900

Residential For Sale

25 Argus Drive, Albro Lake, NS B3A 4Y1
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,186Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Comfortable & spacious home in desirable Lancaster Ridge! The main floor features a primary suite with walk-in closet & en-suite, plus open dining & living areas create a great flow for entertaining & easy access to the sunny deck. The bright lower level includes 2 beds, full bath/laundry & a large rec room, perfect for family time.
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25 Argus Drive, Albro Lake, NS B3A 4Y1
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$649900

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5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
36Picture(s)
2,678Sqft
Royal LePage Atlantic (Greenwood)
C$295000

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528 Granville St, Bridgetown, NS B0S 1C0
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,678Sqft
Royal LePage Atlantic (Greenwood)
Welcome to this timeless century home tucked in the heart of Bridgetown! Sitting proudly on just under an acre, this spacious 5-bedroom, 3-bathroom home offers the perfect blend of classic character and modern comfort.
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Residential For Sale

528 Granville St, Bridgetown, NS B0S 1C0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
3Bathroom(s)
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4Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
2,028Sqft
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C$549900

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4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,028Sqft
RE/MAX Nova
Welcome to this beautifully updated and upgraded 4-bedroom, 2-bathroom single-family home nestled in the peaceful community of Williamswood, Nova Scotia.
C$549900

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RE/MAX Nova
4Bedroom(s)
2Bathroom(s)
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21 Charles Street, Port Maitland, NS B5A 5R8

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
31Picture(s)
1,270Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$237000

Residential For Sale

21 Charles Street, Port Maitland, NS B5A 5R8
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,270Sqft
RE/MAX Banner Real Estate(Yarmouth)
Step into the rustic charm of coastal living with this 3-bedroom, 1-bathroom century home in the heart of picturesque Port Maitland. Just a short stroll from the renowned Port Maitland Beach Provincial Park, this property offers the perfect balance of character, comfort, and convenience.
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21 Charles Street, Port Maitland, NS B5A 5R8
RE/MAX Banner Real Estate(Yarmouth)
3Bedroom(s)
2Bathroom(s)
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41 School Street, Sandy Point, NS B0T 1W0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
16Picture(s)
1,166Sqft
EXIT Realty Inter Lake Liverpool
C$175000

Residential For Sale

41 School Street, Sandy Point, NS B0T 1W0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,166Sqft
EXIT Realty Inter Lake Liverpool
Affordable homes that are move-in ready are a rare find in today's market! Check out this three bedroom, approx 1200 sq. ft home located on the outskirts of beautiful Shelburne! This home is within walking distance of the Roseway Hospital and the Shelburne Campus of the NS Community College. It's a perfect location for anyone who wants to be within walking distance of these two sites.
C$175000

Residential For Sale

41 School Street, Sandy Point, NS B0T 1W0
EXIT Realty Inter Lake Liverpool
3Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

4687 Cornwall Road, Barss Corner, NS B0N 1A0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
12Picture(s)
966Sqft
EXIT Realty Inter Lake
C$199000

Residential For Sale

4687 Cornwall Road, Barss Corner, NS B0N 1A0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
966Sqft
EXIT Realty Inter Lake
Charming 2 Bedroom Country Bungalow Welcome to your quaint country paradise on Nova Scotia’s picturesque South Shore. This cozy 2 bedroom bungalow offers endless peaceful views and the perfect blend of country charm and modern comfort. Whether you’re looking for a weekend getaway or a year round retreat, this lovingly maintained home is sure to steal your heart.
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Residential For Sale

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EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
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