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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

8 Maple Crescent, Mount William, NS B2H 5C6

6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,566Sqft
Blinkhorn Real Estate Ltd.
C$489000

Residential For Sale

8 Maple Crescent, Mount William, NS B2H 5C6
6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,566Sqft
Blinkhorn Real Estate Ltd.
Welcome to this beautiful modern home in the desirable Mount William subdivision! This spacious six-bedroom, two-bath split entry offers everything your family needs, with municipal services, county taxes, and beautiful landscaping that includes a brand new paved driveway.
C$489000

Residential For Sale

8 Maple Crescent, Mount William, NS B2H 5C6
Blinkhorn Real Estate Ltd.
6Bedroom(s)
2Bathroom(s)
C$489000

Residential For Sale

21 Mariner's Drive, Hantsport, NS B0P 1P0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
1,008Sqft
Viewpoint Realty Services Inc.
C$364900

Residential For Sale

21 Mariner's Drive, Hantsport, NS B0P 1P0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,008Sqft
Viewpoint Realty Services Inc.
Welcome to 21 Mariner's Drive in the charming community of Hantsport! This beautifully maintained 2-bedroom, 2-bathroom semi-detached home offers easy one-level living and has been freshly painted throughout, giving it a bright and welcoming feel! The functional layout features an open concept living area with spacious living room, a well-appointed kitchen with central island, a dining area with a
C$364900

Residential For Sale

21 Mariner's Drive, Hantsport, NS B0P 1P0
Viewpoint Realty Services Inc.
2Bedroom(s)
2Bathroom(s)
C$364900

Residential For Sale

21-143 Jackladder Drive, Millwood, NS B4E 0A5

3Bedroom(s)
2Bathroom(s)
NoneParking(s)
42Picture(s)
2,376Sqft
Keller Williams Select Realty
C$624900

Residential For Sale

21-143 Jackladder Drive, Millwood, NS B4E 0A5
3Bedroom(s)
2Bathroom(s)
NoneParking(s)
2,376Sqft
Keller Williams Select Realty
YES - It is a legal 2 unit!!!! We have the letter from HRM. Are you looking for room for the extended family? This is a lovely home suitable as a rental or room for Mom and Dad or adult children. The upper unit is open concept living, dining and kitchen with garden doors to the large back deck.
C$624900

Residential For Sale

21-143 Jackladder Drive, Millwood, NS B4E 0A5
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

153 Haines Road, North Range, NS B0W 1H0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
41Picture(s)
1,982Sqft
Royal LePage Atlantic (Greenwood)
C$499000

Residential For Sale

153 Haines Road, North Range, NS B0W 1H0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,982Sqft
Royal LePage Atlantic (Greenwood)
Welcome to your year-round escape on the highly sought-after Haines Lake! This beautifully designed three-bedroom, three-bathroom home is positioned to capture breathtaking, panoramic views that make you feel as though you're floating on the lake.
C$499000

Residential For Sale

153 Haines Road, North Range, NS B0W 1H0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
3Bathroom(s)
C$499000

Residential For Sale

1108 Susan Drive, Beaver Bank, NS B4E 1P1

2Bedroom(s)
1Bathroom(s)
PavedParking(s)
22Picture(s)
812Sqft
Exit Realty Metro
C$224900

Residential For Sale

1108 Susan Drive, Beaver Bank, NS B4E 1P1
2Bedroom(s)
1Bathroom(s)
PavedParking(s)
812Sqft
Exit Realty Metro
Welcome to your new home sweet home! This cozy and beautifully maintained 2-bedroom, 1-bath mini home offers the perfect blend of comfort, efficiency, and affordability—ideal for first-time buyers, downsizers, or anyone looking for low- maintenance living. This bright and functional layout offers a perfect spot for relaxing or entertaining.
C$224900

Residential For Sale

1108 Susan Drive, Beaver Bank, NS B4E 1P1
Exit Realty Metro
2Bedroom(s)
1Bathroom(s)
C$224900

Residential For Sale

12 Steeple View Drive, Port Williams, NS B0P 1T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
1,230Sqft
RE/MAX Nova (Halifax)
C$584900

Residential For Sale

12 Steeple View Drive, Port Williams, NS B0P 1T0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,230Sqft
RE/MAX Nova (Halifax)
Stunning almost-new rancher in quiet Lawrence Gate Subdivision, just 5 mins from Wolfville in Port Williams! Surrounded by farmland & small-town atmosphere, this modern gem is only 7 yrs old & full of updates. Inside, the layout is functional & convenient, w/ guest BR & laundry + elegant bath (w/ aroma/light-therapy tub & rain shower) off the Foyer.
C$584900

Residential For Sale

12 Steeple View Drive, Port Williams, NS B0P 1T0
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$584900

Residential For Sale

17 Locke Street, Lockeport, NS B0T 1L0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
31Picture(s)
808Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$299000

Residential For Sale

17 Locke Street, Lockeport, NS B0T 1L0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
808Sqft
RE/MAX Banner Real Estate (Bridgewater)
Are you looking for a summer home or year round family home in a quiet friendly town? This town offers so much for summer fun for the entire family with the beach and all amenities within 5 minute walk from your back yard! Enjoy the parks, local wharf's, beaches and summer activities. The home has had many upgrades, from complete renovations to the kitchen and bathroom and new heat pump.
C$299000

Residential For Sale

17 Locke Street, Lockeport, NS B0T 1L0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

606 Herring Cove Road, Halifax, NS B3R 1X6

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
39Picture(s)
630Sqft
Sutton Group Professional Realty
C$385000

Residential For Sale

606 Herring Cove Road, Halifax, NS B3R 1X6
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
630Sqft
Sutton Group Professional Realty
Looking for a charming escape that ticks all the boxes? This adorable 2-bedroom, 1-bath bungalow offers beautifully updated one-level living on a generous 7,500 sq. ft. lot — right at the edge of the city, with tranquil views of Roaches Pond from your brand new back deck. Enjoy the completely renovated kitchen with modern finishes and new appliances.
C$385000

Residential For Sale

606 Herring Cove Road, Halifax, NS B3R 1X6
Sutton Group Professional Realty
2Bedroom(s)
1Bathroom(s)
C$385000

Residential For Sale

87 Cow Bay Road, Eastern Passage, NS B3G 1A3

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,688Sqft
EXP Realty of Canada Inc.
C$685000

Residential For Sale

87 Cow Bay Road, Eastern Passage, NS B3G 1A3
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,688Sqft
EXP Realty of Canada Inc.
Set in the heart of Eastern Passage, this standout property offers a rare combination of space, flexibility, and future potential. With 5 generously sized bedrooms and 3 bathrooms, the home provides ample room for extended families, live-work arrangements, or a stream of income stability.
C$685000

Residential For Sale

87 Cow Bay Road, Eastern Passage, NS B3G 1A3
EXP Realty of Canada Inc.
5Bedroom(s)
3Bathroom(s)
C$685000

Residential For Sale

3731 Emerald Street, Scotchtown, NS B1H 1J1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
35Picture(s)
970Sqft
3% Realty Nova Scotia
C$274000

Residential For Sale

3731 Emerald Street, Scotchtown, NS B1H 1J1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
970Sqft
3% Realty Nova Scotia
Welcome to 3731 Emerald Street, a charming home situated on an exceptionally large lot in the welcoming community of Scotchtown. This property perfectly balances cozy living with incredible workspace potential, highlighted by a massive detached garage. From the moment you step inside, the home feels bright and inviting.
C$274000

Residential For Sale

3731 Emerald Street, Scotchtown, NS B1H 1J1
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
C$274000

Residential For Sale

6571 Young Street, Halifax, NS B3L 2A5

6Bedroom(s)
3Bathroom(s)
No GarageParking(s)
37Picture(s)
2,316Sqft
Red Door Realty
C$899900

Residential For Sale

6571 Young Street, Halifax, NS B3L 2A5
6Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,316Sqft
Red Door Realty
Welcome to 6571 Young Street, a beautifully renovated 4-bedroom, 1.5-bathroom home located in the heart of Halifax’s sought-after West End. This charming property blends classic character with modern updates and offers a bright, open-concept main floor, perfect for entertaining or family living. Upstairs, you’ll find four generously sized bedrooms and a stylishly updated main bathroom.
C$899900

Residential For Sale

6571 Young Street, Halifax, NS B3L 2A5
Red Door Realty
6Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

5511 Bilby Street, Halifax, NS B3K 1V4

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
36Picture(s)
644Sqft
Royal LePage Atlantic
C$599900

Residential For Sale

5511 Bilby Street, Halifax, NS B3K 1V4
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
644Sqft
Royal LePage Atlantic
Welcome to PH5 North at 5512 Bilby — a brand-new 2-bedroom, 2-bathroom penthouse condo offering the perfect blend of luxury, lifestyle, and location. Situated in the vibrant North End, this stunning unit offers an elevated living experience with modern design and breathtaking views. Enjoy a spacious open-concept layout flooded with natural light, complemented by sleek finishes throughout.
C$599900

Residential For Sale

5511 Bilby Street, Halifax, NS B3K 1V4
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$599900
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