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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

1 Walter Havill Drive, Armdale, NS B3N 3H4

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
34Picture(s)
1,710Sqft
Fitzgerald Realty Ltd.
C$549900

Residential For Sale

1 Walter Havill Drive, Armdale, NS B3N 3H4
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,710Sqft
Fitzgerald Realty Ltd.
Don't miss your opportunity to call this 3 bedroom home in a fantastic neighborhood home. The main floor has an open concept living/dining room with hardwood floors throughout. It opens to an eat-in kitchen with a private deck overlooking the tree-lined backyard. The upper level has a large master bedroom with a bowed windows and a walk-in closet.
C$549900

Residential For Sale

1 Walter Havill Drive, Armdale, NS B3N 3H4
Fitzgerald Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$549900

Residential For Sale

27 Perry Crescent, Stewiacke, NS B0N 2J0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
36Picture(s)
928Sqft
BORDEN REAL ESTATE LIMITED - A586
C$388800

Residential For Sale

27 Perry Crescent, Stewiacke, NS B0N 2J0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
928Sqft
BORDEN REAL ESTATE LIMITED - A586
Here we are... Affordable New Home. ONLY $388,800. All finished and easy viewings. Another excellent quality home in Stewiacke River Crossing. Two bedroom , Two bath Bungalow with infloor heat including the garage. 9 foot cielings, heat pump, Municipal services. Slab on foundation. NOTE: meaasurements are from plans .
C$388800

Residential For Sale

27 Perry Crescent, Stewiacke, NS B0N 2J0
BORDEN REAL ESTATE LIMITED - A586
2Bedroom(s)
2Bathroom(s)
C$388800

Residential For Sale

5069 Shore Road, North East Harbour, NS B0T 1W0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
47Picture(s)
1,900Sqft
Royal Lepage Atlantic (Mahone Bay)
C$599500

Residential For Sale

5069 Shore Road, North East Harbour, NS B0T 1W0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,900Sqft
Royal Lepage Atlantic (Mahone Bay)
Circa 1860 estate on 23 acres of forest and beach. Welcome to 5096 Shore Road in North East Harbour, where sandy shores and white picket fences offer the dream you’ve been waiting for. Set on over 22 acres with your own private white sand beach, enjoy mornings filled with salty sea air as you wander along the shoreline, with the ability to walk a kilometre on the sand.
C$599500

Residential For Sale

5069 Shore Road, North East Harbour, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$599500

Residential For Sale

998 Mood Road, Summerville, NS B5A 5J5

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
38Picture(s)
1,716Sqft
The Real Estate Store
C$569900

Residential For Sale

998 Mood Road, Summerville, NS B5A 5J5
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,716Sqft
The Real Estate Store
Are you looking for a well maintained lakefront home just minutes from Yarmouth? Welcome to 998 Mood Road Summerville. This 3 bedroom 2 bath home has had many upgrades over the past few years and is maintenance free . New steel roof, ductless heat pumps, new electrical panel with generator panel just to name a few. There is a detached garage and storage shed as well.
C$569900

Residential For Sale

998 Mood Road, Summerville, NS B5A 5J5
The Real Estate Store
3Bedroom(s)
2Bathroom(s)
C$569900

Residential For Sale

212 267 Gary Martin Drive, West Bedford, NS B4B 0P5

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
44Picture(s)
1,288Sqft
Royal LePage Atlantic
C$548900

Residential For Sale

212 267 Gary Martin Drive, West Bedford, NS B4B 0P5
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,288Sqft
Royal LePage Atlantic
Welcome to easy living in this spacious 2-bedroom, 2-bath condo, perfectly situated in a quiet, well-run building that backs onto peaceful green space. Whether you're a first-time buyer or looking to downsize, this home is ideal for anyone who wants to skip the stress of home maintenance and just enjoy life.
C$548900

Residential For Sale

212 267 Gary Martin Drive, West Bedford, NS B4B 0P5
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$548900

Residential For Sale

400 Marketway Lane, Brunello Estates, NS B3T 0L1

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
40Picture(s)
2,317Sqft
RE/MAX Nova
C$795000

Residential For Sale

400 Marketway Lane, Brunello Estates, NS B3T 0L1
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,317Sqft
RE/MAX Nova
Welcome to 400 Marketway Lane! This gorgeous 4-bedroom, 3.5-bath home is designed to fit your lifestyle with comfort, style, and a touch of luxury. Step inside and you’ll instantly feel at home in the spectacular Great Room, complete with a cozy fireplace and an oversized kitchen window that perfectly frames your backyard view.
C$795000

Residential For Sale

400 Marketway Lane, Brunello Estates, NS B3T 0L1
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$795000

Residential For Sale

206 Brunello Boulevard, Brunello Estates, NS B3T 0J4

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
40Picture(s)
2,470Sqft
PLUMB LINE REALTY INC. - 12234
C$779900

Residential For Sale

206 Brunello Boulevard, Brunello Estates, NS B3T 0J4
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,470Sqft
PLUMB LINE REALTY INC. - 12234
Interior finishes are underway now! Be instantly impressed as you enter this stunning home with a two storey foyer with large windows for a bright welcome and glass rails from the living space above. Ascend to the beautiful main floor Great Room with 10' high ceilings and so many large windows.
C$779900

Residential For Sale

206 Brunello Boulevard, Brunello Estates, NS B3T 0J4
PLUMB LINE REALTY INC. - 12234
3Bedroom(s)
4Bathroom(s)
C$779900

Residential For Sale

1638 Shore Road, Eastern Passage, NS B3G 1G3

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
23Picture(s)
1,985Sqft
INNOVATIVE REAL ESTATE LTD - A507
C$1245000

Residential For Sale

1638 Shore Road, Eastern Passage, NS B3G 1G3
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,985Sqft
INNOVATIVE REAL ESTATE LTD - A507
This is a rare moment in real estate, the one time when you really can have it all! The property opens the door to a variety of commercial and in-home business possibilities with C2 zoning. Step from the inviting front porch into the sun-filled Great Room featuring an large open-concept kitchen, dining, and living area designed with the habour views in mind.
C$1245000

Residential For Sale

1638 Shore Road, Eastern Passage, NS B3G 1G3
INNOVATIVE REAL ESTATE LTD - A507
3Bedroom(s)
3Bathroom(s)
C$1245000

Residential For Sale

70 Tweednooge Place, East Bay, NS B1J 1M6

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
3,286Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$998000

Residential For Sale

70 Tweednooge Place, East Bay, NS B1J 1M6
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,286Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
WATERFRONT BRAS D'OR LAKE PROPERTY 5 MINUTES AWAY FROM GOLF CLUB AND SKIING!! This colonial style custom built home is set on a beautfully landscaped 2.1 acre lot with 100 feet frontage on the world famous Bras d'Or Lake with boating and swimming from your own shoreline. The owner carefully chose the site location to ensure privacy from the decks that surround the home on three sides.
C$998000

Residential For Sale

70 Tweednooge Place, East Bay, NS B1J 1M6
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
3Bathroom(s)
C$998000

Residential For Sale

125 Town Road, Falmouth, NS B0P 1P0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
4,015Sqft
Viewpoint Realty Services Inc.
C$1495000

Residential For Sale

125 Town Road, Falmouth, NS B0P 1P0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,015Sqft
Viewpoint Realty Services Inc.
Meticulous in detail, this gorgeous 3 level executive home is situated on a 1.6-acre municipal serviced lot in desirable Falmouth.
C$1495000

Residential For Sale

125 Town Road, Falmouth, NS B0P 1P0
Viewpoint Realty Services Inc.
4Bedroom(s)
4Bathroom(s)
C$1495000

Residential For Sale

96 Forrest Street, Sydney Mines, NS B1V 2B5

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
39Picture(s)
1,071Sqft
VALMAC REALTY LTD. - 16139
C$239900

Residential For Sale

96 Forrest Street, Sydney Mines, NS B1V 2B5
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,071Sqft
VALMAC REALTY LTD. - 16139
Charming Renovated Home with a Country Cottage feel featuring Modern Upgrades and Privacy! Step inside and experience the charm of this beautifully renovated home! Nestled on a generous, maturely landscaped lot, this move-in-ready property offers privacy, tranquility, and convenience—perfect for first-time buyers or those looking to downsize and retire in comfort.
C$239900

Residential For Sale

96 Forrest Street, Sydney Mines, NS B1V 2B5
VALMAC REALTY LTD. - 16139
2Bedroom(s)
1Bathroom(s)
C$239900

Residential For Sale

110 202 Farnham Gate Road, Halifax, NS B3M 4A2

2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
44Picture(s)
995Sqft
Keller Williams Select Realty
C$364900

Residential For Sale

110 202 Farnham Gate Road, Halifax, NS B3M 4A2
2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
995Sqft
Keller Williams Select Realty
Welcome to 110 Farnham gate unit 202. This clean and updated 2 bed 1.5 bath condo is ready for new owners. Corner unit, non street facing, this condo is a quiet oasis. Very clean, well maintained building. Inside you find a large entryway with closet space and dedicated laundry/utility room. You then open into a grand open concept main area with Kitchen, dining and living room.
C$364900

Residential For Sale

110 202 Farnham Gate Road, Halifax, NS B3M 4A2
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$364900
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