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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

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

Residential For Sale

194 Paddy's Head Road, Indian Harbour, NS B3Z 3N8

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,724Sqft
Royal Lepage Atlantic (Mahone Bay)
C$489000

Residential For Sale

194 Paddy's Head Road, Indian Harbour, NS B3Z 3N8
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,724Sqft
Royal Lepage Atlantic (Mahone Bay)
Historic Cape Cod Charm with Ocean Views – Indian Harbour, Nova Scotia. Step back in time and embrace the opportunity to own a piece of Nova Scotia’s early history. Built in 1790 by Irish settler John Ormsby and thoughtfully rebuilt in 1802, this charming Cape Cod home is one of the first in the Indian Harbour area.
C$489000

Residential For Sale

194 Paddy's Head Road, Indian Harbour, NS B3Z 3N8
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$489000

Residential For Sale

263 Lighthouse Road, Bay View, NS B0V 1A0

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
45Picture(s)
6,820Sqft
Sotheby's International Realty Canada
C$750000

Residential For Sale

263 Lighthouse Road, Bay View, NS B0V 1A0
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
6,820Sqft
Sotheby's International Realty Canada
With bold and modern colors accented by custom wooden features, this 6800sqft home provides a luxury experience that’s more than welcoming. Walkouts to balconies, oversized rooms, a massive great room with vaulted ceilings, a floor to ceiling fireplace and a total of 4 bathrooms are some of the incredible features of the property.
C$750000

Residential For Sale

263 Lighthouse Road, Bay View, NS B0V 1A0
Sotheby's International Realty Canada
5Bedroom(s)
3Bathroom(s)
C$750000

Residential For Sale

558 Pictou Island Road, Pictou Island, NS B0K 1J0

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
35Picture(s)
378Sqft
Blinkhorn Real Estate Ltd.
C$170000

Residential For Sale

558 Pictou Island Road, Pictou Island, NS B0K 1J0
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
378Sqft
Blinkhorn Real Estate Ltd.
Pictou Island life awaits at this self-sufficient, 3-season cottage built in 2019, offering 1 bedroom, 1 bathroom, and a 10-foot-wide easement to the water with stunning views across the Northumberland Strait to the mainland. Oak Gunstock hardwood flooring, added last year, brings a warm, natural feel to the interior, while the ceiling and walls are fully insulated for added comfort.
C$170000

Residential For Sale

558 Pictou Island Road, Pictou Island, NS B0K 1J0
Blinkhorn Real Estate Ltd.
1Bedroom(s)
1Bathroom(s)
C$170000

Residential For Sale

5928 Gainsborough Place, North End, NS B3K 6B4

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
28Picture(s)
1,981Sqft
Royal LePage Atlantic (Dartmouth)
C$610000

Residential For Sale

5928 Gainsborough Place, North End, NS B3K 6B4
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1,981Sqft
Royal LePage Atlantic (Dartmouth)
3-Level Semi-Detached in Halifax’s North End – Available Immediately! Welcome to this spacious and well-laid-out semi-detached home located in the highly sought-after North End of Halifax. This three-level property offers plenty of space for families or professionals alike.
C$610000

Residential For Sale

5928 Gainsborough Place, North End, NS B3K 6B4
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
4Bathroom(s)
C$610000

Residential For Sale

2259 Highway 334, Upper Wedgeport, NS B0W 1B0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
11Picture(s)
1,000Sqft
Modern Realty
C$129000

Residential For Sale

2259 Highway 334, Upper Wedgeport, NS B0W 1B0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,000Sqft
Modern Realty
Looking for a project with potential and a picturesque setting? This 3-bedroom, 1-bathroom home is located in the heart of Wedgeport, a charming and close-knit fishing village known for its scenic ocean views, welcoming community, and rich Acadian heritage. The 1.
C$129000

Residential For Sale

2259 Highway 334, Upper Wedgeport, NS B0W 1B0
Modern Realty
3Bedroom(s)
1Bathroom(s)
C$129000

Residential For Sale

259 Maple Drive, Cape George, NS B0E 3B0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
20Picture(s)
2,464Sqft
PG Direct Realty Ltd.
C$899900

Residential For Sale

259 Maple Drive, Cape George, NS B0E 3B0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,464Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Experience lakeside living with this beautifully crafted 3-bed, 3-bath home on 4.3 acres in the prestigious Cape George Estates. Boasting 2,464 sq ft of modern comfort and 269’ of private shoreline on the Bras d’Or Lakes, this property is a rare blend of privacy, luxury, and natural beauty.
C$899900

Residential For Sale

259 Maple Drive, Cape George, NS B0E 3B0
PG Direct Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

115 Willow Street, Truro, NS B2N 4Z8

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
42Picture(s)
3,749Sqft
Keller Williams Select Realty (Truro)
C$549900

Residential For Sale

115 Willow Street, Truro, NS B2N 4Z8
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
3,749Sqft
Keller Williams Select Realty (Truro)
This heritage-designated Late Victorian home, once owned by Martin L. Urquhart, offers a rare blend of historical character and modern comfort. Built in 1911, the 5-bedroom, 2-bath residence sits on a scenic 0.4-acre lot with mature trees, a babbling brook, and landscaped hedgerows. Inside, you'll find 3749 sq.
C$549900

Residential For Sale

115 Willow Street, Truro, NS B2N 4Z8
Keller Williams Select Realty (Truro)
5Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

80 Paddy's Head Road, Indian Harbour, NS B3Z 3N8

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
48Picture(s)
686Sqft
Engel & Volkers
C$249900

Residential For Sale

80 Paddy's Head Road, Indian Harbour, NS B3Z 3N8
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
686Sqft
Engel & Volkers
This serene cabin tucked in the woods off the Paddy's Head Road is a perfect space to enjoy peace and quiet. Set on a level spot on the lot, the cabin looks over the tree tops below and is surrounded by woods. Modest finishing throughout, but totally useable as is.
C$249900

Residential For Sale

80 Paddy's Head Road, Indian Harbour, NS B3Z 3N8
Engel & Volkers
1Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

10 Battery Drive, Halifax, NS B3P 2G8

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
49Picture(s)
2,378Sqft
RE/MAX Nova (Halifax)
C$545000

Residential For Sale

10 Battery Drive, Halifax, NS B3P 2G8
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,378Sqft
RE/MAX Nova (Halifax)
LOCATION LOCATION LOCATION! This beautifully maintained and character-filled home nestled in the highly sought-after seaside community of Purcell’s Cove, is one you don't want to miss. Blending timeless charm with modern updates, this home offers the perfect balance of comfort and style.
C$545000

Residential For Sale

10 Battery Drive, Halifax, NS B3P 2G8
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$545000

Residential For Sale

12 Butler Street, Yarmouth, NS B5A 3Y8

NoneParking(s)
5Picture(s)
750Sqft
Royal Lepage Atlantic (Mahone Bay)
C$85000

Residential For Sale

12 Butler Street, Yarmouth, NS B5A 3Y8
NoneParking(s)
750Sqft
Royal Lepage Atlantic (Mahone Bay)
This property is a true diamond in the rough. Once a four-bedroom, one-bathroom home, it now presents a rare opportunity for those with vision and ambition. While the structure is not safe to enter and is being sold strictly as is, where is, the solid foundation and prime location make it worth a second look.
C$85000

Residential For Sale

12 Butler Street, Yarmouth, NS B5A 3Y8
Royal Lepage Atlantic (Mahone Bay)
C$85000

Residential For Sale

143 Governors Lake Drive, Lakeside, NS B3T 1A4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
40Picture(s)
1,654Sqft
Royal LePage Atlantic
C$484900

Residential For Sale

143 Governors Lake Drive, Lakeside, NS B3T 1A4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,654Sqft
Royal LePage Atlantic
Welcome to this well maintained semi-detached home, less than 20 years old, located in the sought after and family friendly subdivision of Governor’s Glen in Lakeside. This 4 bedroom, 2.5 bathroom home offers a flexible layout with space for the whole family and then some.
C$484900

Residential For Sale

143 Governors Lake Drive, Lakeside, NS B3T 1A4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$484900
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