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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

1487 Sandy Point Road, Sandy Point, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,081Sqft
Royal Lepage Atlantic (Mahone Bay)
C$395000

Residential For Sale

1487 Sandy Point Road, Sandy Point, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,081Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 1487 Sandy Point Road, where breathtaking harbour views and timeless charm meet modern convenience. Set on nearly 22 acres, this beautifully updated 4-bedroom, 2-bath home offers plenty of space, character, and potential. The main level features a bright and airy open-concept kitchen, dining, and living area - perfect for gathering with family and friends.
C$395000

Residential For Sale

1487 Sandy Point Road, Sandy Point, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
2Bathroom(s)
C$395000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
718Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$110000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
718Sqft
RE/MAX Banner Real Estate(Yarmouth)
Tucked away in a lovely spot, this 1 bedroom 1 bathroom affordable single-wide trailer with 2 large additions is perfect for minimalistic living; it has everything you need and nothing you don't. Sitting on over 2 acres of secluded high ground, your retreat awaits. A cozy wood stove keeps the whole house warm in chilly weather. Rustic finishes add to the charm.
C$110000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7
RE/MAX Banner Real Estate(Yarmouth)
1Bedroom(s)
1Bathroom(s)
C$110000

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2930 Gairloch Road, Rocklin, NS B0K 2A0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
39Picture(s)
1,160Sqft
Blinkhorn Real Estate Ltd.
C$262800

Residential For Sale

2930 Gairloch Road, Rocklin, NS B0K 2A0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,160Sqft
Blinkhorn Real Estate Ltd.
Welcome to your peaceful park-like retreat. This charming bungalow sits on over an acre, offering a sense of solitude while still being just minutes from the highway and Westville’s amenities. The main level features three comfortable bedrooms, a full bath, a large living room, and a bright eat-in kitchen perfect for family gatherings and daily living.
C$262800

Residential For Sale

2930 Gairloch Road, Rocklin, NS B0K 2A0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$262800

Residential For Sale

24 Shannon Road, Brookside, NS B3T 1T9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
31Picture(s)
1,735Sqft
Exit Realty Metro
C$699900

Residential For Sale

24 Shannon Road, Brookside, NS B3T 1T9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,735Sqft
Exit Realty Metro
Welcome to 24 Shannon Road — a custom-built bungalow on a slab, nestled on a mature and private lot in the highly desirable community of Brookside. This thoughtfully designed home offers the rare combination of brand-new construction in an established neighbourhood — no cookie-cutter build here.
C$699900

Residential For Sale

24 Shannon Road, Brookside, NS B3T 1T9
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

54 Old Trunk Road, Oyster Pond, NS B0J 2L0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
2,648Sqft
Century 21 Trident Realty Ltd.
C$599500

Residential For Sale

54 Old Trunk Road, Oyster Pond, NS B0J 2L0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,648Sqft
Century 21 Trident Realty Ltd.
Privacy and amazing views of Jeddore Harbour plus 5 acres of land. If this is what you are looking for look no further.! This lovely Bungalow features all of it. So relax on the 50 x 12 deck & enjoy the view. As you walk in the spacious foyer, note the open concept living/dining room/kitchen with harbour view and plenty of room for family & guest.
C$599500

Residential For Sale

54 Old Trunk Road, Oyster Pond, NS B0J 2L0
Century 21 Trident Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$599500

Residential For Sale

1518 Patrice Road, Concession, NS B0W 1M0

6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,604Sqft
EXP Realty of Canada Inc.
C$699999

Residential For Sale

1518 Patrice Road, Concession, NS B0W 1M0
6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,604Sqft
EXP Realty of Canada Inc.
Welcome to a truly impressive two-storey home set on a beautifully landscaped 2.5-acre property, complete with a large, U-shaped pond, attached double garage, and the versatility for multi family living.
C$699999

Residential For Sale

1518 Patrice Road, Concession, NS B0W 1M0
EXP Realty of Canada Inc.
6Bedroom(s)
3Bathroom(s)
C$699999

Residential For Sale

19 Ridge Avenue, Lower Sackville, NS B4C 2L5

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
37Picture(s)
2,103Sqft
Exit Realty Metro
C$499900

Residential For Sale

19 Ridge Avenue, Lower Sackville, NS B4C 2L5
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,103Sqft
Exit Realty Metro
Welcome to 19 Ridge Avenue, an impressive four-level side split located in the heart of Lower Sackville, NS. This property has undergone numerous significant upgrades in recent years, making it an ideal home for modern living. This spacious home offers three bedrooms and three bathrooms, providing ample space for comfort and privacy.
C$499900

Residential For Sale

19 Ridge Avenue, Lower Sackville, NS B4C 2L5
Exit Realty Metro
3Bedroom(s)
3Bathroom(s)
C$499900

Residential For Sale

517/519 Truro Heights Road, Truro Heights, NS B6L 1Y2

6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
2,688Sqft
RE/MAX Fairlane Realty
C$434900

Residential For Sale

517/519 Truro Heights Road, Truro Heights, NS B6L 1Y2
6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,688Sqft
RE/MAX Fairlane Realty
Live in One Unit, Rent the Other! This spacious duplex is a fantastic opportunity for investors or homeowners looking to offset their mortgage with rental income. Each unit offers 3 generous BRs & 1.5 baths, making them ideal for families or shared living.
C$434900

Residential For Sale

517/519 Truro Heights Road, Truro Heights, NS B6L 1Y2
RE/MAX Fairlane Realty
6Bedroom(s)
4Bathroom(s)
C$434900

Residential For Sale

133 Gail Avenue, Lower Branch, NS B4V 4R5

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
48Picture(s)
1,995Sqft
EXIT Realty Inter Lake
C$534900

Residential For Sale

133 Gail Avenue, Lower Branch, NS B4V 4R5
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,995Sqft
EXIT Realty Inter Lake
Modern design, timeless finishes, and thoughtful upgrades, this home checks all the boxes! Located just 5 minutes from Bridgewater in one of the South Shore’s most sought-after subdivisions, 133 Gail Avenue blends contemporary living with privacy and comfort.
C$534900

Residential For Sale

133 Gail Avenue, Lower Branch, NS B4V 4R5
EXIT Realty Inter Lake
2Bedroom(s)
2Bathroom(s)
C$534900

Residential For Sale

24 Montery Drive, Salmon River, NS B2N 5S4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
16Picture(s)
1,681Sqft
Hants Realty Ltd.
C$260000

Residential For Sale

24 Montery Drive, Salmon River, NS B2N 5S4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,681Sqft
Hants Realty Ltd.
24 Monterey Drive, Salmon River. The home is located in the heart of a vibrant, family-oriented community! This tenant-occupied, 3 bedroom, 2 full bath bungalow, situated on a spacious corner lot with a walk-out basement, is steps from Harmony Heights Elementary School, perfect for families or keep it as a rental.
C$260000

Residential For Sale

24 Montery Drive, Salmon River, NS B2N 5S4
Hants Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$260000

Residential For Sale

4 Davis Drive, South Uniacke, NS B0N 1Z0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
29Picture(s)
1,024Sqft
Exit Realty Metro
C$285000

Residential For Sale

4 Davis Drive, South Uniacke, NS B0N 1Z0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,024Sqft
Exit Realty Metro
Welcome to this beautifully designed 1,024 sq ft, 3-bedroom, 1-bathroom home located in the peaceful Valley Gate Mobile Home Park in South Uniacke. Whether you're just starting out or looking to downsize, this home offers the perfect balance of space, comfort, and modern style. Step inside to a bright open-concept layout filled with natural light from oversized windows.
C$285000

Residential For Sale

4 Davis Drive, South Uniacke, NS B0N 1Z0
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$285000

Residential For Sale

417 Penney Road, Upper Northfield, NS B4V 2W1

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,139Sqft
EXIT Realty Inter Lake
C$649900

Residential For Sale

417 Penney Road, Upper Northfield, NS B4V 2W1
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,139Sqft
EXIT Realty Inter Lake
Welcome to your own private slice of the countryside — a beautifully laid-out property designed for comfort, function, and rural charm. Surrounded by natural beauty, this peaceful homestead offers everything you need to enjoy a simple, spacious lifestyle with modern conveniences tucked into a serene setting.
C$649900

Residential For Sale

417 Penney Road, Upper Northfield, NS B4V 2W1
EXIT Realty Inter Lake
4Bedroom(s)
2Bathroom(s)
C$649900
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