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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

174 Riverbend Drive, Brookdale, NS B4H 3Y4

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
45Picture(s)
1,176Sqft
Coldwell Banker Performance Realty
C$309900

Residential For Sale

174 Riverbend Drive, Brookdale, NS B4H 3Y4
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,176Sqft
Coldwell Banker Performance Realty
Charming 3-Bedroom Bungalow with Garage on 1.19 Acres! Discover this exceptionally well-maintained, one-owner bungalow, custom built in 1997 and nestled on a spacious 1.19-acre lot in a desirable subdivision just minutes from town. This inviting home boasts original gleaming hardwood floors, a durable metal roof, and a new water heater, all designed for lasting comfort and efficiency.
C$309900

Residential For Sale

174 Riverbend Drive, Brookdale, NS B4H 3Y4
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$309900

Residential For Sale

85 Mosher Road, Kingsburg, NS B0J 2C0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
1,509Sqft
Engel & Volkers (Lunenburg)
C$1395000

Residential For Sale

85 Mosher Road, Kingsburg, NS B0J 2C0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,509Sqft
Engel & Volkers (Lunenburg)
As the pace of change in the world accelerates, many people are seeking a place to recharge, physically and metaphorically. Kingsburg is such a place. Rich in coastal biodiversity, unspoiled sand beaches and miles of spectacular hiking trails, this property has stunning water views and ample room to build a dream home overlooking the ocean.
C$1395000

Residential For Sale

85 Mosher Road, Kingsburg, NS B0J 2C0
Engel & Volkers (Lunenburg)
3Bedroom(s)
1Bathroom(s)
C$1395000

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2517 Shore Road, Lower Barneys River, NS B0K 1G0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
47Picture(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
What a spectacular property! This 4 bedroom 2 bath home is sitting on 16 acres of private land and has 670’ of water frontage. The access to the water front is an ease slope with no steep banks to deal with, and the vast shore line is pebbly. The updated kitchen has granite countertops and newer appliances, this is open to the dining room, which is open to the living room.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
2Bathroom(s)
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
47Picture(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
What a spectacular property! This 4 bedroom 2 bath home is sitting on 16 acres of private land and has 670’ of water frontage. The access to the water front is an ease slope with no steep banks to deal with, and the vast shore line is pebbly. The updated kitchen has granite countertops and newer appliances, this is open to the dining room, which is open to the living room.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
2Bathroom(s)
C$875000

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
40Picture(s)
1,598Sqft
RE/MAX Nova (Halifax)
C$599900

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,598Sqft
RE/MAX Nova (Halifax)
Great investment potential with Village Core zoning! This three bedroom two bath split entry home is located in the heart of Mount Uniacke on a 1.68 acre lot. The main floor offers two bedrooms, a full bath, a bright & sunny living room with ductless heat pump, and a large eat in kitchen with walk out to back deck leading to an above ground pool ideal for entertaining.
C$599900

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
28Picture(s)
816Sqft
Viewpoint Realty Services Inc. (Pictou)
C$250000

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
816Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to this charming renovated 2-bedroom cottage or year-round home in peaceful Goldboro NS. Stripped back to the studs in most rooms and thoughtfully updated, this home blends character with some modern comforts. Nestled on 30 acres of wooded and treed land, it offers privacy, natural beauty, and stunning views of Isaacs Harbour. Included in the sale is a separate 5,800 sq. ft.
C$250000

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
1Bathroom(s)
C$250000

Residential For Sale

491 Arklow Drive, Dartmouth, NS B2W 4Z5

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
41Picture(s)
1,858Sqft
Royal LePage Atlantic (Dartmouth)
C$589900

Residential For Sale

491 Arklow Drive, Dartmouth, NS B2W 4Z5
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,858Sqft
Royal LePage Atlantic (Dartmouth)
Tired of offering on homes that require large repairs? Well, 491Arklow is the sound investment you have been waiting for! Truly move in ready and so well maintained that you can just move in and focus on family fun and not fixing things. From the moment you drive up you will be impressed by the impeccable care of the beautiful grounds.
C$589900

Residential For Sale

491 Arklow Drive, Dartmouth, NS B2W 4Z5
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
3Bathroom(s)
C$589900

Residential For Sale

21 Spinner Crescent, Lower Sackville, NS B4C 2G1

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
1,767Sqft
RE/MAX Nova
C$499900

Residential For Sale

21 Spinner Crescent, Lower Sackville, NS B4C 2G1
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,767Sqft
RE/MAX Nova
Welcome to your future home at 21 Spinner Crescent! This charming bungalow features a well-designed main floor that includes three comfortable bedrooms, a full 4-piece bathroom, a cozy dining area, and a spacious living room complete with a welcoming wood-burning fireplace. The kitchen opens up to an expansive 24' x 18' rear deck, perfect for outdoor entertaining and relaxation.
C$499900

Residential For Sale

21 Spinner Crescent, Lower Sackville, NS B4C 2G1
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

2329 Truro Road, Westville, NS B0K 2A0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
34Picture(s)
884Sqft
Viewpoint Realty Services Inc. (Pictou)
C$319900

Residential For Sale

2329 Truro Road, Westville, NS B0K 2A0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
884Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to this beautifully crafted semi-detached home offering 884 sq. ft. of stylish, efficient living space. Perfectly positioned in a desirable Westville neighbourhood, this property offers the ideal combination of comfort, quality, and convenience. The bright, open-concept layout features vaulted ceilings and an abundance of natural light.
C$319900

Residential For Sale

2329 Truro Road, Westville, NS B0K 2A0
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
1Bathroom(s)
C$319900

Residential For Sale

247 Westmount Road, Westmount, NS B1R 1A3

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
28Picture(s)
1,985Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$350000

Residential For Sale

247 Westmount Road, Westmount, NS B1R 1A3
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,985Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Westmount Living at its Best!!! You will not grow tired of the spectacular harbour view from 247 Westmount Road!!! This 4 bedroom bi-level home with attached 2 car garage offers a charming & spacious living space.
C$350000

Residential For Sale

247 Westmount Road, Westmount, NS B1R 1A3
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
3Bathroom(s)
C$350000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
12Picture(s)
2,878Sqft
PG Direct Realty Ltd.
C$450000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,878Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Nestled in historic Pictou, this stately 1880 home blends timeless charm with modern comfort. Thoughtfully updated, it features a newer roof, powered garage with loft, and a poured concrete foundation. Inside, enjoy a warm sitting room, cozy den, formal dining room, and sunny eat-in kitchen.
C$450000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0
PG Direct Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$450000

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
1,288Sqft
RE/MAX Park Place Inc.
C$699900

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,288Sqft
RE/MAX Park Place Inc.
Nestled on the shores of North Bay Beach, this contemporary coastal haven seamlessly blends with the beauty of its surroundings. The open concept design captures panoramic views of the Atlantic Ocean and Ingonish Island, creating a serene atmosphere accentuated by a gas fireplace.
C$699900

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0
RE/MAX Park Place Inc.
2Bedroom(s)
2Bathroom(s)
C$699900
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