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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

1036 Inglisville Road, Inglisville, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
30Picture(s)
1,790Sqft
RE/MAX Banner Real Estate
C$449000

Residential For Sale

1036 Inglisville Road, Inglisville, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,790Sqft
RE/MAX Banner Real Estate
Immaculate, very well-maintained bungalow on a peaceful 3.65-acre lot with mature trees, paved driveway, and excellent curb appeal, just 25 minutes to CFB Greenwood and moments to nearby amenities. This spotless home shows true pride of ownership with major updates including roof shingles (2018), exterior stain (2022), and a 1.5 car detached wired garage built in 2017, plus a garden shed.
C$449000

Residential For Sale

1036 Inglisville Road, Inglisville, NS B0S 1M0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

380 Northeast Mabou Road, Northeast Mabou, NS B0E 1X0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,700Sqft
Viewpoint Realty Services Inc. (Sydney)
C$999999

Residential For Sale

380 Northeast Mabou Road, Northeast Mabou, NS B0E 1X0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,700Sqft
Viewpoint Realty Services Inc. (Sydney)
Experience the allure of Mabou with your very own dream working farm consisting of 332 acres. Property is migrated. Escape to the serene beauty of this Celtic-inspired haven and immerse yourself in its enchanting music and lifestyle.
C$999999

Residential For Sale

380 Northeast Mabou Road, Northeast Mabou, NS B0E 1X0
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
1Bathroom(s)
C$999999

Residential For Sale

9 Water Street, Digby, NS B0V 1A0

GravelParking(s)
23Picture(s)
3,336Sqft
Engel & Volkers (Annapolis Royal)
C$199000

Residential For Sale

9 Water Street, Digby, NS B0V 1A0
GravelParking(s)
3,336Sqft
Engel & Volkers (Annapolis Royal)
Signature Landmark Opportunity! On a large double lot with most of the heavy work done this blank canvas is remarkably located for a multitude of potential uses. Boasting not just a new roof top but new trusses creating a new third storey and poised at the entrance to the town, this prominent historic building's shell is ready for a modern repurposing.
C$199000

Residential For Sale

9 Water Street, Digby, NS B0V 1A0
Engel & Volkers (Annapolis Royal)
C$199000

Residential For Sale

1203-31 Kings Wharf Place, Dartmouth, NS B2Y 0C1

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
50Picture(s)
1,425Sqft
Royal LePage Atlantic (Dartmouth)
C$1200000

Residential For Sale

1203-31 Kings Wharf Place, Dartmouth, NS B2Y 0C1
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,425Sqft
Royal LePage Atlantic (Dartmouth)
Sophisticated Penthouse Living on the Dartmouth Waterfront. Discover refined coastal living at its finest in this exceptional penthouse at 31 Kings Wharf Place, offering over 1,400 square feet of impeccably designed interior space and an expansive 525-square-foot private terrace.
C$1200000

Residential For Sale

1203-31 Kings Wharf Place, Dartmouth, NS B2Y 0C1
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
2Bathroom(s)
C$1200000

Residential For Sale

647 Blue Rocks Road, Garden Lots, NS B0J 2C0

3Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
45Picture(s)
2,200Sqft
Engel & Volkers (Lunenburg)
C$889000

Residential For Sale

647 Blue Rocks Road, Garden Lots, NS B0J 2C0
3Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
2,200Sqft
Engel & Volkers (Lunenburg)
This beautiful home boasts a rare combination of historic features and modern amenities. Preserved features include random width, wide plank hardwood floors and exposed beams. A painstaking 5-year top-to-bottom restoration was completed in 2012.
C$889000

Residential For Sale

647 Blue Rocks Road, Garden Lots, NS B0J 2C0
Engel & Volkers (Lunenburg)
3Bedroom(s)
3Bathroom(s)
C$889000

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
29Picture(s)
1,661Sqft
Fitzgerald Realty Ltd.
C$529900

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,661Sqft
Fitzgerald Realty Ltd.
Don't miss this opportunity to wake up every morning and watch the sunrise over the ocean right in front of you. Located in the picturesque fishing village of Ketch Harbour, this lovey 3 bedroom home is only a 30 mins to downtown Halifax. You can work in the city and come home to stunning ocean views as you sit on your deck. There are hiking trails nearby and beaches as well.
C$529900

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7
Fitzgerald Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$529900

Residential For Sale

205 Lindenwood Terrace, Dartmouth, NS B2W 0B2

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,267Sqft
Royal LePage Anchor Realty
C$874900

Residential For Sale

205 Lindenwood Terrace, Dartmouth, NS B2W 0B2
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,267Sqft
Royal LePage Anchor Realty
This truly magnificent two storey home with five-bedrooms, three full and one-half bathrooms, is located in a very sought-after area of Russel Lake West.
C$874900

Residential For Sale

205 Lindenwood Terrace, Dartmouth, NS B2W 0B2
Royal LePage Anchor Realty
5Bedroom(s)
4Bathroom(s)
C$874900

Residential For Sale

1895 Upper Branch Road, Midville Branch, NS B4V 4S7

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
19Picture(s)
1,040Sqft
Royal Lepage Atlantic (Mahone Bay)
C$424900

Residential For Sale

1895 Upper Branch Road, Midville Branch, NS B4V 4S7
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,040Sqft
Royal Lepage Atlantic (Mahone Bay)
Located only 8 minutes from town, this comfortable, cozy and well-maintained 3-bedroom, 1-bath home offers the perfect balance of peaceful rural living with the convenience of quick access to all amenities. Step inside to an inviting open-concept main floor featuring a spacious kitchen, dining, and living area—perfect for both everyday living and entertaining.
C$424900

Residential For Sale

1895 Upper Branch Road, Midville Branch, NS B4V 4S7
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
1Bathroom(s)
C$424900

Residential For Sale

39 Centennial Drive, Truro, NS B2N 2L3

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
35Picture(s)
2,080Sqft
Royal LePage Atlantic
C$410000

Residential For Sale

39 Centennial Drive, Truro, NS B2N 2L3
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,080Sqft
Royal LePage Atlantic
Welcome to 39 Centennial Drive, Truro — a beautifully renovated, turn-key home nestled on a quiet, family-friendly street in one of the town’s most desirable neighbourhoods. This bright and modern 3-bedroom, 2-bathroom home features a spacious open-concept kitchen that flows seamlessly into the living room, where a cozy propane fireplace adds warmth and charm.
C$410000

Residential For Sale

39 Centennial Drive, Truro, NS B2N 2L3
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$410000

Residential For Sale

25 Empire Street, Wilmot, NS B0P 1W0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
28Picture(s)
1,500Sqft
Exit Realty Town & Country
C$525000

Residential For Sale

25 Empire Street, Wilmot, NS B0P 1W0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,500Sqft
Exit Realty Town & Country
Are you looking for a functional, smart, and well thought-out layout, located minutes to CFB Greenwood Military Base, and designed with care in mind? Look no further! This property is situated on over a half-acre lot in a family-friendly neighborhood. The property offers over 1,500 sq. ft.
C$525000

Residential For Sale

25 Empire Street, Wilmot, NS B0P 1W0
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

64 Tuscany Run, Timberlea, NS B3T 0G9

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
50Picture(s)
2,239Sqft
RE/MAX Nova (Halifax)
C$769000

Residential For Sale

64 Tuscany Run, Timberlea, NS B3T 0G9
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,239Sqft
RE/MAX Nova (Halifax)
A thoughtfully designed, Energy Star-certified home just 5 minutes from Bayers Lake and 15 minutes from downtown Halifax, with direct access to Highway 103. This vibrant neighbourhood offers the perfect blend of convenience and active outdoor living. Inside, you’ll find quality finishes across all three levels.
C$769000

Residential For Sale

64 Tuscany Run, Timberlea, NS B3T 0G9
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$769000

Residential For Sale

3605 Second Division Road, Concession, NS B0W 1M0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
30Picture(s)
937Sqft
EXP Realty of Canada Inc.
C$160000

Residential For Sale

3605 Second Division Road, Concession, NS B0W 1M0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
937Sqft
EXP Realty of Canada Inc.
Affordable Opportunity at 3605 Second Division Road Set on just under half an acre, this 3-bedroom, 1-bathroom mobile home offers a great chance to step into homeownership or downsize in a peaceful setting. Sitting on a solid block foundation with its own septic system and dug well, the essentials are already in place.
C$160000

Residential For Sale

3605 Second Division Road, Concession, NS B0W 1M0
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$160000
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