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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

186 Point Aconi, Bras Dor, NS B1Y 1W3

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
2,930Sqft
VALMAC REALTY LTD. - 16139
C$649000

Residential For Sale

186 Point Aconi, Bras Dor, NS B1Y 1W3
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,930Sqft
VALMAC REALTY LTD. - 16139
Stunning Split-Entry Home with Spectacular Waterfront Views and Direct Access to "The Gut" This exceptional split-entry home boasts breathtaking views and access to The Gut, a scenic waterway connecting the Atlantic Ocean to the Bras dOr Lakes. With approximately 230 feet of shoreline and a 36-foot wharf, it's the perfect setting for swimming, fishing, or boating.
C$649000

Residential For Sale

186 Point Aconi, Bras Dor, NS B1Y 1W3
VALMAC REALTY LTD. - 16139
3Bedroom(s)
2Bathroom(s)
C$649000

Residential For Sale

210-1 Prince Street, Dartmouth, NS B2Y 4L3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
25Picture(s)
1,073Sqft
Press Realty Inc.
C$624999

Residential For Sale

210-1 Prince Street, Dartmouth, NS B2Y 4L3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,073Sqft
Press Realty Inc.
Welcome to Suite 210 at Admiralty Place. The condos in this building boast some of the finest available views of the Halifax skyline - and this unit is no exception. This adorable unit offers just under 1,100 square feet of living space, and features an open-concept kitchen, dining and living area that is eagerly awaiting your personal touches.
C$624999

Residential For Sale

210-1 Prince Street, Dartmouth, NS B2Y 4L3
Press Realty Inc.
2Bedroom(s)
2Bathroom(s)
C$624999

Residential For Sale

10 Shadebush Walk, Upper Sackville, NS B4E 0X8

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
10Picture(s)
1,359Sqft
Keller Williams Select Realty
C$599900

Residential For Sale

10 Shadebush Walk, Upper Sackville, NS B4E 0X8
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,359Sqft
Keller Williams Select Realty
Explore the Daisy 2 plan at Meadow Ridge Estates in Upper Sackville, where convenience and comfortcome together in this thoughtfully designed one-level home. Offering 2 generously sized bedroomsand 2 full bathrooms, including a primary ensuite with a stunning 4-foot walk-in shower, this homeis built for easy living.
C$599900

Residential For Sale

10 Shadebush Walk, Upper Sackville, NS B4E 0X8
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

1240 Blue Sac Road, Lower Five Islands, NS B0M 1N0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
22Picture(s)
558Sqft
Royal LePage Cumberland Realty Ltd.
C$135000

Residential For Sale

1240 Blue Sac Road, Lower Five Islands, NS B0M 1N0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
558Sqft
Royal LePage Cumberland Realty Ltd.
Hot opportunity! This adorable little home is an ideal choice for a single couple looking to downsize or a young family just starting out! Cost effective and in amazing condition. Recently used as a seasonal rental this two bedroom home has only been used for 3 seasons but easily can be used year round as it has a pellet stove and as well electric baseboard heaters.
C$135000

Residential For Sale

1240 Blue Sac Road, Lower Five Islands, NS B0M 1N0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$135000

Residential For Sale

5851 Hwy 1, St. Croix, NS B0N 1L0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
30Picture(s)
1,500Sqft
Royal LePage Anchor Realty
C$499900

Residential For Sale

5851 Hwy 1, St. Croix, NS B0N 1L0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,500Sqft
Royal LePage Anchor Realty
Just 30 minutes to Bayer's Lake, and 25 minutes to the picturesque town of Wolfville! This 3 bedroom, 1.5 bath, turn key home has been extensively upgraded and shows real pride of ownership.
C$499900

Residential For Sale

5851 Hwy 1, St. Croix, NS B0N 1L0
Royal LePage Anchor Realty
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

9525 Highway 6, Pugwash, NS B0K 1L0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,865Sqft
Coldwell Banker Performance Realty
C$449500

Residential For Sale

9525 Highway 6, Pugwash, NS B0K 1L0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,865Sqft
Coldwell Banker Performance Realty
OCEANFRONT RETREAT, 9525 Hwy 6, Pugwash, Nova Scotia! Make this 3 bedroom, 2 bath home your year round dream home, with 6.62 acres and it's grassy path to the shoreline, where you can sit and take in the seafaring activities of Pugwash Harbour and a view of the historic Thinker's Lodge.
C$449500

Residential For Sale

9525 Highway 6, Pugwash, NS B0K 1L0
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$449500

Residential For Sale

207-11 Springvale Avenue, Halifax, NS B3N 0A3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
28Picture(s)
1,286Sqft
Royal LePage Atlantic
C$719900

Residential For Sale

207-11 Springvale Avenue, Halifax, NS B3N 0A3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,286Sqft
Royal LePage Atlantic
Welcome to 207-11 Springvale Avenue, a beautifully maintained 2-bedroom condo in The Fairmount, a quiet, well-managed building nestled in one of Halifax’s most desirable communities.
C$719900

Residential For Sale

207-11 Springvale Avenue, Halifax, NS B3N 0A3
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$719900

Residential For Sale

1685 Granville Road, Port Wade, NS B0S 1A0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
49Picture(s)
1,400Sqft
RE/MAX Banner Real Estate
C$575000

Residential For Sale

1685 Granville Road, Port Wade, NS B0S 1A0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,400Sqft
RE/MAX Banner Real Estate
Looking for a Turn-Key home with a postcard water view? Welcome to our featured curbside appeal three bedroom home just a scenic 15 minute drive from historic Annapolis Royal, nestled on its own 5 plus acre lot with gorgeous views of the Annapolis Basin. Quality upgrades make this home low maintenance & efficient.
C$575000

Residential For Sale

1685 Granville Road, Port Wade, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$575000

Residential For Sale

25 Reginald Court, Herring Cove, NS B3R 0C1

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
1,253Sqft
Royal LePage Atlantic
C$599000

Residential For Sale

25 Reginald Court, Herring Cove, NS B3R 0C1
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,253Sqft
Royal LePage Atlantic
This well-maintained 2-bedroom, 2-bath home is just 4 years old and still covered under the new home warranty. Designed for easy one-level living with 9ft ceilings, a ductless heat pump, and an open-concept layout. The kitchen features quartz countertops and undermount lighting. Both full bathrooms have been upgraded with quartz counters, and the ensuite features an easy-to-access walk-in shower.
C$599000

Residential For Sale

25 Reginald Court, Herring Cove, NS B3R 0C1
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

183 Lakewood Drive, Shortts Lake, NS B2N 1C0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
49Picture(s)
1,548Sqft
Royal LePage Atlantic (Enfield)
C$749000

Residential For Sale

183 Lakewood Drive, Shortts Lake, NS B2N 1C0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,548Sqft
Royal LePage Atlantic (Enfield)
Welcome to 183 Lakewood Drive, a truly unique lakeside home on the highly sought-after Shortts Lake. This beautiful property offers stunning water views, unmatched privacy, and a peaceful setting with a paved driveway and quick highway access.
C$749000

Residential For Sale

183 Lakewood Drive, Shortts Lake, NS B2N 1C0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$749000

Residential For Sale

1108 Highway 335, Middle West Pubnico, NS B0W 3S0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
36Picture(s)
2,228Sqft
The Real Estate Store
C$389000

Residential For Sale

1108 Highway 335, Middle West Pubnico, NS B0W 3S0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,228Sqft
The Real Estate Store
Located centrally in the well known community of West Pubnico sits 1108 Hwy 335 This 2 storey stately well maintained home is ready for a new owner. This 4-5 bedroom home with bedrooms on both levels has lots of living space for the growing family and extended guests.
C$389000

Residential For Sale

1108 Highway 335, Middle West Pubnico, NS B0W 3S0
The Real Estate Store
4Bedroom(s)
3Bathroom(s)
C$389000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4

5Bedroom(s)
5Bathroom(s)
GravelParking(s)
50Picture(s)
5,647Sqft
Cape Breton Realty
C$2900000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4
5Bedroom(s)
5Bathroom(s)
GravelParking(s)
5,647Sqft
Cape Breton Realty
Uncover the unparalleled charm of this extraordinary 5-bedroom, 5-bath timber frame home, meticulously crafted from salvaged barn wood and adorned with beams from historic barns. Central to its design is a majestic white pine tree over a century old, adding a touch of heritage to this architectural gem spanning about 6,000 square feet.
C$2900000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4
Cape Breton Realty
5Bedroom(s)
5Bathroom(s)
C$2900000
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