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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

3 Browns Road, New Victoria, NS B1H 4Y4

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
36Picture(s)
867Sqft
3% Realty Nova Scotia
C$249018

Residential For Sale

3 Browns Road, New Victoria, NS B1H 4Y4
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
867Sqft
3% Realty Nova Scotia
Discover this charming family home at 3 Browns Road, New Victoria. This welcoming home features 2 spacious bedrooms and 2 bathrooms ,(upstairs bath complete with large soaker jet tub), offering comfort and functionality for everyday living. The paved driveway provides easy access, leading to a detached garage perfect for parking or storage.
C$249018

Residential For Sale

3 Browns Road, New Victoria, NS B1H 4Y4
3% Realty Nova Scotia
2Bedroom(s)
2Bathroom(s)
C$249018

Residential For Sale

61 Horatio Wood Road, Tusket, NS B0W 3M0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
2,628Sqft
Engel & Volkers (Yarmouth)
C$699000

Residential For Sale

61 Horatio Wood Road, Tusket, NS B0W 3M0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,628Sqft
Engel & Volkers (Yarmouth)
Welcome to the Abraham Lent House, a beautiful property that seamlessly blends magical four season Nova Scotia vistas with New England Colonial historical charm. Perched on 4.3 acres in the quaint community of Tusket, this extraordinary point-of-land boasts 780 feet of water frontage showcasing the incredible 15 foot tides of the Tusket River.
C$699000

Residential For Sale

61 Horatio Wood Road, Tusket, NS B0W 3M0
Engel & Volkers (Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$699000

Residential For Sale

802-6095 Coburg Road, Halifax Peninsula, NS B3H 4K1

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
27Picture(s)
1,500Sqft
Sotheby's International Realty Canada
C$869000

Residential For Sale

802-6095 Coburg Road, Halifax Peninsula, NS B3H 4K1
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,500Sqft
Sotheby's International Realty Canada
Welcome to Suite 802 at The Carlyle, an elegant residence nestled in the heart of Halifax’s vibrant South End. This spacious 1,500 sq. ft. suite combines timeless sophistication with modern upgrades, perfectly positioned close to Dalhousie University, Halifax's major hospitals, and the city's renowned dining and cultural scene.
C$869000

Residential For Sale

802-6095 Coburg Road, Halifax Peninsula, NS B3H 4K1
Sotheby's International Realty Canada
2Bedroom(s)
2Bathroom(s)
C$869000

Residential For Sale

14 Monarch Terrace, Truro, NS B2N 0A2

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
27Picture(s)
1,240Sqft
Royal LePage Atlantic (Enfield)
C$474900

Residential For Sale

14 Monarch Terrace, Truro, NS B2N 0A2
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,240Sqft
Royal LePage Atlantic (Enfield)
Welcome to this contemporary one level living home in Truro at 14 Monarch Terrace. This home is built ICF (Insulated Concrete Form). Which means very energy efficient and quiet. The home has cathedral ceilings in the main living area and the primary bedroom. The ceilings tower to 14 feet, providing a very open and comfortable living space.
C$474900

Residential For Sale

14 Monarch Terrace, Truro, NS B2N 0A2
Royal LePage Atlantic (Enfield)
2Bedroom(s)
2Bathroom(s)
C$474900

Residential For Sale

16-9273 Highway 16 Highway, Cooks Cove, NS B0H 1N0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
27Picture(s)
774Sqft
Del Mar Realty Inc.
C$215000

Residential For Sale

16-9273 Highway 16 Highway, Cooks Cove, NS B0H 1N0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
774Sqft
Del Mar Realty Inc.
Sweet 3-Bedroom Bungalow on Over 1 Acre Lot – The inside has been fully renovated and is family-friendly. Discover the perfect blend of comfort and convenience in this charming bungalow, nestled on a beautifully landscaped lot and just 5 minutes from the heart of Guysborough.
C$215000

Residential For Sale

16-9273 Highway 16 Highway, Cooks Cove, NS B0H 1N0
Del Mar Realty Inc.
3Bedroom(s)
1Bathroom(s)
C$215000

Residential For Sale

525 Kill Dog Cove Road, Parkdale, NS B0R 1A0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,646Sqft
Engel & Volkers (Lunenburg)
C$699000

Residential For Sale

525 Kill Dog Cove Road, Parkdale, NS B0R 1A0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,646Sqft
Engel & Volkers (Lunenburg)
"The thoughtful soul to solitude retires" to find serenity on Sherbrooke Lake, the most desirable lake in all Lunenburg County. This custom designed ICF, 2 bedroom home (plus den), close to 1,700 sq. ft. in size, is a well thought, contemporary design with a few touches of traditional, rustic charm, set on 1.3 acres with an exceptional 260 ft. of direct lake front.
C$699000

Residential For Sale

525 Kill Dog Cove Road, Parkdale, NS B0R 1A0
Engel & Volkers (Lunenburg)
2Bedroom(s)
2Bathroom(s)
C$699000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,490Sqft
Engel & Volkers (Lunenburg)
C$1495000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,490Sqft
Engel & Volkers (Lunenburg)
It is rare to find tranquil and private oceanfront properties large enough to provide the perfect family oasis. This offering contains just over 21.5 acres, with over 395 feet of direct oceanfront.
C$1495000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$1495000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,490Sqft
Engel & Volkers (Lunenburg)
C$1495000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,490Sqft
Engel & Volkers (Lunenburg)
It is rare to find tranquil and private oceanfront properties large enough to provide the perfect family oasis. This offering contains just over 21.5 acres, with over 395 feet of direct oceanfront.
C$1495000

Residential For Sale

42 Indian Bay Road, Voglers Cove, NS B0H 2H0
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$1495000

Residential For Sale

197 Holley Road, Pleasant Valley, NS B5A 5N4

2Bedroom(s)
10Picture(s)
720Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$45000

Residential For Sale

197 Holley Road, Pleasant Valley, NS B5A 5N4
2Bedroom(s)
720Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Tucked away in a quiet and private setting, rustic 2-bedroom hunting camp sits on 1.4 acres of wooded land—perfect for those seeking a peaceful escape into nature. Surrounded by trees and wildlife, this property offers the ideal base camp for hunting, hiking, or just getting off the grid.
C$45000

Residential For Sale

197 Holley Road, Pleasant Valley, NS B5A 5N4
Viewpoint Realty Services Inc. (Barrington Passage)
2Bedroom(s)
C$45000

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

39 Blomidon View Lane, Bramber, NS B0N 2A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
912Sqft
RE/MAX Nova
C$391000

Residential For Sale

39 Blomidon View Lane, Bramber, NS B0N 2A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
912Sqft
RE/MAX Nova
Welcome to your perfect getaway! This versatile property offers the best of both worlds—an ideal cottage retreat or a cozy year-round home. Situated on a generous double lot totaling 0.43 acres, you’ll enjoy expansive views of the Minas Basin.
C$391000

Residential For Sale

39 Blomidon View Lane, Bramber, NS B0N 2A0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$391000

Residential For Sale

73 Lakeshore Park Terrace, Dartmouth, NS B3A 4Z4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
4,088Sqft
Bryant Realty Atlantic
C$1899000

Residential For Sale

73 Lakeshore Park Terrace, Dartmouth, NS B3A 4Z4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,088Sqft
Bryant Realty Atlantic
Welcome to 73 Lakeshore Park Terrance. A rare opportunity to live on the water, in the heart of Dartmouth. This stunning, modern 2 storey home offers the perfect blend of Lakefront living and luxury. Ideally located in the exclusive Lakefront Park area on the shores of Lake Micmac, you will forget you are minutes to downtown & all amenities.
C$1899000

Residential For Sale

73 Lakeshore Park Terrace, Dartmouth, NS B3A 4Z4
Bryant Realty Atlantic
4Bedroom(s)
4Bathroom(s)
C$1899000
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