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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

242 Heritage Way, East Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
DrivewayParking(s)
37Picture(s)
1,840Sqft
Engel & Volkers
C$849900

Residential For Sale

242 Heritage Way, East Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
DrivewayParking(s)
1,840Sqft
Engel & Volkers
Welcome to Loon Point, a rare lakeside sanctuary where contemporary design meets the timeless beauty of nature. Situated in the prestigious Villages of Long Lake, this impeccably crafted residence offers 85 feet of crystal-clear lake frontage and a lifestyle defined by serenity, sophistication, and connection.
C$849900

Residential For Sale

242 Heritage Way, East Uniacke, NS B0N 1Z0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$849900

Residential For Sale

174 Sawgrass Drive, Oakfield, NS B2T 0E9

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
46Picture(s)
2,945Sqft
Parachute Realty
C$934900

Residential For Sale

174 Sawgrass Drive, Oakfield, NS B2T 0E9
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,945Sqft
Parachute Realty
Tucked into the trees of Oakfield Woods, this property offers the rare combination of custom, high-end construction in a quiet, established neighbourhood. Warm, refined, and beautifully customized, this 3-year-young home is a breath of fresh air—where timeless finishes, natural surroundings, and thoughtful design come together to create a place that just feels good to be in.
C$934900

Residential For Sale

174 Sawgrass Drive, Oakfield, NS B2T 0E9
Parachute Realty
3Bedroom(s)
3Bathroom(s)
C$934900

Residential For Sale

4516 Highway 245, Malignant Cove, NS B2G 2L1

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
43Picture(s)
2,455Sqft
Engel & Volkers
C$1195000

Residential For Sale

4516 Highway 245, Malignant Cove, NS B2G 2L1
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,455Sqft
Engel & Volkers
Introducing The Beachhouse, Coastal Sanctuary situated on the North Shores of Nova Scotia. For the first time on the market, we present The Beachhouse, an unparalleled oceanfront retreat on 4.2 private acres in the breathtaking Malignant Cove, situated along the Northumberland Strait, renowned for having the warmest ocean water temperatures in Canada.
C$1195000

Residential For Sale

4516 Highway 245, Malignant Cove, NS B2G 2L1
Engel & Volkers
4Bedroom(s)
3Bathroom(s)
C$1195000

Residential For Sale

34 Barnsley Court, Middle Sackville, NS B4E 0H3

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
41Picture(s)
2,122Sqft
RE/MAX Nova (Halifax)
C$674900

Residential For Sale

34 Barnsley Court, Middle Sackville, NS B4E 0H3
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,122Sqft
RE/MAX Nova (Halifax)
At the end of a quiet cul-de-sac in the always popular Sunset Ridge, this home has that welcoming feel from the moment you walk in. The double height entryway lets in tons of natural light and sets the stage for the bright, open layout inside.
C$674900

Residential For Sale

34 Barnsley Court, Middle Sackville, NS B4E 0H3
RE/MAX Nova (Halifax)
3Bedroom(s)
3Bathroom(s)
C$674900

Residential For Sale

40 Armenia, Bedford, NS B4A 0H6

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
42Picture(s)
2,279Sqft
Ventura Realty Limited
C$679900

Residential For Sale

40 Armenia, Bedford, NS B4A 0H6
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,279Sqft
Ventura Realty Limited
This meticulously maintained 2-storey townhouse is located in a prime Bedford location, within walking distance to numerous amenities. Offering 2,279 square feet of living space, the home features 3 bedrooms, 2 full baths, and 2 half baths. This gem is full of upgraded features: The primary bedroom includes a luxurious ensuite with a double vanity and a large walk-in shower with custom tile.
C$679900

Residential For Sale

40 Armenia, Bedford, NS B4A 0H6
Ventura Realty Limited
3Bedroom(s)
4Bathroom(s)
C$679900

Residential For Sale

35 Centre Street, Reserve Mines, NS B1E 1B1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
22Picture(s)
1,328Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$159000

Residential For Sale

35 Centre Street, Reserve Mines, NS B1E 1B1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,328Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
This three bedroom, 1.5 bath is ready for a new owner. Located on a corner lot, here is a great home with a large kitchen, spacious dining and living room, and main floor laundry with half bath. Upstairs you'll find 3 bedrooms and a full bath. The basement is dry with a walkout and a great space for storage.
C$159000

Residential For Sale

35 Centre Street, Reserve Mines, NS B1E 1B1
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$159000

Residential For Sale

24 Brick Lane, Halifax, NS B3P 0G4

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
37Picture(s)
2,174Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

24 Brick Lane, Halifax, NS B3P 0G4
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,174Sqft
Royal LePage Atlantic
Welcome to 24 Brick lane! Located on a quiet cul-de-sac in popular Governor’s Brook this 3-bedroom 2.5 bath home is exactly that, HOME. At only 7 years old it shows like new, as soon as you walk in you can feel the coziness and care that has been put into this home. The main level has a generous foyer with the cutest half bath, then into the open concept living/dining/kitchen.
C$699900

Residential For Sale

24 Brick Lane, Halifax, NS B3P 0G4
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

10 Idlewylde Road, Halifax, NS B3N 1B9

GravelParking(s)
17Picture(s)
0.53Acre
The Agency Real Estate Brokerage
C$899900

Residential For Sale

10 Idlewylde Road, Halifax, NS B3N 1B9
GravelParking(s)
0.53Acre
The Agency Real Estate Brokerage
Located just a stones throw from the Armdale rotary, less then 8 minutes to the downtown core, sits this beautiful 23,000 square foot lot, with endless possibilities for your future. Boasting views of the Northwest Arm, this tree lined property fronts on Idlewylde and backs onto Margret with road frontage on both sides. Great opportunity with municipal services.
C$899900

Residential For Sale

10 Idlewylde Road, Halifax, NS B3N 1B9
The Agency Real Estate Brokerage
C$899900

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
42Picture(s)
1,365Sqft
Royal LePage Atlantic(Stellarton)
C$317500

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,365Sqft
Royal LePage Atlantic(Stellarton)
Nestled between New Glasgow and Antigonish, this charming 3-bedroom, 1-bath bungalow on Shore Road in Lismore offers the perfect mix of comfort and coastal living.
C$317500

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$317500

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,968Sqft
Coldwell Banker Performance Realty
C$399900

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,968Sqft
Coldwell Banker Performance Realty
Fantastic 4 level split on the outskirts of town! Brand new steel roof on the house and the garage. Speaking of the garage, it is a massive 44x32 structure with high ceilings and doors. The home has had many renovations such as kitchen and a new ensuite bath. Geothermal ducted heat pump furnace gives the home efficient heating and air conditioning.
C$399900

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
4,108Sqft
Keller Williams Select Realty
C$1470000

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
4,108Sqft
Keller Williams Select Realty
Nestled in the prestigious parks of West Bedford this exceptional home is situated on a private cul-de-sac and boasts a south facing backyard that opens directly on to a lush forested greenbelt with a natural stream and scenic walking and running trails. Enjoy the peace and privacy of a family friendly street, the highly sought after Crown Ridge Drive.
C$1470000

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4
Keller Williams Select Realty
5Bedroom(s)
4Bathroom(s)
C$1470000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,566Sqft
RE/MAX Banner Real Estate
C$1450000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,566Sqft
RE/MAX Banner Real Estate
Built to endure and designed with care, this oceanfront home pairs high-end materials with long-term thinking, offering peace of mind for decades to come. Set on 2.2 acres with 270 feet of accessible shoreline and a view of Goat Island, the property is just 15 minutes from Annapolis Royal, yet feels a world apart.
C$1450000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
3Bathroom(s)
C$1450000
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