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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

17 Cyrils Drive, Neils Harbour, NS B0C 1N0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
1,340Sqft
RE/MAX Park Place Inc.
C$325000

Residential For Sale

17 Cyrils Drive, Neils Harbour, NS B0C 1N0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,340Sqft
RE/MAX Park Place Inc.
Welcome to this spacious three-level split entry home offering coastal living in the heart of northern Cape Breton. Situated on a generous 13,490 sqft lot, the home boasts a bright and airy main floor featuring a large living room with a picture window and a kitchen with patio doors that overlook breathtaking water views.
C$325000

Residential For Sale

17 Cyrils Drive, Neils Harbour, NS B0C 1N0
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$325000

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18 Bolton Drive, Fall River, NS B2T 1A4

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
2,446Sqft
Viewpoint Realty Services Inc.
C$675000

Residential For Sale

18 Bolton Drive, Fall River, NS B2T 1A4
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,446Sqft
Viewpoint Realty Services Inc.
Welcome to 18 Bolton Drive! This family friendly 4 bed / 2 bath home is set well back from the road on a private fenced 1 acre lot. The floor plan is open and bright with large windows in both the main and lower levels. You will love the gorgeous hardwood floors and welcoming eat-in kitchen with patio doors opening to a generously sized BBQ deck. There’s room for everyone in this 2400 sq. ft.
C$675000

Residential For Sale

18 Bolton Drive, Fall River, NS B2T 1A4
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$675000

Residential For Sale

331-3766 Highway 331, Lahave, NS B0R 1C0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
1,694Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$375000

Residential For Sale

331-3766 Highway 331, Lahave, NS B0R 1C0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,694Sqft
RE/MAX Banner Real Estate (Bridgewater)
This delightful 2-storey, 4-bedroom home offers ocean views and the perfect blend of character and comfort. The main level features an eat-in kitchen, formal dining room, cozy den, and a spacious living room warmed by a pellet stove - ideal for relaxed coastal living. Recent upgrades include new doors, windows, and a modern furnace, ensuring efficiency and peace of mind.
C$375000

Residential For Sale

331-3766 Highway 331, Lahave, NS B0R 1C0
RE/MAX Banner Real Estate (Bridgewater)
4Bedroom(s)
1Bathroom(s)
C$375000

Residential For Sale

312-1048 Wellington Street, Halifax, NS B3H 0C2

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
35Picture(s)
700Sqft
RE/MAX Nova (Halifax)
C$564990

Residential For Sale

312-1048 Wellington Street, Halifax, NS B3H 0C2
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
700Sqft
RE/MAX Nova (Halifax)
Welcome to Unit 312 at Gorsebrook Park. Situated in the heart of the prestigious south-end of Halifax, this unit features 2 bedrooms, 2 full bathrooms including an en-suite bathroom, in-suite laundry with room for storage and a private balcony.
C$564990

Residential For Sale

312-1048 Wellington Street, Halifax, NS B3H 0C2
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$564990

Residential For Sale

208 Capstone Crescent, Bedford West, NS B4B 1G9

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
43Picture(s)
2,492Sqft
Royal LePage Atlantic
C$759999

Residential For Sale

208 Capstone Crescent, Bedford West, NS B4B 1G9
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,492Sqft
Royal LePage Atlantic
Step into this beautifully designed home and be instantly impressed by the bright and spacious open-concept main floor, bathed in natural light. The main level features a stylish kitchen complete with granite countertops, a large island with breakfast bar, walk-in pantry with prep sink, and elegant hardwood floors throughout.
C$759999

Residential For Sale

208 Capstone Crescent, Bedford West, NS B4B 1G9
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$759999

Residential For Sale

122 Peter Sosna Drive, Macnabs Cove, NS B0E 3B0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
3,362Sqft
Sotheby's International Realty Canada
C$1098000

Residential For Sale

122 Peter Sosna Drive, Macnabs Cove, NS B0E 3B0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,362Sqft
Sotheby's International Realty Canada
Welcome to your dream retreat on the world-renowned Bras d’Or Lake. This stunning waterfront property offers over 5 acres and 655 feet of private water frontage. A lifestyle that blends everyday comfort with the serenity of lake life. This versatile property is designed for a variety of living options.
C$1098000

Residential For Sale

122 Peter Sosna Drive, Macnabs Cove, NS B0E 3B0
Sotheby's International Realty Canada
5Bedroom(s)
3Bathroom(s)
C$1098000

Residential For Sale

22 Parkview Drive, Oakfield, NS B2T 1B1

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
49Picture(s)
3,919Sqft
RE/MAX Nova
C$2900000

Residential For Sale

22 Parkview Drive, Oakfield, NS B2T 1B1
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,919Sqft
RE/MAX Nova
Welcome to 22 Parkview — Waterfrontage on Grand Lake This stunning home offers the feeling of living at your very own private resort—your perfect escape awaits. Beautifully landscaped front and back and wrapped in timeless Cape Cod wood siding, the property is designed for relaxation, entertainment, and luxury living.
C$2900000

Residential For Sale

22 Parkview Drive, Oakfield, NS B2T 1B1
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$2900000

Residential For Sale

1045 North Side Loch Lomond Road, Loch Lomond, NS B2E 1C4

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
1,296Sqft
Cape Breton Realty
C$389000

Residential For Sale

1045 North Side Loch Lomond Road, Loch Lomond, NS B2E 1C4
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,296Sqft
Cape Breton Realty
First time on the market, this serene and stylish 2-bedroom, 2-bath lakeside retreat is nestled on 5.3 acres with 330 feet of frontage on Loch Lomond Lake; ideal for kayaking, canoeing, fishing, or simply soaking in the peaceful beauty of nature. Built in 2014, this immaculate, single-level 1,300 sq. ft. home was custom designed for comfort and effortless living.
C$389000

Residential For Sale

1045 North Side Loch Lomond Road, Loch Lomond, NS B2E 1C4
Cape Breton Realty
2Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

7 Daylily Lane, Lake Charlotte, NS B0J 1L0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
40Picture(s)
785Sqft
Century 21 Trident Realty Ltd.
C$364000

Residential For Sale

7 Daylily Lane, Lake Charlotte, NS B0J 1L0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
785Sqft
Century 21 Trident Realty Ltd.
This stunningly renovated lakeside retreat is ready to be enjoyed! Featuring an open concept floor plan this home has a small footprint with a big feel. The thoughtfully laid out custom kitchen features both a quartz counters and island, wall oven, farm sink, dining nook and lake views! The spacious primary bedroom has plenty of natural light and double closet.
C$364000

Residential For Sale

7 Daylily Lane, Lake Charlotte, NS B0J 1L0
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$364000

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
1,610Sqft
EXIT Realty Inter Lake
C$799900

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,610Sqft
EXIT Realty Inter Lake
Welcome to lake life at its finest on the breathtaking shores of Molega Lake—one of South Shore's most sought-after destinations for boating, fishing, swimming, and kayaking. Known for its size and scenic coves, Molega is a haven for outdoor lovers and weekend warriors alike.
C$799900

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$799900

Residential For Sale

106 Queen Street, Digby, NS B0V 1A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,522Sqft
Exit Realty Town & Country
C$360000

Residential For Sale

106 Queen Street, Digby, NS B0V 1A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,522Sqft
Exit Realty Town & Country
Welcome Medical Professionals & Growing Families! Happy, move-in ready, classic Victorian Four Square home that stands strong with a timeless exterior. Inside you’ll find a fresh, modern space that offers a true sense of place in an unbeatable location. Renovated and well cared for, the interior is bright and clean, a perfect blend of history and comfort.
C$360000

Residential For Sale

106 Queen Street, Digby, NS B0V 1A0
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$360000

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
1,610Sqft
EXIT Realty Inter Lake
C$799900

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,610Sqft
EXIT Realty Inter Lake
Welcome to lake life at its finest on the breathtaking shores of Molega Lake—one of South Shore's most sought-after destinations for boating, fishing, swimming, and kayaking. Known for its size and scenic coves, Molega is a haven for outdoor lovers and weekend warriors alike.
C$799900

Residential For Sale

436 Harry Freeman Road, Labelle, NS B0T 1E0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$799900
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