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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

5 Lillian Court, Elmsdale, NS B2S 0A2

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,620Sqft
Viewpoint Realty Services Inc. (Elmsdale)
C$529900

Residential For Sale

5 Lillian Court, Elmsdale, NS B2S 0A2
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,620Sqft
Viewpoint Realty Services Inc. (Elmsdale)
Are you ready to make your move? Take a peek at this 18-year-old split-entry with a built-in 2-car garage. Situated on a serviced lot in Elmsdale, this 4-bedroom, 2-bath home is ready for a new family. With numerous updates in recent years, it shows beautifully. Both the front and rear decks were just replaced, and the massive fenced-in backyard is perfect for kids, pets, or entertaining.
C$529900

Residential For Sale

5 Lillian Court, Elmsdale, NS B2S 0A2
Viewpoint Realty Services Inc. (Elmsdale)
4Bedroom(s)
2Bathroom(s)
C$529900

Residential For Sale

4 Lois Lane, Simms Settlement, NS B0J 1T0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
968Sqft
Engel & Volkers
C$169900

Residential For Sale

4 Lois Lane, Simms Settlement, NS B0J 1T0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
968Sqft
Engel & Volkers
Welcome to your new home at Lois Lane in this picturesque community on the South Shore of Nova Scotia! This charming three-bedroom, one-bathroom mobile home offers a perfect blend of comfort and convenience. Step inside and discover an inviting layout that maximizes space and functionality, making it ideal for both first-time homebuyers and those looking to downsize.
C$169900

Residential For Sale

4 Lois Lane, Simms Settlement, NS B0J 1T0
Engel & Volkers
3Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

21b-23 Moonlit Ridge, Eastern Passage, NS B3G 0A3

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
1,216Sqft
Royal LePage Atlantic
C$489900

Residential For Sale

21b-23 Moonlit Ridge, Eastern Passage, NS B3G 0A3
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,216Sqft
Royal LePage Atlantic
Nestled in the beautiful private community, The Village at Fisherman's Cove, 23 Moonlit Ridge is a fresh and bright 3 year old home. The heart of this home resides in its open floor plan, offering a welcoming space for both relaxation and entertainment.
C$489900

Residential For Sale

21b-23 Moonlit Ridge, Eastern Passage, NS B3G 0A3
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$489900

Residential For Sale

1159 South Side Harbour Road, Southside Harbour, NS B2G 2L4

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
3,757Sqft
EXP Realty of Canada Inc.
C$990000

Residential For Sale

1159 South Side Harbour Road, Southside Harbour, NS B2G 2L4
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,757Sqft
EXP Realty of Canada Inc.
Majestic 138-Acre Waterfront Estate with Over 3,500 Feet of Frontage. Located just minutes from the town of Antigonish, this extraordinary 138-acre property offers stunning views, unmatched privacy, and approximately 3,500 feet of water frontage on South Side Harbour. Built by Rennie’s Builders Ltd.
C$990000

Residential For Sale

1159 South Side Harbour Road, Southside Harbour, NS B2G 2L4
EXP Realty of Canada Inc.
3Bedroom(s)
2Bathroom(s)
C$990000

Residential For Sale

336 West Lawrencetown Road, Lawrencetown, NS B2Z 1S4

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
1,675Sqft
Royal LePage Atlantic
C$389900

Residential For Sale

336 West Lawrencetown Road, Lawrencetown, NS B2Z 1S4
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,675Sqft
Royal LePage Atlantic
Welcome to **336 West Lawrencetown Road**, an exceptional opportunity to own a charming starter home This delightful property perfectly blends comfort with an unbeatable location, just moments from the region's stunning beaches but still close to town. Step inside this cozy residence to find a practical and inviting layout.
C$389900

Residential For Sale

336 West Lawrencetown Road, Lawrencetown, NS B2Z 1S4
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$389900

Residential For Sale

136 Oldham Road Lot 2c, Enfield, NS B2T 1E2

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
36Picture(s)
2,404Sqft
Engel & Volkers
C$629900

Residential For Sale

136 Oldham Road Lot 2c, Enfield, NS B2T 1E2
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,404Sqft
Engel & Volkers
"The Willow" a 2-storey with a modern exterior is sure to impress with its open- concept layout, solid surface countertops, kitchen cabinetry extended to ceiling, pantry closet, and a dining area that flows onto the rear deck, perfect for family gatherings. Enjoy the convenience of a ductless heat pump on the main level and primary bedroom.
C$629900

Residential For Sale

136 Oldham Road Lot 2c, Enfield, NS B2T 1E2
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$629900

Residential For Sale

12 Starling Street, Halifax, NS B3M 1V8

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,809Sqft
Keller Williams Select Realty
C$699900

Residential For Sale

12 Starling Street, Halifax, NS B3M 1V8
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,809Sqft
Keller Williams Select Realty
Welcome to 12 Starling Street, nestled into the end of a popular cul de sac in sought after Rockingham! This large side split home, with an addition to the side, is perfect for any family looking to grow into the area. Complete with 4 rooms, multiple bathrooms, multiple family rooms and a single attached garage, this home is an exceptional find.
C$699900

Residential For Sale

12 Starling Street, Halifax, NS B3M 1V8
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

259 Dorsay Road, Amherst, NS B4H 3Y2

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,794Sqft
RE/MAX County Line Realty Ltd.
C$687900

Residential For Sale

259 Dorsay Road, Amherst, NS B4H 3Y2
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,794Sqft
RE/MAX County Line Realty Ltd.
WELCOME to this Executive Living on the Amherst Golf Club, located just minutes from downtown Amherst while offering the peace and privacy of a country setting—with county taxes and prime placement on the Amherst Golf Club.
C$687900

Residential For Sale

259 Dorsay Road, Amherst, NS B4H 3Y2
RE/MAX County Line Realty Ltd.
5Bedroom(s)
3Bathroom(s)
C$687900

Residential For Sale

895 Shore Road, Moose Harbour, NS B0T 1K0

1Bathroom(s)
Circular DrivewayParking(s)
43Picture(s)
804Sqft
Royal Lepage Atlantic (Mahone Bay)
C$875000

Residential For Sale

895 Shore Road, Moose Harbour, NS B0T 1K0
1Bathroom(s)
Circular DrivewayParking(s)
804Sqft
Royal Lepage Atlantic (Mahone Bay)
Calling all nature lovers! Welcome to 895 Shore Road – where over 9 acres of unspoiled land (4 acres are raw and untouched) and more than 800 feet of rocky oceanfront come together to create your own private coastal escape. If you’ve been dreaming of a place where nature sets the pace and ocean views greet you each morning, this might be the paradise you’ve been waiting for.
C$875000

Residential For Sale

895 Shore Road, Moose Harbour, NS B0T 1K0
Royal Lepage Atlantic (Mahone Bay)
1Bathroom(s)
C$875000

Residential For Sale

18 Sailors Trail, Eastern Passage, NS B3G 0A3

2Bedroom(s)
3Bathroom(s)
SingleParking(s)
28Picture(s)
1,800Sqft
PLUMB LINE REALTY INC. - 12234
C$599900

Residential For Sale

18 Sailors Trail, Eastern Passage, NS B3G 0A3
2Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,800Sqft
PLUMB LINE REALTY INC. - 12234
Amazing water views overlooking the beach & boardwalk! Welcome to your seaside dream home!! This is the last available home in the spectacular new design by Provident - a two storey condo townhome at the entrance of the outstanding seaside community called The Village at Fisherman’s Cove, across from the boardwalk at MacCormack's Beach.
C$599900

Residential For Sale

18 Sailors Trail, Eastern Passage, NS B3G 0A3
PLUMB LINE REALTY INC. - 12234
2Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

1242 Highway 201, Round Hill, NS B0S 1A0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,733Sqft
RE/MAX Banner Real Estate
C$539000

Residential For Sale

1242 Highway 201, Round Hill, NS B0S 1A0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,733Sqft
RE/MAX Banner Real Estate
This extensively rebuilt home in Round Hill sits on 70 elevated acres with views over the Annapolis Valley, a thoughtfully finished interior, and the groundwork in place for a future hobby farm. When purchased in 2021, the house was nearly down to the studs. Since then, it has been carefully rebuilt. Everything inside is new: drywall, flooring, kitchen, bathrooms, appliances, and paint.
C$539000

Residential For Sale

1242 Highway 201, Round Hill, NS B0S 1A0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$539000

Residential For Sale

6588 Highway 3, Lower Woods Harbour, NS B0W 2E0

3Bedroom(s)
1Bathroom(s)
32Picture(s)
924Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$199000

Residential For Sale

6588 Highway 3, Lower Woods Harbour, NS B0W 2E0
3Bedroom(s)
1Bathroom(s)
924Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Here is a move in ready home that will cover all your needs! Located in the fishing community of lower woods Harbour, this home offers an ocean view. It has been well maintained with upgrades to most windows and doors as well as the plumbing over the last 10 years. There are multiple heat sources including baseboard, wood stove, and a heat pump which can also cool in the summer.
C$199000

Residential For Sale

6588 Highway 3, Lower Woods Harbour, NS B0W 2E0
Viewpoint Realty Services Inc. (Barrington Passage)
3Bedroom(s)
1Bathroom(s)
C$199000
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