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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

2024 Angell Street, Westville, NS B0K 2A0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
2,332Sqft
Results Realty Atlantic Inc.
C$459000

Residential For Sale

2024 Angell Street, Westville, NS B0K 2A0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,332Sqft
Results Realty Atlantic Inc.
Welcome to this well-maintained four-bedroom home, perfectly designed for modern family living. The main floor features a bright, open-concept kitchen and dining area, ideal for hosting guests or enjoying family meals. From the dining area, patio doors open onto a spacious back deck that overlooks a large, private backyard.
C$459000

Residential For Sale

2024 Angell Street, Westville, NS B0K 2A0
Results Realty Atlantic Inc.
4Bedroom(s)
3Bathroom(s)
C$459000

Residential For Sale

97 Williams Lake Road, Halifax, NS B3P 1T4

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
43Picture(s)
1,025Sqft
Exit Realty Metro
C$585000

Residential For Sale

97 Williams Lake Road, Halifax, NS B3P 1T4
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,025Sqft
Exit Realty Metro
Fully renovated bungalow with a huge unfinished basement for future development or possible in-law suite. Backing onto a wooded area with a nice new deck. The kitchen and upper level has been thoughtfully renovated with quartz counters and huge island. The cozy propane fireplace make the open floor plan warm and inviting.
C$585000

Residential For Sale

97 Williams Lake Road, Halifax, NS B3P 1T4
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$585000

Residential For Sale

13667 Highway #1, Hants Border, NS B0P 1P0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3Picture(s)
1,108Sqft
Parachute Realty
C$399000

Residential For Sale

13667 Highway #1, Hants Border, NS B0P 1P0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,108Sqft
Parachute Realty
Discover the perfect blend of comfort and style in this beautifully designed new construction semi-detached home. Boasting 3 spacious bedrooms and 2 modern bathrooms in a single-level layout. The open-concept kitchen and dining area are ideal for entertaining, while the bright living room provides a cozy space for relaxation.
C$399000

Residential For Sale

13667 Highway #1, Hants Border, NS B0P 1P0
Parachute Realty
3Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

16 Chester Hills Drive, Chester, NS B0J 1J0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
16Picture(s)
1,308Sqft
Parachute Realty
C$454900

Residential For Sale

16 Chester Hills Drive, Chester, NS B0J 1J0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,308Sqft
Parachute Realty
Welcome to Chester Hills, a charming new retirement community in Chester, Nova Scotia. These beautifully designed single-level homes feature 2 bedrooms and 2 modern bathrooms. Inspired by Chester’s timeless charm, each home offers elegant architectural details and high-quality finishes.
C$454900

Residential For Sale

16 Chester Hills Drive, Chester, NS B0J 1J0
Parachute Realty
2Bedroom(s)
2Bathroom(s)
C$454900

Residential For Sale

2049 Angell Street, Westville, NS B0K 2A0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
48Picture(s)
2,717Sqft
Viewpoint Realty Services Inc. (Pictou)
C$495000

Residential For Sale

2049 Angell Street, Westville, NS B0K 2A0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,717Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to 2049 Angell St, this beautiful home offers a great location in a family friendly neighborhood close to schools and all amenities. It's also on a traffic calmed street! The exterior includes a paved driveway, garage, and a walkout basement. Upon entering the house, you will find a foyer that provides a practical ample space for storage and organization.
C$495000

Residential For Sale

2049 Angell Street, Westville, NS B0K 2A0
Viewpoint Realty Services Inc. (Pictou)
3Bedroom(s)
3Bathroom(s)
C$495000

Residential For Sale

80/82 First Street, Middle Sackville, NS B4E 1T1

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
1,872Sqft
Exit Realty Metro
C$649900

Residential For Sale

80/82 First Street, Middle Sackville, NS B4E 1T1
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,872Sqft
Exit Realty Metro
Fully renovated down to the studs in 2022, this legal over-under duplex in Middle Sackville is a turnkey opportunity for investors or owner-occupying buyers. The upper unit offers 3 bedrooms, 1 bathroom, and a bright open-concept layout with modern finishes including stainless steel appliances and quartz countertops. The lower unit feels anything but lower-level.
C$649900

Residential For Sale

80/82 First Street, Middle Sackville, NS B4E 1T1
Exit Realty Metro
5Bedroom(s)
2Bathroom(s)
C$649900

Residential For Sale

2248 North Riverside Road, Boylston, NS B0H 1G0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
5,463Sqft
Viewpoint Realty Services Inc.(Antigonish)
C$1199000

Residential For Sale

2248 North Riverside Road, Boylston, NS B0H 1G0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
5,463Sqft
Viewpoint Realty Services Inc.(Antigonish)
Welcome to a truly exceptional coastal retreat, where luxury meets nature on nearly 10 acres of breathtaking land. With approximately 900 feet of pristine water frontage along Milford Haven River, this remarkable property offers over 20 km of protected boating access to the open waters to Chedabucto Bay on the Eastern Shore of N.S.
C$1199000

Residential For Sale

2248 North Riverside Road, Boylston, NS B0H 1G0
Viewpoint Realty Services Inc.(Antigonish)
4Bedroom(s)
4Bathroom(s)
C$1199000

Residential For Sale

14 Mush A Mush Road, Lower Northfield, NS B4V 8R1

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
1,280Sqft
EXIT Realty Inter Lake
C$550000

Residential For Sale

14 Mush A Mush Road, Lower Northfield, NS B4V 8R1
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,280Sqft
EXIT Realty Inter Lake
Lake Life is Calling at 14 Mush A Mush Road! Here’s your chance to snag a slice of the good life on one of the South Shore’s most loved lakes! Welcome to 14 Mush A Mush Road, where every day feels like a mini vacation and the vibe is 100% laid-back.
C$550000

Residential For Sale

14 Mush A Mush Road, Lower Northfield, NS B4V 8R1
EXIT Realty Inter Lake
2Bedroom(s)
2Bathroom(s)
C$550000

Residential For Sale

103 Ocean Avenue, Glace Bay, NS B1A 3V5

4Bedroom(s)
2Bathroom(s)
22Picture(s)
1,872Sqft
EXP Realty of Canada Inc.
C$85000

Residential For Sale

103 Ocean Avenue, Glace Bay, NS B1A 3V5
4Bedroom(s)
2Bathroom(s)
1,872Sqft
EXP Realty of Canada Inc.
Unlock the potential of 103 Ocean Avenue—a two-storey fixer-upper in the heart of Glace Bay, priced at just C$85,000. Stripped to the studs and offering 1,872 sq ft with 4 bedrooms and 2 full bathrooms, this property is a blank canvas with a new roof (2024) already in place. Breathtaking ocean views offer a standout feature, perfect to highlight with new windows or sliding glass doors.
C$85000

Residential For Sale

103 Ocean Avenue, Glace Bay, NS B1A 3V5
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$85000

Residential For Sale

167 Annis Beach Road, Molega, NS B0T 1E0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
864Sqft
RE/MAX Nova (Halifax)
C$299900

Residential For Sale

167 Annis Beach Road, Molega, NS B0T 1E0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
864Sqft
RE/MAX Nova (Halifax)
Enjoy picturesque views and the sounds of nature from the wrap-around deck, or deeded lake access area just across the road! Brand new, quality construction - Here's a house, cottage or home-away-from home that's freshly completed, and ready for Summer fun! With two spacious bedrooms, vaulted ceilings, and an open concept Living/Dining/Kitchen, this is a great spot to relax, entertain, or enjoy th
C$299900

Residential For Sale

167 Annis Beach Road, Molega, NS B0T 1E0
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

8414 Highway 209, Port Greville, NS B0M 1S0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
40Picture(s)
1,380Sqft
Coldwell Banker Performance Realty
C$299000

Residential For Sale

8414 Highway 209, Port Greville, NS B0M 1S0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,380Sqft
Coldwell Banker Performance Realty
Welcome to 8414 Highway 209 in beautiful Port Greville, NS! This seaside cottage was fully renovated in 2022! It is situated between rolling blueberry hills, forest and the northern coastline of the Bay of Fundy, offering the perfect blend of charm and modern comfort.
C$299000

Residential For Sale

8414 Highway 209, Port Greville, NS B0M 1S0
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$299000

Residential For Sale

2577 Oxford Street, Halifax, NS B3L 2T5

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
34Picture(s)
1,768Sqft
Exit Realty Metro
C$699900

Residential For Sale

2577 Oxford Street, Halifax, NS B3L 2T5
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,768Sqft
Exit Realty Metro
Welcome to 2577 Oxford St. This 3 bedroom, ER-3 zoned property located on the Halifax peninsula offers great options and potential for a single family home or multi-unit redevelopment. The main floor features a large expanded living room with double door walkthrough to the dining room. The kitchen offers ample space for meal prep along with a walkout to the back yard for seasonal enjoyment.
C$699900

Residential For Sale

2577 Oxford Street, Halifax, NS B3L 2T5
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$699900
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