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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

401 Highway, Mount Uniacke, NS B0S 1B0

2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,200Sqft
Viewpoint Realty Services Inc.
C$1550000

Residential For Sale

401 Highway, Mount Uniacke, NS B0S 1B0
2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,200Sqft
Viewpoint Realty Services Inc.
Rare find close to Halifax! Long Lane Farm is a 12 acre equestrian centre that has it all – 20 stall barn w/ apartment, 60x150 indoor arena, 100x200 jumper ring, run-ins, paddocks, 2 bed / 3 bath home – AND extensive lakefront on beautiful Pentz Lake! In recent years, the farm has operated as a profitable lesson, boarding & training stable with a reputation for being one of the premier facilit
C$1550000

Residential For Sale

401 Highway, Mount Uniacke, NS B0S 1B0
Viewpoint Realty Services Inc.
2Bedroom(s)
3Bathroom(s)
C$1550000

Residential For Sale

101 Victoria Street, Annapolis Royal, NS B0S 1A0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
48Picture(s)
1,337Sqft
RE/MAX Banner Real Estate
C$274000

Residential For Sale

101 Victoria Street, Annapolis Royal, NS B0S 1A0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,337Sqft
RE/MAX Banner Real Estate
Charming 3-bedroom home on a quiet street in the heart of Annapolis Royal. Lovingly owned by the same family for over 60 years, this solid & move-in ready property offers the perfect blend of charm and convenience, all within walking distance to shops, cafes, boardwalk, school, local amenities, and more.
C$274000

Residential For Sale

101 Victoria Street, Annapolis Royal, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$274000

Residential For Sale

19 Channel Road, Boisdale, NS B1Y 3T2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
24Picture(s)
1,200Sqft
Coldwell Banker Boardwalk Realty
C$140000

Residential For Sale

19 Channel Road, Boisdale, NS B1Y 3T2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,200Sqft
Coldwell Banker Boardwalk Realty
Welcome to 19 channel road! This spacious 3 bedroom 2 bathroom cottage sits on a large lot, with beautiful views of the bras d'or lakes from your front deck and deeded access to the waterfront. Some recent upgrades include new water and sewer lines, new well pump, rain gutter, bathroom updates and a new wood stove for year round use.
C$140000

Residential For Sale

19 Channel Road, Boisdale, NS B1Y 3T2
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$140000

Residential For Sale

362 Middlewood Diversion, Middlewood, NS B4V 6L8

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
1,137Sqft
Sutton Group Professional Realty
C$372500

Residential For Sale

362 Middlewood Diversion, Middlewood, NS B4V 6L8
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,137Sqft
Sutton Group Professional Realty
Welcome to your own own private escape - 362 Middlewood Diversion! This charming and cozy 2-bedroom, 1-bathroom home is nestled on over 10 acres of private land and over 900 feet of river frontage just waiting for a new path to be built through the woods.
C$372500

Residential For Sale

362 Middlewood Diversion, Middlewood, NS B4V 6L8
Sutton Group Professional Realty
2Bedroom(s)
1Bathroom(s)
C$372500

Residential For Sale

2 Cynthia Lane, Milford, NS B0N 1Y0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,184Sqft
Royal LePage Atlantic (Enfield)
C$499900

Residential For Sale

2 Cynthia Lane, Milford, NS B0N 1Y0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,184Sqft
Royal LePage Atlantic (Enfield)
Welcome to this beautiful split-level family home located in the heart of Milford. The middle school and high school are both just a short walk away. This bright and inviting home offers a perfect blend of comfort and style. Inside, the spacious layout includes four bedrooms and two full bathrooms, making it ideal for growing families.
C$499900

Residential For Sale

2 Cynthia Lane, Milford, NS B0N 1Y0
Royal LePage Atlantic (Enfield)
4Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

1084 Ridgewood Drive, Halifax, NS B3H 3Y4

4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
45Picture(s)
2,957Sqft
Royal LePage Atlantic
C$4695000

Residential For Sale

1084 Ridgewood Drive, Halifax, NS B3H 3Y4
4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,957Sqft
Royal LePage Atlantic
Overlooking the North West Arm, this fabulous 4+ bedroom, 3 bath home boasting almost 3000 sq ft of luxury. At the approximately 65 feet of waters edge you will find a wharf & dock for parking your personal watercraft at. Relax on the dock or take the pathway up to the house and enjoy the great outdoors from one of the large decks, one being covered.
C$4695000

Residential For Sale

1084 Ridgewood Drive, Halifax, NS B3H 3Y4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$4695000

Residential For Sale

23-291 Hart Lake Road, Hart Lake, NS B0M 1G0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
35Picture(s)
1,115Sqft
Royal LePage Atlantic (Enfield)
C$215000

Residential For Sale

23-291 Hart Lake Road, Hart Lake, NS B0M 1G0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,115Sqft
Royal LePage Atlantic (Enfield)
Welcome to your perfect getaway! Nestled in the exclusive community of Hart Lake, this charming cottage is the ideal retreat for relaxation and family gatherings. Featuring three inviting bedrooms and one bath, this home seamlessly blends comfort with style. Step inside to discover a spacious open kitchen and living room, designed for creating memorable moments with loved ones.
C$215000

Residential For Sale

23-291 Hart Lake Road, Hart Lake, NS B0M 1G0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
1Bathroom(s)
C$215000

Residential For Sale

72 Drew Street, Glace Bay, NS B1A 0A1

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
20Picture(s)
1,464Sqft
Royal LePage Atlantic (Dartmouth)
C$419900

Residential For Sale

72 Drew Street, Glace Bay, NS B1A 0A1
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,464Sqft
Royal LePage Atlantic (Dartmouth)
If main floor living is what you’re looking for then check out 72 Drew Street. This beautiful 2 year old home with attached garage as well as a second detached garage and paved driveway is located on a cul-de-sac in a family friendly neighborhood. This open concept, 3 bedroom, 2 bathroom home was built for efficiency...
C$419900

Residential For Sale

72 Drew Street, Glace Bay, NS B1A 0A1
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$419900

Residential For Sale

1741 Havre Boucher Road Road, Havre Boucher, NS B0H 1P0

5Bedroom(s)
3Bathroom(s)
31Picture(s)
1,689Sqft
EXP Realty of Canada Inc.
C$474900

Residential For Sale

1741 Havre Boucher Road Road, Havre Boucher, NS B0H 1P0
5Bedroom(s)
3Bathroom(s)
1,689Sqft
EXP Realty of Canada Inc.
Custom-built 1.5-storey home nestled in the charming fishing village of Havre Boucher. Built in 2013, this thoughtfully designed property offers modern comfort, energy efficiency (EnerGuide rating of 85), and breathtaking ocean views from the private primary bedroom balcony. Set back from the road and surrounded by mature trees, the home offers both privacy and a sense of community.
C$474900

Residential For Sale

1741 Havre Boucher Road Road, Havre Boucher, NS B0H 1P0
EXP Realty of Canada Inc.
5Bedroom(s)
3Bathroom(s)
C$474900

Residential For Sale

636 Helene Street, New Glasgow, NS B2H 2Y1

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
16Picture(s)
1,040Sqft
Viewpoint Realty Services Inc. (Pictou)
C$219900

Residential For Sale

636 Helene Street, New Glasgow, NS B2H 2Y1
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,040Sqft
Viewpoint Realty Services Inc. (Pictou)
Nestled in a highly desirable neighborhood, this classic bungalow is brimming with potential! With a little TLC and your creative vision, this property could easily be transformed into your dream home. Offering a cozy layout with plenty of character, it features 3 bedrooms, 1 bathroom, and a spacious living area that invites your personal touch.
C$219900

Residential For Sale

636 Helene Street, New Glasgow, NS B2H 2Y1
Viewpoint Realty Services Inc. (Pictou)
3Bedroom(s)
1Bathroom(s)
C$219900

Residential For Sale

824 Pine Grove Road, Pine Grove, NS B0J 2C0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
1,599Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$439000

Residential For Sale

824 Pine Grove Road, Pine Grove, NS B0J 2C0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,599Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Have you been dreaming of owning an historic and charming farmhouse? Well, here she is resting on a remarkable 1.43-acre property. This magical 2 storey lady sits proud on this lush acreage with lilac bushes, apple trees, cedars and so much more. With her original features still shining through she boasts a full upgrading but still exudes the quaint days of yesteryear.
C$439000

Residential For Sale

824 Pine Grove Road, Pine Grove, NS B0J 2C0
ViewPoint Realty Services Inc.(Lunenburg)
2Bedroom(s)
2Bathroom(s)
C$439000

Residential For Sale

90 Peter Dugas Road, Meteghan, NS B0W 2J0

5Bedroom(s)
1Bathroom(s)
No GarageParking(s)
20Picture(s)
1,015Sqft
Exit Real Estate Professionals
C$149000

Residential For Sale

90 Peter Dugas Road, Meteghan, NS B0W 2J0
5Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,015Sqft
Exit Real Estate Professionals
With its prime location, spacious layout and charming character, 90 Peter Dugas Road presents a fantastic opportunity for homeowners, retirees, or those seeking a vacation getaway, in the vibrant coastal community of Meteghan. This property provides a peaceful setting with all the modern conveniences. The paved driveway leads to the welcoming entrance of the home.
C$149000

Residential For Sale

90 Peter Dugas Road, Meteghan, NS B0W 2J0
Exit Real Estate Professionals
5Bedroom(s)
1Bathroom(s)
C$149000
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