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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

33 Clairmount Avenue, Bridgewater, NS B4V 4C7

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
31Picture(s)
1,024Sqft
Engel & Volkers (Lunenburg)
C$237000

Residential For Sale

33 Clairmount Avenue, Bridgewater, NS B4V 4C7
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,024Sqft
Engel & Volkers (Lunenburg)
Welcome to this beautifully updated 3-bedroom, 1-bath mini home, perfectly situated in the desirable LaHave Heights community of Bridgewater. This move-in ready property offers modern comforts and thoughtful upgrades throughout. Step inside to a completely renovated eat-in kitchen featuring stylish cabinetry, and a large island, perfect for casual meals or entertaining.
C$237000

Residential For Sale

33 Clairmount Avenue, Bridgewater, NS B4V 4C7
Engel & Volkers (Lunenburg)
3Bedroom(s)
1Bathroom(s)
C$237000

Residential For Sale

85 Knickle Road, Lunenburg, NS B0J 2C0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
48Picture(s)
1,797Sqft
EXIT Realty Inter Lake
C$575000

Residential For Sale

85 Knickle Road, Lunenburg, NS B0J 2C0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,797Sqft
EXIT Realty Inter Lake
85 Knickle Road – a sweet spot tucked away in a quiet, low-traffic part of town, this is one of those neighbourhoods where kids can ride their bikes and you actually know your neighbours, yet it offers all the charm of the UNESCO Town of Lunenburg right outside your door. This split-entry home has been exceptionally maintained over the years.
C$575000

Residential For Sale

85 Knickle Road, Lunenburg, NS B0J 2C0
EXIT Realty Inter Lake
4Bedroom(s)
3Bathroom(s)
C$575000

Residential For Sale

8 Mallard Avenue, Canaan, NS B4N 0A8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
35Picture(s)
1,494Sqft
Engel & Volkers (Wolfville)
C$554900

Residential For Sale

8 Mallard Avenue, Canaan, NS B4N 0A8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,494Sqft
Engel & Volkers (Wolfville)
This beautifully maintained 3 bedroom, 2 full bath home is nestled in the desirable Canaan Heights. This immaculate single-level home features in-floor electric heating and two heat pumps. A well laid out kitchen overlooking the large living room makes it easy to converse while entertaining in the kitchen.
C$554900

Residential For Sale

8 Mallard Avenue, Canaan, NS B4N 0A8
Engel & Volkers (Wolfville)
3Bedroom(s)
2Bathroom(s)
C$554900

Residential For Sale

22 Apple Drive, Onslow Mountain, NS B6L 6A5

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,970Sqft
Keller Williams Select Realty (Truro)
C$439000

Residential For Sale

22 Apple Drive, Onslow Mountain, NS B6L 6A5
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,970Sqft
Keller Williams Select Realty (Truro)
This lovely home offers an unbeatable location at the end of a quiet cul-de-sac, just 10 minutes from Truro, Debert, and Highway access. With four spacious bedrooms and two modern bathrooms, this property is perfect for families or those who appreciate extra space. The large recreational room features a walk-out, providing easy access to the stunning outdoor area.
C$439000

Residential For Sale

22 Apple Drive, Onslow Mountain, NS B6L 6A5
Keller Williams Select Realty (Truro)
4Bedroom(s)
2Bathroom(s)
C$439000

Residential For Sale

784 Stoney Island Road, Clam Point, NS B0W 1N0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
20Picture(s)
1,152Sqft
RE/MAX Banner Real Estate
C$175000

Residential For Sale

784 Stoney Island Road, Clam Point, NS B0W 1N0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,152Sqft
RE/MAX Banner Real Estate
Are you seeking an affordable home in a great location? Look no further! This 72x16 Prestige mini home may be the perfect fit as it’s situated on just over an acre of land in a desirable area of Cape Sable Island, Nova Scotia. Close to white sand beaches and just minutes from the amenities of Barrington Passage.
C$175000

Residential For Sale

784 Stoney Island Road, Clam Point, NS B0W 1N0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

7993 Shore Road W, Hampton, NS B0S 1L0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
2,560Sqft
RE/MAX Banner Real Estate
C$850000

Residential For Sale

7993 Shore Road W, Hampton, NS B0S 1L0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,560Sqft
RE/MAX Banner Real Estate
Nestled on 16 acres with direct Bay of Fundy shore frontage, this hidden gem offers exceptional privacy at the end of Hampton Beach in scenic Nova Scotia. Tucked away in the peaceful retreat of Gaskill Hollow, you will arrive via a long private lane bordered by a freshwater mountain stream teeming with brook trout.
C$850000

Residential For Sale

7993 Shore Road W, Hampton, NS B0S 1L0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$850000

Residential For Sale

10 Apple Street, Dartmouth, NS B2W 4W2

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
27Picture(s)
934Sqft
Royal LePage Atlantic
C$265000

Residential For Sale

10 Apple Street, Dartmouth, NS B2W 4W2
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
934Sqft
Royal LePage Atlantic
Welcome to 10 Apple Street, a lovely, maintained 3-bedroom, 1-bath mini home nestled in the peaceful and highly desirable community of Westphal Park. This charming home offers both comfort and functionality, perfect for first-time buyers, downsizers, or anyone seeking affordable living in a convenient location.
C$265000

Residential For Sale

10 Apple Street, Dartmouth, NS B2W 4W2
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$265000

Residential For Sale

247 Seasons Drive, Bridgewater, NS B4V 3W1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
36Picture(s)
1,152Sqft
EXIT Realty Inter Lake
C$274900

Residential For Sale

247 Seasons Drive, Bridgewater, NS B4V 3W1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,152Sqft
EXIT Realty Inter Lake
If you have been dreaming of moving to town in a safe and friendly community, with easy and convenient one level living, and all of the convenient town amenities for you to enjoy, then your wait is over! This amazing 3 Bed and 2 Bath Bungalow sits on one of the largest lots you will find in this highly sought after park, offering tons of room for privacy while gardening, relaxing on the expansive
C$274900

Residential For Sale

247 Seasons Drive, Bridgewater, NS B4V 3W1
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$274900

Residential For Sale

3836 Memorial Drive, Halifax, NS B3K 6R6

4Bedroom(s)
4Bathroom(s)
PavedParking(s)
38Picture(s)
2,009Sqft
RE/MAX Nova (Halifax)
C$599000

Residential For Sale

3836 Memorial Drive, Halifax, NS B3K 6R6
4Bedroom(s)
4Bathroom(s)
PavedParking(s)
2,009Sqft
RE/MAX Nova (Halifax)
Location, location, location! Welcome to 3836 Memorial Drive! Located on one of the most convenient, quiet and desirable streets in the sought after North End of Halifax’s peninsula; this carpet free townhome has so much to offer. This home is just in walking distance to NSCC, schools, restaurants, playgrounds and bus stops.
C$599000

Residential For Sale

3836 Memorial Drive, Halifax, NS B3K 6R6
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$599000

Residential For Sale

107 Ocean Avenue, Glace Bay, NS B1A 3V5

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
25Picture(s)
845Sqft
3% Realty Nova Scotia
C$139000

Residential For Sale

107 Ocean Avenue, Glace Bay, NS B1A 3V5
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
845Sqft
3% Realty Nova Scotia
Welcome to 107 Ocean Avenue, a charming home nestled in the heart of beautiful Glace Bay. This delightful property offers comfort, convenience, and modern updates, making it an excellent choice for first-time buyers or down sizers. Inside, you will find two well-sized bedrooms, each providing a cozy, inviting space to unwind.
C$139000

Residential For Sale

107 Ocean Avenue, Glace Bay, NS B1A 3V5
3% Realty Nova Scotia
2Bedroom(s)
1Bathroom(s)
C$139000

Residential For Sale

33 Flatrock Crescent, Beechville, NS B3T 0B0

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
50Picture(s)
1,941Sqft
RE/MAX Nova (Halifax)
C$649900

Residential For Sale

33 Flatrock Crescent, Beechville, NS B3T 0B0
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
1,941Sqft
RE/MAX Nova (Halifax)
On the shores of Lake Lovett, this four-bedroom, 3.5-bath lake view home is sure to please the whole family. The end units - open living room, dining room, and kitchen - are great for entertaining family and friends, and the living room adds side windows with direct lake views. The kitchen features quartz countertops, soft-close drawers, and stainless steel appliances.
C$649900

Residential For Sale

33 Flatrock Crescent, Beechville, NS B3T 0B0
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$649900

Residential For Sale

5257 Highway 10, New Germany, NS B0R 1E0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
22Picture(s)
700Sqft
EXIT Realty Inter Lake
C$439900

Residential For Sale

5257 Highway 10, New Germany, NS B0R 1E0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
700Sqft
EXIT Realty Inter Lake
Great opportunity to be a landlord. This building is home to a 3-bedroom apartment up top and a business rental on the bottom. Both units are currently rented. Apartment is month to month and the tenant on the main level has a 5-year lease. The electrical has been updated along with a new hot water tank and a conditioner.
C$439900

Residential For Sale

5257 Highway 10, New Germany, NS B0R 1E0
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$439900
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