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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

6783 Highway 10 Highway, New Germany, NS B0R 1E0

3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
2,052Sqft
Red Door Realty(Lunenburg)
C$589000

Residential For Sale

6783 Highway 10 Highway, New Germany, NS B0R 1E0
3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
2,052Sqft
Red Door Realty(Lunenburg)
Discover the perfect blend of charm, comfort, and natural beauty with this lovingly restored Victorian home, set on 6.35 acres of peaceful, wooded landscape. Just 6 minutes from the conveniences of New Germany and only 30 minutes to Bridgewater, this property offers the ideal rural escape without sacrificing accessibility.
C$589000

Residential For Sale

6783 Highway 10 Highway, New Germany, NS B0R 1E0
Red Door Realty(Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$589000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
22Picture(s)
712Sqft
Royal LePage Atlantic(Stellarton)
C$364000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
712Sqft
Royal LePage Atlantic(Stellarton)
Resting along the picturesque North Shore of Nova Scotia, this cozy 2 bedroom cottage offers nearly 250 feet of beautiful ocean front - your own piece of paradise. Only 6 years old, this thoughtfully designed home boasts coastal charm, with the bonus option to make this a year-round oasis.
C$364000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$364000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
27Picture(s)
712Sqft
Royal LePage Atlantic(Stellarton)
C$364000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
712Sqft
Royal LePage Atlantic(Stellarton)
Resting along the picturesque North Shore of Nova Scotia, this cozy 2 bedroom cottage offers nearly 250 feet of beautiful ocean front - your own piece of paradise. Only 6 years old, this thoughtfully designed home boasts coastal charm, with the bonus option to make this a year-round oasis.
C$364000

Residential For Sale

565 Caribou Island Road, Caribou Island, NS B0K 1H0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$364000

Residential For Sale

42 Junction Road, Springhill, NS B0M 1X0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
35Picture(s)
1,630Sqft
Royal LePage Cumberland Realty Ltd.
C$299900

Residential For Sale

42 Junction Road, Springhill, NS B0M 1X0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,630Sqft
Royal LePage Cumberland Realty Ltd.
This stately beauty is worth a look! She features a massive in-town lot (300 x 125 - 0.86 of an acre - NOT a typo) that runs from Junction Road right through to Pine Street behind. Beautifully landscaped with perennials, shrubs, mature trees, small apple orchard and the best part - a firepit area to enjoy the summer evenings! Just a beautiful setting throughout the lot.
C$299900

Residential For Sale

42 Junction Road, Springhill, NS B0M 1X0
Royal LePage Cumberland Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

3538 Highway 252, Brook Village, NS B0E 1X0

5Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
3,630Sqft
Engel & Volkers
C$597500

Residential For Sale

3538 Highway 252, Brook Village, NS B0E 1X0
5Bedroom(s)
3Bathroom(s)
GravelParking(s)
3,630Sqft
Engel & Volkers
This home is situated in the perfect rural setting with nearby amenities and tons of charm. Here is your special opportunity to live in a beautifully built five bedroom, two and a half bath home with all the bells and whistles. Newly built in 2010 on a nearly three-acre property in the quaint community of Brook Village, this home is waiting its new family.
C$597500

Residential For Sale

3538 Highway 252, Brook Village, NS B0E 1X0
Engel & Volkers
5Bedroom(s)
3Bathroom(s)
C$597500

Residential For Sale

5260 332 Highway, Middle Lahave, NS B4V 3L9

4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
47Picture(s)
1,507Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$490000

Residential For Sale

5260 332 Highway, Middle Lahave, NS B4V 3L9
4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,507Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Located on the picturesque and desirable Lighthouse Route overlooking the LaHave River, not far from where the River meets the Atlantic Ocean, this home is as strong and solid as the day it was built. If you like retro, this house is for you! There is no arguing that the inside is somewhat dated yet charming in so many ways.
C$490000

Residential For Sale

5260 332 Highway, Middle Lahave, NS B4V 3L9
ViewPoint Realty Services Inc.(Lunenburg)
4Bedroom(s)
1Bathroom(s)
C$490000

Residential For Sale

1156 Riverside Road, New Edinburgh, NS B0W 3T0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
26Picture(s)
1,092Sqft
Royal Lepage Atlantic (Mahone Bay)
C$269900

Residential For Sale

1156 Riverside Road, New Edinburgh, NS B0W 3T0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,092Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to this beautifully maintained 3-bedroom, 1-bath home tucked away on nearly 3 acres in the quiet seaside community of New Edinburgh, just a short drive from Weymouth. Offering the perfect blend of rural tranquility and thoughtful updates, this property is ideal for anyone looking to embrace a slower, more grounded lifestyle.
C$269900

Residential For Sale

1156 Riverside Road, New Edinburgh, NS B0W 3T0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
1Bathroom(s)
C$269900

Residential For Sale

135 Third Avenue, Lakeview, NS B4C 4C9

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
48Picture(s)
3,280Sqft
Viewpoint Realty Services Inc.
C$635000

Residential For Sale

135 Third Avenue, Lakeview, NS B4C 4C9
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,280Sqft
Viewpoint Realty Services Inc.
Here is a big, beautiful multi-generational home located in the small serene community of Lakeview which is located on Rocky Lake where locals enjoy a park, kayak rentals, community trails and so much more… This house is deceivingly spacious with an in-law suite and potential for another secondary suite. Currently there are 3 bedrooms and 2 full bathrooms in the main section of the house.
C$635000

Residential For Sale

135 Third Avenue, Lakeview, NS B4C 4C9
Viewpoint Realty Services Inc.
4Bedroom(s)
3Bathroom(s)
C$635000

Residential For Sale

10 Kissing Bridge Road, Lunenburg, NS B0J 2C0

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
42Picture(s)
1,360Sqft
Red Door Realty(Lunenburg)
C$499999

Residential For Sale

10 Kissing Bridge Road, Lunenburg, NS B0J 2C0
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,360Sqft
Red Door Realty(Lunenburg)
This classic Foursquare home is the perfect blend of historic charm and modern comfort. Perched above Back Harbour, you'll enjoy serene water views and a peaceful setting, all within a short stroll to the vibrant shops, cafes, and galleries that make Lunenburg one of Nova Scotia’s most cherished coastal towns.
C$499999

Residential For Sale

10 Kissing Bridge Road, Lunenburg, NS B0J 2C0
Red Door Realty(Lunenburg)
4Bedroom(s)
2Bathroom(s)
C$499999

Residential For Sale

222 Whitehead Road, Harrietsfield, NS B3V 1B4

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
46Picture(s)
2,449Sqft
Exit Realty Specialists
C$749900

Residential For Sale

222 Whitehead Road, Harrietsfield, NS B3V 1B4
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,449Sqft
Exit Realty Specialists
Looking for space, comfort, and room to grow? Welcome to 222 Whitehead Road – the perfect place for your family to thrive! Set on a generous 1.7-acre lot, this well-maintained home offers the privacy of country living just 15 minutes from downtown Halifax. Designed with families in mind, this home features 3 spacious bedrooms and 3 bathrooms, including a private primary ensuite.
C$749900

Residential For Sale

222 Whitehead Road, Harrietsfield, NS B3V 1B4
Exit Realty Specialists
3Bedroom(s)
3Bathroom(s)
C$749900

Residential For Sale

95 Meech Avenue, North Sydney, NS B2A 1R9

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
29Picture(s)
960Sqft
Century 21 Trident Realty Limited (Sydney)
C$275000

Residential For Sale

95 Meech Avenue, North Sydney, NS B2A 1R9
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
960Sqft
Century 21 Trident Realty Limited (Sydney)
Welcome to 95 Meech Avenue, a well-cared-for home located in the highly sought-after Upper North Sydney neighbourhood. This charming property offers stunning views of the ocean and sits on a beautifully landscaped corner lot that showcases pride of ownership throughout. Boasting a newer metal roof and paved driveways, the home is as practical as it is appealing.
C$275000

Residential For Sale

95 Meech Avenue, North Sydney, NS B2A 1R9
Century 21 Trident Realty Limited (Sydney)
2Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

580 Hwy 1, Mount Denson, NS B0P 1P0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
49Picture(s)
2,247Sqft
Sotheby's International Realty Canada
C$735000

Residential For Sale

580 Hwy 1, Mount Denson, NS B0P 1P0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
2,247Sqft
Sotheby's International Realty Canada
Charming Countryside Home with Commercial Zoning.
C$735000

Residential For Sale

580 Hwy 1, Mount Denson, NS B0P 1P0
Sotheby's International Realty Canada
3Bedroom(s)
1Bathroom(s)
C$735000
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