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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

652 Port Lorne Road, Port Lorne, NS B0S 1R0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
2,160Sqft
RE/MAX Banner Real Estate
C$529000

Residential For Sale

652 Port Lorne Road, Port Lorne, NS B0S 1R0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,160Sqft
RE/MAX Banner Real Estate
Perched proudly on the edge of the world where the land sighs into the sea, this oceanfront century home is a true maritime dreamscape brought to life. With sweeping panoramic views of the legendary Bay of Fundy and a front-row seat to a quaint historic fishing wharf, this home delivers soul-soothing sights and the lullaby of rolling waves and a nearby brook every single day.
C$529000

Residential For Sale

652 Port Lorne Road, Port Lorne, NS B0S 1R0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$529000

Residential For Sale

46 Holmes Hill Road Unit A, Hantsport, NS B0P 1P0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
2,322Sqft
One Percent Realty East Inc.
C$399900

Residential For Sale

46 Holmes Hill Road Unit A, Hantsport, NS B0P 1P0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,322Sqft
One Percent Realty East Inc.
Beautifully renovated 2-bedroom, 2-bath bungalow in the heart of Hantsport. Known for its strong sense of identity and family-friendly atmosphere, Hantsport offers the perfect blend of historical charm and modern convenience. Located just 10 minutes from Windsor and under an hour to Halifax, this is small-town living without compromise.
C$399900

Residential For Sale

46 Holmes Hill Road Unit A, Hantsport, NS B0P 1P0
One Percent Realty East Inc.
2Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

727 Four Mile Brook Road, Four Mile Brook, NS B0K 1H0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
36Picture(s)
580Sqft
Blinkhorn Real Estate Ltd.
C$77500

Residential For Sale

727 Four Mile Brook Road, Four Mile Brook, NS B0K 1H0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
580Sqft
Blinkhorn Real Estate Ltd.
This charming 20x24 A-frame cottage is tucked away in a peaceful wooded glen, offering a cozy, retreat-like atmosphere ideal for recreational getaways. Designed with an open-concept kitchen and living area, the home features a lofted bedroom that overlooks the main living space, accessible by folding stairs.
C$77500

Residential For Sale

727 Four Mile Brook Road, Four Mile Brook, NS B0K 1H0
Blinkhorn Real Estate Ltd.
1Bedroom(s)
1Bathroom(s)
C$77500

Residential For Sale

571 Turner Point Drive, Walden, NS B0J 2E0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
956Sqft
EXP Realty of Canada Inc.
C$282500

Residential For Sale

571 Turner Point Drive, Walden, NS B0J 2E0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
956Sqft
EXP Realty of Canada Inc.
Cottage life! Lake life! Imagine a chalet style cottage nestled amongst the trees in a private subdivision with access to one of the largest lakes in Nova Scotia, Sherbrooke Lake. Enjoy your days boating, fishing and swimming in the lake, and cozy evenings roasting marshmallows and counting the stars.
C$282500

Residential For Sale

571 Turner Point Drive, Walden, NS B0J 2E0
EXP Realty of Canada Inc.
2Bedroom(s)
2Bathroom(s)
C$282500

Residential For Sale

16 Garden Lane, Mahone Bay, NS B0J 2E0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,227Sqft
Royal LePage Atlantic
C$614900

Residential For Sale

16 Garden Lane, Mahone Bay, NS B0J 2E0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,227Sqft
Royal LePage Atlantic
In one of Nova Scotia's finest & most vibrant Seaside Towns, filled with charming homes with incredible architecture of yesteryear, you will find one of Mahone Bay's finest homes with stand out features. Seller magically blends the character & charm of old and the energy of new, this stunning gem is a testament to the past while offering the conveniences of the present.
C$614900

Residential For Sale

16 Garden Lane, Mahone Bay, NS B0J 2E0
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$614900

Residential For Sale

69 Anchor Drive, Halifax, NS B3N 3B9

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
49Picture(s)
2,129Sqft
Bryant Realty Atlantic
C$1399000

Residential For Sale

69 Anchor Drive, Halifax, NS B3N 3B9
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,129Sqft
Bryant Realty Atlantic
Nova Scotia, Northwest Arm luxury living! 69 Anchor Drive, a one-of-a-kind stately English end-unit townhouse on Regatta Point. This luxurious 4-bedroom 3.5 bath, 2-storey freehold home with above-grade basement offers breathtaking ocean views from every floor. The beautifully landscaped backyard is a gardeners dream, connecting to the boardwalk and bordering Regatta Park.
C$1399000

Residential For Sale

69 Anchor Drive, Halifax, NS B3N 3B9
Bryant Realty Atlantic
4Bedroom(s)
4Bathroom(s)
C$1399000

Residential For Sale

305-476 Main Street, Mahone Bay, NS B0J 2E0

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
42Picture(s)
1,264Sqft
Red Door Realty(20036)
C$429000

Residential For Sale

305-476 Main Street, Mahone Bay, NS B0J 2E0
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,264Sqft
Red Door Realty(20036)
Experience the change of the seasons in this South facing suite. Two bedroom, two bathroom spacious unit in "The Quinlan". The amenities of urban living, yet in the idyllic seaside town of Mahone Bay. Ample size rooms and storage, underground parking, large common space, and beautiful outdoor space. The large windows and deck provide views of the beautiful Maggie Maggie River below.
C$429000

Residential For Sale

305-476 Main Street, Mahone Bay, NS B0J 2E0
Red Door Realty(20036)
2Bedroom(s)
2Bathroom(s)
C$429000

Residential For Sale

6729 Highway 366, Amherst Shore, NS B0L 1E0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
32Picture(s)
1,400Sqft
Royal LePage Cumberland Realty Ltd.
C$289900

Residential For Sale

6729 Highway 366, Amherst Shore, NS B0L 1E0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,400Sqft
Royal LePage Cumberland Realty Ltd.
Welcome to this charming 3 Bedroom, 2-bathroom home nestled in one of the most picturesque areas of Cumberland County! Situated on just under an acre of land, this beautifully updated home offers everything you need to enjoy the peaceful, fresh-air lifestyle that country living provides.
C$289900

Residential For Sale

6729 Highway 366, Amherst Shore, NS B0L 1E0
Royal LePage Cumberland Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$289900

Residential For Sale

1112 Morse Lane, Centreville, NS B0P 1J0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
19Picture(s)
1,624Sqft
Keller Williams Select Realty (Kentville)
C$349900

Residential For Sale

1112 Morse Lane, Centreville, NS B0P 1J0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,624Sqft
Keller Williams Select Realty (Kentville)
Over/Under Duplex in Centreville – Great Investment Opportunity! Looking for a fantastic home with rental income potential? This over/under duplex is a perfect fit! Main Level: Move-in ready, offering a spacious kitchen, inviting living room, and two comfortable bedrooms. Lower Level: Currently rented for $675/month, with tenant covering their own heat, lights, and hot water.
C$349900

Residential For Sale

1112 Morse Lane, Centreville, NS B0P 1J0
Keller Williams Select Realty (Kentville)
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

10 Atkinson Lane, Gulf Shore, NS B0K 1L0

2Bedroom(s)
1Bathroom(s)
WiredParking(s)
34Picture(s)
672Sqft
RE/MAX County Line Realty Ltd.
C$399900

Residential For Sale

10 Atkinson Lane, Gulf Shore, NS B0K 1L0
2Bedroom(s)
1Bathroom(s)
WiredParking(s)
672Sqft
RE/MAX County Line Realty Ltd.
THIS LOVELY 2-bedroom home sits on a partial foundation. Ideal for family or great for empty nesters with all your requirements on the main floor. This home is energy efficient! Entering from the main door you walk into the living room, well-appointed eat in kitchen with a patio door access the back new deck, ideal for entertaining or family functions.
C$399900

Residential For Sale

10 Atkinson Lane, Gulf Shore, NS B0K 1L0
RE/MAX County Line Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$399900

Residential For Sale

4855 Barronsfield Road, Barronsfield, NS B0L 1G0

GravelParking(s)
17Picture(s)
2,172Sqft
Royal LePage Atlantic (Enfield)
C$270000

Residential For Sale

4855 Barronsfield Road, Barronsfield, NS B0L 1G0
GravelParking(s)
2,172Sqft
Royal LePage Atlantic (Enfield)
A rare offering of 181.5 acres of beautiful, diverse land, this property is a true gem for those seeking privacy, agricultural potential, or development opportunities.
C$270000

Residential For Sale

4855 Barronsfield Road, Barronsfield, NS B0L 1G0
Royal LePage Atlantic (Enfield)
C$270000

Residential For Sale

130 Tomahawk Run, Hammonds Plains, NS B4B 1Z5

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,816Sqft
EXP Realty of Canada Inc.
C$725000

Residential For Sale

130 Tomahawk Run, Hammonds Plains, NS B4B 1Z5
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,816Sqft
EXP Realty of Canada Inc.
The Ultimate Basecamp for Your Passions - Home, Workshop & Privacy in One! Whether you're an outdoor enthusiast, a hands-on hobbyist, or an entrepreneur needing space to create - this Hammonds Plains property delivers.  Tucked away on a private 2.
C$725000

Residential For Sale

130 Tomahawk Run, Hammonds Plains, NS B4B 1Z5
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$725000
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