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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

176 Willow Street, Hants Border, NS B0P 1P0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
29Picture(s)
1,483Sqft
Viewpoint Realty Services Inc.
C$279000

Residential For Sale

176 Willow Street, Hants Border, NS B0P 1P0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,483Sqft
Viewpoint Realty Services Inc.
Good things come in small packages and this 1.5 story home is certainly a quaint piece of property. With the house, one newer garage with a finished upstairs and a nice shed and storage barn, this house has it all. Inside the master is on the main floor with a walk out sunroom.
C$279000

Residential For Sale

176 Willow Street, Hants Border, NS B0P 1P0
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$279000

Residential For Sale

8433 Highway 3, Charlesville, NS B0W 3B0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
37Picture(s)
1,954Sqft
Keller Williams Select Realty
C$499000

Residential For Sale

8433 Highway 3, Charlesville, NS B0W 3B0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,954Sqft
Keller Williams Select Realty
Modern High-End New Build | 3 Bedrooms | 3 Bathrooms This stunning modern new-build home offers three bedrooms and three bathrooms, designed with both luxury and functionality in mind. The spacious primary suite features a massive ensuite, complete with a soaker tub and stand-alone shower, creating a true private retreat. A large family room provides an ideal space for entertaining.
C$499000

Residential For Sale

8433 Highway 3, Charlesville, NS B0W 3B0
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$499000

Residential For Sale

509 English Mountain Road, Canaan, NS B4N 3V8

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
21Picture(s)
1,036Sqft
Keller Williams Select Realty
C$375000

Residential For Sale

509 English Mountain Road, Canaan, NS B4N 3V8
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,036Sqft
Keller Williams Select Realty
Well-kept home with lots of recent upgrades. Between ski and hiking trails. Searching for a property with potential, this home offers the perfect chance to create your dream country retreat. Featuring 3 bedrooms, 1 bath, and a workshop in the basement, this house sits proudly in a quiet rural setting surrounded by fresh air, open skies.
C$375000

Residential For Sale

509 English Mountain Road, Canaan, NS B4N 3V8
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$375000

Residential For Sale

6 Piers Avenue, Halifax, NS B3N 1Z3

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,225Sqft
Keller Williams Select Realty
C$599900

Residential For Sale

6 Piers Avenue, Halifax, NS B3N 1Z3
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,225Sqft
Keller Williams Select Realty
This lovely 1.5 storey is located in the popular Fairmont subdivision, a great family friendly neighbourhood. The main floor features a side porch area, a great spot for your outdoor gear that conveniently leads to the kitchen. The dining room has hardwood floors and stairs that lead you to the bright sunroom with patio doors to the level, landscaped backyard.
C$599900

Residential For Sale

6 Piers Avenue, Halifax, NS B3N 1Z3
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

94 Tyler Avenue, Onslow Mountain, NS B6L 6W4

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
20Picture(s)
1,587Sqft
PG Direct Realty Ltd.
C$617900

Residential For Sale

94 Tyler Avenue, Onslow Mountain, NS B6L 6W4
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,587Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information.Welcome to this beautifully designed, 1-year-young home offering modern style, fine finishes, and easy one-level living. The bright open-concept main living area features 9-foot ceilings, large south-facing windows, and durable vinyl plank flooring throughout.
C$617900

Residential For Sale

94 Tyler Avenue, Onslow Mountain, NS B6L 6W4
PG Direct Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$617900

Residential For Sale

18 Wilson Drive, Chester, NS B0J 1N0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
11Picture(s)
2,697Sqft
Harbourside Realty Ltd.
C$999900

Residential For Sale

18 Wilson Drive, Chester, NS B0J 1N0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,697Sqft
Harbourside Realty Ltd.
If you are looking for a brand new built home in Chester we have what you are looking for. This home on Wilson Drive's main floor has a spacious kitchen with a large island, a Great room with a cozy fireplace, Primary bedroom with a walk-in closet and ensuite bath. There are two more bedrooms on this level, another full bath, mudroom and laundry.
C$999900

Residential For Sale

18 Wilson Drive, Chester, NS B0J 1N0
Harbourside Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$999900

Residential For Sale

53 Waldeck Line Road, Deep Brook, NS B0S 1J0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
48Picture(s)
2,464Sqft
RE/MAX Banner Real Estate(Annapolis Royal)
C$389000

Residential For Sale

53 Waldeck Line Road, Deep Brook, NS B0S 1J0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,464Sqft
RE/MAX Banner Real Estate(Annapolis Royal)
Escape to your private sanctuary without sacrificing convenience. This beautifully maintained, split-entry family home is nestled on over 3 acres of secluded land, offering a peaceful country lifestyle just minutes from the amenities of Digby and easy highway access.
C$389000

Residential For Sale

53 Waldeck Line Road, Deep Brook, NS B0S 1J0
RE/MAX Banner Real Estate(Annapolis Royal)
3Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

34 Taylor Drive, Middleton, NS B0S 1P0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
31Picture(s)
1,116Sqft
Exit Realty Town & Country
C$319900

Residential For Sale

34 Taylor Drive, Middleton, NS B0S 1P0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,116Sqft
Exit Realty Town & Country
Tucked away on Taylor Drive, this well-kept 3-bdrm bungalow offers an easy, comfortable lifestyle in a location that keeps daily errands close at hand. From the street, the home immediately stands out with its neat gardens, paved driveway with turnaround space and a detached single-car garage with power — ideal for storage, hobbies or a small workshop.
C$319900

Residential For Sale

34 Taylor Drive, Middleton, NS B0S 1P0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$319900

Residential For Sale

42 Highland Drive, New Glasgow, NS B2H 4C5

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
13Picture(s)
761Sqft
Viewpoint Realty Services Inc. (Pictou)
C$99900

Residential For Sale

42 Highland Drive, New Glasgow, NS B2H 4C5
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
761Sqft
Viewpoint Realty Services Inc. (Pictou)
Great opportunity for first-time buyers or those looking to downsize! This 2-bedroom home is located in a family-friendly neighbourhood and offers single-level living with a functional layout. The property features a detached single garage, perfect for storage or workshop use, and a manageable yard with space to personalize.
C$99900

Residential For Sale

42 Highland Drive, New Glasgow, NS B2H 4C5
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
1Bathroom(s)
C$99900

Residential For Sale

208-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

1Bedroom(s)
1Bathroom(s)
NoneParking(s)
36Picture(s)
830Sqft
Atlantis Realty Ltd.
C$450000

Residential For Sale

208-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
1Bedroom(s)
1Bathroom(s)
NoneParking(s)
830Sqft
Atlantis Realty Ltd.
Welcome to unit 208 at The Anchorage! Live by the ocean in this spacious 1 bedroom condo at King's Wharf. Open concept design with quality finishes steps away from the harbour, Alderney Landing ferry, Downtown Dartmouth with shops, restaurants, bars, and much more. The building includes an exercise room, rooftop lounge area with large terrace, BBQ, and underground parking.
C$450000

Residential For Sale

208-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Atlantis Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$450000

Residential For Sale

3551 Highway 2, Economy, NS B0M 1B0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
5Picture(s)
650Sqft
RE/MAX Fairlane Realty
C$91500

Residential For Sale

3551 Highway 2, Economy, NS B0M 1B0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
650Sqft
RE/MAX Fairlane Realty
This is a great 2.52 acre retreat tucked right into Economy River. The back boundary is the Economy River. A camp with its own drilled well and septic system. A large open field next to the camp offers lots of possibilities. You could build a house, build on to the camp, or just have a nice open green space. The camp has a relaxing living room, kitchen and bathroom.
C$91500

Residential For Sale

3551 Highway 2, Economy, NS B0M 1B0
RE/MAX Fairlane Realty
1Bedroom(s)
1Bathroom(s)
C$91500

Residential For Sale

88 Juniper Crescent, Eastern Passage, NS B3G 1E1

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
40Picture(s)
1,184Sqft
Nova Coast Realty Inc.
C$267900

Residential For Sale

88 Juniper Crescent, Eastern Passage, NS B3G 1E1
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,184Sqft
Nova Coast Realty Inc.
Welcome to 88 Juniper Crescent! This lovingly maintained 2007 Prestige mini home offering 1184 sq. ft., an extremely rare four-bedroom layout, and an ideal location in the highly sought-after Birchill Estates in Eastern Passage is ready for new owners! Perfect for families, first-time buyers, downsizers, or anyone looking for affordable, comfortable living close to everything.
C$267900

Residential For Sale

88 Juniper Crescent, Eastern Passage, NS B3G 1E1
Nova Coast Realty Inc.
4Bedroom(s)
2Bathroom(s)
C$267900
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