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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

355 Pleasant Street, Yarmouth, NS B5A 2K9

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
31Picture(s)
1,681Sqft
Modern Realty
C$599900

Residential For Sale

355 Pleasant Street, Yarmouth, NS B5A 2K9
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,681Sqft
Modern Realty
Great opportunities don’t come everyday! Here is one to consider in the Town of Yarmouth. 40.75 in the North End + a 39 year old bungalow with multiple out buildings. Coming up the paved driveway, you will fall in love with this setting. The house has had one owner, and features 2 main level bedrooms, full bath, spacious oak kitchen with adjacent half bath and separate laundry room.
C$599900

Residential For Sale

355 Pleasant Street, Yarmouth, NS B5A 2K9
Modern Realty
2Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

571 Turner Point Drive, Walden, NS B0J 2E0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
34Picture(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

10327 Starrs Road, Arcadia, NS B0W 1B0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
31Picture(s)
1,500Sqft
Modern Realty
C$299900

Residential For Sale

10327 Starrs Road, Arcadia, NS B0W 1B0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,500Sqft
Modern Realty
Take a look at this unique property, 28+ acres just seconds from the Starr’s Road shopping district in rapidly growing Yarmouth, Nova Scotia. This property was used as pasture land, but presents many different opportunities for future use.
C$299900

Residential For Sale

10327 Starrs Road, Arcadia, NS B0W 1B0
Modern Realty
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

719-1048 Wellington Street, Halifax, NS B3H 2Z8

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
26Picture(s)
700Sqft
Keller Williams Select Realty
C$596000

Residential For Sale

719-1048 Wellington Street, Halifax, NS B3H 2Z8
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
700Sqft
Keller Williams Select Realty
This popular modern design condo is located in a prime location — A short walking distance to Saint Mary’s University and Halifax Grammar School. 5 minutes drive to Dalhousie University, Sacred Heart School, Armbrae Academy, Hospital, as well as waterfront and other amenities. The buildingbacks onto Gorsebrook Park, offering lush green space and fresh air right at your doorstep.
C$596000

Residential For Sale

719-1048 Wellington Street, Halifax, NS B3H 2Z8
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$596000

Residential For Sale

189 King Street, Digby, NS B0V 1A0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,958Sqft
Press Realty Inc.
C$470000

Residential For Sale

189 King Street, Digby, NS B0V 1A0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,958Sqft
Press Realty Inc.
Timeless Charm Meets Coastal Living at 189 King Street, Digby. If you’ve been dreaming of a home that blends historical elegance with modern comfort — this is it.
C$470000

Residential For Sale

189 King Street, Digby, NS B0V 1A0
Press Realty Inc.
4Bedroom(s)
2Bathroom(s)
C$470000

Residential For Sale

57 Michael Street, Sydney, NS B1P 0J6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
30Picture(s)
1,728Sqft
3% Realty Nova Scotia
C$473000

Residential For Sale

57 Michael Street, Sydney, NS B1P 0J6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,728Sqft
3% Realty Nova Scotia
Welcome to 57 Michael Street, a stunning residence nestled in the sought-after Cossitt Heights subdivision. Situated on over 19,000 sq.ft of lush land backing onto Cossitt Lake, this beautifully crafted home offers the perfect blend of modern elegance and functional living.
C$473000

Residential For Sale

57 Michael Street, Sydney, NS B1P 0J6
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
C$473000

Residential For Sale

43 Stevens Road, East Green Harbour, NS B0T 1L0

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,330Sqft
EXIT Realty Inter Lake
C$424900

Residential For Sale

43 Stevens Road, East Green Harbour, NS B0T 1L0
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,330Sqft
EXIT Realty Inter Lake
Nestled along the rugged coastline of Nova Scotia, 43 Stevens Road offers a rare opportunity to own a private oceanfront retreat just minutes from the charming fishing village of Lockport. This unique property is a homesteader’s dream, combining natural beauty, historical charm, and enormous potential for self-sufficiency.
C$424900

Residential For Sale

43 Stevens Road, East Green Harbour, NS B0T 1L0
EXIT Realty Inter Lake
5Bedroom(s)
4Bathroom(s)
C$424900

Residential For Sale

5874 Cabot Street, Halifax, NS B3K 2K1

4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
40Picture(s)
1,795Sqft
Royal LePage Atlantic
C$839900

Residential For Sale

5874 Cabot Street, Halifax, NS B3K 2K1
4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,795Sqft
Royal LePage Atlantic
Welcome to 5874 Cabot Street! This stunning 2020 built home is located in the heart of Halifax’s sought-after North End. The stylish three-level property offers over 1,780 square feet of comfortable and contemporary living space, ideal for families, professionals, or those looking to enjoy the vibrancy of urban living.
C$839900

Residential For Sale

5874 Cabot Street, Halifax, NS B3K 2K1
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$839900

Residential For Sale

Lot 2a East Petpeswick Road, East Petpeswick, NS B0J 2L0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
15Picture(s)
2,048Sqft
Royal LePage Atlantic (Dartmouth)
C$769000

Residential For Sale

Lot 2a East Petpeswick Road, East Petpeswick, NS B0J 2L0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,048Sqft
Royal LePage Atlantic (Dartmouth)
This thoughtfully designed home maximizes a beautiful view of the Petpeswick inlet and a functional layout fit for the whole family, complete with a detached two car garage. When you enter the home, you walk in to a very large, tiled mudroom on the first floor, where the whole family can pile in out of the elements and dump their boots.
C$769000

Residential For Sale

Lot 2a East Petpeswick Road, East Petpeswick, NS B0J 2L0
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
3Bathroom(s)
C$769000

Residential For Sale

294 Lockview Road, Fall River, NS B2T 1J1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
43Picture(s)
2,642Sqft
Royal LePage Atlantic (Enfield)
C$829900

Residential For Sale

294 Lockview Road, Fall River, NS B2T 1J1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,642Sqft
Royal LePage Atlantic (Enfield)
Welcome to 294 Lockview Road, a beautifully finished split-entry home offering designer style, glimpses of Fletcher’s Lake, and a built-in income suite. The main level boasts a bright, open-concept layout with a custom kitchen featuring LG appliances, stone countertops, and an oversized island.
C$829900

Residential For Sale

294 Lockview Road, Fall River, NS B2T 1J1
Royal LePage Atlantic (Enfield)
4Bedroom(s)
4Bathroom(s)
C$829900

Residential For Sale

6994 Aylesford Road, Factorydale, NS B0P 1C0

4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
38Picture(s)
1,920Sqft
RE/MAX Banner Real Estate
C$499900

Residential For Sale

6994 Aylesford Road, Factorydale, NS B0P 1C0
4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,920Sqft
RE/MAX Banner Real Estate
Discover the charm of country living with this delightful 4-bedroom, 1-bath farmhouse set on approximately 25 picturesque acres. This well-maintained property features a spacious barn with two main-level bays, perfect for horses or other animals—and includes a cooler beneath, adding to its versatility.
C$499900

Residential For Sale

6994 Aylesford Road, Factorydale, NS B0P 1C0
RE/MAX Banner Real Estate
4Bedroom(s)
1Bathroom(s)
C$499900

Residential For Sale

204-182 Farnham Gate Road Road, Halifax, NS B3M 4C4

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
31Picture(s)
900Sqft
Exit Real Estate Professionals
C$327000

Residential For Sale

204-182 Farnham Gate Road Road, Halifax, NS B3M 4C4
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
900Sqft
Exit Real Estate Professionals
In practice, use as 3 bedrooms ! Welcome to 182 Farnham Gate—a bright and spacious condo offering the perfect blend of city convenience and relaxed condo living. Forget yard work and embrace a low-maintenance lifestyle in one of Halifax’s most connected neighborhoods.
C$327000

Residential For Sale

204-182 Farnham Gate Road Road, Halifax, NS B3M 4C4
Exit Real Estate Professionals
2Bedroom(s)
1Bathroom(s)
C$327000
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