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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

135 Borgalds Shore Drive, Chester Basin, NS B0J 1K0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
38Picture(s)
2,346Sqft
Red Door Realty
C$1290000

Residential For Sale

135 Borgalds Shore Drive, Chester Basin, NS B0J 1K0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,346Sqft
Red Door Realty
Welcome to SunovaBeach – a beautifully designed 3 bdrm, 2-bath home offering direct, unobstructed oceanfront with 132 ft of private shoreline on the protected waters of Chester Basin. Built 20 years ago on the land of the beloved family cottage, this year-round home blends modern comfort with timeless coastal charm.
C$1290000

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135 Borgalds Shore Drive, Chester Basin, NS B0J 1K0
Red Door Realty
3Bedroom(s)
2Bathroom(s)
C$1290000

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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
15Picture(s)
823Sqft
Sunrise Brokerage & Sales Ltd.
C$85000

Residential For Sale

314 Cooper Road, Tatamagouche, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
823Sqft
Sunrise Brokerage & Sales Ltd.
Owner is motivated to sell! Finally, an affordable home just outside of the Village. Cooper Road is just 1 km from Tatamagouche Main Street. If you don't mind painting and some fixing up this home could be the one for you, or perhaps a year-round cottage? Two bedrooms and one bath, this was an older mini home which had two additions built on over the years.
C$85000

Residential For Sale

314 Cooper Road, Tatamagouche, NS B0K 1V0
Sunrise Brokerage & Sales Ltd.
2Bedroom(s)
1Bathroom(s)
C$85000

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500 Mill Cove Shore Road, Birchy Head, NS B0J 1T0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
2,080Sqft
Exit Realty Metro
C$749900

Residential For Sale

500 Mill Cove Shore Road, Birchy Head, NS B0J 1T0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,080Sqft
Exit Realty Metro
Welcome to 500 Mill Cove Shore Road! This beautifully maintained home offers a perfect blend of modern elegance and timeless charm. Featuring spacious, light-filled interiors, an upgraded kitchen, and serene outdoor living space, you find comfort and style at every turn. Enjoy high ceilings, refined finishes, and tranquil views throughout.
C$749900

Residential For Sale

500 Mill Cove Shore Road, Birchy Head, NS B0J 1T0
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$749900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
1,304Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$445900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,304Sqft
RE/MAX Banner Real Estate (Bridgewater)
Welcome to Serenity at Sherbrooke Lake! This property is located in the heart of the cottage community and offers whatever lifestyle you desire. This home is situated just back from the lake on over an acre of land. Three bedrooms and two bathrooms on a full foundation, this is a year-round residence or a summer retreat. The open concept kitchen/dining and living room is perfect for entertaining.
C$445900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$445900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
1,304Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$445900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,304Sqft
RE/MAX Banner Real Estate (Bridgewater)
Welcome to Serenity at Sherbrooke Lake! This property is located in the heart of the cottage community and offers whatever lifestyle you desire. This home is situated just back from the lake on over an acre of land. Three bedrooms and two bathrooms on a full foundation, this is a year-round residence or a summer retreat. The open concept kitchen/dining and living room is perfect for entertaining.
C$445900

Residential For Sale

642 High Landing Road, Parkdale, NS B0R 1A0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$445900

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215 Helmuts Lane, Cleveland, NS B0E 1J0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,240Sqft
RE/MAX Park Place Inc.
C$469900

Residential For Sale

215 Helmuts Lane, Cleveland, NS B0E 1J0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,240Sqft
RE/MAX Park Place Inc.
Welcome to your fresh water, riverside retreat nestled on 2.84 acres of picturesque land. This charming chalet-style home offers a serene escape with 285 feet of private riverfront, perfect for fishing, swimming, and enjoying water sports as it flows into the nearby harbour. The expansive yard features a large fenced-in area, ideal for your furry friends to roam freely.
C$469900

Residential For Sale

215 Helmuts Lane, Cleveland, NS B0E 1J0
RE/MAX Park Place Inc.
4Bedroom(s)
3Bathroom(s)
C$469900

Residential For Sale

4820 Highway 215, Summerville, NS B0N 2A0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
40Picture(s)
1,972Sqft
Homelife City & Valley
C$549000

Residential For Sale

4820 Highway 215, Summerville, NS B0N 2A0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,972Sqft
Homelife City & Valley
Spacious 3-Bedroom Bungalow on 1.4 Acres in Scenic Summerville, Hants County, NS Nestled on a beautifully wooded 1.4-acre lot, this expansive 3-bedroom bungalow offers the perfect blend of comfort, privacy, and practicality in picturesque Summerville, Hants County.
C$549000

Residential For Sale

4820 Highway 215, Summerville, NS B0N 2A0
Homelife City & Valley
3Bedroom(s)
2Bathroom(s)
C$549000

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161 Poplar Street, Glace Bay, NS B1A 4M9

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
13Picture(s)
1,737Sqft
Royal LePage Atlantic (Enfield)
C$270000

Residential For Sale

161 Poplar Street, Glace Bay, NS B1A 4M9
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,737Sqft
Royal LePage Atlantic (Enfield)
Welcome to 161 Poplar Street. This charming 4-bedroom, 2-Bathroom home nestled on a generous .32-acre lot. The layout of this home offers comfort, flexibility, ample space and the ability to make it your own.
C$270000

Residential For Sale

161 Poplar Street, Glace Bay, NS B1A 4M9
Royal LePage Atlantic (Enfield)
4Bedroom(s)
2Bathroom(s)
C$270000

Residential For Sale

804 Windermere Road, South Berwick, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,776Sqft
Royal LePage Atlantic (Greenwood)
C$430000

Residential For Sale

804 Windermere Road, South Berwick, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,776Sqft
Royal LePage Atlantic (Greenwood)
Don’t miss this timeless two-storey home set on a private one-acre lot just outside the Town of Berwick. Featuring three bedrooms and two bathrooms, this spacious and functional home offers plenty of charm and character. Enjoy dedicated living spaces including a formal dining room, a bright sunroom, and a convenient mudroom with laundry. Original woodwork throughout adds warmth and appeal.
C$430000

Residential For Sale

804 Windermere Road, South Berwick, NS B0P 1E0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$430000

Residential For Sale

28111 Highway, Moosehead, NS B0J 2K0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
42Picture(s)
1,071Sqft
Keller Williams Select Realty
C$159900

Residential For Sale

28111 Highway, Moosehead, NS B0J 2K0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,071Sqft
Keller Williams Select Realty
Welcome to this ocean view home on Nova Scotia’s Eastern Shore.Enjoy your morning coffee on the front deck with panoramic water views,ocean breezes,and the calming sound of Moosehead Brook. Located just across the road from a sandy beach and just 20 minutes from the friendly town of SheetHarbour.
C$159900

Residential For Sale

28111 Highway, Moosehead, NS B0J 2K0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$159900

Residential For Sale

509 Hall Road, Millville, NS B0P 1C0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
46Picture(s)
2,903Sqft
Royal LePage Atlantic (Greenwood)
C$649000

Residential For Sale

509 Hall Road, Millville, NS B0P 1C0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,903Sqft
Royal LePage Atlantic (Greenwood)
Are you looking for the perfect family home with excellent curb appeal and a country setting? This newer-built home is situated on a 2.3-acre lot, has 5 bedrooms, 3 full baths, and is located 5 mins from 14 Wing Greenwood. A bright, open concept kitchen/dining/living room is on everyone’s wish list.
C$649000

Residential For Sale

509 Hall Road, Millville, NS B0P 1C0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
3Bathroom(s)
C$649000

Residential For Sale

3940 Marble Mountain Road, Lime Hill, NS B0E 2Y0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,247Sqft
RE/MAX County Line Realty Ltd.
C$899900

Residential For Sale

3940 Marble Mountain Road, Lime Hill, NS B0E 2Y0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,247Sqft
RE/MAX County Line Realty Ltd.
WELCOME to 3940 Marble Mountain Road, nestled into a unique and beautiful rural setting property on 5.2 treed acres and sits on the beautiful Bras d’Or Lake in Cape Breaton! This property is truly one of a kind built right into the hill.
C$899900

Residential For Sale

3940 Marble Mountain Road, Lime Hill, NS B0E 2Y0
RE/MAX County Line Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$899900
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