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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

101-1350 Oxford Court, Halifax, NS B3H 3Y8

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
48Picture(s)
1,090Sqft
RE/MAX Nova (Halifax)
C$727000

Residential For Sale

101-1350 Oxford Court, Halifax, NS B3H 3Y8
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,090Sqft
RE/MAX Nova (Halifax)
Welcome to Oxford Court – A Converted Condo in the Heart of Halifax’s South End. Tucked away in a peaceful, park-like setting surrounded by mature trees, this spacious ground-level 2-bedroom + den/office, 2-bath condo offers the perfect combination of comfort, convenience, and charm.
C$727000

Residential For Sale

101-1350 Oxford Court, Halifax, NS B3H 3Y8
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$727000

Residential For Sale

12 Old Oakland Road, Indian Point, NS B0J 2E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
41Picture(s)
1,040Sqft
Exit Real Estate Professionals
C$369900

Residential For Sale

12 Old Oakland Road, Indian Point, NS B0J 2E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,040Sqft
Exit Real Estate Professionals
Nestled beside a serene tidal marsh and just 10 minutes from Mahone Bay’s Main Street, this lovingly maintained home offers a rare opportunity to embrace a simple, joyful lifestyle in one of Nova Scotia’s most beautiful coastal communities. For over 60 years, this 3-bedroom home has been lived in and loved.
C$369900

Residential For Sale

12 Old Oakland Road, Indian Point, NS B0J 2E0
Exit Real Estate Professionals
3Bedroom(s)
1Bathroom(s)
C$369900

Residential For Sale

110 Kaakwogook Way, Clam Bay, NS B0J 2L0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
37Picture(s)
1,630Sqft
The Agency Real Estate Brokerage
C$745000

Residential For Sale

110 Kaakwogook Way, Clam Bay, NS B0J 2L0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,630Sqft
The Agency Real Estate Brokerage
A Scandinavian-inspired coastal escape located within the exclusive gated community of Abbecombec, 110 Kaakwogook Way blends modern design with the natural beauty of Nova Scotia’s Eastern Shore. Set on 1.
C$745000

Residential For Sale

110 Kaakwogook Way, Clam Bay, NS B0J 2L0
The Agency Real Estate Brokerage
2Bedroom(s)
2Bathroom(s)
C$745000

Residential For Sale

9080 Highway 1, Meteghan River, NS B0W 2L0

5Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
2,910Sqft
RE/MAX Banner Real Estate
C$380000

Residential For Sale

9080 Highway 1, Meteghan River, NS B0W 2L0
5Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,910Sqft
RE/MAX Banner Real Estate
Looking for a move-in ready home near the ocean? Look no further than 9080 Highway 1 in Meteghan River. Perfectly situated in the heart of the Clare community, this charming property offers convenient access to local amenities while boasting breathtaking views of the Bay of Fundy and the serene of the Meteghan River.
C$380000

Residential For Sale

9080 Highway 1, Meteghan River, NS B0W 2L0
RE/MAX Banner Real Estate
5Bedroom(s)
3Bathroom(s)
C$380000

Residential For Sale

76 Archibald Avenue, North Sydney, NS B2A 2X1

4Bedroom(s)
1Bathroom(s)
37Picture(s)
1,527Sqft
Viewpoint Realty Services Inc. (Sydney)
C$369000

Residential For Sale

76 Archibald Avenue, North Sydney, NS B2A 2X1
4Bedroom(s)
1Bathroom(s)
1,527Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 76 Archibald Ave, this stunning 2 storey 4 bedroom home sits on a beautiful lot with gorgeous curb appeal and mature trees . Meticulously maintained and well designed, this home has everything you are looking for.
C$369000

Residential For Sale

76 Archibald Avenue, North Sydney, NS B2A 2X1
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
1Bathroom(s)
C$369000

Residential For Sale

169 Victoria Street, Glace Bay, NS B1A 2Z7

5Bedroom(s)
2Bathroom(s)
NoneParking(s)
20Picture(s)
1,802Sqft
RE/MAX Park Place Inc.
C$189000

Residential For Sale

169 Victoria Street, Glace Bay, NS B1A 2Z7
5Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,802Sqft
RE/MAX Park Place Inc.
This charming 5-bedroom, 2-bathroom home is bursting with character and warmth, featuring stunning hardwood floors that flow throughout. Sitting on an over sized 12,500 sqft lot providing privacy as well as opportunity for further development for the new owners.
C$189000

Residential For Sale

169 Victoria Street, Glace Bay, NS B1A 2Z7
RE/MAX Park Place Inc.
5Bedroom(s)
2Bathroom(s)
C$189000

Residential For Sale

19 Stevens Road, Boutiliers Point, NS B3Z 1T4

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
49Picture(s)
2,324Sqft
Keller Williams Select Realty
C$859000

Residential For Sale

19 Stevens Road, Boutiliers Point, NS B3Z 1T4
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,324Sqft
Keller Williams Select Realty
OPEN HOUSE! Sunday, July 13, 2-4 pm. This rustic, seaside home on St. Margaret’s Bay has four bedrooms and is filled with light and character. Imagine walking to your own beach or watching spectacular sunsets every evening. Renovations have been started in the house over the years and it is priced accordingly, creating an incredible opportunity to own a waterfront home.
C$859000

Residential For Sale

19 Stevens Road, Boutiliers Point, NS B3Z 1T4
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$859000

Residential For Sale

59 Davenport Road, Sydney, NS B1P 5L5

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
23Picture(s)
1,029Sqft
Coldwell Banker Boardwalk Realty
C$179900

Residential For Sale

59 Davenport Road, Sydney, NS B1P 5L5
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,029Sqft
Coldwell Banker Boardwalk Realty
Situated in the heart of Ashby, this well maintained three bedroom, one bathroom home would be perfect for first time home buyers, families, or anyone looking for a great neighborhood. With schools, parks, shopping, and public transit all within walking distance, the location is hard to beat.
C$179900

Residential For Sale

59 Davenport Road, Sydney, NS B1P 5L5
Coldwell Banker Boardwalk Realty
3Bedroom(s)
1Bathroom(s)
C$179900

Residential For Sale

55 Peregrine Crescent, Bedford, NS B4A 3B9

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
3,390Sqft
Century 21 Trident Realty Ltd.
C$999900

Residential For Sale

55 Peregrine Crescent, Bedford, NS B4A 3B9
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,390Sqft
Century 21 Trident Realty Ltd.
Welcome to this stunning two-storey home in the heart of Bedford offering space, style, and an unbeatable location. With five bedrooms, 3.5 bathrooms, and set on a beautiful tree-lined lot, this property is perfect for growing families or anyone who loves to entertain.
C$999900

Residential For Sale

55 Peregrine Crescent, Bedford, NS B4A 3B9
Century 21 Trident Realty Ltd.
5Bedroom(s)
4Bathroom(s)
C$999900

Residential For Sale

102-2677 Gladstone Street, Halifax, NS B3K 0A3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
26Picture(s)
1,279Sqft
RE/MAX Nova
C$669900

Residential For Sale

102-2677 Gladstone Street, Halifax, NS B3K 0A3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,279Sqft
RE/MAX Nova
This quiet location is also one of the best in Halifax for its convenience to groceries, shops, restaurants, and everything else you're looking for! This popular condo building offers more space and amenities than most competing units - at a far better price per square foot than new construction! Well over 1200 sq ft in this bright, spacious two bedroom, two full bath unit with high ceilings and a
C$669900

Residential For Sale

102-2677 Gladstone Street, Halifax, NS B3K 0A3
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$669900

Residential For Sale

3654 Shore Road, Ponds, NS B0K 1G0

1Bedroom(s)
1Bathroom(s)
AttachedParking(s)
23Picture(s)
481Sqft
Results Realty Atlantic Inc.
C$149900

Residential For Sale

3654 Shore Road, Ponds, NS B0K 1G0
1Bedroom(s)
1Bathroom(s)
AttachedParking(s)
481Sqft
Results Realty Atlantic Inc.
Surprise! Welcome to 3654 Shore Rd in Ponds on the mini Cabot Trail! This building's exterior may completely fool you because inside is a shocker! Inside you'll find a stunning one bedroom, one bath apartment style home. Bright, tasteful and unexpected high quality finishes. A gorgeous deck leads off the bedroom that is completely private. The garage has enough room for multiple vehicles.
C$149900

Residential For Sale

3654 Shore Road, Ponds, NS B0K 1G0
Results Realty Atlantic Inc.
1Bedroom(s)
1Bathroom(s)
C$149900

Residential For Sale

234-1477 Lower Water Street, Halifax, NS B3J 3Z4

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
41Picture(s)
1,238Sqft
Keller Williams Select Realty
C$899900

Residential For Sale

234-1477 Lower Water Street, Halifax, NS B3J 3Z4
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,238Sqft
Keller Williams Select Realty
Experience the best of waterfront living in this luxurious condo building located in the heart of Halifax. This spacious 1238 sq. ft.
C$899900

Residential For Sale

234-1477 Lower Water Street, Halifax, NS B3J 3Z4
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$899900
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