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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

83 Golden Horizon Drive, South West Port Mouton, NS B0T 1T0

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
45Picture(s)
756Sqft
Engel & Volkers (Liverpool)
C$370000

Residential For Sale

83 Golden Horizon Drive, South West Port Mouton, NS B0T 1T0
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
756Sqft
Engel & Volkers (Liverpool)
Welcome to 83 Golden Horizon Drive perched on a scenic hill overlooking breathtaking sunsets and a serene natural landscape surrounded by trees. Set on 1.02 acres, this thoughtfully designed 1-bedroom, 1-bath home offers the perfect blend of privacy, craftsmanship and low maintenance living.
C$370000

Residential For Sale

83 Golden Horizon Drive, South West Port Mouton, NS B0T 1T0
Engel & Volkers (Liverpool)
1Bedroom(s)
1Bathroom(s)
C$370000

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536 Wallasey Drive, Upper Clements, NS B0S 1A0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
1,909Sqft
Exit Realty Town & Country
C$749000

Residential For Sale

536 Wallasey Drive, Upper Clements, NS B0S 1A0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,909Sqft
Exit Realty Town & Country
Welcome to 536 Wallasey Drive, Upper Clements—a refined executive bungalow where modern sophistication meets serene natural beauty. Built in 2019 with an energy-efficient ICF foundation, this meticulously maintained 3-bedroom, 2.5-bath home offers a harmonious blend of luxury and comfort. Set on a generous lot, it provides ample room for gardening, entertaining, and enjoying the outdoors.
C$749000

Residential For Sale

536 Wallasey Drive, Upper Clements, NS B0S 1A0
Exit Realty Town & Country
3Bedroom(s)
3Bathroom(s)
C$749000

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325 B-58, Tracadie Island, NS B0H 1A0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
33Picture(s)
624Sqft
EXP Realty of Canada Inc.
C$339000

Residential For Sale

325 B-58, Tracadie Island, NS B0H 1A0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
624Sqft
EXP Realty of Canada Inc.
Perched on a bluff over looking St Georges bay with a panoramic view of Cape Breton Island and Cape George! Peaceful and serene ocean front setting is looking for new owners to enjoy the view of sunrises and sunsets, local Lobster fishers while listening to the sounds of the ocean, Whether your looking to relax with your morning coffee on the deck or entertain friends and family this property all
C$339000

Residential For Sale

325 B-58, Tracadie Island, NS B0H 1A0
EXP Realty of Canada Inc.
2Bedroom(s)
1Bathroom(s)
C$339000

Residential For Sale

6667 Highway 3, Lower Woods Harbour, NS B0W 1G0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
44Picture(s)
1,306Sqft
East Bay Realty Ltd.
C$119000

Residential For Sale

6667 Highway 3, Lower Woods Harbour, NS B0W 1G0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,306Sqft
East Bay Realty Ltd.
This property has been subdivided and does not reflect changes on Property on line mapping and is not waterfront. Full survey is included in property pictures. Priced to sell with Ocean View in South West Nova Scotia ! Absolutely affordable in current market ! Mortgage payment well below any rental property in the area. Do the math ! If you are starting out or want an investment - here you go.
C$119000

Residential For Sale

6667 Highway 3, Lower Woods Harbour, NS B0W 1G0
East Bay Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$119000

Residential For Sale

53 Leary Fraser Road, Dayspring, NS B4V 3J5

2Bedroom(s)
1Bathroom(s)
26Picture(s)
1,106Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$329000

Residential For Sale

53 Leary Fraser Road, Dayspring, NS B4V 3J5
2Bedroom(s)
1Bathroom(s)
1,106Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Surrounded by Nature, this charming home offers a warm, inviting atmosphere with 2 bedrooms plus a den, a full bathroom with a tub, a mudroom, and a laundry room. It's a great option for first-time buyers, those looking to downsize, or anyone seeking a peaceful place to call home.
C$329000

Residential For Sale

53 Leary Fraser Road, Dayspring, NS B4V 3J5
ViewPoint Realty Services Inc.(Lunenburg)
2Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

401 Robie Street, Truro, NS B2N 1L9

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
2,470Sqft
EXP Realty of Canada Inc.
C$510000

Residential For Sale

401 Robie Street, Truro, NS B2N 1L9
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,470Sqft
EXP Realty of Canada Inc.
This two-storey in the heart of Truro has the kind of presence that turns heads - double wired garage, concrete driveway, fenced yard, and tidy landscaping to pull it all together. Inside, the layout's got great flow. You enter through a mudroom that opens into a welcoming foyer with sightlines to that original staircase - a nice touch of character right off the top.
C$510000

Residential For Sale

401 Robie Street, Truro, NS B2N 1L9
EXP Realty of Canada Inc.
3Bedroom(s)
4Bathroom(s)
C$510000

Residential For Sale

13 Livia Meadows, Debert, NS B0M 1G0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
6Picture(s)
1,387Sqft
Air Realty Limited
C$468500

Residential For Sale

13 Livia Meadows, Debert, NS B0M 1G0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,387Sqft
Air Realty Limited
Introducing The Montrose by Livia Properties – Modern Living in Livia Meadows. Discover The Montrose, a beautifully crafted home by Livia Properties, located in the serene community of Livia Meadows – a bare land condominium community located just outside of Truro and only five minutes from the beloved Masstown Market.
C$468500

Residential For Sale

13 Livia Meadows, Debert, NS B0M 1G0
Air Realty Limited
3Bedroom(s)
2Bathroom(s)
C$468500

Residential For Sale

84 George Street, Shelburne, NS B0T 1W0

3Bedroom(s)
1Bathroom(s)
ConcreteParking(s)
32Picture(s)
1,270Sqft
Keller Williams Select Realty (Shelburne)
C$309000

Residential For Sale

84 George Street, Shelburne, NS B0T 1W0
3Bedroom(s)
1Bathroom(s)
ConcreteParking(s)
1,270Sqft
Keller Williams Select Realty (Shelburne)
Welcome to your new beginning at 84 George Street, where comfort meets style in a delightful 1200 sq. ft. single-story home in picturesque Historic Shelburne, Nova Scotia. The home is on a nice sized corner lot that has been lovingly landscaped with many perennials which is easily maintained. The exterior of the home is maintenance free and features a new metal roof.
C$309000

Residential For Sale

84 George Street, Shelburne, NS B0T 1W0
Keller Williams Select Realty (Shelburne)
3Bedroom(s)
1Bathroom(s)
C$309000

Residential For Sale

152 Beaton Road, Coxheath, NS B1L 1A9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
38Picture(s)
1,591Sqft
RE/MAX Park Place Inc.
C$489000

Residential For Sale

152 Beaton Road, Coxheath, NS B1L 1A9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,591Sqft
RE/MAX Park Place Inc.
Welcome to your dream home! Nestled in a tranquil and private area in the much sought after Coxheath community. This stunning 4 year old home offers an exceptional blend of comfort, modern amenities, and outdoor living. With 3 spacious bedrooms, 2 elegent bathrooms- including a beautiful ensuite, you'll find the perfect sanctuary for you and your family.
C$489000

Residential For Sale

152 Beaton Road, Coxheath, NS B1L 1A9
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$489000

Residential For Sale

1528 Highway 201, South Greenwood, NS B0P 1R0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
43Picture(s)
1,518Sqft
RE/MAX Banner Real Estate
C$409000

Residential For Sale

1528 Highway 201, South Greenwood, NS B0P 1R0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,518Sqft
RE/MAX Banner Real Estate
Beautifully renovated bungalow, nestled on a very private 1.9 acre double lot with frontage on a small brook, just minutes from CFB Greenwood. Fully gutted in 2024, the interior has been completely updated with all new insulation, wiring and drywall, showcasing a thoughtful design that includes a mix of hardwood and new vinyl plank flooring throughout.
C$409000

Residential For Sale

1528 Highway 201, South Greenwood, NS B0P 1R0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$409000

Residential For Sale

2376 West Bay Road, Dundee, NS B0E 3K0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
47Picture(s)
576Sqft
Cape Breton Realty
C$199000

Residential For Sale

2376 West Bay Road, Dundee, NS B0E 3K0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
576Sqft
Cape Breton Realty
Welcome to Dundee and to the well-built 17-year-old home. It is just a two-minute walk from the stunning shores of the world-famous Bras d'Or Lake, renowned for fishing, boating, and endless outdoor fun. Whether you're relaxing on nearby sandy beaches or golfing at Dundee Resort just one minute away, this location offers something for everyone.
C$199000

Residential For Sale

2376 West Bay Road, Dundee, NS B0E 3K0
Cape Breton Realty
2Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

1202 Boutilier Branch Road, Kemptville, NS B5A 5P3

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
39Picture(s)
1,001Sqft
Modern Realty
C$299900

Residential For Sale

1202 Boutilier Branch Road, Kemptville, NS B5A 5P3
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,001Sqft
Modern Realty
This beautiful one level cottage is lived in comfortably year round. It sits beautifully with hard wood trees on a point jutting into the river with ~730 ft waterfront; One side is on the river opening with still waters and the other bounded by gentle river rapids eventually flowing into Third Lake. The cottage has one bedroom, 1 bath plus a small loft area.
C$299900

Residential For Sale

1202 Boutilier Branch Road, Kemptville, NS B5A 5P3
Modern Realty
1Bedroom(s)
1Bathroom(s)
C$299900
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