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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

47 Cabin Road, North East Point, NS B0W 2P0

4Bedroom(s)
2Bathroom(s)
40Picture(s)
1,040Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$449999

Residential For Sale

47 Cabin Road, North East Point, NS B0W 2P0
4Bedroom(s)
2Bathroom(s)
1,040Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Oceanfront Opportunity – Two Beachfront Cottages on Cape Sable Island! Escape to the sea with this rare opportunity to own two charming seasonal cottages located directly on the sandy shores of beautiful Cape Sable Island. Wake up to the sound of the waves and enjoy panoramic ocean views from your front deck—this is coastal living at its finest.
C$449999

Residential For Sale

47 Cabin Road, North East Point, NS B0W 2P0
Viewpoint Realty Services Inc. (Barrington Passage)
4Bedroom(s)
2Bathroom(s)
C$449999

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56 Oceansea Drive, Glen Margaret, NS B3Z 3G4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
27Picture(s)
4,912Sqft
Royal LePage Atlantic
C$2795000

Residential For Sale

56 Oceansea Drive, Glen Margaret, NS B3Z 3G4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,912Sqft
Royal LePage Atlantic
Overlooking St. Margaret's Bay, this is one of the most prestigious waterfront properties to be found! Just 35 minutes from Halifax, this custom-designed home sits on a beautifully manicured 52,000 sq ft lot featuring its own boat house, boat launch, dock, pool house and inground pool. Enjoy breathtaking ocean views from every window of this 4900 + sq ft home.
C$2795000

Residential For Sale

56 Oceansea Drive, Glen Margaret, NS B3Z 3G4
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$2795000

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37 Pearlgarden Close, Dartmouth, NS B2X 0C3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
5Picture(s)
2,204Sqft
Royal LePage Atlantic
C$774900

Residential For Sale

37 Pearlgarden Close, Dartmouth, NS B2X 0C3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,204Sqft
Royal LePage Atlantic
Meet Haley! An adorable new 2-storey model presented by Rooftight Homes on Pearlgarden Close in the Parks of Lake Charles, Dartmouth, Nova Scotia! This 4 bedroom 3.5 bathroom home is situated on the first cul-de-sac of the subdivision! This layout efficiently utilizes over 2200 sq/ft of luxurious living space.
C$774900

Residential For Sale

37 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$774900

Residential For Sale

276 Meek Arm Trail, Mount Uniacke, NS B0N 1Z0

2Bedroom(s)
2Bathroom(s)
DrivewayParking(s)
12Picture(s)
948Sqft
PG Direct Realty Ltd.
C$449000

Residential For Sale

276 Meek Arm Trail, Mount Uniacke, NS B0N 1Z0
2Bedroom(s)
2Bathroom(s)
DrivewayParking(s)
948Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Bright, inviting 2-bedroom bungalow located in the desirable Villages of Long Lake, a peaceful community of bare land condominiums just 20 minutes from Bedford. This like-new home features an open-concept layout that seamlessly blends the kitchen, dining and living areas-perfect for both everyday living and entertaining.
C$449000

Residential For Sale

276 Meek Arm Trail, Mount Uniacke, NS B0N 1Z0
PG Direct Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

2785 Ohio East Road, St. Joseph, NS B2G 2K8

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
20Picture(s)
1,872Sqft
Viewpoint Realty Services Inc.(Antigonish)
C$384900

Residential For Sale

2785 Ohio East Road, St. Joseph, NS B2G 2K8
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,872Sqft
Viewpoint Realty Services Inc.(Antigonish)
This lovingly maintained 4-bedroom, 1.5-bath Cape Cod home in the heart of St. Joseph offers timeless charm and a fantastic layout for family living. On the main floor, enjoy the very spacious kitchen and the warmth of beaming hardwood floors in the living and dining area with a classic hearth and mantel—ready for your dream fireplace.
C$384900

Residential For Sale

2785 Ohio East Road, St. Joseph, NS B2G 2K8
Viewpoint Realty Services Inc.(Antigonish)
4Bedroom(s)
2Bathroom(s)
C$384900

Residential For Sale

199 Mcinnis Road, Malagash, NS B0K 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,256Sqft
Royal LePage Cumberland Realty Ltd.
C$749900

Residential For Sale

199 Mcinnis Road, Malagash, NS B0K 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,256Sqft
Royal LePage Cumberland Realty Ltd.
Welcome to this picturesque 75-acre hobby farm, perfectly designed for those seeking the peace, beauty, and fulfillment of country living. With 47 acres of cleared, working fields and the remaining acreage covered in mature woods, this property offers a harmonious blend of productivity and natural charm.
C$749900

Residential For Sale

199 Mcinnis Road, Malagash, NS B0K 1E0
Royal LePage Cumberland Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$749900

Residential For Sale

31 - Unit 704 Kings Wharf Place, Dartmouth, NS B2Y 0C1

1Bedroom(s)
1Bathroom(s)
OtherParking(s)
44Picture(s)
975Sqft
Red Door Realty
C$575000

Residential For Sale

31 - Unit 704 Kings Wharf Place, Dartmouth, NS B2Y 0C1
1Bedroom(s)
1Bathroom(s)
OtherParking(s)
975Sqft
Red Door Realty
Located in the high demand Keelson! This beautiful Kings Wharf corner unit condo is on the front of the building with fabulous views of Halifax Ocean Harbour. The seller is only the second owner and it's no wonder.
C$575000

Residential For Sale

31 - Unit 704 Kings Wharf Place, Dartmouth, NS B2Y 0C1
Red Door Realty
1Bedroom(s)
1Bathroom(s)
C$575000

Residential For Sale

3593 Lake George Road, Norwood, NS B5A 5L6

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,157Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$389000

Residential For Sale

3593 Lake George Road, Norwood, NS B5A 5L6
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,157Sqft
Viewpoint Realty Services Inc. (Shelburne)
3593 Lake George Road, Norwood – A-Frame Retreat with Lake Views, Acreage & Character Set on a picturesque 2.9-acre parcel with a commanding southerly view of Lake Annis, this distinctive 1.5-storey A-frame home blends timeless craftsmanship with incredible potential.
C$389000

Residential For Sale

3593 Lake George Road, Norwood, NS B5A 5L6
Viewpoint Realty Services Inc. (Shelburne)
4Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

1700 King Street, Windsor, NS B0N 2T0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
39Picture(s)
2,400Sqft
Viewpoint Realty Services Inc.
C$479000

Residential For Sale

1700 King Street, Windsor, NS B0N 2T0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
2,400Sqft
Viewpoint Realty Services Inc.
As you are about to leave Windsor, this corner property will catch your eye. With a beautiful hip roof, this three bedroom home has been meticulously cared for and is move in ready. As you enter the side of the house, you will come into the kitchen with maple cupboards and wide open cooking space.
C$479000

Residential For Sale

1700 King Street, Windsor, NS B0N 2T0
Viewpoint Realty Services Inc.
3Bedroom(s)
1Bathroom(s)
C$479000

Residential For Sale

81 Brighton Road, Lockeport, NS B0T 1L0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
20Picture(s)
1,520Sqft
PG Direct Realty Ltd.
C$385500

Residential For Sale

81 Brighton Road, Lockeport, NS B0T 1L0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,520Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Nestled in the seaside town of Lockeport, this bright 3-bed, 2-bath home offers pond views, ocean sounds, and is just a 5-minute walk to one of the South Shores most beautiful beaches.
C$385500

Residential For Sale

81 Brighton Road, Lockeport, NS B0T 1L0
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$385500

Residential For Sale

704 Waverley Road, Dartmouth, NS B2X 2G4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,528Sqft
Exit Real Estate Professionals
C$774900

Residential For Sale

704 Waverley Road, Dartmouth, NS B2X 2G4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,528Sqft
Exit Real Estate Professionals
Discover the unmatched charm, thoughtful design, and high-end craftsmanship of this meticulously built, two-year-young bungalow located at 704 Waverley Road—a home that perfectly blends luxury, efficiency, and future potential.
C$774900

Residential For Sale

704 Waverley Road, Dartmouth, NS B2X 2G4
Exit Real Estate Professionals
3Bedroom(s)
2Bathroom(s)
C$774900

Residential For Sale

124 Tyler Street, Elmsdale, NS B2S 0B4

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
50Picture(s)
2,060Sqft
RE/MAX Nova
C$509900

Residential For Sale

124 Tyler Street, Elmsdale, NS B2S 0B4
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,060Sqft
RE/MAX Nova
This unit is ready to move in with appliances, blinds and bathroom accessories already installed. Welcome to 124 Tyler Street in the popular White Estates Community, Elmsdale NS. Community oriented and Family friendly area at 25 minutes from Dartmouth Crossings and from Halifax and at 10 minutes from the airport surrounded by lots of amenities and great schools.
C$509900

Residential For Sale

124 Tyler Street, Elmsdale, NS B2S 0B4
RE/MAX Nova
3Bedroom(s)
4Bathroom(s)
C$509900
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