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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

2435 Main Shore Road, Port Maitland, NS B5A 5V1

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
2,414Sqft
Engel & Volkers (Yarmouth)
C$1079000

Residential For Sale

2435 Main Shore Road, Port Maitland, NS B5A 5V1
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,414Sqft
Engel & Volkers (Yarmouth)
Welcome to your coastal retreat! This beautifully updated 1.5-story oceanfront home sits on a 1.4-acre lot with an impressive +/-160 feet of direct shoreline. Whether you're enjoying peaceful morning coffee on the brand-new deck or entertaining guests with panoramic water views, this property offers the ultimate in seaside living.
C$1079000

Residential For Sale

2435 Main Shore Road, Port Maitland, NS B5A 5V1
Engel & Volkers (Yarmouth)
3Bedroom(s)
3Bathroom(s)
C$1079000

Residential For Sale

88 Main Street, Tatamagouche, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
29Picture(s)
885Sqft
Royal LePage Atlantic (Enfield)
C$269900

Residential For Sale

88 Main Street, Tatamagouche, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
885Sqft
Royal LePage Atlantic (Enfield)
Discover the perfect blend of comfort and convenience in this charming 2-bedroom, 1-bathroom ICF Construction-built condo in the heart of Tatamagouche. Ideal for seniors or anyone looking to downsize, this single-level home offers a practical and attractive living solution with many recent upgrades.
C$269900

Residential For Sale

88 Main Street, Tatamagouche, NS B0K 1V0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
1Bathroom(s)
C$269900

Residential For Sale

1286 Elderkin Road, Apple River, NS B0M 1S0

1Bedroom(s)
1Bathroom(s)
OtherParking(s)
50Picture(s)
689Sqft
RE/MAX County Line Realty Ltd.
C$295900

Residential For Sale

1286 Elderkin Road, Apple River, NS B0M 1S0
1Bedroom(s)
1Bathroom(s)
OtherParking(s)
689Sqft
RE/MAX County Line Realty Ltd.
EAST COAST PARADISE RETREAT AVAILABLE AND AWAITING YOUR FINISHING TOUCHES! Whether you envision a private family retreat, multi-generational vacation property, boutique glamping resort or an eco-lodge experience, this is the property for you. This heavenly escape sits on over 4.5 acres with multiple buildings and unlimited potential.
C$295900

Residential For Sale

1286 Elderkin Road, Apple River, NS B0M 1S0
RE/MAX County Line Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$295900

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
1,487Sqft
Viewpoint Realty Services Inc.
C$375000

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,487Sqft
Viewpoint Realty Services Inc.
Looking for the perfect family home with space to grow both inside and out? This 4-bedroom, 2-bathroom home sits on a beautiful 3-acre property, just minutes from the vibrant heart of Tatamagouche – known for its quaint shops, cafés, schools, and coastal charm.
C$375000

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$375000

Residential For Sale

2804 Highway 320, Poulamon, NS B0E 1K0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
40Picture(s)
858Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$165000

Residential For Sale

2804 Highway 320, Poulamon, NS B0E 1K0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
858Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Picturesque Isle Madame with Spectacular ocean views await the new buyer, 6.4 acres of beautiful countryside leading to an ATV trail where one can enjoy, hiking, walking, snow- shoeing + walking distance to a small lake for swimming. Cape Breton offers peace, tranquility, beauty and a slower pace of life.
C$165000

Residential For Sale

2804 Highway 320, Poulamon, NS B0E 1K0
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
2Bathroom(s)
C$165000

Residential For Sale

13187 Highway 2, Central Onslow, NS B6L 5C7

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
38Picture(s)
816Sqft
Keller Williams Select Realty (Truro)
C$339000

Residential For Sale

13187 Highway 2, Central Onslow, NS B6L 5C7
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
816Sqft
Keller Williams Select Realty (Truro)
This beautifully constructed new home is a perfect blend of comfort and potential, situated on a 15,000 square foot lot with breathtaking views of the Bay of Fundy. The spacious lot not only offers ample outdoor space but also allows for the addition of a garage, should that be on your wish list.
C$339000

Residential For Sale

13187 Highway 2, Central Onslow, NS B6L 5C7
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$339000

Residential For Sale

293 Greg Rd, Greenfield, NS B6L 3N5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,506Sqft
Viewpoint Realty Services Inc.
C$459500

Residential For Sale

293 Greg Rd, Greenfield, NS B6L 3N5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,506Sqft
Viewpoint Realty Services Inc.
Welcome to your private paradise! This stunning three-bedroom, two-bathroom log home is a rare gem nestled in nature – just five minutes from the breathtaking Greenfield waterfalls, with direct access through your own backyard trail.
C$459500

Residential For Sale

293 Greg Rd, Greenfield, NS B6L 3N5
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$459500

Residential For Sale

1111 Rockcliffe Street, Halifax, NS B3H 3Y7

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
3,292Sqft
Domus Realty Limited
C$2100000

Residential For Sale

1111 Rockcliffe Street, Halifax, NS B3H 3Y7
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,292Sqft
Domus Realty Limited
Discover a rare opportunity to own a piece of Halifax's prestigious Rockcliffe Street. This meticulously maintained, west-facing home at 1111 Rockcliffe, held by the same family since 1942, masterfully blends classic elegance with modern comfort, all while preserving its original character.
C$2100000

Residential For Sale

1111 Rockcliffe Street, Halifax, NS B3H 3Y7
Domus Realty Limited
4Bedroom(s)
4Bathroom(s)
C$2100000

Residential For Sale

57 Alexandra Avenue, Bridgewater, NS B4V 1H2

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
3,827Sqft
Royal LePage Atlantic (New Minas)
C$769900

Residential For Sale

57 Alexandra Avenue, Bridgewater, NS B4V 1H2
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,827Sqft
Royal LePage Atlantic (New Minas)
Are you tired of not finding the right home? This 2.5-story "plus" home is waiting for its new owner! If you're a growing family looking for space, quality, and a great location, this home is for you. This beautiful 4-bedroom, 2-bath home has so much to offer.
C$769900

Residential For Sale

57 Alexandra Avenue, Bridgewater, NS B4V 1H2
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
C$769900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
C$349900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
Centrally located in the Town of New Glasgow, Walking distance to Downtown shops, Riverfront, New Glasgow Academy School and everyday amenities. This family home has been extensively renovated from the ground up. Offering a convenient from entry, spacious living room with hardwood flooring, beautiful eat in kitchen with quartz countertop and backsplash and large square porcelain flooring.
C$349900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
2,958Sqft
Engel & Volkers
C$699900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,958Sqft
Engel & Volkers
Rare opportunity to live in a large updated 3 bedroom home and have an amazing, versatile separate work space; each with their own entrance, separate heat and power with mixed use zoning. The main house is surrounded by a large beautiful deck overlooking the waters of Terence Bay. With an addition built 7 years ago doubling the size of the house.
C$699900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
1,021Sqft
Royal LePage Atlantic(Stellarton)
C$299900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,021Sqft
Royal LePage Atlantic(Stellarton)
Start the car!!!Ideal starter home or single level living for your retirement.So much potential, with a beautiful large lot to build a garage,start a business or add on for your growing family.This 2 bed 1bath bungalow has everything you need.Newer roof,new deck,new hot water heater,heat pump,new baseboard heaters,new bedroom and bathroom flooring, and the perfect location in Downtown Lyons Brook.
C$299900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$299900
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