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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

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
27Picture(s)
1,008Sqft
RE/MAX Banner Real Estate
C$475000

Residential For Sale

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,008Sqft
RE/MAX Banner Real Estate
Tucked away on the quiet shores of McGill Lake, this charming lakefront bungalow offers the perfect blend of cozy comfort and natural beauty. Set on 3.5 acres with approximately 700 feet of lake frontage, it feels like your own private slice of paradise.
C$475000

Residential For Sale

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$475000

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
1,944Sqft
EXP Realty of Canada Inc.
C$225000

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,944Sqft
EXP Realty of Canada Inc.
Step back in time and feel the charm of this timeless 4-bedroom home nestled on a generous 10,000 sq ft corner lot in the heart of the scenic seaside town of Lockeport. Built to last and brimming with character, this well-loved home offers a rare opportunity to bring your vision to life.
C$225000

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0
EXP Realty of Canada Inc.
4Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

317 Church Road, Little Bras Dor, NS B0E 3A3

8Bedroom(s)
7Bathroom(s)
DoubleParking(s)
50Picture(s)
4,850Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$839000

Residential For Sale

317 Church Road, Little Bras Dor, NS B0E 3A3
8Bedroom(s)
7Bathroom(s)
DoubleParking(s)
4,850Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Step into a piece of Nova Scotian history with Annfield Manor, an extraordinary 8-bedroom, 7-bathroom estate spanning 5,000 square feet over 4 stories and 28 rooms.
C$839000

Residential For Sale

317 Church Road, Little Bras Dor, NS B0E 3A3
Keller Williams Select Realty(Sydney,Townsend St.)
8Bedroom(s)
7Bathroom(s)
C$839000

Residential For Sale

3 Thompson Avenue, North Sydney, NS B2A 1X7

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
18Picture(s)
1,022Sqft
RE/MAX Park Place Inc.
C$139900

Residential For Sale

3 Thompson Avenue, North Sydney, NS B2A 1X7
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,022Sqft
RE/MAX Park Place Inc.
Welcome to this cozy and well-maintained 1.5 storey home, ideally located in the heart of North Sydney and just steps away from all amenities - shops, restaurants, schools, and more are all within walking distance! The main floor offers a spacious and functional layout featuring a kitchen, living room, dining room, and a large back entry with convenient main floor laundry.
C$139900

Residential For Sale

3 Thompson Avenue, North Sydney, NS B2A 1X7
RE/MAX Park Place Inc.
3Bedroom(s)
1Bathroom(s)
C$139900

Residential For Sale

71 Oceancrest Drive, Glace Bay, NS B1A 3T5

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
9Picture(s)
580Sqft
VALMAC REALTY LTD. - 16139
C$229000

Residential For Sale

71 Oceancrest Drive, Glace Bay, NS B1A 3T5
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
580Sqft
VALMAC REALTY LTD. - 16139
Rare 1.3-Acre Property with Renovated Cottage and Development Potential A multitude of possibilities await with this rare 1.3-acre parcel featuring a newly renovated, cottage-style bungalow. Privately nestled among mature vegetation, this unique property offers a quiet, secluded feel—yet it's just steps from the recreation centre, the Savoy Theatre, and a short walk to the downtown core.
C$229000

Residential For Sale

71 Oceancrest Drive, Glace Bay, NS B1A 3T5
VALMAC REALTY LTD. - 16139
2Bedroom(s)
1Bathroom(s)
C$229000

Residential For Sale

15 Maclellan Lane, Martins River, NS B0J 2E0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,000Sqft
Land & Sea Real Estate Services Inc
C$1300000

Residential For Sale

15 Maclellan Lane, Martins River, NS B0J 2E0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,000Sqft
Land & Sea Real Estate Services Inc
L&S #1290. *** Visit Realtor.ca for full 3D walk through *** A Sailors Paradise on a quiet private road, minutes from Mahone bay and Chester. Welcome to the Martin’s River Hilton - a coastal gem nestled on the protected waters of Deep Cove.
C$1300000

Residential For Sale

15 Maclellan Lane, Martins River, NS B0J 2E0
Land & Sea Real Estate Services Inc
3Bedroom(s)
3Bathroom(s)
C$1300000

Residential For Sale

69 Kings Road, Port Hastings, NS B9A 1N9

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
32Picture(s)
1,308Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$249000

Residential For Sale

69 Kings Road, Port Hastings, NS B9A 1N9
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,308Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Well maintained 3 BDRM, 1 BATH bungalow situated on a 16,875 SQ FT lot on Kings Rd, Inverness County just a five minute drive to the town of Port Hawkesbury, and 2 minutes to the Canso Causeway. The main floor hosts the eat in kitchen, featuring ceramic flooring, and patio doors that lead to the front deck, ideal for entertaining. The bright living room, 3 bedrooms, and a full bath.
C$249000

Residential For Sale

69 Kings Road, Port Hastings, NS B9A 1N9
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
1Bathroom(s)
C$249000

Residential For Sale

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
27Picture(s)
1,963Sqft
Excel Real Estate Inc.
C$512000

Residential For Sale

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,963Sqft
Excel Real Estate Inc.
62 Rosalie is a very well appointed, move-in ready, 4 bedroom Bungalow. From the moment you enter the driveway, you are in a very private sanctuary. Hedges enclose the front yard gardens that features flowers and specimen shrubs. The front of the house is clad in impressive architectural stone. Inside, the house has a spacious, sunny living room with hardwood floors and a cosy gas fireplace.
C$512000

Residential For Sale

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8
Excel Real Estate Inc.
4Bedroom(s)
2Bathroom(s)
C$512000

Residential For Sale

21 Barclay Ridge Crescent, Lyons Brook, NS B0K 1H0

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
3,697Sqft
Turning Point Real Estate Limited
C$660000

Residential For Sale

21 Barclay Ridge Crescent, Lyons Brook, NS B0K 1H0
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,697Sqft
Turning Point Real Estate Limited
Tucked into the quiet curve of Barclay Ridge Crescent, this SPACIOUS bungalow offers something rare: the kind of space, comfort, and warmth that invites you to settle in and stay a while. With over two acres of open, sunlit land and just the right touch of trees, it’s a place where childhood memories, family gatherings, and quiet morning moments all have room to unfold.
C$660000

Residential For Sale

21 Barclay Ridge Crescent, Lyons Brook, NS B0K 1H0
Turning Point Real Estate Limited
5Bedroom(s)
3Bathroom(s)
C$660000

Residential For Sale

49 Pearlgarden Close, Dartmouth, NS B2X 0C3

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
5Picture(s)
2,324Sqft
Royal LePage Atlantic
C$744900

Residential For Sale

49 Pearlgarden Close, Dartmouth, NS B2X 0C3
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,324Sqft
Royal LePage Atlantic
Enjoy Dartmouth living with this stunning home by Rooftight Homes. Meet "Rosemary" a 2-storey home situated on Pearlgarden Close, a quiet cul-de-sac in The Parks of Lake Charles, just off of the Waverley Road. With 3 bedrooms and 3.5 bathrooms, this home is a beacon of comfort and style.
C$744900

Residential For Sale

49 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$744900

Residential For Sale

12 Ripine Lane, Pinkneys Point, NS B0W 1B0

4Bedroom(s)
2Bathroom(s)
38Picture(s)
1,563Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$279000

Residential For Sale

12 Ripine Lane, Pinkneys Point, NS B0W 1B0
4Bedroom(s)
2Bathroom(s)
1,563Sqft
Viewpoint Realty Services Inc. (Shelburne)
12 Ripine Lane is being offered for sale for only the second time since it was built in 1905. The home sits on 9.6 partially-wooded acres with sweeping westerly views of the Atlantic and Reef Island. The home is in the heart of Pinkney’s Point, just 20 minutes from downtown Yarmouth.
C$279000

Residential For Sale

12 Ripine Lane, Pinkneys Point, NS B0W 1B0
Viewpoint Realty Services Inc. (Shelburne)
4Bedroom(s)
2Bathroom(s)
C$279000

Residential For Sale

638 French Road, Plympton Station, NS B4P 1Y3

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
503Sqft
Keller Williams Select Realty (Kentville)
C$239000

Residential For Sale

638 French Road, Plympton Station, NS B4P 1Y3
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
503Sqft
Keller Williams Select Realty (Kentville)
This little house is so well-maintained, located across the road from Plympton Lake, the views are relaxing and peaceful. This is a single family home; however would also make a great vacation property. There is electric heat and a heat pump, a good size shed next to the home. Enjoy your morning and evenings sitting on your front deck , just relaxing by the lake.
C$239000

Residential For Sale

638 French Road, Plympton Station, NS B4P 1Y3
Keller Williams Select Realty (Kentville)
1Bedroom(s)
1Bathroom(s)
C$239000
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