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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

20 Silvers Lane, Eastern Passage, NS B3G 1M4

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
17Picture(s)
1,078Sqft
RE/MAX Nova (Halifax)
C$369900

Residential For Sale

20 Silvers Lane, Eastern Passage, NS B3G 1M4
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,078Sqft
RE/MAX Nova (Halifax)
Just a short stroll from the scenic Fisherman’s Cove, this charming 3-bedroom, 1-bathroom home is situated on a corner lot with sought-after C-2 Commercial Zoning. Offering the perfect blend of residential comfort and future potential, this property provides homeowners with the flexibility to enjoy a peaceful living space while also benefiting from commercial opportunities down the road.
C$369900

Residential For Sale

20 Silvers Lane, Eastern Passage, NS B3G 1M4
RE/MAX Nova (Halifax)
3Bedroom(s)
1Bathroom(s)
C$369900

Residential For Sale

6869 Highway 2, Bass River, NS B0M 1R0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
36Picture(s)
1,180Sqft
Keller Williams Select Realty (Truro)
C$284000

Residential For Sale

6869 Highway 2, Bass River, NS B0M 1R0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,180Sqft
Keller Williams Select Realty (Truro)
Welcome to your dream retreat! This delightful three-bedroom, two-bathroom mini home is nestled on a spacious1.18-acre lot, offering the perfect blend of comfort and tranquility. Enjoy the privacy of a master bedroom located on one end of the home, complete with a luxurious 4-piece ensuite bathroom.
C$284000

Residential For Sale

6869 Highway 2, Bass River, NS B0M 1R0
Keller Williams Select Realty (Truro)
3Bedroom(s)
2Bathroom(s)
C$284000

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1815 East Dalhousie Road, East Dalhousie, NS B0R 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
603Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$189000

Residential For Sale

1815 East Dalhousie Road, East Dalhousie, NS B0R 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
603Sqft
RE/MAX Banner Real Estate (Bridgewater)
Looking for a forested acreage with a cozy home base to enjoy the outdoors? This 38-acre property in East Dalhousie may be just what you’ve been searching for. Set in a cleared area with road visibility and year-round access from a paved secondary road, this 2-bedroom, 1-bath bungalow offers comfort and practicality in a region known for its lakes, trails, fishing, and hunting.
C$189000

Residential For Sale

1815 East Dalhousie Road, East Dalhousie, NS B0R 1H0
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
1Bathroom(s)
C$189000

Residential For Sale

32 And 36 Mary Jollimore Road, Terence Bay, NS B3T 1X8

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,500Sqft
Royal LePage Atlantic
C$1290000

Residential For Sale

32 And 36 Mary Jollimore Road, Terence Bay, NS B3T 1X8
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,500Sqft
Royal LePage Atlantic
Welcome to 32&36 Mary Jollimore Rd, a stunning home located at the mouth of Terence Bay. This unique property is ideal for seaside living, with a prime location, close to the ocean and forest, a solid concrete dock, sun-drenched water, and fresh air rich in oxygen. The building is made entirely of logs, showing a classic and warm classical beauty, a perfect blend of nature and art.
C$1290000

Residential For Sale

32 And 36 Mary Jollimore Road, Terence Bay, NS B3T 1X8
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$1290000

Residential For Sale

179 Brunello Boulevard Lot 20, Timberlea, NS B3T 0J3

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
5Picture(s)
2,302Sqft
Engel & Volkers
C$739900

Residential For Sale

179 Brunello Boulevard Lot 20, Timberlea, NS B3T 0J3
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,302Sqft
Engel & Volkers
Discover The Maple by Ramar Homes, where modern design meets everyday comfort in the sought-after Brunello Estates golf community.
C$739900

Residential For Sale

179 Brunello Boulevard Lot 20, Timberlea, NS B3T 0J3
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$739900

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
26Picture(s)
974Sqft
Sutton Group Professional Realty
C$399900

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
974Sqft
Sutton Group Professional Realty
Welcome to 78A Old Sambro Road, a bright and inviting semi-detached home just steps from Long Lake Park, known for its beautiful swimming spots and scenic walking trails. Offering 3 bedrooms, 1.5 bathrooms, and efficient propane heating, this property blends comfort, convenience, and value.
C$399900

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

185 West Caledonia Road, Caledonia, NS B0T 1B0

4Bedroom(s)
1Bathroom(s)
WiredParking(s)
38Picture(s)
2,007Sqft
EXIT Realty Inter Lake (Liverpool)
C$179000

Residential For Sale

185 West Caledonia Road, Caledonia, NS B0T 1B0
4Bedroom(s)
1Bathroom(s)
WiredParking(s)
2,007Sqft
EXIT Realty Inter Lake (Liverpool)
Here is a fantastic property only 15 minutes to the incredible Kejimkujik National Park, 50 minutes to the beautiful Annapolis Royal and just over 1/2 an hour to quaint Liverpool with its restaurants, white sand beaches and renowned Astor Theatre. This home has good bones and sits on slightly more than 1 acre. The kitchen is large enough for multiple cooks at a time.
C$179000

Residential For Sale

185 West Caledonia Road, Caledonia, NS B0T 1B0
EXIT Realty Inter Lake (Liverpool)
4Bedroom(s)
1Bathroom(s)
C$179000

Residential For Sale

7643 Hwy#2 Highway, West Brook, NS B0M 1W0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
27Picture(s)
1,783Sqft
Royal LePage Cumberland Realty Ltd.
C$279900

Residential For Sale

7643 Hwy#2 Highway, West Brook, NS B0M 1W0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,783Sqft
Royal LePage Cumberland Realty Ltd.
Sitting on an acre of level cleared land this adorable home has tons to offer! The home has 4 bedrooms and lots of room for a large family. The main floor boasts two bedrooms, bath, laundry, office, mud room and a spacious living room complete with a wood stove for those chilly nights.
C$279900

Residential For Sale

7643 Hwy#2 Highway, West Brook, NS B0M 1W0
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$279900

Residential For Sale

405-5572 North Ridge Road, Halifax, NS B3K 5K2

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
32Picture(s)
460Sqft
RE/MAX Nova (Halifax)
C$333000

Residential For Sale

405-5572 North Ridge Road, Halifax, NS B3K 5K2
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
460Sqft
RE/MAX Nova (Halifax)
Here's a chance to live on the Halifax Peninsula with easy access to major roadways, green spaces, NSCC IT campus, or the Halifax hydrostone! This 1 Bedroom condo features stainless steel appliances, updated bath, new vinyl flooring and a neutral decor. Although this is one of the smaller North Ridge condo units, that also means it has one of the lowest condo fees; $351.
C$333000

Residential For Sale

405-5572 North Ridge Road, Halifax, NS B3K 5K2
RE/MAX Nova (Halifax)
1Bedroom(s)
1Bathroom(s)
C$333000

Residential For Sale

167 Ravines Drive, Bedford South, NS B4A 0B8

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
36Picture(s)
3,425Sqft
Royal LePage Atlantic
C$974000

Residential For Sale

167 Ravines Drive, Bedford South, NS B4A 0B8
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,425Sqft
Royal LePage Atlantic
Located in the heart of The Ravines, one of Bedford’s most desirable communities, this 5-bedroom, 3.5-bathroom home offers the perfect blend of space, style, and comfort for family living.Step inside to a bright, open layout filled with natural light, gleaming hardwood floors, and elegant staircases leading to both the upper and lower levels.
C$974000

Residential For Sale

167 Ravines Drive, Bedford South, NS B4A 0B8
Royal LePage Atlantic
5Bedroom(s)
4Bathroom(s)
C$974000

Residential For Sale

36 North Street, Lockeport, NS B0T 1L0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,452Sqft
Keller Williams Select Realty (Shelburne)
C$439000

Residential For Sale

36 North Street, Lockeport, NS B0T 1L0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,452Sqft
Keller Williams Select Realty (Shelburne)
Welcome to this beautifully updated and spacious home, ideally located in the picturesque coastal town of Lockeport. Just a short walk from stunning white sand beaches, and local amenities, this property offers the perfect blend of comfort, convenience, and seaside living.
C$439000

Residential For Sale

36 North Street, Lockeport, NS B0T 1L0
Keller Williams Select Realty (Shelburne)
3Bedroom(s)
2Bathroom(s)
C$439000

Residential For Sale

25-1 Weir Ave, Stellarton, NS B0K 1S0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
5Picture(s)
884Sqft
Royal LePage Atlantic(Stellarton)
C$409750

Residential For Sale

25-1 Weir Ave, Stellarton, NS B0K 1S0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
884Sqft
Royal LePage Atlantic(Stellarton)
To Be Built – “The Avondale” by Stones Prestige Homes Weir Lot, Stellarton 2 Bed 1 Bath Open Concept Walkout Basement Potential Welcome to the future site of your next forever home – the Avondale model by Stones Prestige Homes, a beautifully designed 2-bedroom, 1-bathroom modular home offering bright, open-concept living with timeless comfort and modern efficiency.
C$409750

Residential For Sale

25-1 Weir Ave, Stellarton, NS B0K 1S0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$409750
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