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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

3379 Hwy 3 Barrington Passage, Barrington Passage, NS B0T 1W0

8Bedroom(s)
1Bathroom(s)
No GarageParking(s)
43Picture(s)
1,804Sqft
Coldwell Banker Tri-Key Realty
C$399000

Residential For Sale

3379 Hwy 3 Barrington Passage, Barrington Passage, NS B0T 1W0
8Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,804Sqft
Coldwell Banker Tri-Key Realty
The quality shows in this picture-perfect home. This property offers over an acre of surveyed land with 317' of frontage on Barrington Bay. 2 bedrooms on the main floor with an additional bedroom in the basement. A massive brick fireplace with an insert graces the living room. Fabulous oak kitchen with dining area and patio doors leads to private deck and expansive views of Barrington Bay.
C$399000

Residential For Sale

3379 Hwy 3 Barrington Passage, Barrington Passage, NS B0T 1W0
Coldwell Banker Tri-Key Realty
8Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

33 Shine Drive, Lochaber, NS B2G 2L3

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
22Picture(s)
672Sqft
Royal LePage Atlantic(Stellarton)
C$150000

Residential For Sale

33 Shine Drive, Lochaber, NS B2G 2L3
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
672Sqft
Royal LePage Atlantic(Stellarton)
Escape to this adorable 2-bedroom cottage in the highly sought-after Locharber community—just steps from the lake, yet peacefully tucked away for total relaxation. This seasonal retreat offers the perfect setting for unforgettable summer getaways. Start your mornings with coffee on the spacious deck, spend your days boating from your dock, and wind down in the peaceful embrace of nature.
C$150000

Residential For Sale

33 Shine Drive, Lochaber, NS B2G 2L3
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$150000

Residential For Sale

7770 Highway 221, Centreville, NS B4P 1B8

6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,724Sqft
Exit Realty Town & Country
C$1125000

Residential For Sale

7770 Highway 221, Centreville, NS B4P 1B8
6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,724Sqft
Exit Realty Town & Country
This fully restored century home sits on a 25 acre estate in the heart of the Annapolis Valley and is truly one of a kind. Completely rebuilt from 2010 to 2014 with careful attention to maintain that warm and inviting country home feeling while adding modern conveniences and comforts for the whole family to enjoy.
C$1125000

Residential For Sale

7770 Highway 221, Centreville, NS B4P 1B8
Exit Realty Town & Country
6Bedroom(s)
4Bathroom(s)
C$1125000

Residential For Sale

10 Sunrise Lane, Amherst Shore, NS B4H 3Y2

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
43Picture(s)
768Sqft
RE/MAX County Line Realty Ltd.
C$389900

Residential For Sale

10 Sunrise Lane, Amherst Shore, NS B4H 3Y2
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
768Sqft
RE/MAX County Line Realty Ltd.
STOP THE CAR! And get out and walk to your new cottage with deeded access to one of the most expansive and sought after beaches in Cumberland County! The photos and attached cottage info speak for themselves, but I’ll continue! This cottage sits on over a half acre with views of the Strait, and has 3 beds, 1 bath, open concept kitchen and living room, metal roof (2024), expansive deck, sunporc
C$389900

Residential For Sale

10 Sunrise Lane, Amherst Shore, NS B4H 3Y2
RE/MAX County Line Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$389900

Residential For Sale

Lot River Road, Plymouth, NS B2H 5C5

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
5Picture(s)
1,157Sqft
Royal LePage Atlantic(Stellarton)
C$630135

Residential For Sale

Lot River Road, Plymouth, NS B2H 5C5
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,157Sqft
Royal LePage Atlantic(Stellarton)
Beautiful Turnkey Home by Stone’s Prestige Homes – Facsimile Build on 40 Acres of Nature and Serenity This 3-bedroom, 2-bathroom home showcases the exceptional craftsmanship of Stone’s Prestige Homes, with 790 feet of river frontage—just 10 minutes from New Glasgow.
C$630135

Residential For Sale

Lot River Road, Plymouth, NS B2H 5C5
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$630135

Residential For Sale

324 Hastings Road, Brookdale, NS B4H 3Y1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,532Sqft
Coldwell Banker Performance Realty
C$399999

Residential For Sale

324 Hastings Road, Brookdale, NS B4H 3Y1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,532Sqft
Coldwell Banker Performance Realty
Meticulously Maintained Mini Home on 1 Acre with Dream Garage! Set on a beautifully landscaped 1-acre lot, this immaculate 3-bedroom, 2-bathroom mini home offers the perfect blend of comfort, functionality, and outdoor living.
C$399999

Residential For Sale

324 Hastings Road, Brookdale, NS B4H 3Y1
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$399999

Residential For Sale

110-53 Bedros Lane, Halifax, NS B3M 4X4

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
39Picture(s)
1,523Sqft
Harbourside Realty Ltd.
C$579000

Residential For Sale

110-53 Bedros Lane, Halifax, NS B3M 4X4
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,523Sqft
Harbourside Realty Ltd.
Soak in postcard-worthy, panoramic views of the Bedford Basin from this rare and luxurious 3-bedroom, 2-bath condo, one of the only 2 units in the building featuring two private balconies and access to an expansive additional outdoor space. The balconies nearly wrap around the entire unit, offering unmatched water views from every angle.
C$579000

Residential For Sale

110-53 Bedros Lane, Halifax, NS B3M 4X4
Harbourside Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$579000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
36Picture(s)
1,584Sqft
Keller Williams Select Realty
C$149000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,584Sqft
Keller Williams Select Realty
This rare opportunity in the quiet coastal community of Five Houses along Bayshore Road offers a generous 1-acre lot featuring a 1,000 sq ft cottage structure, a separate detached garage, and common deeded access to the beautiful Cobequid Bay.
C$149000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$149000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
36Picture(s)
1,584Sqft
Keller Williams Select Realty
C$149000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,584Sqft
Keller Williams Select Realty
This rare opportunity in the quiet coastal community of Five Houses along Bayshore Road offers a generous 1-acre lot featuring a 1,000 sq ft cottage structure, a separate detached garage, and common deeded access to the beautiful Cobequid Bay.
C$149000

Residential For Sale

Lot 1 67 Bay Shore Road Road, Five Houses, NS B0M 1B0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$149000

Residential For Sale

2060 Queen Street, Westville, NS B0K 2A0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
18Picture(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
C$210000

Residential For Sale

2060 Queen Street, Westville, NS B0K 2A0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
This home is one to look at! Located right across the street from Westville rink, library is on the left .Beautiful hardwood floors, retro kitchen with lots of room for kissing the cook! With 3 bedrooms upstairs, kitchen,large living room, dining room, and a 4 piece bath/ laundry combo on the main level it is a great layout for a young family or even retirees. Nice front porch .
C$210000

Residential For Sale

2060 Queen Street, Westville, NS B0K 2A0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$210000

Residential For Sale

68 Village Path Road, Vaughan, NS B0N 2T0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,036Sqft
Engel & Volkers (Chester)
C$659900

Residential For Sale

68 Village Path Road, Vaughan, NS B0N 2T0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,036Sqft
Engel & Volkers (Chester)
Discover this ultimate lakeside retreat—an elegant, energy-efficient residence that offers low maintenance, privacy, and year-round comfort or perfect investment or Airbnb. Over 68K recent upgrades & reno's. This thoughtfully designed single-level, 3-bedroom, 1.5-bath home with detached garage with loft sits on 1.
C$659900

Residential For Sale

68 Village Path Road, Vaughan, NS B0N 2T0
Engel & Volkers (Chester)
3Bedroom(s)
2Bathroom(s)
C$659900

Residential For Sale

76 Meadowland Avenue, Bible Hill, NS B2N 6H6

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,432Sqft
Hants Realty Ltd.
C$599900

Residential For Sale

76 Meadowland Avenue, Bible Hill, NS B2N 6H6
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,432Sqft
Hants Realty Ltd.
Discover 76 Meadowland Ave., Bible Hill, NS, a 1991 bungalow with 2,432 sqft of immaculate living space, meticulously maintained with owner attention to detail, ideal for families or hosting a live-in guest or relative in the basement with separate living areas.
C$599900

Residential For Sale

76 Meadowland Avenue, Bible Hill, NS B2N 6H6
Hants Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$599900
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