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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

432 Stewart Road, Pugwash River, NS B0K 1L0

2Bedroom(s)
1Bathroom(s)
DirtParking(s)
40Picture(s)
892Sqft
Royal LePage Cumberland Realty Ltd.
C$450000

Residential For Sale

432 Stewart Road, Pugwash River, NS B0K 1L0
2Bedroom(s)
1Bathroom(s)
DirtParking(s)
892Sqft
Royal LePage Cumberland Realty Ltd.
WATERFRONT COTTAGE with Beauty and tranquility!! This two bedroom four season Cottage sits on approximately 3 acres of land with over 700 ft of water frontage on the beautiful Pugwash River. This is a one of a kind property that gives complete privacy and quiet with spectacular views.
C$450000

Residential For Sale

432 Stewart Road, Pugwash River, NS B0K 1L0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$450000

Residential For Sale

6039-6041 Cherry Street, Halifax, NS B3H 2K4

6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,885Sqft
Red Door Realty
C$1399900

Residential For Sale

6039-6041 Cherry Street, Halifax, NS B3H 2K4
6Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,885Sqft
Red Door Realty
"Cherry Street is a vibrant thread, with stories woven, softly said." Cherry Street in Halifax is a place so special it's hard to describe. 6041 & 6039 Cherry are over/under flats that have not been on the market for 25 years. Two character-filled three bedroom, two bathroom flats are perfect for owner-occupiers, investors, and folks looking to create a multi-generational household.
C$1399900

Residential For Sale

6039-6041 Cherry Street, Halifax, NS B3H 2K4
Red Door Realty
6Bedroom(s)
4Bathroom(s)
C$1399900

Residential For Sale

683 Main Street, Lawrencetown, NS B0S 1M0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,426Sqft
Royal LePage Atlantic (Greenwood)
C$369000

Residential For Sale

683 Main Street, Lawrencetown, NS B0S 1M0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,426Sqft
Royal LePage Atlantic (Greenwood)
This well maintained 3-bedroom bungalow is set on a substantial 28+ acre lot, and is conveniently located in the charming Village of Lawrencetown! Enjoy the benefits of municipal water and sewer, with a sidewalk and beautiful landscaping, including approximately 5 cleared acres. Efficient heating and cooling is provided by the ductless heat pump, cozy propane fireplace and an oil-fired boiler.
C$369000

Residential For Sale

683 Main Street, Lawrencetown, NS B0S 1M0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
1Bathroom(s)
C$369000

Residential For Sale

35-165 Meek Arm Trail, East Uniacke Ns B0n 1z0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,314Sqft
FLAT RATE REALTY CANADA LTD - 15099
C$724900

Residential For Sale

35-165 Meek Arm Trail, East Uniacke Ns B0n 1z0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,314Sqft
FLAT RATE REALTY CANADA LTD - 15099
Situated in the sought-after community of the Villages of Long Lake, this chalet style home is only 6 years old and is perfect for either a family cottage or peaceful year-round living. Located in the Meek Arm Cove, this property defines lake front living and provides spectacular views and the crystal-clear waters of Long Lake. This home offers 1314 sq.
C$724900

Residential For Sale

35-165 Meek Arm Trail, East Uniacke Ns B0n 1z0
FLAT RATE REALTY CANADA LTD - 15099
3Bedroom(s)
2Bathroom(s)
C$724900

Residential For Sale

11900 Highway 2, Leamington Ns B0m 1x0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
44Picture(s)
852Sqft
Coldwell Banker Performance Realty
C$199900

Residential For Sale

11900 Highway 2, Leamington Ns B0m 1x0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
852Sqft
Coldwell Banker Performance Realty
Just minutes from downtown Springhill, this charming 3-bedroom home sits on 3.1 acres. Enjoy countryside living with town water. Recent updates include a new metal roof (2023), hot water tank (2022), two ductless heat pumps, an oil furnace, oil tank (2023), and a generator that will power the whole house (except the kitchen stove).
C$199900

Residential For Sale

11900 Highway 2, Leamington Ns B0m 1x0
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$199900

Residential For Sale

121 Victoria St, Glace Bay Ns B1a 2z7

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
19Picture(s)
2,025Sqft
Century 21 Trident Realty Limited (Sydney)
C$250000

Residential For Sale

121 Victoria St, Glace Bay Ns B1a 2z7
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,025Sqft
Century 21 Trident Realty Limited (Sydney)
Welcome to 121 Victoria Street in the heart of Glace Bay, a charming and spacious two-storey home that perfectly blends comfort, style, and convenience. This beautifully maintained property features four generously sized bedrooms and two upgraded bathrooms, offering ample space for families of all sizes.
C$250000

Residential For Sale

121 Victoria St, Glace Bay Ns B1a 2z7
Century 21 Trident Realty Limited (Sydney)
4Bedroom(s)
2Bathroom(s)
C$250000

Residential For Sale

16 Thompson Drive, Bible Hill Ns B2n 5l6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
12Picture(s)
1,672Sqft
PG Direct Realty Ltd.
C$419000

Residential For Sale

16 Thompson Drive, Bible Hill Ns B2n 5l6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,672Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Immaculately Maintained 3-bedroom, 1.5-bath home in the heart of Bible Hill. This inviting property offers a perfect blend of comfort and functionality, ideal for families or anyone looking for a move-in ready space.
C$419000

Residential For Sale

16 Thompson Drive, Bible Hill Ns B2n 5l6
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$419000

Residential For Sale

14019 Glooscap Trail, Hants Border Ns B0p 1p0

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
3,670Sqft
Exit Realty Town & Country
C$624900

Residential For Sale

14019 Glooscap Trail, Hants Border Ns B0p 1p0
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
3,670Sqft
Exit Realty Town & Country
A fresh take on a classic, this 100+ year old home blends timeless charm with thoughtful modern upgrades. History shines through in the original hardwood floors, elegant wainscoting, high ceilings on the main level, and even a preserved bank safe tucked into the primary bedroom. From the back deck, enjoy peaceful views of the Minas Basin - perfect for morning coffee and watch the tide roll in.
C$624900

Residential For Sale

14019 Glooscap Trail, Hants Border Ns B0p 1p0
Exit Realty Town & Country
5Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

11201 & 11203 Cabot Trail, Terre Noire Ns B0e 1c0

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,040Sqft
Engel & Volkers
C$1475000

Residential For Sale

11201 & 11203 Cabot Trail, Terre Noire Ns B0e 1c0
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,040Sqft
Engel & Volkers
Perched along the iconic Cabot Trail, this spectacular oceanfront estate offers a rare blend of natural beauty, privacy, and architectural excellence. With sweeping, unobstructed views of the Atlantic and nightly sunsets over the water, this 9+ acre coastal retreat is a place of true inspiration, ideal for year-round living, remote work, or as a four-season getaway.
C$1475000

Residential For Sale

11201 & 11203 Cabot Trail, Terre Noire Ns B0e 1c0
Engel & Volkers
4Bedroom(s)
4Bathroom(s)
C$1475000

Residential For Sale

257 Goldeneye Drive, Timberlea, NS B3T 0E7

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,026Sqft
Royal LePage Atlantic
C$1425000

Residential For Sale

257 Goldeneye Drive, Timberlea, NS B3T 0E7
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,026Sqft
Royal LePage Atlantic
Escape to the refined elegance of 257 Goldeneye Drive, a private estate on 10.7 acres of serene, tree-lined land. This impeccably maintained, 3-year-old home offers over 3,000 sq ft of accessible, one-level living, blending privacy with proximity to amenities like Brunello golf course and Bayers Lake shopping.
C$1425000

Residential For Sale

257 Goldeneye Drive, Timberlea, NS B3T 0E7
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$1425000

Residential For Sale

47 Breigh Park, Dominion Ns B1g 1c9

2Bedroom(s)
1Bathroom(s)
13Picture(s)
689Sqft
RE/MAX Park Place Inc.
C$70000

Residential For Sale

47 Breigh Park, Dominion Ns B1g 1c9
2Bedroom(s)
1Bathroom(s)
689Sqft
RE/MAX Park Place Inc.
Affordable Coastal Living in Dominion offered at $70,000 Enjoy ocean views and peaceful living in this well-maintained 2-bedroom, 1-bath mobile home nestled in the heart of Dominion. Ideal for year-round living or a seasonal retreat, this home features a cozy layout with plenty of natural light, a bright kitchen, and a comfortable living area.
C$70000

Residential For Sale

47 Breigh Park, Dominion Ns B1g 1c9
RE/MAX Park Place Inc.
2Bedroom(s)
1Bathroom(s)
C$70000

Residential For Sale

36 Brewer Drive, Mira Gut Ns B1k 2w4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
26Picture(s)
1,396Sqft
Coldwell Banker Boardwalk Realty
C$399900

Residential For Sale

36 Brewer Drive, Mira Gut Ns B1k 2w4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,396Sqft
Coldwell Banker Boardwalk Realty
Introducing a stunning new build that perfectly blends modern living with serene coastal surroundings. This exceptional home boasts an open concept main level, featuring a bright and airy living room that seamlessly flows into a stylish eat-in kitchen, ideal for both entertaining and everyday living.
C$399900

Residential For Sale

36 Brewer Drive, Mira Gut Ns B1k 2w4
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$399900
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