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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

47 Golden Glow Lane, Little River Harbour, NS B0W 1B0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,078Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$205000

Residential For Sale

47 Golden Glow Lane, Little River Harbour, NS B0W 1B0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,078Sqft
RE/MAX Banner Real Estate(Yarmouth)
Tucked away on a quiet road in Little River Harbour, this 3-bedroom, 1.5-bathroom barn-style home blends rustic charm with practical living on 3.2 acres. Step inside to an open-concept main floor, where the eat-in kitchen flows into a bright living room with soaring ceilings that extend up to the second floor, filling the space with natural light.
C$205000

Residential For Sale

47 Golden Glow Lane, Little River Harbour, NS B0W 1B0
RE/MAX Banner Real Estate(Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$205000

Residential For Sale

37 Orchard Heights, Maders Cove, NS B0J 2C0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
45Picture(s)
3,123Sqft
Royal LePage Atlantic (Dartmouth)
C$799900

Residential For Sale

37 Orchard Heights, Maders Cove, NS B0J 2C0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
3,123Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 37 Orchard Heights, a beautiful 3-bedroom, 3-bathroom home set on 2.9 private acres with waterfrontage in the heart of Nova Scotia’s South Shore. Tucked away on a private drive, this property offers both privacy and panoramic ocean views, just minutes from Mahone Bay, stunning beaches, the Lunenburg Golf Course, and the Lunenburg yacht club.
C$799900

Residential For Sale

37 Orchard Heights, Maders Cove, NS B0J 2C0
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
3Bathroom(s)
C$799900

Residential For Sale

607-5511 Bilby Street, Halifax, NS B3K 3E1

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
31Picture(s)
536Sqft
Sutton Group Professional Realty
C$425000

Residential For Sale

607-5511 Bilby Street, Halifax, NS B3K 3E1
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
536Sqft
Sutton Group Professional Realty
This trendy urban NRTH CONDO 1 bedroom 1 bath unit is located in one of the coolest neighborhoods, minutes from Hydrostone and Halifax downtown restaurants, pubs and amenities. This brand new 71 units 8 story building on the corner of Gottingen/Bilby St offers low condo fees, large gym area with a state of the art equipment (2nd floor), patio, bike storage, natural gas heat pump and modern feel.
C$425000

Residential For Sale

607-5511 Bilby Street, Halifax, NS B3K 3E1
Sutton Group Professional Realty
1Bedroom(s)
1Bathroom(s)
C$425000

Residential For Sale

1726 201 Highway, Round Hill, NS B0S 1A0

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,725Sqft
Royal LePage Atlantic (Greenwood)
C$409500

Residential For Sale

1726 201 Highway, Round Hill, NS B0S 1A0
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,725Sqft
Royal LePage Atlantic (Greenwood)
Spacious 5-bedroom home on 3+ acres in desirable Round Hill. Welcome to 1726 Hwy 201, a charming and spacious family home located in the highly sought-after community of Round Hill. Set on over three acres, this well-maintained property offers privacy, comfort and room to grow all within minutes of historic Annapolis Royal.
C$409500

Residential For Sale

1726 201 Highway, Round Hill, NS B0S 1A0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
3Bathroom(s)
C$409500

Residential For Sale

166 Reservoir Street, New Glasgow, NS B2H 4K4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
877Sqft
Blinkhorn Real Estate Ltd.
C$274900

Residential For Sale

166 Reservoir Street, New Glasgow, NS B2H 4K4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
877Sqft
Blinkhorn Real Estate Ltd.
Nestled on nearly an acre of land with exceptional panoramic views, this elegant 3-bedroom, 1.5-bath home combines space, comfort, and a serene environment.
C$274900

Residential For Sale

166 Reservoir Street, New Glasgow, NS B2H 4K4
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$274900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
19Picture(s)
1,170Sqft
Century 21 Trident Realty Ltd.
C$434900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,170Sqft
Century 21 Trident Realty Ltd.
Introducing the Magnolia – Under Construction (Photos of previously built Model Home)-a modern bungalow designed for effortless one-level living. Spanning 1,170 sq ft, this thoughtfully crafted new construction property promises comfort and style.
C$434900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0
Century 21 Trident Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$434900

Residential For Sale

1353 Pinecrest Drive, Coldbrook, NS B0P 1J0

6Bedroom(s)
2Bathroom(s)
SingleParking(s)
40Picture(s)
2,500Sqft
RE/MAX Advantage
C$650000

Residential For Sale

1353 Pinecrest Drive, Coldbrook, NS B0P 1J0
6Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,500Sqft
RE/MAX Advantage
Multi-family living with an abundance of opportunities is all found here. Let's break this down cause wow! This property has it all. The spacious, two level finished split entry is outstanding for a growing family or adult children living with you. Four bedrooms are found on the main level and more finished space below. Your finishing touches may be desired, this home spells value and space.
C$650000

Residential For Sale

1353 Pinecrest Drive, Coldbrook, NS B0P 1J0
RE/MAX Advantage
6Bedroom(s)
2Bathroom(s)
C$650000

Residential For Sale

516 Lower Cove Road, Lower Cove, NS B0L 1A0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
36Picture(s)
1,331Sqft
Coldwell Banker Performance Realty
C$249900

Residential For Sale

516 Lower Cove Road, Lower Cove, NS B0L 1A0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,331Sqft
Coldwell Banker Performance Realty
Enjoy over 800 feet of waterfront on the breathtaking Bay of Fundy! This charming seaside home is nestled on 8.77 acres, offering uninterrupted views of the famous Joggins fossil cliffs and the bay. Recent improvements over the last decade include new roofing (shingles and metal), updated windows and siding, and a brand-new oil tank.
C$249900

Residential For Sale

516 Lower Cove Road, Lower Cove, NS B0L 1A0
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
29Picture(s)
1,335Sqft
Engel & Volkers (Chester)
C$460000

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,335Sqft
Engel & Volkers (Chester)
GOLD RIVER GEM. Charming 2 bedroom 1300+ sq. ft home.Wharf with protected deep water anchorage, and picture postcard views of the Gold River Marina and the ocean beyond. Located on a low traffic, paved road convenient to Chester, Chester Basin, Mahone Bay and 45 minutes from Halifax. Wake up to amazing water views from the upper level primary suite with ensuite bath.
C$460000

Residential For Sale

142 Gold River Road, Gold River, NS B0J 1K0
Engel & Volkers (Chester)
2Bedroom(s)
2Bathroom(s)
C$460000

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
40Picture(s)
2,162Sqft
RE/MAX Nova (Enfield)
C$775000

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,162Sqft
RE/MAX Nova (Enfield)
Welcome to 379 Meadow View Way, a stunning 4 year young, two-storey home with attached garage in the beautiful Garden Meadows Subdivision in Belnan. Nestled on a gorgeous corner lot in the newest phase, this exquisite residence features four spacious bedrooms and three and a half bathrooms, providing ample space for families of all sizes.
C$775000

Residential For Sale

379 Meadow View Way, Belnan, NS B2S 3K1
RE/MAX Nova (Enfield)
4Bedroom(s)
4Bathroom(s)
C$775000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
45Picture(s)
3,196Sqft
Parachute Realty
C$1185000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,196Sqft
Parachute Realty
Now fully complete, professionally staged, and move-in ready, 741 Celebration Drive is a home that welcomes you in and invites you to stay awhile. Tucked into the newest phase of Kinloch Estates, this beautifully designed story-and-a-half home pairs thoughtful craftsmanship with everyday comfort.
C$1185000

Residential For Sale

741 Celebration Drive Lot 739, Fall River, NS B2T 0V6
Parachute Realty
4Bedroom(s)
3Bathroom(s)
C$1185000

Residential For Sale

25 North Road, Charlos Cove, NS B0H 1T0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
46Picture(s)
1,335Sqft
Viewpoint Realty Services Inc.(Antigonish)
C$339000

Residential For Sale

25 North Road, Charlos Cove, NS B0H 1T0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,335Sqft
Viewpoint Realty Services Inc.(Antigonish)
Well maintained, Contemporary style home with outstanding views of Charlos Cove! This lovely 3 BR/2 Bath home sits house on 2.9 acres of land with a detached garage. The home was custom designed to provide maximum views with an open concept kitchen/dining area that opens to the living room with wood burning fireplace! Lots of windows to allow light and views in every direction.
C$339000

Residential For Sale

25 North Road, Charlos Cove, NS B0H 1T0
Viewpoint Realty Services Inc.(Antigonish)
3Bedroom(s)
2Bathroom(s)
C$339000
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