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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

9372 Highway 6 Highway, Pugwash, NS B0K 1L0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
44Picture(s)
1,553Sqft
Starscape Realty Ltd.
C$164000

Residential For Sale

9372 Highway 6 Highway, Pugwash, NS B0K 1L0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,553Sqft
Starscape Realty Ltd.
Character and Charm in this 4 bedroom home, situated on the edge of a seaside community, the ocean is close enough to smell. Resting on 1.2 acres of land, this home offers a larger detached garage (now barn) and a smaller detached workshop. Plenty of space to roam inside and out. The character still lives in the design with a covered front porch, a combination mud room and laundry.
C$164000

Residential For Sale

9372 Highway 6 Highway, Pugwash, NS B0K 1L0
Starscape Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$164000

Residential For Sale

26 Millview Avenue, Bedford, NS B4A 1G7

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
38Picture(s)
3,277Sqft
Verve Realty Group
C$815000

Residential For Sale

26 Millview Avenue, Bedford, NS B4A 1G7
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,277Sqft
Verve Realty Group
Welcome home to 26 Millview Avenue, located in the heart of Bedford! This well maintained four bedroom, three bath two story home with a double garage will impress you from the moment you arrive.
C$815000

Residential For Sale

26 Millview Avenue, Bedford, NS B4A 1G7
Verve Realty Group
4Bedroom(s)
3Bathroom(s)
C$815000

Residential For Sale

290 Eastside Grand River, Grand River, NS B0E 1M0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
44Picture(s)
1,088Sqft
Cape Breton Realty
C$389000

Residential For Sale

290 Eastside Grand River, Grand River, NS B0E 1M0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,088Sqft
Cape Breton Realty
Welcome to 290 Eastside Grand River, a serene and beautifully maintained waterfront property offering exceptional value and unmatched privacy. Set on 6 acres with lovely mature trees with approximately 600 feet of shoreline, this is a rare opportunity to own a turn-key escape in one of Cape Breton’s most peaceful settings.
C$389000

Residential For Sale

290 Eastside Grand River, Grand River, NS B0E 1M0
Cape Breton Realty
2Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

412 Double Lake Road, North Range, NS B0W 1H0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
45Picture(s)
1,030Sqft
RE/MAX Banner Real Estate
C$450000

Residential For Sale

412 Double Lake Road, North Range, NS B0W 1H0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,030Sqft
RE/MAX Banner Real Estate
Welcome to 412 Double Lake road, this year round home sits on the shores of much desired Porters Lake, minutes to the town of Digby. The current owner has made many upgrades and improvements including but not limited to a new metal roof and heat pump, landscaping and new siding.
C$450000

Residential For Sale

412 Double Lake Road, North Range, NS B0W 1H0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$450000

Residential For Sale

702-5511 Bilby St, Halifax, NS B3K 0M5

2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
15Picture(s)
679Sqft
Keller Williams Select Realty
C$599900

Residential For Sale

702-5511 Bilby St, Halifax, NS B3K 0M5
2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
679Sqft
Keller Williams Select Realty
Welcome to unit 702 at NRTH — the newest modern statement in Halifax’s vibrant North End. This stunning 679 sqft east-facing unit is designed for elevated urban living, blending minimalist style with thoughtful finishes, clean lines, and a sleek, contemporary aesthetic throughout.
C$599900

Residential For Sale

702-5511 Bilby St, Halifax, NS B3K 0M5
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$599900

Residential For Sale

28111 Highway 7, Moosehead, NS B0J 2K0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
41Picture(s)
1,071Sqft
Keller Williams Select Realty
C$159900

Residential For Sale

28111 Highway 7, Moosehead, NS B0J 2K0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,071Sqft
Keller Williams Select Realty
Welcome to this ocean view home on Nova Scotia’s Eastern Shore.Enjoy your morning coffee on the front deck with panoramic water views,ocean breezes,and the calming sound of Moosehead Brook. Located just across the road from a sandy beach and just 20 minutes from the friendly town of SheetHarbour.
C$159900

Residential For Sale

28111 Highway 7, Moosehead, NS B0J 2K0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$159900

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
1,928Sqft
Engel & Volkers
C$499900

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,928Sqft
Engel & Volkers
This spacious and well-cared-for 3-bedroom plus den, 2-bathroom home is located in the quiet rural community of Inverside—just minutes from the thriving town of Inverness and world-renowned golf destinations, Cabot Links and Cabot Cliffs. With over 1,600 square feet of finished living space, this property offers excellent functionality for family living or those seeking extra room to spread out.
C$499900

Residential For Sale

121 Pipers Lane, Inverside, NS B0E 1N0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
15Picture(s)
940Sqft
Atlantis Realty Ltd.
C$475000

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
940Sqft
Atlantis Realty Ltd.
Welcome to unit 204 at King's Wharf, where ocean living is at its finest! This spacious, open concept condo with balcony is only steps away from the ocean, King's Wharf marina, Alderney Landing ferry, Downtown Dartmouth with local shops, restaurants, and bars! The Anchorage offers an exercise facility, recently renovated rooftop lounge and patio, with BBQ and a view.
C$475000

Residential For Sale

204-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Atlantis Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$475000

Residential For Sale

Camden Road, Smithfield, NS B6L 3C4

2Bedroom(s)
NoneParking(s)
34Picture(s)
484Sqft
Hants Realty Ltd.
C$109900

Residential For Sale

Camden Road, Smithfield, NS B6L 3C4
2Bedroom(s)
NoneParking(s)
484Sqft
Hants Realty Ltd.
Nestled in the serene wilderness of Smithfield, Nova Scotia, this secluded 1 acre lakefront cottage on Barren Lake offers unparalleled tranquility and natural beauty. The cozy, single-level 24.1x20.1 cottage is surrounded by lush forest, with a private dock extending into the pristine lake, perfect for swimming, canoeing, or fishing for trout and perch.
C$109900

Residential For Sale

Camden Road, Smithfield, NS B6L 3C4
Hants Realty Ltd.
2Bedroom(s)
C$109900

Residential For Sale

171 Elm Street, Pictou, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
20Picture(s)
728Sqft
Viewpoint Realty Services Inc. (Pictou)
C$169900

Residential For Sale

171 Elm Street, Pictou, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
728Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to this beautifully upgraded 2-bedroom, 1-bathroom home that combines charm, efficiency, and style in one perfect package. Nestled in a quiet neighborhood, this well-maintained home is ideal for first-time buyers, downsizers, or anyone looking for low-maintenance living without sacrificing comfort.
C$169900

Residential For Sale

171 Elm Street, Pictou, NS B0K 1H0
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,150Sqft
Holm Realty Limited
C$699900

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,150Sqft
Holm Realty Limited
Welcome to 4027 Highway 331 in Dublin Shore—a unique Nova Scotia oceanfront home full of charm and craftsmanship. Built from hand-laid stone sourced from Mosher’s Beach, this 4-bedroom, 2-bath home is a true landmark, featured in books and magazines. Inside, you'll find spacious rooms, formal living and dining areas, main-level laundry, and original woodwork milled from a ship’s mast.
C$699900

Residential For Sale

4027 331 Highway, Dublin Shore, NS B0R 1C0
Holm Realty Limited
4Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
48Picture(s)
2,142Sqft
Blinkhorn Real Estate Ltd.
C$410000

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,142Sqft
Blinkhorn Real Estate Ltd.
Welcome to this spacious 5-bedroom, 2-bath split entry home on Little Harbour Road, New Glasgow – perfect for a larger family craving space and comfort. Step into the bright main floor offering an large kitchen, dining area, and living room ideal for gatherings.
C$410000

Residential For Sale

531 Little Harbour Road, New Glasgow, NS B2H 3S9
Blinkhorn Real Estate Ltd.
5Bedroom(s)
2Bathroom(s)
C$410000
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