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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

204 Fatima Drive, Sydney River Ns B1s 1l1

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,137Sqft
RE/MAX Park Place Inc.
C$449900

Residential For Sale

204 Fatima Drive, Sydney River Ns B1s 1l1
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,137Sqft
RE/MAX Park Place Inc.
Welcome to your dream home! Nestled in one of Sydney River's most sought-after subdivisions, this beautifully landscaped property offers a perfect blend of comfort and elegance, ideal for family living or entertaining.Step into your private backyard oasis, where you'll find a meticulously maintained lot complete with vibrant landscaping.
C$449900

Residential For Sale

204 Fatima Drive, Sydney River Ns B1s 1l1
RE/MAX Park Place Inc.
5Bedroom(s)
3Bathroom(s)
C$449900

Residential For Sale

211 Empire Street, Bridgewater Ns B4v 2m4

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
42Picture(s)
1,144Sqft
EXIT Realty Inter Lake
C$369900

Residential For Sale

211 Empire Street, Bridgewater Ns B4v 2m4
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,144Sqft
EXIT Realty Inter Lake
Get ready to fall in love with the sweetest and the most meticulously maintained home you have ever seen and one of the largest and most beautiful lots you will find in the Town of Bridgewater. This stunning property offers great curb appeal and almost 1/2 an acre of land that is perfect for gardening and offering safety and security for children and pets to play safely.
C$369900

Residential For Sale

211 Empire Street, Bridgewater Ns B4v 2m4
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$369900

Residential For Sale

14 Remington Court, Halifax Ns B3m 3y6

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
26Picture(s)
1,698Sqft
Exit Realty Metro
C$469000

Residential For Sale

14 Remington Court, Halifax Ns B3m 3y6
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,698Sqft
Exit Realty Metro
Welcome to 14 Remington Court, a charming end-unit condo townhouse nestled on a quiet cul-de-sac in the heart of Clayton Park. Ideally located in a family friendly neighborhood close to great schools and local amenities.
C$469000

Residential For Sale

14 Remington Court, Halifax Ns B3m 3y6
Exit Realty Metro
3Bedroom(s)
3Bathroom(s)
C$469000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
41Picture(s)
615Sqft
Engel & Volkers (Yarmouth)
C$299000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
615Sqft
Engel & Volkers (Yarmouth)
Welcome to 436 Rocco Point Road - where the Abrams River meets the ocean. This one-of-a-kind property offers approximately 10.5 acres of serene privacy and an impressive 645 feet of waterfront with a stunning mix of stone and sandy shoreline. Set where the tidal river flows into the sea, the area is known for its natural abundance - clams and oysters can often be found nearby.
C$299000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0
Engel & Volkers (Yarmouth)
2Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

199 A Stewart Road, Shortts Lake Ns B0n 2j0

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
46Picture(s)
1,390Sqft
Royal LePage Atlantic
C$444000

Residential For Sale

199 A Stewart Road, Shortts Lake Ns B0n 2j0
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,390Sqft
Royal LePage Atlantic
Welcome to 3-199A Stewart Road. Embrace the simplicity of maintenance-free living with this stunning condo! With deeded access to Shortts Lake, this property allows you to focus on life’s pleasures, whether it's swimming, canoeing, boating, or savoring sunsets over the water. Winter months promise equal delight with outdoor activities.This 2-bedroom, 2.
C$444000

Residential For Sale

199 A Stewart Road, Shortts Lake Ns B0n 2j0
Royal LePage Atlantic
2Bedroom(s)
3Bathroom(s)
C$444000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
41Picture(s)
615Sqft
Engel & Volkers (Yarmouth)
C$299000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
615Sqft
Engel & Volkers (Yarmouth)
Welcome to 436 Rocco Point Road - where the Abrams River meets the ocean. This one-of-a-kind property offers approximately 10.5 acres of serene privacy and an impressive 645 feet of waterfront with a stunning mix of stone and sandy shoreline. Set where the tidal river flows into the sea, the area is known for its natural abundance - clams and oysters can often be found nearby.
C$299000

Residential For Sale

436 Rocco Point Road, Rocco Point Ns B0w 2x0
Engel & Volkers (Yarmouth)
2Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

6208 Highway 289, Cross Roads Ns B0n 2j0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
2,095Sqft
Coldwell Banker Open Door Realty Ltd.
C$569000

Residential For Sale

6208 Highway 289, Cross Roads Ns B0n 2j0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,095Sqft
Coldwell Banker Open Door Realty Ltd.
Such a pretty property in a beautiful part of the County! Lush and green and lined with trees, the perfect place for your family home, hobby farm, family business or most anything you’d like to do. Well built home, garage and shop mean years of faithful service with 5+acres of land offering plenty of privacy and room for kids to play.
C$569000

Residential For Sale

6208 Highway 289, Cross Roads Ns B0n 2j0
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$569000

Residential For Sale

652 Thompson Street, New Waterford Ns B1h 4c6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
2,062Sqft
3% Realty Nova Scotia
C$349900

Residential For Sale

652 Thompson Street, New Waterford Ns B1h 4c6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,062Sqft
3% Realty Nova Scotia
652 Thompson Street is not just a house but a private retreat designed for relaxation and comfort. The heated swimming pool and hot tub create an oasis where you can melt away the stress of the day, while the expansive pool deck gives you plenty of space to lounge, entertain, or simply soak in the surroundings.
C$349900

Residential For Sale

652 Thompson Street, New Waterford Ns B1h 4c6
3% Realty Nova Scotia
4Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

19 Barrachois Lane, Sand Point Ns B0k 1v0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
45Picture(s)
1,520Sqft
Royal LePage Atlantic (Enfield)
C$425000

Residential For Sale

19 Barrachois Lane, Sand Point Ns B0k 1v0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,520Sqft
Royal LePage Atlantic (Enfield)
Welcome to your charming coastal escape in beautiful Sand Point, Tatamagouche! This cozy and well-maintained home or cottage offers stunning water views and direct beach access on the beautiful North Shore. Inside, you'll find an inviting open concept layout upstairs featuring a bright kitchen, dining, and living area, along with two spacious bedrooms and a full bath.
C$425000

Residential For Sale

19 Barrachois Lane, Sand Point Ns B0k 1v0
Royal LePage Atlantic (Enfield)
4Bedroom(s)
1Bathroom(s)
C$425000

Residential For Sale

7319 223 Highway, Big Beach Ns B1t 1m2

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
32Picture(s)
1,478Sqft
Harvey Realties Limited
C$125000

Residential For Sale

7319 223 Highway, Big Beach Ns B1t 1m2
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,478Sqft
Harvey Realties Limited
This location is a lovely tranquil country setting! Located in the Community of Big Beach on Route 223, this property features a darling older homestead nestled on a parcel of 30 acres (mixed forest). The house is about eighty years old and is still in the same family. They have continued to enjoy the property as a summer vacation destination! The main house rests on a concrete foundation.
C$125000

Residential For Sale

7319 223 Highway, Big Beach Ns B1t 1m2
Harvey Realties Limited
3Bedroom(s)
1Bathroom(s)
C$125000

Residential For Sale

1599 Lake Road, Sandy Point Ns B0w 1w0

3Bedroom(s)
3Bathroom(s)
OtherParking(s)
35Picture(s)
1,456Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$369000

Residential For Sale

1599 Lake Road, Sandy Point Ns B0w 1w0
3Bedroom(s)
3Bathroom(s)
OtherParking(s)
1,456Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Welcome to this beautifully maintained and thoughtfully upgraded 3-bedroom, 2.5-bath bungalow located in the heart of historic Shelburne. Just 12 years old, this spacious one-level home offers the perfect blend of comfort, style, and functionality—situated directly across from the hospital and just minutes from the waterfront, shops, and amenities.
C$369000

Residential For Sale

1599 Lake Road, Sandy Point Ns B0w 1w0
Viewpoint Realty Services Inc. (Barrington Passage)
3Bedroom(s)
3Bathroom(s)
C$369000

Residential For Sale

20 Thomas Street, Sydney Ns B1s 2r3

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
728Sqft
Viewpoint Realty Services Inc. (Sydney)
C$257500

Residential For Sale

20 Thomas Street, Sydney Ns B1s 2r3
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
728Sqft
Viewpoint Realty Services Inc. (Sydney)
*Fully Furnished home! Ready to move in!* This 12-year-old home shows like new! This is an ideal starter property, perfectly situated close to downtown, schools, and shopping. Step into the home through a charming covered patio, offering a warm welcome and a great spot for outdoor relaxation.
C$257500

Residential For Sale

20 Thomas Street, Sydney Ns B1s 2r3
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
1Bathroom(s)
C$257500
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