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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

6 Sailors Trail, Eastern Passage Ns B3g 0a3

2Bedroom(s)
3Bathroom(s)
SingleParking(s)
31Picture(s)
1,800Sqft
PLUMB LINE REALTY INC. - 12234
C$599900

Residential For Sale

6 Sailors Trail, Eastern Passage Ns B3g 0a3
2Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,800Sqft
PLUMB LINE REALTY INC. - 12234
Amazing water views overlooking the beach & boardwalk! Welcome to your seaside dream home!! This spectacular new design by Provident is a two storey condo townhome at the entrance of the outstanding seaside community called The Village at Fisherman’s Cove, across from the boardwalk at MacCormack's Beach. Enter a bright spacious foyer with access from the single car garage.
C$599900

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6 Sailors Trail, Eastern Passage Ns B3g 0a3
PLUMB LINE REALTY INC. - 12234
2Bedroom(s)
3Bathroom(s)
C$599900

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105 Welton Street, Sydney Ns B1p 5r6

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
780Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$179900

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105 Welton Street, Sydney Ns B1p 5r6
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
780Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Location! Ideally located on a commercially zoned corner lot at Willow Street and Welton Street in the heart of Sydney, this well-kept home offers two bedrooms, a spacious living room, kitchen, laundry, and4 piece bath. Featuring a ductless heat pump and baseboard heating throughout, there's no need to worry about oil- just move in and enjoy comfort year-round.
C$179900

Residential For Sale

105 Welton Street, Sydney Ns B1p 5r6
Keller Williams Select Realty(Sydney,Townsend St.)
2Bedroom(s)
1Bathroom(s)
C$179900

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79 Whitney Avenue, Sydney Ns B1p 4z8

7Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,501Sqft
RE/MAX Park Place Inc.
C$399000

Residential For Sale

79 Whitney Avenue, Sydney Ns B1p 4z8
7Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,501Sqft
RE/MAX Park Place Inc.
Welcome to 79 Whitney Ave, an exquisite home in one of Sydney’s most prestigious areas, just 3 KM from the Regional Hospital. This spacious residence blends modern updates with timeless charm, offering 7 bedrooms, 2.5 baths, and a rare tandem garage tucked beneath the home for added privacy. With alleyway access and a fenced backyard, this home is a peaceful retreat in the heart of the city.
C$399000

Residential For Sale

79 Whitney Avenue, Sydney Ns B1p 4z8
RE/MAX Park Place Inc.
7Bedroom(s)
3Bathroom(s)
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34 Puncheon Way, Bedford Ns B4b 2k9

5Bedroom(s)
5Bathroom(s)
SingleParking(s)
48Picture(s)
3,390Sqft
Engel & Volkers
C$1074900

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34 Puncheon Way, Bedford Ns B4b 2k9
5Bedroom(s)
5Bathroom(s)
SingleParking(s)
3,390Sqft
Engel & Volkers
Welcome to this stunning contemporary home in sought-after Brookline Park, where upscale design meets everyday comfort. This 5-bedroom, 4.5-bath residence offers over 3,390 sq. ft. of thoughtfully crafted living space. The striking exterior showcases sleek modern paneling, elegant planter beds, exposed aggregate driveway and front steps, and a private balcony off the primary suite.
C$1074900

Residential For Sale

34 Puncheon Way, Bedford Ns B4b 2k9
Engel & Volkers
5Bedroom(s)
5Bathroom(s)
C$1074900

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458 Farm Road, Heatherton Ns B0h 1r0

4Bedroom(s)
4Bathroom(s)
GravelParking(s)
50Picture(s)
2,796Sqft
RE/MAX Nova (Halifax)
C$750000

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458 Farm Road, Heatherton Ns B0h 1r0
4Bedroom(s)
4Bathroom(s)
GravelParking(s)
2,796Sqft
RE/MAX Nova (Halifax)
This is your chance to be the proud owner of a stunning 2 year old home located just 15 minutes outside of Antigonish. This beautiful two story is perched on a hill top allowing for endless views of the country side. Walking through the main door you'll love the built in organizers in the mud room which is set off to the side.
C$750000

Residential For Sale

458 Farm Road, Heatherton Ns B0h 1r0
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$750000

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Pioneer Drive Lot 60, Vaughan Ns B0n 1t0

GravelParking(s)
29Picture(s)
264Sqft
Keller Williams Select Realty
C$149000

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Pioneer Drive Lot 60, Vaughan Ns B0n 1t0
GravelParking(s)
264Sqft
Keller Williams Select Realty
Looking for a peaceful and quiet place? This cozy cottage is nestled a little over 2 acre lot. The property has a gravel driveway right down to the cottage. Enjoy the tranquility of the river frontage of Mint river with the birds chirping while enjoying your morning coffee on the large wrap around deck. The camp consists of an open living space with a privacy area for a portable toilet.
C$149000

Residential For Sale

Pioneer Drive Lot 60, Vaughan Ns B0n 1t0
Keller Williams Select Realty
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7 Doc Avenue, Lake Echo Ns B3e 1c2

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
17Picture(s)
1,072Sqft
Century 21 Trident Realty Ltd.
C$224900

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7 Doc Avenue, Lake Echo Ns B3e 1c2
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,072Sqft
Century 21 Trident Realty Ltd.
This spacious modern looking home is found on a quiet, dead end street. No throughfare traffic here. Has a deck large enough for your patio furniture and a large shed for storage. Upon entry you will notice a great layout with no wasted space. The living room is very spacious. The kitchen has an eat in dining area and panty for extra storage.
C$224900

Residential For Sale

7 Doc Avenue, Lake Echo Ns B3e 1c2
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$224900

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656 Bear Point Road, Bear Point Ns B0w 3b0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,308Sqft
East Bay Realty Ltd.
C$289000

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656 Bear Point Road, Bear Point Ns B0w 3b0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,308Sqft
East Bay Realty Ltd.
Vacant and Ready to Occupy! 3 bedrooms, 2 full baths, Awesome views facing west located in inviting, friendly seaside community in South West Nova Scotia - only minutes from all amenities and various white sand beaches. Completely refinished inside and out.
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Residential For Sale

656 Bear Point Road, Bear Point Ns B0w 3b0
East Bay Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$289000

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4 Forestside Crescent, Halifax Ns B3m 1m4

3Bedroom(s)
2Bathroom(s)
NoneParking(s)
29Picture(s)
1,800Sqft
Exit Realty Metro
C$429900

Residential For Sale

4 Forestside Crescent, Halifax Ns B3m 1m4
3Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,800Sqft
Exit Realty Metro
Welcome to 4 Forestside Crescent in Clayton Park! This 3 bedroom, 1 1/2 bath corner townhouse condo boasts a large living space with bright windows and your own fenced in back terrace with walk out basement. This friendly condo community has plenty to offer with large outdoor pool, basketball court and playground.
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Residential For Sale

4 Forestside Crescent, Halifax Ns B3m 1m4
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$429900

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68 Bumpy Lane, Lake Echo Ns B3e 1b8

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
27Picture(s)
910Sqft
Century 21 Optimum Realty
C$249000

Residential For Sale

68 Bumpy Lane, Lake Echo Ns B3e 1b8
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
910Sqft
Century 21 Optimum Realty
Call your REALTOR® to schedule a viewing today on this lovely 910 square foot home located in Mountainview Estates Lake Echo! This home boosts eye catching curb appeal, level double paved driveway for the two vehicle family and offers the peaceful setting of a private treed backyard. This home is smoke free, pet free and has been meticulously cared for by one owner.
C$249000

Residential For Sale

68 Bumpy Lane, Lake Echo Ns B3e 1b8
Century 21 Optimum Realty
3Bedroom(s)
1Bathroom(s)
C$249000

Residential For Sale

214 Voyageur Way, Hammonds Plains Ns B4b 0n1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,147Sqft
Royal LePage Atlantic
C$920000

Residential For Sale

214 Voyageur Way, Hammonds Plains Ns B4b 0n1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,147Sqft
Royal LePage Atlantic
Exquisite lakefront 2 storey, designed to impress with all the benefits of waterfront living. Measuring over 3100sqft, 4 bedrm Detached, 3.5 bath condominium in Voyageur Lakes has a double garage, luxurious finishes and is heated economically with a ducted heatpump.
C$920000

Residential For Sale

214 Voyageur Way, Hammonds Plains Ns B4b 0n1
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$920000

Residential For Sale

164 North Wrights Lake Road Lot 13, Doucetteville Ns B0w 1h0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
41Picture(s)
1,100Sqft
Engel & Volkers (Yarmouth)
C$329000

Residential For Sale

164 North Wrights Lake Road Lot 13, Doucetteville Ns B0w 1h0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,100Sqft
Engel & Volkers (Yarmouth)
Enjoy peace and privacy with 190 ft of lakefront on a quiet, scenic lake. This well built, well insulated, 1100 sq ft home offers a bright and spacious living area, and an open concept dining space perfect for entertaining and family gatherings. Includes two comfortable bedrooms and a four piece bath. The property also includes a 12x16' bunkie-ideal for guests, an office, or extra storage space.
C$329000

Residential For Sale

164 North Wrights Lake Road Lot 13, Doucetteville Ns B0w 1h0
Engel & Volkers (Yarmouth)
2Bedroom(s)
1Bathroom(s)
C$329000
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