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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

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
22Picture(s)
2,830Sqft
J.F. MacIvor Properties
C$439000

Residential For Sale

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,830Sqft
J.F. MacIvor Properties
Experience the perfect mix of comfort and country charm in this thoughtfully updated bungalow. Set on a beautifully landscaped lot just minutes from town, the home features four spacious bedrooms and three full bathrooms, including a custom ensuite of the primary suite.
C$439000

Residential For Sale

5844 Stellarton Trafalgar Road, Riverton, NS B0K 1S0
J.F. MacIvor Properties
4Bedroom(s)
3Bathroom(s)
C$439000

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101-9281 Highway 101, Brighton, NS B0V 1A0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
29Picture(s)
655Sqft
EXP Realty of Canada Inc.
C$370000

Residential For Sale

101-9281 Highway 101, Brighton, NS B0V 1A0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
655Sqft
EXP Realty of Canada Inc.
Ever dreamed of owning your own piece of land? Filled with vast forests, a bubbling brook & even a gravel pit? Well, here’s your chance! Located on Highway 101, lies 80 acres waiting for you to make it your canvas. Already subdivided into two lots, you will find 50 acres of beautiful, wooded vacant land that provides endless possibilities.
C$370000

Residential For Sale

101-9281 Highway 101, Brighton, NS B0V 1A0
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$370000

Residential For Sale

781 Virginia Road, Virginia East, NS B0S 1A0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
625Sqft
RE/MAX Banner Real Estate
C$129900

Residential For Sale

781 Virginia Road, Virginia East, NS B0S 1A0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
625Sqft
RE/MAX Banner Real Estate
Opportunity knocks! Imagine 12 private acres, beautifully treed, with a long driveway, power, drilled well, holding tank, 2 RV's, a greenhouse, chicken coop, raised beds and a two-storey tiny house that is under construction. This unique property offers peace & quiet, and amazing night sky, and self-sufficiency.
C$129900

Residential For Sale

781 Virginia Road, Virginia East, NS B0S 1A0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$129900

Residential For Sale

73 Westview Drive, Mount William, NS B2H 5C6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
14Picture(s)
2,300Sqft
PG Direct Realty Ltd.
C$399900

Residential For Sale

73 Westview Drive, Mount William, NS B2H 5C6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,300Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Welcome to 73 Westview Drive, a well-maintained 4-bedroom, 1.5-bath bungalow located on a quiet cul-de-sac just minutes from the Pictou County Wellness Centre and other amenities. The main level offers a pine galley kitchen, bright dining and living areas, four bedrooms, and a full bath.
C$399900

Residential For Sale

73 Westview Drive, Mount William, NS B2H 5C6
PG Direct Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

21 Gates Cove Road, Upper Blandford, NS B0J 1T0

1Bedroom(s)
1Bathroom(s)
NoneParking(s)
21Picture(s)
716Sqft
Royal LePage Atlantic (Dartmouth)
C$128500

Residential For Sale

21 Gates Cove Road, Upper Blandford, NS B0J 1T0
1Bedroom(s)
1Bathroom(s)
NoneParking(s)
716Sqft
Royal LePage Atlantic (Dartmouth)
Your private escape awaits! Situated on 9.4 acres, this property is your getaway from the hustle and bustle of the city. You'll enjoy listening to birds chirp and watching wildlife from your front deck. This 1 bedroom + den, 1 bath home features the comfort of a wood and pellet stove and also the option of electric baseboard heat.
C$128500

Residential For Sale

21 Gates Cove Road, Upper Blandford, NS B0J 1T0
Royal LePage Atlantic (Dartmouth)
1Bedroom(s)
1Bathroom(s)
C$128500

Residential For Sale

59 West Side Road, Sheet Harbour, NS B0J 3B0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,838Sqft
Century 21 Trident Realty Ltd.
C$499000

Residential For Sale

59 West Side Road, Sheet Harbour, NS B0J 3B0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,838Sqft
Century 21 Trident Realty Ltd.
Incredible opportunity to call this 3 bed 1.5 bath seaside property home! Located in the growing community of Sheet Harbour this well loved family home is situated on a 1.7 acre incredibly private lot with a park-like setting. 350 +/- feet of deep anchorage waterfront is yours to explore with shore structure and wharf. Enter the main floor of the home via foyer with ample storage.
C$499000

Residential For Sale

59 West Side Road, Sheet Harbour, NS B0J 3B0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

4006 Highway 2, Fletchers Lake, NS B2T 1A3

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
49Picture(s)
1,256Sqft
RE/MAX Nova (Halifax)
C$449000

Residential For Sale

4006 Highway 2, Fletchers Lake, NS B2T 1A3
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,256Sqft
RE/MAX Nova (Halifax)
Enjoy tranquil views of Fletcher’s Lake from this charming 1,300-square-foot bungalow, plus an almost 200-square-foot office, giving you approximately 1,500 square feet of total finished space, set on a private 0.35-acre lot. Just two kilometers from the heart of Fall River, you’re minutes from shopping, restaurants, parks, and some of HRM’s top-rated schools.
C$449000

Residential For Sale

4006 Highway 2, Fletchers Lake, NS B2T 1A3
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

1079 Welch Branch, Forest Hill, NS B4P 2R1

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
30Picture(s)
768Sqft
MacKay Real Estate Ltd.
C$239000

Residential For Sale

1079 Welch Branch, Forest Hill, NS B4P 2R1
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
768Sqft
MacKay Real Estate Ltd.
Welcome to 1079 Welch Branch, an ultra-private, 5.5 acre property located in the heart of the Gaspereau Valley. This well-kept mini home is ideal for the first time home buyer or those seeking to downsize.
C$239000

Residential For Sale

1079 Welch Branch, Forest Hill, NS B4P 2R1
MacKay Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$239000

Residential For Sale

2546 Virginia Road, West Springhill, NS B0S 1A0

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
33Picture(s)
575Sqft
RE/MAX Banner Real Estate
C$170000

Residential For Sale

2546 Virginia Road, West Springhill, NS B0S 1A0
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
575Sqft
RE/MAX Banner Real Estate
Quality, privacy and the outdoor lifestyle best describe this special 5.5 acre property surrounded by mature maples, close to beautiful lakes, beaches, Keji National Park and historic Annapolis Royal. Spend your days paddling, hiking, gardening, cycling, and exploring! This area is well known for its hunting & fishing.
C$170000

Residential For Sale

2546 Virginia Road, West Springhill, NS B0S 1A0
RE/MAX Banner Real Estate
1Bedroom(s)
1Bathroom(s)
C$170000

Residential For Sale

501-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
27Picture(s)
1,310Sqft
Atlantis Realty Ltd.
C$650000

Residential For Sale

501-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,310Sqft
Atlantis Realty Ltd.
Welcome to unit 501 at the Anchorage! With 1,310 sq. ft.
C$650000

Residential For Sale

501-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Atlantis Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$650000

Residential For Sale

9 Somers View, Mulgrave, NS B0E 2G0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
1,146Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$195000

Residential For Sale

9 Somers View, Mulgrave, NS B0E 2G0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,146Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
For Sale – Beautifully Renovated Two-Storey Home in Mulgrave. This meticulously maintained 3-bedroom, 1-bathroom home is move-in ready and full of recent upgrades. The main floor features an open-concept layout with a bright, modern kitchen complete with a subway tile backsplash, fresh paint, and new flooring. You’ll also find a convenient main floor laundry area.
C$195000

Residential For Sale

9 Somers View, Mulgrave, NS B0E 2G0
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
1Bathroom(s)
C$195000

Residential For Sale

192 Gabriel Road, Falmouth, NS B0P 1L0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
2,353Sqft
Royal LePage Atlantic - Valley(Windsor)
C$499900

Residential For Sale

192 Gabriel Road, Falmouth, NS B0P 1L0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,353Sqft
Royal LePage Atlantic - Valley(Windsor)
A family home reimagined top to bottom, inside and out. From the moment you pull into the paved driveway, you can feel the care that’s gone into this home. Completely renovated with family in mind, this 4 bedroom, 2 bathroom bungalow blends comfort, function, and style ready for new memories to be made.
C$499900

Residential For Sale

192 Gabriel Road, Falmouth, NS B0P 1L0
Royal LePage Atlantic - Valley(Windsor)
4Bedroom(s)
2Bathroom(s)
C$499900
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