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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

478 Port Lorne Road, Port Lorne Ns B0s 1r0

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
47Picture(s)
1,336Sqft
RE/MAX Banner Real Estate
C$399900

Residential For Sale

478 Port Lorne Road, Port Lorne Ns B0s 1r0
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,336Sqft
RE/MAX Banner Real Estate
Charming 3-Bedroom Home with Ocean Views on 4 Acres – Perfect for Hobby Farmers. Discover the perfect blend of country living and coastal charm with this beautiful 3-bedroom, 1.5-bath home set on 4 serene acres. Enjoy sweeping ocean views and endless potential for a hobby farm or equestrian pursuits.
C$399900

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478 Port Lorne Road, Port Lorne Ns B0s 1r0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
896Sqft
RE/MAX Nova
C$214900

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10 Bishop Avenue, Dartmouth Ns B2y 2b5
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
896Sqft
RE/MAX Nova
Welcome to 10 Bishop Avenue! This charming 3-bedroom, 1-bath home is ideal for first-time buyers or those looking to downsize. Recent updates include new flooring, fresh paint, updated trim and baseboards, new plugs, switches, light fixtures, and baseboard heaters. A brand-new roof was installed in July 2024 and comes with a 15-year warranty.
C$214900

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10 Bishop Avenue, Dartmouth Ns B2y 2b5
RE/MAX Nova
3Bedroom(s)
1Bathroom(s)
C$214900

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397 Stonehurst Road, Stonehurst North, NS B0J 2C0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
1,205Sqft
Red Door Realty(Lunenburg)
C$797000

Residential For Sale

397 Stonehurst Road, Stonehurst North, NS B0J 2C0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,205Sqft
Red Door Realty(Lunenburg)
Step away from the large urban centres and enjoy this stunning new construction, designer based waterfront oasis located just outside of storied heritage town of Lunenburg- Now is your chance! Two bedrooms, two baths, high ceilings, lots of glass! The interior and exterior blend together for seamless living in one of the most unique waterfront locations in the province.
C$797000

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397 Stonehurst Road, Stonehurst North, NS B0J 2C0
Red Door Realty(Lunenburg)
2Bedroom(s)
2Bathroom(s)
C$797000

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10 Basin View Drive, Smiths Cove Ns B0s 1s0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
34Picture(s)
3,668Sqft
Royal LePage Atlantic
C$749000

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10 Basin View Drive, Smiths Cove Ns B0s 1s0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,668Sqft
Royal LePage Atlantic
Perched in a private setting overlooking the awe-inspiring Annapolis Basin and Digby Gut, this luxurious 4-bedroom home offers over 3,600 sq ft of elegantly designed living space with views that are nothing short of spectacular. Nearly every room on the main floor is bathed in natural light and oriented to capture sweeping, panoramic water vistas.
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10 Basin View Drive, Smiths Cove Ns B0s 1s0
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$749000

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283 Lakecrest Drive, East Uniacke Ns B0n 1z0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,394Sqft
Royal LePage Atlantic
C$599900

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283 Lakecrest Drive, East Uniacke Ns B0n 1z0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,394Sqft
Royal LePage Atlantic
DEEDED LAKE ACCESS! PRE-INSPECTED! QUICK CLOSING AVAILABLE! Tucked away on a lush 1.18-acre corner lot, 283 Lakecrest Drive blends peaceful rural living with modern comfort. This move-in ready split-entry home offers 3 bedrooms, 2 full bathrooms, and a bright open-concept layout with soaring ceilings and sun-filled living spaces.
C$599900

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283 Lakecrest Drive, East Uniacke Ns B0n 1z0
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$599900

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2112 Highway 247, L'ardoise Ns B0e 1s0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
25Picture(s)
1,107Sqft
Harvey Realties Limited (St.Peters)
C$149000

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2112 Highway 247, L'ardoise Ns B0e 1s0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,107Sqft
Harvey Realties Limited (St.Peters)
Have you been looking for a home minutes away from the ocean where you can still get the aroma of the clean fresh ocean air? This is the place for you. Nice two or three bedroom, 2 bath home in the center of the community of L'Ardoise. Steps away from the Firehall and a minute or two from the local community hall, which is the heart of the community, local medical center and Credit Union.
C$149000

Residential For Sale

2112 Highway 247, L'ardoise Ns B0e 1s0
Harvey Realties Limited (St.Peters)
2Bedroom(s)
2Bathroom(s)
C$149000

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3093 Highway 201, Centrelea Ns B0s 1c0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
46Picture(s)
1,215Sqft
EXP Realty of Canada Inc.
C$350000

Residential For Sale

3093 Highway 201, Centrelea Ns B0s 1c0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,215Sqft
EXP Realty of Canada Inc.
This beautifully updated 3-bedroom, 1-bathroom home offers a perfect blend of modern comfort and rural charm. Renovated top to bottom, it features all new windows, roof, heat pumps, flooring, trim, doors, and plumbing—making it completely move-in ready. Set on a spacious lot surrounded by mature trees, you'll enjoy privacy and gorgeous views of the Annapolis River.
C$350000

Residential For Sale

3093 Highway 201, Centrelea Ns B0s 1c0
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$350000

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3341 Long Island Road, Barrachois Ns B1y 3n1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,910Sqft
Viewpoint Realty Services Inc. (Sydney)
C$649000

Residential For Sale

3341 Long Island Road, Barrachois Ns B1y 3n1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,910Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to your dream retreat on the stunning Cape Breton Island! This exquisite Cape Cod home offers breathtaking views of the magnificent Barrachois Harbour, providing a serene backdrop for your everyday living. Enjoy panoramic vistas of the sparkling harbour from your spacious living room and expansive deck, perfect for morning coffees or evening sunsets.
C$649000

Residential For Sale

3341 Long Island Road, Barrachois Ns B1y 3n1
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
2Bathroom(s)
C$649000

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10783 Highway 105 Highway, Aberdeen Ns B0e 3m0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,118Sqft
Cape Breton Realty
C$345000

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10783 Highway 105 Highway, Aberdeen Ns B0e 3m0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,118Sqft
Cape Breton Realty
Welcome to a rare opportunity on the Bras d'Or Lakes! This 34-acre waterfront estate offers 400 feet of lake frontage and breathtaking views in a private setting - just 5 minutes to the amenities of Whycocomagh, 10 minutes to the Cabot Trail, and 20 minutes to the village of Baddeck. The 3-bedroom, 2-bath home is surrounded by mature trees and features spacious, light-filled interiors.
C$345000

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10783 Highway 105 Highway, Aberdeen Ns B0e 3m0
Cape Breton Realty
3Bedroom(s)
2Bathroom(s)
C$345000

Residential For Sale

15 Kimberly Court, Amherst Ns B4h 4n7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
37Picture(s)
1,088Sqft
Coldwell Banker Performance Realty
C$169900

Residential For Sale

15 Kimberly Court, Amherst Ns B4h 4n7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,088Sqft
Coldwell Banker Performance Realty
Fantastic mini home in Southgate Village, definitely shows pride of ownership. Spacious lot with trees lining the property boundary in the backyard providing privacy. This home is immaculately clean, light and bright.
C$169900

Residential For Sale

15 Kimberly Court, Amherst Ns B4h 4n7
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$169900

Residential For Sale

29608 Highway 7, Necum Teuch Ns B0j 2k0

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
41Picture(s)
651Sqft
Century 21 Trident Realty Ltd.
C$259900

Residential For Sale

29608 Highway 7, Necum Teuch Ns B0j 2k0
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
651Sqft
Century 21 Trident Realty Ltd.
Vast ocean views from the large windows of this sweet seaside cottage in Necum Teuch, featuring 315 feet of waterfront right at your doorstep. This property is just shy of an acre which includes two parcels of land, one vacant (0.54 acre) and the other with the 21x31 cottage with steel roof, new wrap around deck and a shed all on 0.45 of an acre.
C$259900

Residential For Sale

29608 Highway 7, Necum Teuch Ns B0j 2k0
Century 21 Trident Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$259900

Residential For Sale

56 Lucasville Road, Middle Sackville Ns B4e 3e8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
1,956Sqft
Royal LePage Atlantic
C$484900

Residential For Sale

56 Lucasville Road, Middle Sackville Ns B4e 3e8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,956Sqft
Royal LePage Atlantic
Perfect for a young family, this 3 bedroom 2 bath home has a large fenced backyard and is within walking distance to all levels of schools! This well maintained split entry home has a large bright living room and adjacent dining room/kitchen with a patio door to the deck, a spacious primary bedroom with a double closet, a second good sized bedroom and an updated full bath all on the main level.
C$484900

Residential For Sale

56 Lucasville Road, Middle Sackville Ns B4e 3e8
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$484900
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