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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

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
49Picture(s)
1,765Sqft
Century 21 Trident Realty Ltd.
C$399900

Residential For Sale

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,765Sqft
Century 21 Trident Realty Ltd.
Lakefront living at its best! This lovely 3 bedroom, 2 bathroom home is situated on 3.4 acres of land and features 1,182 feet of waterfront on Marshall Flowage and multiple outbuildings for storage. Just imagine sitting on the back deck enjoying the scenery with a cup of coffee or a glass of wine or kayaking from your own backyard.
C$399900

Residential For Sale

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
49Picture(s)
1,765Sqft
Century 21 Trident Realty Ltd.
C$399900

Residential For Sale

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,765Sqft
Century 21 Trident Realty Ltd.
Lakefront living at its best! This lovely 3 bedroom, 2 bathroom home is situated on 3.4 acres of land and features 1,182 feet of waterfront on Marshall Flowage and multiple outbuildings for storage. Just imagine sitting on the back deck enjoying the scenery with a cup of coffee or a glass of wine or kayaking from your own backyard.
C$399900

Residential For Sale

919 Malay Falls Lochaber Mines Road, Lochaber Mines, NS B0J 3B0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

22 Thumbcap Lane, West Pennant, NS B3V 0C8

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,878Sqft
Royal LePage Atlantic
C$2000000

Residential For Sale

22 Thumbcap Lane, West Pennant, NS B3V 0C8
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,878Sqft
Royal LePage Atlantic
Welcome to your dream home—a stunning oceanfront retreat nestled in the heart of Pennant Bay. This spacious residence offers the perfect blend of coastal charm and modern comfort, set on an expansive piece of land that ensures privacy, tranquility, and endless possibilities.
C$2000000

Residential For Sale

22 Thumbcap Lane, West Pennant, NS B3V 0C8
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$2000000

Residential For Sale

2094-322 Higgins Avenue, Beechville, NS B3T 0N3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
49Picture(s)
2,436Sqft
Royal LePage Atlantic
C$714900

Residential For Sale

2094-322 Higgins Avenue, Beechville, NS B3T 0N3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,436Sqft
Royal LePage Atlantic
Welcome to PHASE 2!!! of Halifax’s most exciting new project. Located right next to expanding & booming Bayers Lake Shopping district. Walk to movie theatres, shopping, restaurants, and TONS of amenities including the new hospital. ATN is happy & proud to offer detached & built to fantastic standards.
C$714900

Residential For Sale

2094-322 Higgins Avenue, Beechville, NS B3T 0N3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$714900

Residential For Sale

1-120 Deeridge Road, Black Point, NS B0J 1B0

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
3Picture(s)
1,570Sqft
Engel & Volkers
C$589900

Residential For Sale

1-120 Deeridge Road, Black Point, NS B0J 1B0
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,570Sqft
Engel & Volkers
Welcome to The Dana, a beautifully designed new-construction home located in the peaceful coastal community of Black Point, Nova Scotia. Just a 30-minute drive from downtown Halifax, this thoughtfully crafted single-family detached residence blends contemporary style with the charm of seaside living.
C$589900

Residential For Sale

1-120 Deeridge Road, Black Point, NS B0J 1B0
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$589900

Residential For Sale

109 Edgehill Drive, Valley, NS B6L 3K5

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
34Picture(s)
2,105Sqft
Royal LePage Truro Real Estate
C$649900

Residential For Sale

109 Edgehill Drive, Valley, NS B6L 3K5
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,105Sqft
Royal LePage Truro Real Estate
Nestled in one of Valley’s most prestigious subdivisions, this stunning home invites you to experience a blend of modern luxury and warm, everyday comfort. From the moment you step inside, you’re welcomed by a light-filled, open layout that flows effortlessly from room to room—perfect for family living and entertaining alike.
C$649900

Residential For Sale

109 Edgehill Drive, Valley, NS B6L 3K5
Royal LePage Truro Real Estate
3Bedroom(s)
2Bathroom(s)
C$649900

Residential For Sale

127 Flatrock Crescent, Beechville, NS B3T 0N4

5Bedroom(s)
4Bathroom(s)
SingleParking(s)
2Picture(s)
2,840Sqft
Royal LePage Atlantic
C$809900

Residential For Sale

127 Flatrock Crescent, Beechville, NS B3T 0N4
5Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,840Sqft
Royal LePage Atlantic
Welcome to the last cul de sac in Lovett Lakes subdivision of Halifax’s most exciting new project—featuring beautiful views of Lovett Lake. This spacious layout now offers a total of 5 bedrooms, including four upstairs and one in the basement, plus a versatile den—perfect for a home office, gym, or guest space.
C$809900

Residential For Sale

127 Flatrock Crescent, Beechville, NS B3T 0N4
Royal LePage Atlantic
5Bedroom(s)
4Bathroom(s)
C$809900

Residential For Sale

112 Lakeview Lane, West Lochaber, NS B2G 2L3

1Bedroom(s)
1Bathroom(s)
NoneParking(s)
35Picture(s)
720Sqft
Royal LePage Atlantic(Stellarton)
C$289000

Residential For Sale

112 Lakeview Lane, West Lochaber, NS B2G 2L3
1Bedroom(s)
1Bathroom(s)
NoneParking(s)
720Sqft
Royal LePage Atlantic(Stellarton)
Welcome to your private escape on the highly sought-after West Side Lochaber Lake! Perched on a hilltop with stunning lake views and access to the water, This cozy cottage offers peace, privacy, and endless potential. Sitting on 7.78 acres with frontage along the main road, there's ample opportunity for future development, subdivision, or building your year-round dream home.
C$289000

Residential For Sale

112 Lakeview Lane, West Lochaber, NS B2G 2L3
Royal LePage Atlantic(Stellarton)
1Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

543 Bridgeview Lane, Port Philip, NS B0K 1K0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
28Picture(s)
560Sqft
Keller Williams Select Realty (Truro)
C$224000

Residential For Sale

543 Bridgeview Lane, Port Philip, NS B0K 1K0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
560Sqft
Keller Williams Select Realty (Truro)
Charming Waterfront Cottage for Sale in Port Phillip Welcome to 543 Bridgeview on the Northumberland Strait., a delightful 2 bedroom, 1 bath cottage that perfectly blends comfort and charm, nestled right on the waterfront. This meticulously maintained property is being sold fully furnished, complete with all appliances, making it an ideal turn-key investment or a serene getaway.
C$224000

Residential For Sale

543 Bridgeview Lane, Port Philip, NS B0K 1K0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$224000

Residential For Sale

2403 West Ship Harbour Road, Owls Head, NS B0J 2L0

2Bedroom(s)
1Bathroom(s)
PavedParking(s)
19Picture(s)
840Sqft
Century 21 Trident Realty Ltd.
C$234900

Residential For Sale

2403 West Ship Harbour Road, Owls Head, NS B0J 2L0
2Bedroom(s)
1Bathroom(s)
PavedParking(s)
840Sqft
Century 21 Trident Realty Ltd.
Relax and enjoy stunning ocean views! This beautifully renovated mini home sits on a spacious private parcel boasting over 1,200 feet of waterfrontage in picturesque Owls Head. Recent upgrades include a metal roof, new windows and doors, siding, heat pump, renovated bathroom, updated plumbing and electrical, and more— offering peace of mind and move-in readiness.
C$234900

Residential For Sale

2403 West Ship Harbour Road, Owls Head, NS B0J 2L0
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$234900

Residential For Sale

46 Bavaria Lane, The Points West Bay, NS B0E 3B0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
40Picture(s)
1,012Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$275000

Residential For Sale

46 Bavaria Lane, The Points West Bay, NS B0E 3B0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,012Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Turnkey log cabin with stunning views of the Bras d’Or Lake, set on 2.31 acres in a quiet subdivision between St. Peter’s and Dundee. This cozy retreat offers privacy without being remote—just 20 minutes to St. Peter’s, 10 minutes to Dundee Golf Resort, and 35 minutes to Port Hawkesbury.
C$275000

Residential For Sale

46 Bavaria Lane, The Points West Bay, NS B0E 3B0
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

55 Lucasville Road, Middle Sackville, NS B4E 3E8

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
1,810Sqft
RE/MAX Nova
C$519900

Residential For Sale

55 Lucasville Road, Middle Sackville, NS B4E 3E8
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,810Sqft
RE/MAX Nova
Searching for a great family home in a desirable neighborhood within walking distance to schools? This 4-bedroom, 2-bath home could be perfect for you. It’s well maintained with upgrades including a heat pump and new roof.
C$519900

Residential For Sale

55 Lucasville Road, Middle Sackville, NS B4E 3E8
RE/MAX Nova
4Bedroom(s)
2Bathroom(s)
C$519900
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