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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

22 Caldwell Avenue, Kentville, NS B4N 2C6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
37Picture(s)
1,786Sqft
RE/MAX Nova (Halifax)
C$449000

Residential For Sale

22 Caldwell Avenue, Kentville, NS B4N 2C6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,786Sqft
RE/MAX Nova (Halifax)
Welcome to 22 Caldwell Avenue! A beautifully cared-for character home in one of Kentville’s most cherished family neighbourhoods. Set on a quiet, tree-lined street in Oakdene, this classic Four Square offers the warmth, space, and lifestyle that make this area so sought-after, all within easy reach of schools, parks, Main Street shops, the hospital, and everyday conveniences.
C$449000

Residential For Sale

22 Caldwell Avenue, Kentville, NS B4N 2C6
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

5454 Granville Road, Granville Ferry, NS B0S 1A0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
2,280Sqft
Royal LePage Atlantic (Greenwood)
C$500000

Residential For Sale

5454 Granville Road, Granville Ferry, NS B0S 1A0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
2,280Sqft
Royal LePage Atlantic (Greenwood)
Charming Century Home in the picturesque Granville Ferry Community. This beautiful home boasts a spacious main level area from the kitchen to the Great Room; which by the way has the original tin ceiling that is sure to make your jaw drop! Upstairs you'll find 3 large bedrooms and full bath along with yet another level for you to use as an office or entertainment room.
C$500000

Residential For Sale

5454 Granville Road, Granville Ferry, NS B0S 1A0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
1Bathroom(s)
C$500000

Residential For Sale

70 Victoria Road, Lunenburg, NS B0J 2C0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
45Picture(s)
2,402Sqft
Engel & Volkers (Lunenburg)
C$499000

Residential For Sale

70 Victoria Road, Lunenburg, NS B0J 2C0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,402Sqft
Engel & Volkers (Lunenburg)
Welcome to 70 Victoria Road, a character-filled vintage home nestled on a generous double corner lot in the historic Town of Lunenburg—a UNESCO World Heritage Site known for its friendly vibrant community, maritime heritage, beautiful coastlines and world renowned sailing. The Town is also a well known film town for frequent Hallmark movies, TV series and motion pictures.
C$499000

Residential For Sale

70 Victoria Road, Lunenburg, NS B0J 2C0
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

153 Pleasant Street, Bridgewater, NS B4V 1N4

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
49Picture(s)
2,300Sqft
Engel & Volkers (Lunenburg)
C$599000

Residential For Sale

153 Pleasant Street, Bridgewater, NS B4V 1N4
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,300Sqft
Engel & Volkers (Lunenburg)
Motivated Seller! Looking for a property that can assist you with your mortgage? As a bonus, this property includes a self-contained one-bedroom apartment—complete with an eat-in kitchen, living room, 3-piece bath, and its own private backyard—ideal for extended family, in-law suite, guests, or perhaps long term rental income. Nestled in a prime location in the heart of Bridgewater.
C$599000

Residential For Sale

153 Pleasant Street, Bridgewater, NS B4V 1N4
Engel & Volkers (Lunenburg)
5Bedroom(s)
3Bathroom(s)
C$599000

Residential For Sale

19 Mona Marie Lane, Fox Point, NS B0J 1T0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
2,305Sqft
Exit Realty Metro
C$624900

Residential For Sale

19 Mona Marie Lane, Fox Point, NS B0J 1T0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,305Sqft
Exit Realty Metro
This picturesque property offers space, comfort, and flexibility on a beautifully landscaped 31,800 sq.ft. lot with ocean views of St. Margaret’s Bay from both levels! Enjoy the scenery from the bright kitchen/dining area or relax in the spacious living room filled with natural light.
C$624900

Residential For Sale

19 Mona Marie Lane, Fox Point, NS B0J 1T0
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

6983 Chebucto Road, Halifax, NS B3L 1M6

8Bedroom(s)
3Bathroom(s)
DetachedParking(s)
44Picture(s)
1,820Sqft
Prescott Real Estate Limited
C$629900

Residential For Sale

6983 Chebucto Road, Halifax, NS B3L 1M6
8Bedroom(s)
3Bathroom(s)
DetachedParking(s)
1,820Sqft
Prescott Real Estate Limited
Flexible ER-3 Zoned Investment with Prime Central Location Welcome to 6983 Chebucto Road - a rare opportunity in one of Halifax’s most connected and convenient neighbourhoods. Situated steps from Halifax Shopping Centre, groceries, Wal-Mart, services, parks, shopping, restaurants, and major transit routes.
C$629900

Residential For Sale

6983 Chebucto Road, Halifax, NS B3L 1M6
Prescott Real Estate Limited
8Bedroom(s)
3Bathroom(s)
C$629900

Residential For Sale

51 Chapman Lane, Lorneville, NS B4H 3X9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,218Sqft
RE/MAX County Line Realty Ltd.
C$769900

Residential For Sale

51 Chapman Lane, Lorneville, NS B4H 3X9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,218Sqft
RE/MAX County Line Realty Ltd.
Welcome to this high-end coastal retreat, positioned on 1 acre, designed for year-round living and located on one of the Northumberland Strait’s most coveted stretches of shoreline. This exquisite property offers 200 feet of pristine waterfront on the sought-after area of Lorneville/Amherst Shore coastline.
C$769900

Residential For Sale

51 Chapman Lane, Lorneville, NS B4H 3X9
RE/MAX County Line Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$769900

Residential For Sale

351 Lochside Road, Descousse, NS B0E 1K0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
44Picture(s)
2,073Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$425000

Residential For Sale

351 Lochside Road, Descousse, NS B0E 1K0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,073Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
See IGuide Virtual Tour and Floor Plans attached to the listing. Nestled in the picturesque community of Isle Madame, this sun-filled home offers the perfect blend of East Coast lifestyle, peace, and serenity with nature at your doorstep.
C$425000

Residential For Sale

351 Lochside Road, Descousse, NS B0E 1K0
RE/MAX Park Place Inc. (Port Hawkesbury)
4Bedroom(s)
2Bathroom(s)
C$425000

Residential For Sale

657 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,867Sqft
Century 21 Trident Realty Ltd.
C$1089900

Residential For Sale

657 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,867Sqft
Century 21 Trident Realty Ltd.
Welcome to your new home at 657 Ketch Harbour road! This custom built, newly completed home is looking for it's new owners.
C$1089900

Residential For Sale

657 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1
Century 21 Trident Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$1089900

Residential For Sale

405- 5234 Morris St, Halifax, NS B3J 0A3

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
39Picture(s)
1,226Sqft
Royal LePage Atlantic
C$619000

Residential For Sale

405- 5234 Morris St, Halifax, NS B3J 0A3
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,226Sqft
Royal LePage Atlantic
Exceptional opportunity in Halifax's coveted South End. Ideal for both homeowners and investors! Whether you're seeking a solid investment or a place to call home, this spacious 3 bedroom, 2 bathroom condo in Halifax’s prestigious South End delivers unbeatable value and location.
C$619000

Residential For Sale

405- 5234 Morris St, Halifax, NS B3J 0A3
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$619000

Residential For Sale

252 Eves Road, New Albany, NS B0S 1P0

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
26Picture(s)
1,480Sqft
Royal LePage Atlantic (Greenwood)
C$474900

Residential For Sale

252 Eves Road, New Albany, NS B0S 1P0
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,480Sqft
Royal LePage Atlantic (Greenwood)
“ Stop Scrolling!!! You don’t want to miss out on your chance to enjoy this low maintenance, one level living Home in a private country setting. Quick Closing can be accommodated by the motivated Sellers so you can move in, relax and start enjoying right away!! This home offers a large bright open concept living area, 3 spacious bedrooms and modernized four piece bath.
C$474900

Residential For Sale

252 Eves Road, New Albany, NS B0S 1P0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
1Bathroom(s)
C$474900

Residential For Sale

711-5511 Bilby St, Halifax, NS B3K 0M5

2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
14Picture(s)
664Sqft
Keller Williams Select Realty
C$564900

Residential For Sale

711-5511 Bilby St, Halifax, NS B3K 0M5
2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
664Sqft
Keller Williams Select Realty
Welcome to unit 711 at NRTH — the newest modern statement in Halifax’s vibrant North End. Bathed in natural light and boasting stunning water views, this unit is designed for elevated urban living, blending minimalist style with thoughtful finishes, clean lines, and a sleek, contemporary aesthetic throughout.
C$564900

Residential For Sale

711-5511 Bilby St, Halifax, NS B3K 0M5
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$564900
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