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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

3399 Barronsfield Road, River Hebert, NS B0L 1G0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,456Sqft
Royal LePage Cumberland Realty Ltd.
C$549900

Residential For Sale

3399 Barronsfield Road, River Hebert, NS B0L 1G0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,456Sqft
Royal LePage Cumberland Realty Ltd.
180-Acre Farm with Barn & Outbuildings! This property has been worked and loved by the same family for 120 years! This picturesque 180-acre farm is located in the heart of River Hébert, close to all levels of school, gas, and daily essentials and just 25 minutes from larger retail shopping and the regional hospital of Amherst! A perfect setup for farming, livestock, or sustainable living with nat
C$549900

Residential For Sale

3399 Barronsfield Road, River Hebert, NS B0L 1G0
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

264 Highland Avenue, Windsor, NS B0N 2T0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
37Picture(s)
3,406Sqft
Keller Williams Select Realty
C$455000

Residential For Sale

264 Highland Avenue, Windsor, NS B0N 2T0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,406Sqft
Keller Williams Select Realty
Welcome to this charming family home in a sought-after Windsor neighborhood, close to highway access and downtownamenities.Set on a generous lot, the large backyard is perfect for gardening or outdoor entertaining. The home has 4 bedroomsand 2.5 bathrooms, with potential to add 2 to 3 more bedrooms — ideal for growing families. Built in 1940 and expanded in the1990s.
C$455000

Residential For Sale

264 Highland Avenue, Windsor, NS B0N 2T0
Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
C$455000

Residential For Sale

11 Chalet Drive, Old Barns, NS B6L 1Z4

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,750Sqft
Exit Real Estate Professionals
C$715900

Residential For Sale

11 Chalet Drive, Old Barns, NS B6L 1Z4
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,750Sqft
Exit Real Estate Professionals
This beautiful bungalow offers the perfect combination of comfort, luxury, and practicality, ideal for family living. Set on a spacious 2.24-acre lot, it features five large bedrooms and three bathrooms. The primary bedroom is a private retreat, complete with a walk-in closet and a luxurious 4-piece ensuite bathroom.
C$715900

Residential For Sale

11 Chalet Drive, Old Barns, NS B6L 1Z4
Exit Real Estate Professionals
5Bedroom(s)
4Bathroom(s)
C$715900

Residential For Sale

142 Woodstock Road, Clearland, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
1,602Sqft
Exit Realty Metro
C$824900

Residential For Sale

142 Woodstock Road, Clearland, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,602Sqft
Exit Realty Metro
Charming Country Retreat Just Outside Mahone Bay! Welcome to the perfect blend of character, comfort, and convenience—this beautifully renovated 123-year-old home sits on 3 private, landscaped acres, just outside the town limits of Mahone Bay.
C$824900

Residential For Sale

142 Woodstock Road, Clearland, NS B0J 2E0
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$824900

Residential For Sale

87 Mount Pleasant Road, West Lahave, NS B0R 1G0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
1,725Sqft
The Agency Real Estate Brokerage
C$650000

Residential For Sale

87 Mount Pleasant Road, West Lahave, NS B0R 1G0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,725Sqft
The Agency Real Estate Brokerage
Fully renovated, this beautiful 3-bedroom, 2.5-bath side-split in West LaHave offers modern comfort with classic South Shore charm, perfect for family living. Just minutes from Bridgewater, the LaHave Ferry, Bakery, and stunning coastal beaches, it’s an ideal spot to enjoy Nova Scotia’s South Shore lifestyle.
C$650000

Residential For Sale

87 Mount Pleasant Road, West Lahave, NS B0R 1G0
The Agency Real Estate Brokerage
3Bedroom(s)
3Bathroom(s)
C$650000

Residential For Sale

320-3067 Highway 320, Descousse, NS B0E 1K0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
44Picture(s)
2,336Sqft
Cape Breton Realty
C$599900

Residential For Sale

320-3067 Highway 320, Descousse, NS B0E 1K0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,336Sqft
Cape Breton Realty
This charming, artfully restored 19th-century Acadian farmhouse is a whimsical haven for artists, creatives, and nature lovers alike. Surrounded by wildflower gardens and field, plus wooded paths that lead to the ocean shoreline, this property offers serenity, inspiration, and timeless beauty. Lovingly rebuilt from the studs up, no detail has been overlooked.
C$599900

Residential For Sale

320-3067 Highway 320, Descousse, NS B0E 1K0
Cape Breton Realty
3Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

623-1326 Lower Water Street, Halifax, NS B3J 3R3

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
33Picture(s)
550Sqft
Royal LePage Atlantic
C$359900

Residential For Sale

623-1326 Lower Water Street, Halifax, NS B3J 3R3
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
550Sqft
Royal LePage Atlantic
Whether you're a first time buyer looking to enter the real estate or a mature buyer looking for the perfect city pied-à-terre, this bright and well kept condo fits the bill! Located in the heart of downtown close to fabulous restaurants and shops along the waterfront and a short walking distance to universities and hospitals, this 1 bedroom condo has a lovely water view and great flow.
C$359900

Residential For Sale

623-1326 Lower Water Street, Halifax, NS B3J 3R3
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$359900

Residential For Sale

38 Lawson Avenue, Dartmouth, NS B2W 2Z3

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
26Picture(s)
1,340Sqft
Red Door Realty
C$514900

Residential For Sale

38 Lawson Avenue, Dartmouth, NS B2W 2Z3
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,340Sqft
Red Door Realty
Welcome to 38 Lawson Avenue, a charming two-storey home nestled in the heart of Woodlawn. Situated on a spacious 8,750 sq ft corner lot, this property offers mature gardens and a peaceful setting in a well-established neighbourhood. Owned by the same family since 1976, this well-loved home is full of warmth, character, and history.
C$514900

Residential For Sale

38 Lawson Avenue, Dartmouth, NS B2W 2Z3
Red Door Realty
3Bedroom(s)
1Bathroom(s)
C$514900

Residential For Sale

153 Foster Avenue, Fall River, NS B2T 1E7

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
3,183Sqft
Keller Williams Select Realty
C$1049000

Residential For Sale

153 Foster Avenue, Fall River, NS B2T 1E7
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,183Sqft
Keller Williams Select Realty
Dreaming of owning a beautiful lakefront home in the highly sought after community of Fall River? Wait no longer! Welcome to 153 Foster Ave. Perfectly nestled on a 1.2-acre lot, this 4 bed 3.5 bath home offers the ideal blend of comfort & scenic beauty.
C$1049000

Residential For Sale

153 Foster Avenue, Fall River, NS B2T 1E7
Keller Williams Select Realty
4Bedroom(s)
4Bathroom(s)
C$1049000

Residential For Sale

3667 Malagash Road, Malagash Centre, NS B0K 1E0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
560Sqft
3% Realty Nova Scotia
C$399000

Residential For Sale

3667 Malagash Road, Malagash Centre, NS B0K 1E0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
560Sqft
3% Realty Nova Scotia
Escape to your own private sanctuary on the coveted shores of Nova Scotia’s Northumberland Strait. This remarkable property offers 50 acres of wooded and cleared land, along with approximately 600 feet of exclusive rights oceanfront, ideal for a shed or deck for day use. The shoreline features a protective rock wall approximately 300 feet long, with a sandy beach on the remaining half. A 2.
C$399000

Residential For Sale

3667 Malagash Road, Malagash Centre, NS B0K 1E0
3% Realty Nova Scotia
1Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

11391 Highway 2, Masstown, NS B0M 1G0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
46Picture(s)
1,922Sqft
Royal LePage Atlantic (Enfield)
C$349900

Residential For Sale

11391 Highway 2, Masstown, NS B0M 1G0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,922Sqft
Royal LePage Atlantic (Enfield)
Welcome to the Eagle’s Nest—an architecturally unique and beautifully maintained home nestled on a spacious 1.2-acre lot in the desirable community of Masstown, Nova Scotia. This thoughtfully designed 3-bedroom, 2-bathroom home offers a perfect blend of comfort, style, and functionality.
C$349900

Residential For Sale

11391 Highway 2, Masstown, NS B0M 1G0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

746 Intervale Road, Rock Elm, NS B1K 1S9

4Bedroom(s)
1Bathroom(s)
OtherParking(s)
42Picture(s)
1,610Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$399000

Residential For Sale

746 Intervale Road, Rock Elm, NS B1K 1S9
4Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,610Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to your charming rural retreat — a beautifully remodeled 1 3/4-storey home nestled on 60 acres of pristine countryside. Whether you're seeking the perfect hobby farm, an equestrian property, or simply a peaceful escape with income potential, this property checks all the boxes.
C$399000

Residential For Sale

746 Intervale Road, Rock Elm, NS B1K 1S9
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
1Bathroom(s)
C$399000
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