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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

3955 Shore Road W, Hillsburn Ns B0s 1a0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
42Picture(s)
1,040Sqft
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C$299000

Residential For Sale

3955 Shore Road W, Hillsburn Ns B0s 1a0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,040Sqft
Exit Realty Town & Country
Welcome to 3955 Shore Road West, Hillsburn — your perfect home sweet home! This inviting 2-bedroom, 1-bathroom residence is ideally positioned to capture beautiful sunsets and views of the Bay of Fundy.
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3955 Shore Road W, Hillsburn Ns B0s 1a0
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2Bedroom(s)
1Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
36Picture(s)
1,500Sqft
RE/MAX Nova (Halifax)
C$410000

Residential For Sale

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2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,500Sqft
RE/MAX Nova (Halifax)
Spacious and bright this 2 bedroom 2 bath condo is located close to universities and hospitals and a short walk to Point Pleasant Park. Downtown shops and restaurants are also a short distance away. A blank canvas, you have the opportunity to make this a unique property to suit yourself.
C$410000

Residential For Sale

601-1074 Wellington Street, Halifax, NS B3H 2Z8
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$410000

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28915 Highway 7, Moser River Ns B0j 2k0

4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
44Picture(s)
2,668Sqft
Hants Realty Ltd.
C$199900

Residential For Sale

28915 Highway 7, Moser River Ns B0j 2k0
4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
2,668Sqft
Hants Realty Ltd.
A Gem in the Rough – Oceanview Charmer in Moser River Discover the potential of this 4-bedroom, 1-bathroom home nestled in the peaceful seaside community of Moser River. Just 20 minutes from Sheet Harbour, this property offers breathtaking ocean views and a true taste of country living.
C$199900

Residential For Sale

28915 Highway 7, Moser River Ns B0j 2k0
Hants Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$199900

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64-306 Cumberland Drive, Colby Ns B2v 2c7

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
31Picture(s)
925Sqft
Royal LePage Atlantic
C$344900

Residential For Sale

64-306 Cumberland Drive, Colby Ns B2v 2c7
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
925Sqft
Royal LePage Atlantic
This bright and inviting 2 bedroom condo unit has been freshly painted and is squeaky clean and ready for you to move in! Filled with great features such as; a large foyer with ample closet space, a functional kitchen with hardwood cabinets and a separate coffee counter, in-suite laundry, ductless heat pump, a balcony and in-suite storage. The building has an elevator, and a common room.
C$344900

Residential For Sale

64-306 Cumberland Drive, Colby Ns B2v 2c7
Royal LePage Atlantic
2Bedroom(s)
1Bathroom(s)
C$344900

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4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
47Picture(s)
2,775Sqft
Royal LePage Anchor Realty
C$825000

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9279 Peggys Cove Road, Hackett's Cove Ns B3z 3m9
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,775Sqft
Royal LePage Anchor Realty
PRIVATE COUNTRY PARADISE. As soon as you turn up that beautiful paved driveway, you’ll realize that this 1.5 acre property is a very special one. At only 4 years young, this almost 2800 sq ft home has loads of room for a growing family & the yard to match.
C$825000

Residential For Sale

9279 Peggys Cove Road, Hackett's Cove Ns B3z 3m9
Royal LePage Anchor Realty
4Bedroom(s)
3Bathroom(s)
C$825000

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98 Richmond Street, Sydney Ns B1p 2v2

4Bedroom(s)
1Bathroom(s)
10Picture(s)
1,152Sqft
RE/MAX Park Place Inc.
C$125000

Residential For Sale

98 Richmond Street, Sydney Ns B1p 2v2
4Bedroom(s)
1Bathroom(s)
1,152Sqft
RE/MAX Park Place Inc.
Welcome to 98 Richmond Street. This affordable 1.5-storey Semi-Detached home offers a convenient location close to all amenities, bus route and major routes, making everyday living simple and accessible.
C$125000

Residential For Sale

98 Richmond Street, Sydney Ns B1p 2v2
RE/MAX Park Place Inc.
4Bedroom(s)
1Bathroom(s)
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1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
44Picture(s)
1,318Sqft
Royal LePage Atlantic
C$689900

Residential For Sale

1504-1465 Brenton Street, Halifax Ns B3j 3t3
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
1,318Sqft
Royal LePage Atlantic
Live your best life in the vibrant heart of Downtown Halifax! This professionally designed penthouse loft—originally a two-bedroom and easily convertible back—offers sweeping views of Spring Garden Road, Citadel Hill, and Halifax Harbour. Crafted with premium materials, this residence is a true work of art.
C$689900

Residential For Sale

1504-1465 Brenton Street, Halifax Ns B3j 3t3
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$689900

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18 Lerues Lane, L'ardoise Ns B0e 1s0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
50Picture(s)
792Sqft
Cape Breton Realty
C$99000

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18 Lerues Lane, L'ardoise Ns B0e 1s0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
792Sqft
Cape Breton Realty
Charming, freshly painted 3-bedroom, 1-bathroom home featuring storage sheds and a spacious barn—perfect for hobbies, storage, or small-scale farming. Recent upgrades include numerous new doors, windows, and updated flooring, along with a newer furnace and oil tank for added efficiency and comfort. The property is serviced by a dug well and septic system.
C$99000

Residential For Sale

18 Lerues Lane, L'ardoise Ns B0e 1s0
Cape Breton Realty
3Bedroom(s)
1Bathroom(s)
C$99000

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2-5886 Highway 2, Bass River Ns B0m 1b0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
37Picture(s)
1,408Sqft
Coldwell Banker Open Door Realty Ltd.
C$289000

Residential For Sale

2-5886 Highway 2, Bass River Ns B0m 1b0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,408Sqft
Coldwell Banker Open Door Realty Ltd.
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2-5886 Highway 2, Bass River Ns B0m 1b0
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$289000

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131 Birdsong Lane, Hubley Ns B3z 0t6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
1,512Sqft
Viewpoint Realty Services Inc.
C$439900

Residential For Sale

131 Birdsong Lane, Hubley Ns B3z 0t6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,512Sqft
Viewpoint Realty Services Inc.
Discover your dream home in this charming and stylish one-level modular home featuring 3 bedrooms and 2 baths. Located in a welcoming community, this property offers the appealing benefit of NO DEED TRANSFER TAX, and seller is OFFERING TO PAY ONE YEAR OF LOT RENT to a maximum of $5400.00, making it an even smarter choice for your new home.
C$439900

Residential For Sale

131 Birdsong Lane, Hubley Ns B3z 0t6
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$439900

Residential For Sale

436 Wylde Street, Mulgrave Ns B0e 2g0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
25Picture(s)
2,428Sqft
Cape Breton Realty
C$359000

Residential For Sale

436 Wylde Street, Mulgrave Ns B0e 2g0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,428Sqft
Cape Breton Realty
Stunningly Renovated Tri-Plex in the Heart of Mulgrave. Located just a short walk uphill from the water, this centrally situated century home offers incredible potential. The property features two upstairs units, each with one bedroom, one bathroom, and generous living room/kitchen spaces. The main floor unit boasts two bedrooms, a spacious bathroom, and plenty of charming character.
C$359000

Residential For Sale

436 Wylde Street, Mulgrave Ns B0e 2g0
Cape Breton Realty
4Bedroom(s)
3Bathroom(s)
C$359000

Residential For Sale

347 West Loon Village Road, Upper Musquodoboit Ns B0n 2m0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
26Picture(s)
888Sqft
Royal LePage Atlantic (Dartmouth)
C$449900

Residential For Sale

347 West Loon Village Road, Upper Musquodoboit Ns B0n 2m0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
888Sqft
Royal LePage Atlantic (Dartmouth)
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C$449900

Residential For Sale

347 West Loon Village Road, Upper Musquodoboit Ns B0n 2m0
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$449900
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