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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

13 Cove Road, Bramber Ns B0n 2r0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
46Picture(s)
1,175Sqft
Royal LePage Atlantic - Valley(Windsor)
C$399000

Residential For Sale

13 Cove Road, Bramber Ns B0n 2r0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,175Sqft
Royal LePage Atlantic - Valley(Windsor)
Charming Bungalow in Bramber with Partial Water Views! Welcome to this delightful bungalow tucked away on a private road in the peaceful community of Bramber. Just a stone’s throw from the stunning Minas Basin, this property offers partial water views and the perfect blend of comfort and coastal charm.
C$399000

Residential For Sale

13 Cove Road, Bramber Ns B0n 2r0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
2Bathroom(s)
C$399000

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1676 Maclellans Brook Road, Greenwood Ns B0k 1w0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
18Picture(s)
1,085Sqft
Blinkhorn Real Estate Ltd.
C$179000

Residential For Sale

1676 Maclellans Brook Road, Greenwood Ns B0k 1w0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,085Sqft
Blinkhorn Real Estate Ltd.
Nestled on just under half an acre, this 1.5-storey home offers the perfect blend of comfort, space, and opportunity. Featuring three bedrooms and a four-piece bath on the upper level, this home is ideal for families or those looking to put their own personal touch on a property with solid bones.
C$179000

Residential For Sale

1676 Maclellans Brook Road, Greenwood Ns B0k 1w0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$179000

Residential For Sale

54 Parkhill Road, Halifax Ns B3p 1r5

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
48Picture(s)
2,323Sqft
Priority 1 Real Estate
C$949900

Residential For Sale

54 Parkhill Road, Halifax Ns B3p 1r5
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,323Sqft
Priority 1 Real Estate
Looking for a home but really want the feel of a cottage? Want to live in a park-like setting plus a real park right next door? Wanna live 15 minutes away from downtown? Well, look no further than 54 Parkhill Road, adjacent to the Dingle Park and the Frog Pond Trail system.
C$949900

Residential For Sale

54 Parkhill Road, Halifax Ns B3p 1r5
Priority 1 Real Estate
3Bedroom(s)
2Bathroom(s)
C$949900

Residential For Sale

9513 Highway 7, Head Of Jeddore Ns B0j 1p0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,496Sqft
Royal LePage Atlantic (Dartmouth)
C$599900

Residential For Sale

9513 Highway 7, Head Of Jeddore Ns B0j 1p0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,496Sqft
Royal LePage Atlantic (Dartmouth)
Step into this rare opportunity at 9513 Hwy 7, a fully renovated, beautifully maintained, 3-UNIT property that offers charm, flexibility, and breathtaking ocean views. Over 2500 sq ft of total living space with 3 separate units, this home is ideal for extended families, generating rental income (pays for itself!), or easily convert into a spacious, single-family residence.
C$599900

Residential For Sale

9513 Highway 7, Head Of Jeddore Ns B0j 1p0
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

167 Annis Beach Road, Molega Ns B0t 1e0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
864Sqft
RE/MAX Nova (Halifax)
C$299900

Residential For Sale

167 Annis Beach Road, Molega Ns B0t 1e0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
864Sqft
RE/MAX Nova (Halifax)
Enjoy picturesque views and the sounds of nature from the wrap-around deck, or deeded lake access area just across the road! Brand new, quality construction, backing onto a greenbelt - Here's a house, cottage or home-away-from home that's freshly completed, and ready for Summer fun! With two spacious bedrooms, 1.
C$299900

Residential For Sale

167 Annis Beach Road, Molega Ns B0t 1e0
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

83 Mailn Street, Tatamagouche Ns B0k 1v0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
1,107Sqft
Keller Williams Select Realty
C$145000

Residential For Sale

83 Mailn Street, Tatamagouche Ns B0k 1v0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,107Sqft
Keller Williams Select Realty
This 1.5-story Main Street property in Tatamagouche presents a turnkey renovation opportunity in one of Nova Scotia's most desirable tourism markets. The structurally sound home features two bedrooms, one bathroom, and retains some original hardwood flooring. Recent upgrades including a new heat pump and metal roof provide a solid foundation for modernization.
C$145000

Residential For Sale

83 Mailn Street, Tatamagouche Ns B0k 1v0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$145000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
1,014Sqft
RE/MAX Nova (Halifax)
C$235000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,014Sqft
RE/MAX Nova (Halifax)
Adorable 3 bedroom Bungalow seeking new family to make their mark. Beautifully maintained & tastefully decorated; the moment you step into the porch it will feel like home. The large eat in kitchen is spacious and functional with beautiful views of the Harbour. The kind of space where you can envision big Holiday meals, cozy winter game nights, and Big Sunday Breakfasts.
C$235000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0
RE/MAX Nova (Halifax)
3Bedroom(s)
1Bathroom(s)
C$235000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
1,014Sqft
RE/MAX Nova (Halifax)
C$235000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,014Sqft
RE/MAX Nova (Halifax)
Adorable 3 bedroom Bungalow seeking new family to make their mark. Beautifully maintained & tastefully decorated; the moment you step into the porch it will feel like home. The large eat in kitchen is spacious and functional with beautiful views of the Harbour. The kind of space where you can envision big Holiday meals, cozy winter game nights, and Big Sunday Breakfasts.
C$235000

Residential For Sale

2569 Summerside Road, Tracadie Ns B0h 1a0
RE/MAX Nova (Halifax)
3Bedroom(s)
1Bathroom(s)
C$235000

Residential For Sale

25 Puncheon Way, Bedford Ns B4b 2l1

5Bedroom(s)
4Bathroom(s)
SingleParking(s)
47Picture(s)
3,100Sqft
RE/MAX Nova (Halifax)
C$1069000

Residential For Sale

25 Puncheon Way, Bedford Ns B4b 2l1
5Bedroom(s)
4Bathroom(s)
SingleParking(s)
3,100Sqft
RE/MAX Nova (Halifax)
Modern Elegance Meets Family Comfort in West Bedford’s Brookline Park. Welcome to your dream home in the vibrant and fast-growing community of Brookline Park, West Bedford. This stunning 5-bedroom, 4-bathroom residence combines modern aesthetics with thoughtful functionality—perfect for families or professionals seeking both style and substance.
C$1069000

Residential For Sale

25 Puncheon Way, Bedford Ns B4b 2l1
RE/MAX Nova (Halifax)
5Bedroom(s)
4Bathroom(s)
C$1069000

Residential For Sale

166 Quail Ridge, Beaver Bank Ns B4g 0g8

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
7Picture(s)
1,952Sqft
RE/MAX Nova
C$859900

Residential For Sale

166 Quail Ridge, Beaver Bank Ns B4g 0g8
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1,952Sqft
RE/MAX Nova
Marchand Homes presents "The Aspen" surrounded by nature on 3.3 acres in Lost Creek Village. Each Marchand home comes with a 10 year Atlantic New Home Warranty, main level ductless heat pump, Energy Efficient and Energy Star Certified Low E & Argon windows, white shaker style kitchen, soft cabinet closures, deluxe trim package and 40 year LLT shingles.
C$859900

Residential For Sale

166 Quail Ridge, Beaver Bank Ns B4g 0g8
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$859900

Residential For Sale

7786 Highway 366 Highway, Northport Ns B0l 1e0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,758Sqft
Century 21 Trident Realty Ltd.
C$349900

Residential For Sale

7786 Highway 366 Highway, Northport Ns B0l 1e0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,758Sqft
Century 21 Trident Realty Ltd.
The best of all worlds in a super location on the Sunrise TRail with Northumberland water views. A lovely country house well suited as a home or seasonal retreat property. An easy walk finds you on the Northport beach. A 25 minute drive to Amherst, 45+ minutes to PEI, Truro, Moncton amsd an hour to the Bay of Fundy. Horse lover? Check out the six box horse barn: start your day with a morning ride.
C$349900

Residential For Sale

7786 Highway 366 Highway, Northport Ns B0l 1e0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

46 Somerset Drive, Bible Hill Ns B6l 4j2

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
4,690Sqft
Royal LePage Truro Real Estate
C$739000

Residential For Sale

46 Somerset Drive, Bible Hill Ns B6l 4j2
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
4,690Sqft
Royal LePage Truro Real Estate
Welcome to your dream family home, nestled at the end of a quiet cul-de-sac in the highly sought-after Saywood Estates. This stunning, immaculately maintained property offers the perfect blend of elegance, functionality, and comfort-tailored for family living and entertaining.
C$739000

Residential For Sale

46 Somerset Drive, Bible Hill Ns B6l 4j2
Royal LePage Truro Real Estate
3Bedroom(s)
4Bathroom(s)
C$739000
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