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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

15 Mcdougal Street, Springhill, NS B0M 1X0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
2,910Sqft
Royal LePage Cumberland Realty Ltd.
C$189900

Residential For Sale

15 Mcdougal Street, Springhill, NS B0M 1X0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,910Sqft
Royal LePage Cumberland Realty Ltd.
Great location with this old beauty. She's close to pretty much everything in Springhill, including the downtown core, arena, school, and the community college.
C$189900

Residential For Sale

15 Mcdougal Street, Springhill, NS B0M 1X0
Royal LePage Cumberland Realty Ltd.
5Bedroom(s)
2Bathroom(s)
C$189900

Residential For Sale

17 Mill Cove Shore Road, Mill Cove, NS B0J 1T0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
40Picture(s)
1,582Sqft
Red Door Realty
C$1199999

Residential For Sale

17 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,582Sqft
Red Door Realty
Welcome to “Hummingbird Hill”- the extraordinary 3 season (not insulated) waterfront property that seamlessly blends modern sophistication with the natural splendor of its surroundings. Boasting unparalleled curb appeal in the ultimate tranquil setting, this home is the ideal space for family gatherings and serene oceanside retreats.
C$1199999

Residential For Sale

17 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
Red Door Realty
3Bedroom(s)
2Bathroom(s)
C$1199999

Residential For Sale

123 Duke Street, Chester, NS B0J 1J0

4Bedroom(s)
5Bathroom(s)
GravelParking(s)
12Picture(s)
4,250Sqft
PG Direct Realty Ltd.
C$1795000

Residential For Sale

123 Duke Street, Chester, NS B0J 1J0
4Bedroom(s)
5Bathroom(s)
GravelParking(s)
4,250Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Once home to the renowned Casa Blanca Inn, this historic Chester property blends timeless elegance with modern comfort. Thoughtfully reimagined, it offers flexibility as a private residence, boutique rental, or event space.
C$1795000

Residential For Sale

123 Duke Street, Chester, NS B0J 1J0
PG Direct Realty Ltd.
4Bedroom(s)
5Bathroom(s)
C$1795000

Residential For Sale

Cabot Trail, Goose Cove, NS B0C 1G0

1Bedroom(s)
1Bathroom(s)
SharedParking(s)
20Picture(s)
480Sqft
Viewpoint Realty Services Inc. (Sydney)
C$99900

Residential For Sale

Cabot Trail, Goose Cove, NS B0C 1G0
1Bedroom(s)
1Bathroom(s)
SharedParking(s)
480Sqft
Viewpoint Realty Services Inc. (Sydney)
Breathtaking waterfrontage on St. Ann's Bay. Have a coffee at the shore and watch the Lobster boats set their traps. Driveway Access to the property is in writing and on record at the Land Registry. 1 bedroom cabin that requires upgrades. Cabin is sold as is where is. Water supply is from stream that is piped into the cabin. Generator is used for power, there is no electricity to the cabin.
C$99900

Residential For Sale

Cabot Trail, Goose Cove, NS B0C 1G0
Viewpoint Realty Services Inc. (Sydney)
1Bedroom(s)
1Bathroom(s)
C$99900

Residential For Sale

5070 Highway 332, East Lahave, NS B4V 0V6

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
38Picture(s)
1,450Sqft
Engel & Volkers (Lunenburg)
C$949000

Residential For Sale

5070 Highway 332, East Lahave, NS B4V 0V6
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,450Sqft
Engel & Volkers (Lunenburg)
Imagine living on the peaceful LaHave River and watching the sailboats on the water during the day and the beautiful sunsets in the evening. The house is south facing and has sun and clear views all day from a large, covered deck. Across the road, in front of the house, there is a 259-foot piece of land on the water which goes with the property.
C$949000

Residential For Sale

5070 Highway 332, East Lahave, NS B4V 0V6
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$949000

Residential For Sale

58 Victoria Street, Antigonish, NS B2G 1X3

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
2,405Sqft
Blinkhorn Real Estate Ltd.
C$579900

Residential For Sale

58 Victoria Street, Antigonish, NS B2G 1X3
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,405Sqft
Blinkhorn Real Estate Ltd.
A wonderful, move-in ready opportunity awaits you, only a two minute walk to town, on picturesque, historic Victoria Street in Antigonish, Nova Scotia! Nestled amongst mature hardwoods on a rare double lot, this charming two-storey century home is surrounded by colourful perennial gardens, fruit trees and stately spruces.
C$579900

Residential For Sale

58 Victoria Street, Antigonish, NS B2G 1X3
Blinkhorn Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$579900

Residential For Sale

3504 Highway 311 Highway, Nuttby, NS B6L 6H9

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
2,760Sqft
Coldwell Banker Open Door Realty Ltd.
C$599000

Residential For Sale

3504 Highway 311 Highway, Nuttby, NS B6L 6H9
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,760Sqft
Coldwell Banker Open Door Realty Ltd.
Charming, well maintained property with stunning riverfront access nestled in a serene setting, this unique property offers a perfect blend of comfort, privacy, and natural beauty. Boasting 4 spacious bedrooms, each featuring large closets for plenty of storage, and 2 bathrooms, it provides ample space for family living.
C$599000

Residential For Sale

3504 Highway 311 Highway, Nuttby, NS B6L 6H9
Coldwell Banker Open Door Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

Lower Stave Lake, Upper Ohio, NS B0T 1W0

NoneParking(s)
15Picture(s)
320Sqft
EXIT Realty Inter Lake
C$26500

Residential For Sale

Lower Stave Lake, Upper Ohio, NS B0T 1W0
NoneParking(s)
320Sqft
EXIT Realty Inter Lake
Tucked away in a peaceful clearing, this little camp is a hunter's dream, embraced by the expansive crown land that stretches as far as the eye can see. This rustic camp, serves as a cozy base for adventurers seeking the thrill of the hunt. Trees stand around the camp, their leaves whispering secrets of the wilderness.
C$26500

Residential For Sale

Lower Stave Lake, Upper Ohio, NS B0T 1W0
EXIT Realty Inter Lake
C$26500

Residential For Sale

54 Lighthouse Road, Kings Head, NS B2H 5C4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
1,768Sqft
Blinkhorn Real Estate Ltd.
C$645000

Residential For Sale

54 Lighthouse Road, Kings Head, NS B2H 5C4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,768Sqft
Blinkhorn Real Estate Ltd.
Nestled in the heart of the highly sought-after Kings Head community, 54 Lighthouse Road is a charming, classic two-story home that offers the perfect blend of coastal serenity and modern comfort. This 3–4 bedroom, 2-bathroom home features a spacious open-concept kitchen, dining, and living area—intentionally designed on the upper level to capture sweeping views of the Northumberland Strait.
C$645000

Residential For Sale

54 Lighthouse Road, Kings Head, NS B2H 5C4
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$645000

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
983Sqft
Hants Realty Ltd.
C$379900

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
983Sqft
Hants Realty Ltd.
4 bedroom home on 33 +/- acres. Ideal opportunity to explore your farming contributions with ample land for expansion with the majority treed. Connect to trails for your ATV that run for miles. The farm house is ideal for the growing family. Offering heat pump, woodstove and oil heating, metal roof, updated wiring, drilled well and an easy commute to Metro.
C$379900

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0
Hants Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$379900

Residential For Sale

23 Quincy Street, Inverness, NS B0E 1N0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
40Picture(s)
785Sqft
Engel & Volkers
C$125000

Residential For Sale

23 Quincy Street, Inverness, NS B0E 1N0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
785Sqft
Engel & Volkers
Rare opportunity in sought-after Inverness, NS under $150,000! This two-bedroom plus den property offers exceptional value for investors, families, or Cape Breton retreat seekers.
C$125000

Residential For Sale

23 Quincy Street, Inverness, NS B0E 1N0
Engel & Volkers
2Bedroom(s)
1Bathroom(s)
C$125000

Residential For Sale

171 Highway 376, Central West River, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,022Sqft
Blinkhorn Real Estate Ltd.
C$259900

Residential For Sale

171 Highway 376, Central West River, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,022Sqft
Blinkhorn Real Estate Ltd.
Experience the warmth of this lovely 2 bedroom, 1 bathroom home, featuring a spacious kitchen with plenty of storage, perfect for entertaining. With several upgrades, including new roof shingles and deck, a roomy insulated basement that is waiting to be developed with a walk-out, this is a space that truly feels like home. This home also offers 1.2 acres of cleared, landscaped land.
C$259900

Residential For Sale

171 Highway 376, Central West River, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$259900
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