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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

798 Brinton Road, Port Lorne, NS B0S 1R0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,498Sqft
RE/MAX Banner Real Estate
C$240000

Residential For Sale

798 Brinton Road, Port Lorne, NS B0S 1R0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,498Sqft
RE/MAX Banner Real Estate
This charming 3-bedroom home is nestled in a peaceful country setting, just a short walk to the Bay of Fundy shoreline and Port Lorne Wharf. The main floor features patio doors off the dining area open to a private concrete patio, perfect for enjoying quiet outdoor moments. The open-concept foyer with cathedral ceiling leads to the upper level, adding a bright, spacious feel.
C$240000

Residential For Sale

798 Brinton Road, Port Lorne, NS B0S 1R0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$240000

Residential For Sale

181 Bay St Lawrence Road, Cape North, NS B0C 1G0

5Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
22Picture(s)
2,951Sqft
Blueberry Commercial Real Estate Limited
C$374900

Residential For Sale

181 Bay St Lawrence Road, Cape North, NS B0C 1G0
5Bedroom(s)
3Bathroom(s)
Circular DrivewayParking(s)
2,951Sqft
Blueberry Commercial Real Estate Limited
Perched on a hillside in Cape North, this beautiful two-storey home radiates rustic charm and warmth. Exposed beam ceilings, wood floors throughout, and a cozy wood-burning fireplace create an inviting atmosphere. Large windows in the living room frame breathtaking views of the mountain range and North Harbour.
C$374900

Residential For Sale

181 Bay St Lawrence Road, Cape North, NS B0C 1G0
Blueberry Commercial Real Estate Limited
5Bedroom(s)
3Bathroom(s)
C$374900

Residential For Sale

108 Church Street, Antigonish, NS B2G 2E4

6Bedroom(s)
2Bathroom(s)
DetachedParking(s)
28Picture(s)
3,351Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$699000

Residential For Sale

108 Church Street, Antigonish, NS B2G 2E4
6Bedroom(s)
2Bathroom(s)
DetachedParking(s)
3,351Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
Great location! Great Home! Well maintained 6 bedroom 2 bathroom century home with spacious lot within walking distance of shops, schools, and everything the town of Antigonish has to offer! Your timing couldn't be better to enjoy the heated inground swimming pool in a very private backyard with its own patio area surrounded by grapevines, a hot tub, lots of perennial gardening and space to gro
C$699000

Residential For Sale

108 Church Street, Antigonish, NS B2G 2E4
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
6Bedroom(s)
2Bathroom(s)
C$699000

Residential For Sale

2301-1650 Granville Street, Halifax, NS B3J 0E1

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,335Sqft
The Agency Real Estate Brokerage
C$2560000

Residential For Sale

2301-1650 Granville Street, Halifax, NS B3J 0E1
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,335Sqft
The Agency Real Estate Brokerage
Discover The Summit — a refined penthouse residence that redefines timeless living at The Roy, Halifax’s foremost luxury address. Designed with a classic layout and generous wall space for art collectors, The Summit seamlessly balances elegance with comfort.
C$2560000

Residential For Sale

2301-1650 Granville Street, Halifax, NS B3J 0E1
The Agency Real Estate Brokerage
2Bedroom(s)
3Bathroom(s)
C$2560000

Residential For Sale

2303-1650 Granville Street, Halifax, NS B3J 0E1

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
3,226Sqft
The Agency Real Estate Brokerage
C$3552000

Residential For Sale

2303-1650 Granville Street, Halifax, NS B3J 0E1
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
3,226Sqft
The Agency Real Estate Brokerage
Step into The Pinnacle — the premier penthouse at Halifax’s most iconic address, The Roy. Reserved for those who demand the very best, this breathtaking 3,250+ sq. ft. residence crowns the city with panoramic harbour and skyline views from every angle.
C$3552000

Residential For Sale

2303-1650 Granville Street, Halifax, NS B3J 0E1
The Agency Real Estate Brokerage
3Bedroom(s)
3Bathroom(s)
C$3552000

Residential For Sale

2302-1650 Granville Street, Halifax, NS B3J 0E1

2Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
2,120Sqft
The Agency Real Estate Brokerage
C$2554000

Residential For Sale

2302-1650 Granville Street, Halifax, NS B3J 0E1
2Bedroom(s)
3Bathroom(s)
SingleParking(s)
2,120Sqft
The Agency Real Estate Brokerage
Welcome to The Apex — a newly offered penthouse that blends elevated design with breathtaking Halifax Harbour views at The Roy, the city’s ultimate luxury residence. This thoughtfully designed 2,120 sq. ft. home offers a bright, modern layout that maximizes flow and functionality.
C$2554000

Residential For Sale

2302-1650 Granville Street, Halifax, NS B3J 0E1
The Agency Real Estate Brokerage
2Bedroom(s)
3Bathroom(s)
C$2554000

Residential For Sale

61 Wilfred Macdonald Road, Kirkmount, NS B0K 1W0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,924Sqft
Blinkhorn Real Estate Ltd.
C$730000

Residential For Sale

61 Wilfred Macdonald Road, Kirkmount, NS B0K 1W0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,924Sqft
Blinkhorn Real Estate Ltd.
Welcome to your dream home just minutes to the town of New Glasgow, where privacy, space, and breathtaking views come together seamlessly. Nestled on over seven beautifully landscaped acres, this stunning one-level home offers almost 3000 sq ft of living space, thoughtfully designed for comfort and style.
C$730000

Residential For Sale

61 Wilfred Macdonald Road, Kirkmount, NS B0K 1W0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
3Bathroom(s)
C$730000

Residential For Sale

49 Sherbrooke Avenue, Bridgewater, NS B4V 4E8

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
1,072Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$220000

Residential For Sale

49 Sherbrooke Avenue, Bridgewater, NS B4V 4E8
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,072Sqft
RE/MAX Banner Real Estate (Bridgewater)
Welcome to this well-maintained and thoughtfully laid out mini home in the desirable LaHave Heights community of Bridgewater. Featuring 2 bedrooms and 2 full bathrooms, this home offers privacy and comfort with bedrooms located at opposite ends - perfect for families, roommates, or guests. The large primary bedroom boasts a walk-in closet and a private en-suite bathroom.
C$220000

Residential For Sale

49 Sherbrooke Avenue, Bridgewater, NS B4V 4E8
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
2Bathroom(s)
C$220000

Residential For Sale

56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
37Picture(s)
1,516Sqft
Keller Williams Select Realty
C$495000

Residential For Sale

56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,516Sqft
Keller Williams Select Realty
This spacious and well maintained 5 bed, 2 bath bungalow in the heart of Eastern Passage has a newly installed propane heating system & solar panels—a smart, sustainable upgrade that lets you enjoy year-round comfort & energy savings! And did we mention the solar panels are paid off?! Step inside to discover a bright and welcoming layout with generous-sized living spaces.
C$495000

Residential For Sale

56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7
Keller Williams Select Realty
5Bedroom(s)
2Bathroom(s)
C$495000

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,155Sqft
Blinkhorn Real Estate Ltd.
C$307000

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,155Sqft
Blinkhorn Real Estate Ltd.
This property truly showcases the pride of ownership that has been nurtured over the past 29 years. As you arrive, you'll find a spacious concrete driveway perfect for parking your moving truck as you unload. There are two wired sheds on the property, one of which is fully insulated, giving you plenty of storage options.
C$307000

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$307000

Residential For Sale

25 Parkview Drive, New Glasgow, NS B2H 0E6

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
48Picture(s)
3,164Sqft
Results Realty Atlantic Inc.
C$599900

Residential For Sale

25 Parkview Drive, New Glasgow, NS B2H 0E6
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,164Sqft
Results Realty Atlantic Inc.
Discover the perfect blend of charm and comfort with stunning curb appeal, welcoming you with a covered veranda where you can unwind and soak in the vibrant street views. Nestled on a peaceful dead-end street, this home offers a sanctuary of tranquility and community. Boasting five spacious bedrooms with endless potential to create a sixth, there’s room for every dream and desire.
C$599900

Residential For Sale

25 Parkview Drive, New Glasgow, NS B2H 0E6
Results Realty Atlantic Inc.
5Bedroom(s)
4Bathroom(s)
C$599900

Residential For Sale

4 Harbourview Drive, Yarmouth, NS B5A 4C3

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
41Picture(s)
2,058Sqft
The Real Estate Store
C$459900

Residential For Sale

4 Harbourview Drive, Yarmouth, NS B5A 4C3
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,058Sqft
The Real Estate Store
Welcome to 4 Harbourview Drive. This spilt entry 4 bedroom 2 bath home with a great location very close to Yarmouth Regional Hospital may be your next home? Inside you will find an open family layout with 3 bedrooms on the upper level. 1 bedroom, a den and an open rec room on the lower level. There is an attached garage with a connecting breezeway to the house.
C$459900

Residential For Sale

4 Harbourview Drive, Yarmouth, NS B5A 4C3
The Real Estate Store
4Bedroom(s)
2Bathroom(s)
C$459900
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