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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

70 South Cormier Road, Belle Côte, NS B0E 1C0

3Bedroom(s)
3Bathroom(s)
50Picture(s)
3,000Sqft
Viewpoint Realty Services Inc. (Sydney)
C$799000

Residential For Sale

70 South Cormier Road, Belle Côte, NS B0E 1C0
3Bedroom(s)
3Bathroom(s)
3,000Sqft
Viewpoint Realty Services Inc. (Sydney)
HOUSE ON THE HILL This riverfront house is a fantastic entertaining home. The current owner had large kitchen parties, hosting up to 150 people and was the event of the summer for musicians, locals and come from away folk. Built in 1980 by the Gaudet Brothers and is solid as a rock was designed by Barbara Mills (Original owner). Concrete foundation and spacious basement.
C$799000

Residential For Sale

70 South Cormier Road, Belle Côte, NS B0E 1C0
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
3Bathroom(s)
C$799000

Residential For Sale

67 Cambridge Mountain Road, Prospect, NS B0P 1G0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
1,392Sqft
Exit Realty Town & Country
C$595700

Residential For Sale

67 Cambridge Mountain Road, Prospect, NS B0P 1G0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,392Sqft
Exit Realty Town & Country
Tucked in on a beautiful 4 acre property sits this stunning, executive bungalow where not a detail was missed. Built just over 4 years ago and designed with great care, as you walk through the front door you are greeted with a bright and airy, modern living space, eat-in kitchen, and dining area, with access to the backyard.
C$595700

Residential For Sale

67 Cambridge Mountain Road, Prospect, NS B0P 1G0
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$595700

Residential For Sale

3685 Highway 209, Advocate Harbour, NS B0M 1A0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
33Picture(s)
2,240Sqft
Coldwell Banker Open Door Realty Ltd.
C$249900

Residential For Sale

3685 Highway 209, Advocate Harbour, NS B0M 1A0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,240Sqft
Coldwell Banker Open Door Realty Ltd.
Charming Century Home with Harbour Views – Advocate Harbour, NS Nestled in the heart of scenic Advocate Harbour, this charming century-old home offers timeless character and modern comfort, all within walking distance to the Wild Caraway restaurant and some of Nova Scotia’s most beautiful beaches. Enjoy peaceful mornings and stunning views of the harbour from the spacious sunroom.
C$249900

Residential For Sale

3685 Highway 209, Advocate Harbour, NS B0M 1A0
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$249900

Residential For Sale

4859 Highway 224, Pleasant Valley, NS B0N 2M0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
33Picture(s)
1,246Sqft
Keller Williams Select Realty
C$399900

Residential For Sale

4859 Highway 224, Pleasant Valley, NS B0N 2M0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,246Sqft
Keller Williams Select Realty
Secluded Dow & Duggan Log Home on 11 Acres with Lakefront Access – Pleasant Valley, NS-- Welcome to your private lakeside retreat in beautiful Pleasant Valley, Nova Scotia. This charming Dow & Duggan log home sits on 11 secluded acres of forested land and features direct access to the tranquil waters of Rocky Brook Lake.
C$399900

Residential For Sale

4859 Highway 224, Pleasant Valley, NS B0N 2M0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

Lot Whiteburn Road, Whiteburn Mines, NS B0T 1B0

1Bedroom(s)
1Bathroom(s)
DirtParking(s)
24Picture(s)
401Sqft
Royal Lepage Atlantic (Mahone Bay)
C$87900

Residential For Sale

Lot Whiteburn Road, Whiteburn Mines, NS B0T 1B0
1Bedroom(s)
1Bathroom(s)
DirtParking(s)
401Sqft
Royal Lepage Atlantic (Mahone Bay)
Tucked away from the noise of everyday life and nestled among the trees, this charming one-bedroom, one-bath cabin sits on nearly an acre of peaceful woodland. Whether you're looking for a personal hideaway or a place to reconnect with nature, this off-grid property offers the tranquility you've been searching for.
C$87900

Residential For Sale

Lot Whiteburn Road, Whiteburn Mines, NS B0T 1B0
Royal Lepage Atlantic (Mahone Bay)
1Bedroom(s)
1Bathroom(s)
C$87900

Residential For Sale

Saddle Island And Associated Lot, Malagash Point, NS B0K 1E0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
29Picture(s)
1,600Sqft
Engel & Volkers
C$2500000

Residential For Sale

Saddle Island And Associated Lot, Malagash Point, NS B0K 1E0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,600Sqft
Engel & Volkers
Saddle Island is a jewel set in the warm waters of the Northumberland Strait offering a dynamic range of ever-changing panoramas and scenery, from the extensive inner sand bars to the rugged outcrops facing out into the ocean, to the trees and plants decorating this 60 acre island that boasts 2 miles of oceanfront.
C$2500000

Residential For Sale

Saddle Island And Associated Lot, Malagash Point, NS B0K 1E0
Engel & Volkers
2Bedroom(s)
2Bathroom(s)
C$2500000

Residential For Sale

1940 Clementsvale Road, Bear River, NS B0S 1B0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
44Picture(s)
2,227Sqft
Engel & Volkers (Annapolis Royal)
C$695000

Residential For Sale

1940 Clementsvale Road, Bear River, NS B0S 1B0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,227Sqft
Engel & Volkers (Annapolis Royal)
I am pleased to present this beautiful mid 19th century home which has gone through a Cinderella-like transformation after being completely rebuilt from the inside-out, resulting in a home with the charm of its original vernacular architecture, and all the benefits of a brand new build.
C$695000

Residential For Sale

1940 Clementsvale Road, Bear River, NS B0S 1B0
Engel & Volkers (Annapolis Royal)
3Bedroom(s)
3Bathroom(s)
C$695000

Residential For Sale

4847 Shore Road, North East Harbour, NS B0T 1W0

5Bedroom(s)
1Bathroom(s)
DetachedParking(s)
32Picture(s)
1,277Sqft
Keller Williams Select Realty
C$315000

Residential For Sale

4847 Shore Road, North East Harbour, NS B0T 1W0
5Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,277Sqft
Keller Williams Select Realty
Oceanfront Century Home | 10.7 Acres | Over 2,200 Ft of Waterfront Nestled in the quiet seaside community of North East Harbour, this charming and spacious 5-bedroom, 1-bath century home sits on an expansive 10.7-acre lot with an incredible 2,230 feet of direct ocean frontage.
C$315000

Residential For Sale

4847 Shore Road, North East Harbour, NS B0T 1W0
Keller Williams Select Realty
5Bedroom(s)
1Bathroom(s)
C$315000

Residential For Sale

26 Mcintyre Lane, Lower Sackville, NS B4C 0B9

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
42Picture(s)
2,990Sqft
Sotheby's International Realty Canada
C$724000

Residential For Sale

26 Mcintyre Lane, Lower Sackville, NS B4C 0B9
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,990Sqft
Sotheby's International Realty Canada
Tucked away on a quiet lane in Lower Sackville, 26 McIntyre Lane is a thoughtfully designed and a spacious home offering nearly 3,000 square feet of well-planned living space. From the soaring ceilings in the front entry to the multiple flex spaces throughout, this home is built to adapt to your lifestyle.
C$724000

Residential For Sale

26 Mcintyre Lane, Lower Sackville, NS B4C 0B9
Sotheby's International Realty Canada
4Bedroom(s)
3Bathroom(s)
C$724000

Residential For Sale

1230 Veterans Memorial Highway, Arichat, NS B0E 1A0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,682Sqft
RE/MAX Nova
C$599900

Residential For Sale

1230 Veterans Memorial Highway, Arichat, NS B0E 1A0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,682Sqft
RE/MAX Nova
Welcome to 1230 Veterans Memorial Highway! This charming 3-bedroom, 2-bath home features a bright open kitchen/dining area with Corian countertops, oak floors on the main level, and a spacious living room with a cozy propane fireplace. Enjoy year-round comfort with ductless heat pumps on both the main level and in the rec room.
C$599900

Residential For Sale

1230 Veterans Memorial Highway, Arichat, NS B0E 1A0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

1878 Sandy Point Road, Sandy Point, NS B0T 1W0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
44Picture(s)
1,562Sqft
RE/MAX Nova
C$699000

Residential For Sale

1878 Sandy Point Road, Sandy Point, NS B0T 1W0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,562Sqft
RE/MAX Nova
Discover your perfect getaway at 1878 Sandy Point Road in Shelburne, a successful vacation rental, Need rest and relaxation? This is the ideal haven! Unwind in the cedar sauna with ocean views, then pour a glass of wine and enjoy the hot tub, melting away your worries.
C$699000

Residential For Sale

1878 Sandy Point Road, Sandy Point, NS B0T 1W0
RE/MAX Nova
2Bedroom(s)
1Bathroom(s)
C$699000

Residential For Sale

25 Rogers Drive, Lower South River, NS B2G 0B4

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
18Picture(s)
1,088Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$189000

Residential For Sale

25 Rogers Drive, Lower South River, NS B2G 0B4
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,088Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
3 BEDROOM MINI HOME LOCATED ON LARGE LANDSCAPED LOT IN GLEN AIR ESTATES WITH FENCED BACK YARD, DECK AND SHEDS. FRIDGE, STOVE, WASHER, DRYER, DISHWASHER INCLUDED.
C$189000

Residential For Sale

25 Rogers Drive, Lower South River, NS B2G 0B4
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
3Bedroom(s)
1Bathroom(s)
C$189000
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