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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

51 Eagle Point Drive, Windsor Junction, NS B2T 1K1

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
47Picture(s)
3,089Sqft
Exit Realty Metro
C$1150000

Residential For Sale

51 Eagle Point Drive, Windsor Junction, NS B2T 1K1
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,089Sqft
Exit Realty Metro
Welcome to the exquisite lakefront property at 51 Eagle Point Drive, nestled on a peaceful cul-de-sac in Windsor Junction. This stunning home offers a unique blend of tranquility and convenience, with downtown Halifax and the international airport just minutes away, along with easy highway access.
C$1150000

Residential For Sale

51 Eagle Point Drive, Windsor Junction, NS B2T 1K1
Exit Realty Metro
4Bedroom(s)
4Bathroom(s)
C$1150000

Residential For Sale

2133 New Cheverie Road, Cheverie, NS B0N 2A0

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
2,138Sqft
Keller Williams Select Realty
C$390000

Residential For Sale

2133 New Cheverie Road, Cheverie, NS B0N 2A0
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,138Sqft
Keller Williams Select Realty
Ocean View Historic Home - Built in 1875 for the town’s mayor, this historic home blends timeless character withmodern updates. Once the local storefront and one of the area's most prestigious homes, it features highceilings, original woodwork, wainscoting, and a servants' staircase.
C$390000

Residential For Sale

2133 New Cheverie Road, Cheverie, NS B0N 2A0
Keller Williams Select Realty
5Bedroom(s)
2Bathroom(s)
C$390000

Residential For Sale

2968 West Lake Ainslie Road, West Lake Ainslie, NS B0E 1N0

6Bedroom(s)
1Bathroom(s)
DoubleParking(s)
41Picture(s)
2,350Sqft
Engel & Volkers
C$375000

Residential For Sale

2968 West Lake Ainslie Road, West Lake Ainslie, NS B0E 1N0
6Bedroom(s)
1Bathroom(s)
DoubleParking(s)
2,350Sqft
Engel & Volkers
Escape to the tranquility of Lake Ainslie, where this stunning 6-bedroom home sits on over 105 acres of woodlands, offering breathtaking views of the lake and surrounding mountains. Originally built in 1977, the main part of this bungalow was extensively modified and added to over time, resulting in a spacious and versatile layout ideal for family living or multi-use potential.
C$375000

Residential For Sale

2968 West Lake Ainslie Road, West Lake Ainslie, NS B0E 1N0
Engel & Volkers
6Bedroom(s)
1Bathroom(s)
C$375000

Residential For Sale

17987 Highway 316, Country Harbour, NS B0H 0B1

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
3Picture(s)
736Sqft
Royal LePage Atlantic(Stellarton)
C$231000

Residential For Sale

17987 Highway 316, Country Harbour, NS B0H 0B1
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
736Sqft
Royal LePage Atlantic(Stellarton)
Turnkey Mini Home by Stone’s Prestige Homes – Facsimile Build on This Lot 17987 Highway 316 Welcome to the perfect turnkey home or cottage retreat, featuring a facsimile 2-bedroom, 1-bathroom mini home by Stone’s Prestige Homes, to be constructed right on this lot.
C$231000

Residential For Sale

17987 Highway 316, Country Harbour, NS B0H 0B1
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$231000

Residential For Sale

40 Broad Street, Guysborough, NS B0H 1N0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
3Picture(s)
736Sqft
Royal LePage Atlantic(Stellarton)
C$233900

Residential For Sale

40 Broad Street, Guysborough, NS B0H 1N0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
736Sqft
Royal LePage Atlantic(Stellarton)
Turnkey Mini Home by Stone’s Prestige Homes – Facsimile Build on this Lot 40 Broad St Welcome to the perfect turnkey mini home, featuring a facsimile 2-bedroom, 1-bathroom mini home by Stone’s Prestige Homes, to be constructed right on this lot.
C$233900

Residential For Sale

40 Broad Street, Guysborough, NS B0H 1N0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$233900

Residential For Sale

1445 Crandall Road, Sugar Camp, NS B9A 1T7

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
35Picture(s)
1,288Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$350000

Residential For Sale

1445 Crandall Road, Sugar Camp, NS B9A 1T7
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,288Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Welcome to this charming 2012 Heather Homes farmhouse, nestled on 2.89 acres along peaceful Crandall Road — a quiet dirt road perfect for country living. This 3-bedroom, 1.5-bath home offers the ideal blend of comfort and rural charm, with an open-concept kitchen and dining area featuring sleek black appliances, perfect for family meals and entertaining.
C$350000

Residential For Sale

1445 Crandall Road, Sugar Camp, NS B9A 1T7
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
2Bathroom(s)
C$350000

Residential For Sale

359 Foundry Street, Oxford, NS B0M 1P0

5Bedroom(s)
1Bathroom(s)
DoubleParking(s)
31Picture(s)
1,451Sqft
Royal LePage Cumberland Realty Ltd.
C$119900

Residential For Sale

359 Foundry Street, Oxford, NS B0M 1P0
5Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,451Sqft
Royal LePage Cumberland Realty Ltd.
Priced to sell, and ready for a new owner! Featuring 4/5 bedrooms, a large kitchen with plenty of cupboards and counter space, separate dining, large living room, and main floor laundry. Home is vinyl sided, vinyl windows, fibreglass oil tank as well.
C$119900

Residential For Sale

359 Foundry Street, Oxford, NS B0M 1P0
Royal LePage Cumberland Realty Ltd.
5Bedroom(s)
1Bathroom(s)
C$119900

Residential For Sale

9521 Commercial Street, New Minas, NS B4N 3G3

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,964Sqft
Royal LePage Atlantic (New Minas)
C$675000

Residential For Sale

9521 Commercial Street, New Minas, NS B4N 3G3
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,964Sqft
Royal LePage Atlantic (New Minas)
Unmatched Space & Versatility: 5-Bedroom Home with Multi-Generational Potential! An exceptional opportunity awaits with this massive 5-bedroom, 2-full bath family home, perfectly situated on 3.30 acres directly across from the prestigious Ken Wo Golf Course.
C$675000

Residential For Sale

9521 Commercial Street, New Minas, NS B4N 3G3
Royal LePage Atlantic (New Minas)
5Bedroom(s)
2Bathroom(s)
C$675000

Residential For Sale

243 Braemar Drive, Westmount, NS B1R 1V9

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
1,344Sqft
Coldwell Banker Boardwalk Realty
C$454999

Residential For Sale

243 Braemar Drive, Westmount, NS B1R 1V9
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,344Sqft
Coldwell Banker Boardwalk Realty
Welcome to your dream home in the heart of Westmount! This stunning next-to-new residence offers the perfect blend of comfort and modern living, featuring main floor living with three spacious bedrooms and two beautifully designed bathrooms. Step inside to discover an inviting open-concept layout that maximizes space and natural light.
C$454999

Residential For Sale

243 Braemar Drive, Westmount, NS B1R 1V9
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$454999

Residential For Sale

2849 Highway 215, Centre Burlington, NS B0N 2A0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
41Picture(s)
2,100Sqft
Royal LePage Atlantic - Valley(Windsor)
C$499900

Residential For Sale

2849 Highway 215, Centre Burlington, NS B0N 2A0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,100Sqft
Royal LePage Atlantic - Valley(Windsor)
NEW PRICE! Welcome to Centre Burlington! This spacious 4-bedroom, 1.5-bath back split offers a comfortable living space, perfectly positioned on an 8.5-acre parcel. with views of the scenic Kennetcook River, offering endless possibilities for farming, recreation, or expansion. The home offers 2 heat pumps, electric baseboard and wood heat and with some TLC, this would be a wonderful family home.
C$499900

Residential For Sale

2849 Highway 215, Centre Burlington, NS B0N 2A0
Royal LePage Atlantic - Valley(Windsor)
4Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

10383 105 Highway, Aberdeen, NS B0E 3M0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
47Picture(s)
1,898Sqft
RE/MAX Park Place Inc.
C$449000

Residential For Sale

10383 105 Highway, Aberdeen, NS B0E 3M0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,898Sqft
RE/MAX Park Place Inc.
This exceptionally well-built and maintained home offers quality craftsmanship and thoughtful one-level living design. From the moment you arrive, the concrete driveway sets the tone for a property where pride of ownership shines.
C$449000

Residential For Sale

10383 105 Highway, Aberdeen, NS B0E 3M0
RE/MAX Park Place Inc.
2Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

252 Blue Heron Dr., New Glasgow, NS B2H 5Z3

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
46Picture(s)
5,300Sqft
Viewpoint Realty Services Inc.
C$825000

Residential For Sale

252 Blue Heron Dr., New Glasgow, NS B2H 5Z3
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
5,300Sqft
Viewpoint Realty Services Inc.
Welcome to this remarkable custom-built executive home nestled on over half an acre in one of New Glasgow’s most sought-after West Side neighbourhoods. Designed with both family living and elegant entertaining in mind, this five-bedroom, five-bathroom residence combines luxury, functionality, and location in perfect harmony.
C$825000

Residential For Sale

252 Blue Heron Dr., New Glasgow, NS B2H 5Z3
Viewpoint Realty Services Inc.
5Bedroom(s)
5Bathroom(s)
C$825000
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