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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

1060 North Kemptville Road, North Kemptville Ns B5a 5p2

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
600Sqft
The Real Estate Store
C$289900

Residential For Sale

1060 North Kemptville Road, North Kemptville Ns B5a 5p2
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
600Sqft
The Real Estate Store
Are you looking for an " Off Grid " cottage? 1060 North Kempt Road is 30 minutes from Yarmouth with a private setting along the river. Solid construction and cozy this could apply for a seasonal cottage or if you have a more permanent lifestyle in mind this also could easily be a year round home with some modifications. The property and setting will draw you in upon arrival.
C$289900

Residential For Sale

1060 North Kemptville Road, North Kemptville Ns B5a 5p2
The Real Estate Store
2Bedroom(s)
1Bathroom(s)
C$289900

Residential For Sale

8 Abbey Road, Garlands Crossing Ns B0n 2t0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1Picture(s)
1,323Sqft
Royal LePage Atlantic - Valley(Windsor)
C$489900

Residential For Sale

8 Abbey Road, Garlands Crossing Ns B0n 2t0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,323Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to 8 Abbey Road—an elegant and thoughtfully designed semi-detached home in the newest phase of The Crossing, Nova Scotia’s most sought-after retirement community. Perfectly positioned to capture sweeping valley views and featuring 2 bedrooms and 2 full bathrooms.
C$489900

Residential For Sale

8 Abbey Road, Garlands Crossing Ns B0n 2t0
Royal LePage Atlantic - Valley(Windsor)
2Bedroom(s)
2Bathroom(s)
C$489900

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0

1Bedroom(s)
3Bathroom(s)
DetachedParking(s)
47Picture(s)
1,442Sqft
The Real Estate Store
C$395000

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0
1Bedroom(s)
3Bathroom(s)
DetachedParking(s)
1,442Sqft
The Real Estate Store
Nestled nicely in the hardwoods just 20 minutes from Yarmouth is 81 Chemin des Bouleaux. This cottage / recreation property features coastal shoreline on Indian Bay. Additionally there are several out buildings that can serve for short term living space or extended family accommodations. There is a pathway right to the shore and a gazebo like setting for watching the tide as it flows by.
C$395000

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0
The Real Estate Store
1Bedroom(s)
3Bathroom(s)
C$395000

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0

1Bedroom(s)
3Bathroom(s)
DetachedParking(s)
47Picture(s)
1,442Sqft
The Real Estate Store
C$395000

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0
1Bedroom(s)
3Bathroom(s)
DetachedParking(s)
1,442Sqft
The Real Estate Store
Nestled nicely in the hardwoods just 20 minutes from Yarmouth is 81 Chemin des Bouleaux. This cottage / recreation property features coastal shoreline on Indian Bay. Additionally there are several out buildings that can serve for short term living space or extended family accommodations. There is a pathway right to the shore and a gazebo like setting for watching the tide as it flows by.
C$395000

Residential For Sale

81 Chemin Des Bouleaux, Sluice Point Ns B0w 3m0
The Real Estate Store
1Bedroom(s)
3Bathroom(s)
C$395000

Residential For Sale

743-670 Celebration Drive, Fall River Ns B2t 1s3

6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3Picture(s)
2,522Sqft
Viewpoint Realty Services Inc.
C$889000

Residential For Sale

743-670 Celebration Drive, Fall River Ns B2t 1s3
6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,522Sqft
Viewpoint Realty Services Inc.
Another Quality Built Gerald Mitchell Home. Welcome to the Kingswood, designed with the growing family in mind. Be welcomed home to this well thought out plan with spacious entry, beautiful kitchen w/ large island, spacious dining room, and open concept flow of the main living area all under the grand vaulted ceiling. Cozy up next to the fireplace in the winter.
C$889000

Residential For Sale

743-670 Celebration Drive, Fall River Ns B2t 1s3
Viewpoint Realty Services Inc.
6Bedroom(s)
3Bathroom(s)
C$889000

Residential For Sale

47 Rockhaven Drive, Halifax Ns B3m 4c8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
4,236Sqft
RE/MAX Nova (Halifax)
C$1115000

Residential For Sale

47 Rockhaven Drive, Halifax Ns B3m 4c8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
4,236Sqft
RE/MAX Nova (Halifax)
Beautiful 5 bedroom home nestled in the heart of a coveted neighborhood of Clayton Park. This delightful two-storey residence welcomes you with open arms. From the moment you step through the door, the warm ambiance and thoughtful design of this home become evident. So much to tell - this home caters to both family and guest needs.
C$1115000

Residential For Sale

47 Rockhaven Drive, Halifax Ns B3m 4c8
RE/MAX Nova (Halifax)
4Bedroom(s)
3Bathroom(s)
C$1115000

Residential For Sale

6260 West Bay Road, Roberta Ns B0e 3k0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
46Picture(s)
3,331Sqft
Cape Breton Realty
C$1490000

Residential For Sale

6260 West Bay Road, Roberta Ns B0e 3k0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,331Sqft
Cape Breton Realty
Spectacular lake view retreat with panoramic Bras d'Or Lake views. This extraordinary 4-bedroom, 3.5-bathroom custom residence is set on 178 acres of woodland. This 3,331 sq. ft. home offers unparalleled craftsmanship and breathtaking views of the world-famous Bras d'Or Lake.
C$1490000

Residential For Sale

6260 West Bay Road, Roberta Ns B0e 3k0
Cape Breton Realty
4Bedroom(s)
4Bathroom(s)
C$1490000

Residential For Sale

191 Teviot Place, Valley Ns B6l 4l1

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,032Sqft
Royal LePage Truro Real Estate
C$579900

Residential For Sale

191 Teviot Place, Valley Ns B6l 4l1
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,032Sqft
Royal LePage Truro Real Estate
Welcome to this stunning family home, perfectly nestled in the highly sought-after Valley area. This beautiful home offers 3 large bedrooms, including a huge primary bedroom with a newly renovated ensuite bath and a massive walk-in closet. The main floor features hardwood floors, a fabulous mudroom with loads of storage, and the convenience of main floor laundry.
C$579900

Residential For Sale

191 Teviot Place, Valley Ns B6l 4l1
Royal LePage Truro Real Estate
3Bedroom(s)
4Bathroom(s)
C$579900

Residential For Sale

471 Marc Comeau Road, Meteghan River Ns B0w 2l0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,782Sqft
Modern Realty
C$799000

Residential For Sale

471 Marc Comeau Road, Meteghan River Ns B0w 2l0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,782Sqft
Modern Realty
Escape to tranquility in this meticulously crafted timber frame home, perfectly situated on a breathtaking 3.59-acre lot overlooking the serene Meteghan River. Surrounded by towering, mature trees and tastefully landscaped with beautifully crafted rock walls, this property offers a unique opportunity to immerse yourself in the sights and sounds of pure nature.
C$799000

Residential For Sale

471 Marc Comeau Road, Meteghan River Ns B0w 2l0
Modern Realty
4Bedroom(s)
3Bathroom(s)
C$799000

Residential For Sale

0 Grand Mira South Road, Juniper Mountain Ns B1x 1h3

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
576Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$295000

Residential For Sale

0 Grand Mira South Road, Juniper Mountain Ns B1x 1h3
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
576Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to 0 Grand Mira South Road. This wonderful property includes two PIDs side by side totaling 10.6 acres of land and over 400 feet of prime water frontage on the beautiful Mira River. One side of the property features 3 cabins, two of which are hooked up to power and have the added convenience of having a hold tank for the sewage. These 2 cabins are 24 x 24 and 16 x 16.
C$295000

Residential For Sale

0 Grand Mira South Road, Juniper Mountain Ns B1x 1h3
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$295000

Residential For Sale

903-3471 Dutch Village Road, Halifax Ns B3n 0c7

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
27Picture(s)
1,100Sqft
RE/MAX Nova
C$529000

Residential For Sale

903-3471 Dutch Village Road, Halifax Ns B3n 0c7
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,100Sqft
RE/MAX Nova
Welcome to St. Lawrence Place. Located in the heart of the Halifax, this building offers an easy commute to downtown or out to the airport and everything else in between. Its vibrant and modern style boasts all curtain glass walls allowing for fabulous views of Hwy 102 to the west end of Halifax. Open concept kitchen with solid countertop and island.
C$529000

Residential For Sale

903-3471 Dutch Village Road, Halifax Ns B3n 0c7
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$529000

Residential For Sale

112 Stewards Point Road, East Port L'hebert Ns B0t 1s0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
42Picture(s)
1,746Sqft
Engel & Volkers (Liverpool)
C$849000

Residential For Sale

112 Stewards Point Road, East Port L'hebert Ns B0t 1s0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,746Sqft
Engel & Volkers (Liverpool)
A Seaside Dream. Thoughtfully designed bungalow nestled at the end of a winding driveway on 5.2 acres of land, 315 feet of bold oceanfront, and a view that will captivate you. This custom designed, 2-bedroom, 2-bathroom home features cathedral ceilings and expansive floor-to-ceiling windows that flood the open-concept living space with natural light.
C$849000

Residential For Sale

112 Stewards Point Road, East Port L'hebert Ns B0t 1s0
Engel & Volkers (Liverpool)
2Bedroom(s)
2Bathroom(s)
C$849000
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