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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

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
18Picture(s)
1,344Sqft
Exit Realty Town & Country
C$237000

Residential For Sale

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,344Sqft
Exit Realty Town & Country
Escape to nature with this charming 3-bedroom, 1-bath chalet-style cottage, perfectly nestled on beautiful Murphy Lake Drive, with year-round access. The main floor offers a spacious living room, separate dining area, and large kitchen ideal for weekend getaways or full-time living. Upstairs features three bedrooms, including a primary with a private balcony overlooking the lake.
C$237000

Residential For Sale

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$237000

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,156Sqft
Cape Breton Realty
C$344900

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,156Sqft
Cape Breton Realty
Nestled at 60 West Side Grand River Road, Grand River, NS, CA, this single-family residence presents an attractive property in great condition. The living room welcomes you with an air of sophistication, highlighted by the elegant crown molding that graces the space.
C$344900

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0
Cape Breton Realty
2Bedroom(s)
1Bathroom(s)
C$344900

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
38Picture(s)
3,910Sqft
Air Realty Limited
C$1995000

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,910Sqft
Air Realty Limited
On coveted McCabe Lake, you will find this immaculate paradise ready for you to enjoy luxury living in Indigo Shores. Enter the courtyard driveway with full privacy from the road, where double entry doors invite you to an exceptionally well-maintained and modern living space spread over 3 levels.
C$1995000

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6
Air Realty Limited
4Bedroom(s)
4Bathroom(s)
C$1995000

Residential For Sale

2641 West Bay Road, Dundee, NS B0E 3K0

5Bedroom(s)
5Bathroom(s)
DetachedParking(s)
50Picture(s)
3,319Sqft
Cape Breton Realty
C$4175000

Residential For Sale

2641 West Bay Road, Dundee, NS B0E 3K0
5Bedroom(s)
5Bathroom(s)
DetachedParking(s)
3,319Sqft
Cape Breton Realty
Welcome to a truly extraordinary waterfront retreat in Dundee, NS—directly across from the renowned Dundee Golf Course and fronting on the majestic Bras d’Or Lake, the world’s largest inland saltwater fjord which offers some of the finest sailing in the world. This 2.
C$4175000

Residential For Sale

2641 West Bay Road, Dundee, NS B0E 3K0
Cape Breton Realty
5Bedroom(s)
5Bathroom(s)
C$4175000

Residential For Sale

9199 St Margarets Bay Road, Queensland, NS B0J 1T0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
42Picture(s)
1,517Sqft
Oceancrest Realty Inc.
C$439000

Residential For Sale

9199 St Margarets Bay Road, Queensland, NS B0J 1T0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,517Sqft
Oceancrest Realty Inc.
Looking for a touch of paradise to call home - welcome to 9199 St. Margarets Bay Rd. This property by the sea offers a fabulous view of the ocean. Imagine enjoying your morning coffee in the sunroom overlooking the ocean. A fenced in yard, surrounded by lovely gardens, trees, and a vegetable garden are just lovely extras with this home.
C$439000

Residential For Sale

9199 St Margarets Bay Road, Queensland, NS B0J 1T0
Oceancrest Realty Inc.
2Bedroom(s)
2Bathroom(s)
C$439000

Residential For Sale

207-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
37Picture(s)
1,257Sqft
Sutton Group Professional Realty
C$565000

Residential For Sale

207-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,257Sqft
Sutton Group Professional Realty
Welcome to Morris Lake Vistas and stunning 2 BDM, 2 BATH PLUS DEN CONDO UNIT 207 lakeside view, a rare opportunity to own a condo where no detail has been overlooked. Ideal for professionals, downsizers, or anyone looking to enjoy stylish low-maintenance living in a prime location perfectly situated in a quiet, natural, serene setting and includes an inside underground parking and storage.
C$565000

Residential For Sale

207-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6
Sutton Group Professional Realty
2Bedroom(s)
2Bathroom(s)
C$565000

Residential For Sale

30 Pivot Lane, Hatchet Lake, NS B3T 2C8

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
1,941Sqft
Royal LePage Atlantic
C$689900

Residential For Sale

30 Pivot Lane, Hatchet Lake, NS B3T 2C8
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,941Sqft
Royal LePage Atlantic
Welcome to 30 Pivot lane in the sought after Drysdale Estates! Just minutes from Bayers Lake and a short 20 minutes to downtown Halifax, this very well-maintained two story sits on 1.91 acres on a private lane for maximum peace and quiet.
C$689900

Residential For Sale

30 Pivot Lane, Hatchet Lake, NS B3T 2C8
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$689900

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
646Sqft
Keller Williams Select Realty (Truro)
C$175000

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
646Sqft
Keller Williams Select Realty (Truro)
Welcome to your new rural retreat! This charming one-bedroom home, currently operating as a rental, offers a perfect blend of comfort and opportunity. Nestled in a tranquil setting, the property features a fully fenced yard, providing a secure space for outdoor activities or relaxation.
C$175000

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1
Keller Williams Select Realty (Truro)
1Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
646Sqft
Keller Williams Select Realty (Truro)
C$175000

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
646Sqft
Keller Williams Select Realty (Truro)
Welcome to your new rural retreat! This charming one-bedroom home, currently operating as a rental, offers a perfect blend of comfort and opportunity. Nestled in a tranquil setting, the property features a fully fenced yard, providing a secure space for outdoor activities or relaxation.
C$175000

Residential For Sale

3775 Highway 311, Nuttby, NS B6L 6J1
Keller Williams Select Realty (Truro)
1Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

4 Charles Meade Drive, Williamswood, NS B3V 1B7

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
36Picture(s)
1,850Sqft
Sutton Group Professional Realty
C$724900

Residential For Sale

4 Charles Meade Drive, Williamswood, NS B3V 1B7
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,850Sqft
Sutton Group Professional Realty
Welcome to your dream home- a meticulously crafted new construction bungalow nestled on a serene and private street. This beautifully designed residence combines modern comfort with timeless charm, offering an exceptional living space.
C$724900

Residential For Sale

4 Charles Meade Drive, Williamswood, NS B3V 1B7
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$724900

Residential For Sale

3498 Highway 395, East Lake Ainslie, NS B0E 3M0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
29Picture(s)
1,800Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$339000

Residential For Sale

3498 Highway 395, East Lake Ainslie, NS B0E 3M0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,800Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to your beautifully updated 3-bedroom, 1.5-bath home overlooking the serene waters of Lake Ainslie.Sitting on a generous 34,303 square ft lot, this move-in-ready property blends modern comfort with country charm.
C$339000

Residential For Sale

3498 Highway 395, East Lake Ainslie, NS B0E 3M0
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$339000

Residential For Sale

2010 Trout Brook Road, Albert Bridge, NS B1K 2L9

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
17Picture(s)
786Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$135000

Residential For Sale

2010 Trout Brook Road, Albert Bridge, NS B1K 2L9
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
786Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to 2010 Trout Brook Road where you will find a little piece of paradise with an amazing view of the famous Mira River. The property is waiting for your insight to complete this wonderful location and begin to enjoy the peace and tranquility. The unfinished layout features 2 bedrooms, a bathroom and a large open concept kitchen/living room area.
C$135000

Residential For Sale

2010 Trout Brook Road, Albert Bridge, NS B1K 2L9
Keller Williams Select Realty(Sydney,Townsend St.)
2Bedroom(s)
1Bathroom(s)
C$135000
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