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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

10 Idlewylde Road, Halifax, NS B3N 1B9

GravelParking(s)
17Picture(s)
0.53Acre
The Agency Real Estate Brokerage
C$899900

Residential For Sale

10 Idlewylde Road, Halifax, NS B3N 1B9
GravelParking(s)
0.53Acre
The Agency Real Estate Brokerage
Located just a stones throw from the Armdale rotary, less then 8 minutes to the downtown core, sits this beautiful 23,000 square foot lot, with endless possibilities for your future. Boasting views of the Northwest Arm, this tree lined property fronts on Idlewylde and backs onto Margret with road frontage on both sides. Great opportunity with municipal services.
C$899900

Residential For Sale

10 Idlewylde Road, Halifax, NS B3N 1B9
The Agency Real Estate Brokerage
C$899900

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,968Sqft
Coldwell Banker Performance Realty
C$399900

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,968Sqft
Coldwell Banker Performance Realty
Fantastic 4 level split on the outskirts of town! Brand new steel roof on the house and the garage. Speaking of the garage, it is a massive 44x32 structure with high ceilings and doors. The home has had many renovations such as kitchen and a new ensuite bath. Geothermal ducted heat pump furnace gives the home efficient heating and air conditioning.
C$399900

Residential For Sale

116 John Black Road, East Amherst, NS B4H 3Y3
Coldwell Banker Performance Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
4,108Sqft
Keller Williams Select Realty
C$1399000

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
4,108Sqft
Keller Williams Select Realty
Nestled in the prestigious parks of West Bedford this exceptional home is situated on a private cul-de-sac and boasts a south facing backyard that opens directly on to a lush forested greenbelt with a natural stream and scenic walking and running trails. Enjoy the peace and privacy of a family friendly street, the highly sought after Crown Ridge Drive.
C$1399000

Residential For Sale

43 Crownridge Drive, Bedford, NS B4B 0X4
Keller Williams Select Realty
5Bedroom(s)
4Bathroom(s)
C$1399000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,566Sqft
RE/MAX Banner Real Estate
C$1450000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,566Sqft
RE/MAX Banner Real Estate
Built to endure and designed with care, this oceanfront home pairs high-end materials with long-term thinking, offering peace of mind for decades to come. Set on 2.2 acres with 270 feet of accessible shoreline and a view of Goat Island, the property is just 15 minutes from Annapolis Royal, yet feels a world apart.
C$1450000

Residential For Sale

2918 Granville Road, Karsdale, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
3Bathroom(s)
C$1450000

Residential For Sale

6 Lake Road, Sheet Harbour, NS B0J 3B0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
37Picture(s)
1,206Sqft
Century 21 Trident Realty Ltd.
C$67500

Residential For Sale

6 Lake Road, Sheet Harbour, NS B0J 3B0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,206Sqft
Century 21 Trident Realty Ltd.
Here is a great opportunity to build sweat equity in renovating this 4 bedroom, one bathroom home into the home you always dreamed of. Yes it will need lots of work including electrical reconnected and the foundation needs restructuring but is in a great location in the Village of Sheet Harbour.
C$67500

Residential For Sale

6 Lake Road, Sheet Harbour, NS B0J 3B0
Century 21 Trident Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$67500

Residential For Sale

94 King Street, Digby, NS B0V 1A0

2Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,224Sqft
RE/MAX Banner Real Estate
C$474000

Residential For Sale

94 King Street, Digby, NS B0V 1A0
2Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,224Sqft
RE/MAX Banner Real Estate
ENDLESS POTENTIAL!! Welcome to 94 King street! The paved driveway and manicured gardens welcome you to this tastefully and extensively renovated home overlooking the Digby basin! The upper level offers 2 bathrooms and two bedrooms, and eat in kitchen complete with a wood burning stove, and patio doors leading to the deck and its fantastic views, a large living room , laundry room with another deck
C$474000

Residential For Sale

94 King Street, Digby, NS B0V 1A0
RE/MAX Banner Real Estate
2Bedroom(s)
3Bathroom(s)
C$474000

Residential For Sale

2611 Antigonish Guysborough Road, Marydale, NS B0H 1X0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
39Picture(s)
1,600Sqft
Re/Max Park Place Inc. (Antigonish)
C$192900

Residential For Sale

2611 Antigonish Guysborough Road, Marydale, NS B0H 1X0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,600Sqft
Re/Max Park Place Inc. (Antigonish)
Motivated Sellers, looking at all reasonable offers! Welcome to this charming bungalow-style home nestled on a beautifully landscaped 2.28-acre lot. As you arrive, the inviting front covered deck sets the tone—perfect for year-round barbecuing or enjoying your morning coffee while watching the sunrise.
C$192900

Residential For Sale

2611 Antigonish Guysborough Road, Marydale, NS B0H 1X0
Re/Max Park Place Inc. (Antigonish)
2Bedroom(s)
1Bathroom(s)
C$192900

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

109 Alexander Street, Glace Bay, NS B1A 4A6

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
45Picture(s)
1,444Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$230000

Residential For Sale

109 Alexander Street, Glace Bay, NS B1A 4A6
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,444Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
In real estate, location can be everything...welcome to 109 Alexander St. With a family friendly neighbourhood, church and schools close by, and a short distance from shopping and grocery, this family home is ready for you. The kitchen is large and updated and has 4 newer appliances, and opens to the large dining room with a 1/2 bath near by....a perfect space for entertaining.
C$230000

Residential For Sale

109 Alexander Street, Glace Bay, NS B1A 4A6
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$230000

Residential For Sale

399 Leville Road, New Ross, NS B0J 2M0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
780Sqft
Viewpoint Realty Services Inc.
C$254900

Residential For Sale

399 Leville Road, New Ross, NS B0J 2M0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
780Sqft
Viewpoint Realty Services Inc.
It's Summer!!!Wonderful cottage on a quiet lake and the location couldn’t be better! Just an hour outside Halifax and 30 minutes to Chester, this is the ideal ‘escape to the country’ cottage. A large lot with approx 120’ of waterfront, this three bedroom, one bath home can be your summer getaway or with a few upgrades, a year round home.
C$254900

Residential For Sale

399 Leville Road, New Ross, NS B0J 2M0
Viewpoint Realty Services Inc.
3Bedroom(s)
1Bathroom(s)
C$254900

Residential For Sale

3931 Highway 4, Cleveland, NS B0E 1J0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
39Picture(s)
2,428Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$344500

Residential For Sale

3931 Highway 4, Cleveland, NS B0E 1J0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,428Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Original owners- Beautiful 4 BDRM, 1.5 BATH Cape Cod style home that sits on a nicely landscaped 1.28 Acre lot just 8 minutes from the town of Port Hawkesbury and a 10 minute drive to the Bras d'Or Lakes. Detached double garage, completely finished (2009). Ample parking. Also a 10x12 shed ideal for extra storage.
C$344500

Residential For Sale

3931 Highway 4, Cleveland, NS B0E 1J0
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
2Bathroom(s)
C$344500

Residential For Sale

120 Zwicker Mill Road, New Germany, NS B0R 1E0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
48Picture(s)
2,763Sqft
RE/MAX Nova
C$489900

Residential For Sale

120 Zwicker Mill Road, New Germany, NS B0R 1E0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,763Sqft
RE/MAX Nova
Step into a home that truly has it all, character, comfort, and room to grow. This beautifully maintained century home blends old charm with thoughtful modern updates, making it welcoming, unique and full of potential. Inside, you’ll find expansive ceilings, classic pillars, and a spacious living area featuring a vintage bar—perfect for entertaining friends and family.
C$489900

Residential For Sale

120 Zwicker Mill Road, New Germany, NS B0R 1E0
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$489900
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