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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

155 Rocky Ridge Road, Truro Heights, NS B6L 1S6

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
5Picture(s)
2,660Sqft
RE/MAX Nova (Halifax)
C$599900

Residential For Sale

155 Rocky Ridge Road, Truro Heights, NS B6L 1S6
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,660Sqft
RE/MAX Nova (Halifax)
Move in for Christmas! This stunning new construction home with a legal rental suite just minutes away from everything Truro has to offer will be ready for occupancy this December. This beautifully built 5-bedroom, 3-bathroom offers exceptional quality, spacious living, and modern functionality.
C$599900

Residential For Sale

155 Rocky Ridge Road, Truro Heights, NS B6L 1S6
RE/MAX Nova (Halifax)
5Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

9997 Highway 1, Marshalltown, NS B0V 1A0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,197Sqft
RE/MAX Banner Real Estate(Digby)
C$259000

Residential For Sale

9997 Highway 1, Marshalltown, NS B0V 1A0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,197Sqft
RE/MAX Banner Real Estate(Digby)
Great starter home located minutes to Digby the Scallop Capital of the World. The house sits on 3 acres consisting of two PIDs. The driveway is single paved with enough room to park two vehicles. There is a detached wired garage with a shop attached at the back which is great for a wood shed or woodworking shop or chickens.
C$259000

Residential For Sale

9997 Highway 1, Marshalltown, NS B0V 1A0
RE/MAX Banner Real Estate(Digby)
2Bedroom(s)
2Bathroom(s)
C$259000

Residential For Sale

20 Seyval Drive, Avonport, NS B0P 1P0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
25Picture(s)
1,270Sqft
Parachute Realty
C$409900

Residential For Sale

20 Seyval Drive, Avonport, NS B0P 1P0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,270Sqft
Parachute Realty
Welcome to Harvest Landing, where comfort, style, and lifestyle come together, nestled in Nova Scotia’s beautiful Annapolis Valley. These thoughtfully designed 2-bedroom, 2-bathroom bungalow town-homes offer the perfect blend of quality craftsmanship and low-maintenance living.
C$409900

Residential For Sale

20 Seyval Drive, Avonport, NS B0P 1P0
Parachute Realty
2Bedroom(s)
2Bathroom(s)
C$409900

Residential For Sale

303-99 Waterfront Drive, Bedford, NS B4A 4K5

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
44Picture(s)
2,891Sqft
MacKay Real Estate Ltd.
C$999999

Residential For Sale

303-99 Waterfront Drive, Bedford, NS B4A 4K5
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,891Sqft
MacKay Real Estate Ltd.
Where can you enjoy the beauty of both sunrises and sunsets from your private balcony overlooking the waters of Halifax Harbour? Welcome to Unit 303 99 Waterfront Drive in Bedford! Perfectly situated on the shores of the beautiful Bedford Basin and offering nearly 3000 sq.ft.
C$999999

Residential For Sale

303-99 Waterfront Drive, Bedford, NS B4A 4K5
MacKay Real Estate Ltd.
3Bedroom(s)
3Bathroom(s)
C$999999

Residential For Sale

423 Overcove Road, Freeport, NS B0V 1B0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
47Picture(s)
1,568Sqft
RE/MAX Banner Real Estate
C$289000

Residential For Sale

423 Overcove Road, Freeport, NS B0V 1B0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,568Sqft
RE/MAX Banner Real Estate
Water front, ocean views and 8 acres of land could be yours along with this well maintained and easy to heat home. Located at the head of the wharf in Freeport the home enjoys views of a fleet of fishing boats bobbing at their berths. From the large sunroom watch the stunning sunsets over Brier Island. The home has a large bright eat in kitchen, 2 bedrooms and two full baths.
C$289000

Residential For Sale

423 Overcove Road, Freeport, NS B0V 1B0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$289000

Residential For Sale

15 & 17 Chemin Pond Du Bras Road, Point Cross, NS B0E 1H0

12Bedroom(s)
6Bathroom(s)
GravelParking(s)
38Picture(s)
4,044Sqft
Cape Breton Realty (Port Hawkesbury)
C$1100000

Residential For Sale

15 & 17 Chemin Pond Du Bras Road, Point Cross, NS B0E 1H0
12Bedroom(s)
6Bathroom(s)
GravelParking(s)
4,044Sqft
Cape Breton Realty (Port Hawkesbury)
Welcome to Bayview Chalets, situated in one of Nova Scotia’s most breathtaking coastal settings, this rare offering includes six executive style 2-bedroom cottages with spectacular ocean and harbor views as well as iconic sunsets over the horizon.
C$1100000

Residential For Sale

15 & 17 Chemin Pond Du Bras Road, Point Cross, NS B0E 1H0
Cape Breton Realty (Port Hawkesbury)
12Bedroom(s)
6Bathroom(s)
C$1100000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4

2Bedroom(s)
1Bathroom(s)
DirtParking(s)
44Picture(s)
960Sqft
3% Realty Nova Scotia
C$361000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
2Bedroom(s)
1Bathroom(s)
DirtParking(s)
960Sqft
3% Realty Nova Scotia
Discover this beautiful single-level home nestled on 4 tranquil acres at 99 Blaze Road. Built in 2022, this modern 2-bedroom residence offers an open-concept living area filled with natural light, perfect for comfortable living and entertaining. The cozy wood stove adds warmth and charm, while the sunroom provides a serene space to relax and enjoy the surroundings.
C$361000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
3% Realty Nova Scotia
2Bedroom(s)
1Bathroom(s)
C$361000

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
49Picture(s)
2,451Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$1175000

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,451Sqft
ViewPoint Realty Services Inc.(Lunenburg)
This marvelous property sits predominately overlooking the activity of Lunenburg`s waterfront yet has tons of privacy and some of the best outdoor space in town.
C$1175000

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0
ViewPoint Realty Services Inc.(Lunenburg)
4Bedroom(s)
3Bathroom(s)
C$1175000

Residential For Sale

473 Highway 204, Amherst, NS B4H 3Y1

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,667Sqft
RE/MAX County Line Realty Ltd.
C$419900

Residential For Sale

473 Highway 204, Amherst, NS B4H 3Y1
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,667Sqft
RE/MAX County Line Realty Ltd.
EXECUTIVE STEEL BEAM CONSTRUCTION BUILT HOME, strategically placed on this lot, complete with landscaped property and paved driveway! This custom-built 1975 home is located in one of the nicest areas of Amherst, situated on the county line, it provides buyers with quick access to all downtown amenities, the Amherst Golf Course and offers county taxes! Through the front door you enter the foyer and
C$419900

Residential For Sale

473 Highway 204, Amherst, NS B4H 3Y1
RE/MAX County Line Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$419900

Residential For Sale

972 Lake Charlotte Water Access, Upper Lakeville, NS B0J 1P0

5Bedroom(s)
1Bathroom(s)
NoneParking(s)
42Picture(s)
910Sqft
Keller Williams Select Realty
C$195000

Residential For Sale

972 Lake Charlotte Water Access, Upper Lakeville, NS B0J 1P0
5Bedroom(s)
1Bathroom(s)
NoneParking(s)
910Sqft
Keller Williams Select Realty
Nestled in the serene woods on beautiful Lake Charlotte, this charming five bedroom cottage offers the perfect blend of comfort, nature, and tranquility. Surrounded by towering trees and the soothing sounds of nature, this cozy getaway is ideal for both entertaining loved ones and escaping the hustle of everyday life.
C$195000

Residential For Sale

972 Lake Charlotte Water Access, Upper Lakeville, NS B0J 1P0
Keller Williams Select Realty
5Bedroom(s)
1Bathroom(s)
C$195000

Residential For Sale

972 Lake Charlotte Water Access Lot 1, Upper Lakeville, NS B0J 1P0

5Bedroom(s)
1Bathroom(s)
NoneParking(s)
42Picture(s)
910Sqft
Keller Williams Select Realty
C$195000

Residential For Sale

972 Lake Charlotte Water Access Lot 1, Upper Lakeville, NS B0J 1P0
5Bedroom(s)
1Bathroom(s)
NoneParking(s)
910Sqft
Keller Williams Select Realty
Nestled in the serene woods on beautiful Lake Charlotte, this charming five bedroom cottage offers the perfect blend of comfort, nature, and tranquility. Surrounded by towering trees and the soothing sounds of nature, this cozy getaway is ideal for both entertaining loved ones and escaping the hustle of everyday life.
C$195000

Residential For Sale

972 Lake Charlotte Water Access Lot 1, Upper Lakeville, NS B0J 1P0
Keller Williams Select Realty
5Bedroom(s)
1Bathroom(s)
C$195000

Residential For Sale

1480 Cow Bay Road, Cow Bay, NS B3G 1L3

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
38Picture(s)
3,709Sqft
Royal LePage Atlantic
C$959000

Residential For Sale

1480 Cow Bay Road, Cow Bay, NS B3G 1L3
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,709Sqft
Royal LePage Atlantic
Welcome to 1480 Cow Bay Road—a beautifully designed lakefront home offering expansive views of the Atlantic Ocean. Nestled on a quiet laneway and set on a flat 1.5- acre lot with nearly 400 feet of lake frontage on regularly stocked Cow Bay Lake, this property combines privacy, comfort, and East Coast living at its finest.
C$959000

Residential For Sale

1480 Cow Bay Road, Cow Bay, NS B3G 1L3
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$959000
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