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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

4105 Hwy 316, St Andrews, NS B2G 2L4

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
41Picture(s)
1,564Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
C$499000

Residential For Sale

4105 Hwy 316, St Andrews, NS B2G 2L4
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,564Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
Nestled in the heart of the scenic St. Andrews area, this charming property offers the perfect blend of peaceful country living and convenient access to the vibrant community of Antigonish. Set on a generous acreage with picturesque views of rolling hills, this home is ideal for those seeking tranquility while still being within a short drive of local amenities in the village of St Andrews.
C$499000

Residential For Sale

4105 Hwy 316, St Andrews, NS B2G 2L4
SCELES REALTY LIMITED - ANTIGONISH - D0090
4Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

22 Jenifer Court, New Minas, NS B4N 0H7

2Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
27Picture(s)
994Sqft
FLAT RATE REALTY CANADA LTD - 15099
C$354900

Residential For Sale

22 Jenifer Court, New Minas, NS B4N 0H7
2Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
994Sqft
FLAT RATE REALTY CANADA LTD - 15099
When viewing this property on Realtor.ca MLS # 202514035 Please click on Realtor's website link to the right for further information. Welcome to 22 Jenifer Court! One level living! Lovely 3 Year Old 2 bedroom Semi. 5 Minutes to all amenities and shopping. Open concept kitchen and living room South facing front windows with a forest and river behind the home. Heat pump and in floor radiant heat.
C$354900

Residential For Sale

22 Jenifer Court, New Minas, NS B4N 0H7
FLAT RATE REALTY CANADA LTD - 15099
2Bedroom(s)
2Bathroom(s)
C$354900

Residential For Sale

2026 221 Highway, Weltons Corner, NS B0P 1C0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
2,355Sqft
RE/MAX Banner Real Estate
C$469500

Residential For Sale

2026 221 Highway, Weltons Corner, NS B0P 1C0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
2,355Sqft
RE/MAX Banner Real Estate
Wait to be wowed in this gorgeous Century Home oozing with character and charm. Great care has been taken inside and out. Vacation at home with your own swimming pool and hot tub, fish in your pond and gaze at the beautiful flowers and shrubs throughout the property.
C$469500

Residential For Sale

2026 221 Highway, Weltons Corner, NS B0P 1C0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$469500

Residential For Sale

67 D Haynes Beach Lane, Lorneville, NS B4H 3X9

2Bedroom(s)
1Bathroom(s)
NoneParking(s)
31Picture(s)
436Sqft
Coldwell Banker Performance Realty
C$229900

Residential For Sale

67 D Haynes Beach Lane, Lorneville, NS B4H 3X9
2Bedroom(s)
1Bathroom(s)
NoneParking(s)
436Sqft
Coldwell Banker Performance Realty
Your Ideal Summer Getaway – 2-Bedroom Waterfront Cottage, Fully Furnished! Escape to the perfect summer retreat with this charming 2-bedroom waterfront cottage, conveniently located just 25 minutes from Amherst or Pugwash. Whether you’re looking for peaceful weekends, a family getaway, or a smart investment, this turnkey property offers everything you need for effortless beach living.
C$229900

Residential For Sale

67 D Haynes Beach Lane, Lorneville, NS B4H 3X9
Coldwell Banker Performance Realty
2Bedroom(s)
1Bathroom(s)
C$229900

Residential For Sale

4 Island Pond Road, North Chegoggin, NS B5A 5H3

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
20Picture(s)
274Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$207000

Residential For Sale

4 Island Pond Road, North Chegoggin, NS B5A 5H3
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
274Sqft
RE/MAX Banner Real Estate(Yarmouth)
Tranquil Tiny House Retreat - Minimalist Living Near Pembroke Beach. Welcome to your peaceful escape just minutes from town! Nestled in a safe, quiet area and walking distance to Pembroke Beach, this budget-friendly tiny house retreat is the perfect minimalist getaway or year-round residence.
C$207000

Residential For Sale

4 Island Pond Road, North Chegoggin, NS B5A 5H3
RE/MAX Banner Real Estate(Yarmouth)
1Bedroom(s)
1Bathroom(s)
C$207000

Residential For Sale

45 Belmont Avenue, Stellarton, NS B0K 1S0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
33Picture(s)
1,250Sqft
Royal LePage Atlantic(Stellarton)
C$279000

Residential For Sale

45 Belmont Avenue, Stellarton, NS B0K 1S0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,250Sqft
Royal LePage Atlantic(Stellarton)
Nestled in the heart of Stellarton Heights, this lovingly cared-for 3-bedroom, 1.5-bath home is perfect for families seeking comfort, convenience, and community. From the moment you arrive, you’ll appreciate the pride of ownership that shines through every detail.
C$279000

Residential For Sale

45 Belmont Avenue, Stellarton, NS B0K 1S0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$279000

Residential For Sale

20 Sunnydale Drive, Glen Haven, NS B3Z 2T8

4Bedroom(s)
2Bathroom(s)
CarportParking(s)
35Picture(s)
3,220Sqft
Red Door Realty
C$1150000

Residential For Sale

20 Sunnydale Drive, Glen Haven, NS B3Z 2T8
4Bedroom(s)
2Bathroom(s)
CarportParking(s)
3,220Sqft
Red Door Realty
A private, tree-lined lot with over 200 feet of prime water frontage, this exceptional 4-bed, 2-bath home offers the ultimate coastal lifestyle in sought-after Glen Haven. Boasting deep-water anchorage, a private wharf, and breathtaking views, this property is a true maritime treasure.
C$1150000

Residential For Sale

20 Sunnydale Drive, Glen Haven, NS B3Z 2T8
Red Door Realty
4Bedroom(s)
2Bathroom(s)
C$1150000

Residential For Sale

154 Ohio East Road, Antigonish, NS B2G 2K8

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
44Picture(s)
864Sqft
Royal LePage Atlantic(Stellarton)
C$399000

Residential For Sale

154 Ohio East Road, Antigonish, NS B2G 2K8
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
864Sqft
Royal LePage Atlantic(Stellarton)
Nestled in a peaceful and scenic area of Ohio, just a 20-minute drive from the town of Antigonish, this unique property offers the perfect retreat for outdoor enthusiasts. Whether you’re passionate about hunting, fishing, or simply enjoying nature, this location provides endless opportunities to embrace the great outdoors.
C$399000

Residential For Sale

154 Ohio East Road, Antigonish, NS B2G 2K8
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

1 Pearlgarden Close, Dartmouth, NS B2X 0C3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
16Picture(s)
2,626Sqft
Royal LePage Atlantic
C$834900

Residential For Sale

1 Pearlgarden Close, Dartmouth, NS B2X 0C3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,626Sqft
Royal LePage Atlantic
This is the Upgraded Portland Model by Cresco, a sophisticated 2,626 Sqft residence in The Parks of LakeCharles. This meticulously designed basement garage home features 4 bedrooms, 3.5 bathrooms, and an open-concept main floor with an office, living room, dining room, and family room.
C$834900

Residential For Sale

1 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$834900

Residential For Sale

11 Ells Lane, Advocate Harbour, NS B0M 1A0

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,472Sqft
Coldwell Banker Open Door Realty Ltd.
C$368000

Residential For Sale

11 Ells Lane, Advocate Harbour, NS B0M 1A0
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,472Sqft
Coldwell Banker Open Door Realty Ltd.
Welcome to your spacious approximately 2 acre, coastal retreat in the heart of Advocate Harbour. This charming six bedroom, three-bathroom home offers comfortable living with an abundance of room for everyone—and then some. Step inside to discover an inviting eat-in kitchen, a generous living room, and a separate family room perfect for movie nights or rainy-day board games.
C$368000

Residential For Sale

11 Ells Lane, Advocate Harbour, NS B0M 1A0
Coldwell Banker Open Door Realty Ltd.
5Bedroom(s)
3Bathroom(s)
C$368000

Residential For Sale

3369 Highway 215, Minasville, NS B0N 2R0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
38Picture(s)
1,232Sqft
RE/MAX Nova (Halifax)
C$520000

Residential For Sale

3369 Highway 215, Minasville, NS B0N 2R0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,232Sqft
RE/MAX Nova (Halifax)
Welcome to 3369 Highway 215! This charming 3-bedroom, 2-bath bungalow offers the perfect blend of comfort, space, and privacy. Step inside to a bright, inviting living area, a well-equipped kitchen with brand-new appliances, and a separate dining room perfect for family dinners or entertaining guests.
C$520000

Residential For Sale

3369 Highway 215, Minasville, NS B0N 2R0
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$520000

Residential For Sale

646 French Road, Plympton Station, NS B0W 2R0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
46Picture(s)
1,145Sqft
Exit Realty Town & Country
C$449000

Residential For Sale

646 French Road, Plympton Station, NS B0W 2R0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,145Sqft
Exit Realty Town & Country
Inviting 1.5-Storey Home with Lakefront Lot – Perfect for Family or Retirement Living Nestled on over 7 acres of serene, rural landscape, this inviting 1.5-storey home offers the perfect blend of comfort, privacy, and natural beauty. Whether you're looking to raise a family or enjoy your retirement years in peace, this property provides the ideal setting.
C$449000

Residential For Sale

646 French Road, Plympton Station, NS B0W 2R0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$449000
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