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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

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
5Picture(s)
2,443Sqft
Sutton Group Professional Realty
C$829900

Residential For Sale

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,443Sqft
Sutton Group Professional Realty
Welcome to the market and currently under construction, one of Marchand Homes newest plans, a stunning executive split-entry residence nestled in the sought-after community of Indigo Shores. This is a remarkable new construction, family-focused home that is absolutely packed with upgrades.
C$829900

Residential For Sale

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$829900

Residential For Sale

210 Mack Lake Road, East Dalhousie Ns B0r 1h0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
36Picture(s)
1,140Sqft
Royal LePage Atlantic (New Minas)
C$409000

Residential For Sale

210 Mack Lake Road, East Dalhousie Ns B0r 1h0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,140Sqft
Royal LePage Atlantic (New Minas)
This charming, peaceful retreat on Mack Lake is now available and has GREAT VALUE!! This lake has beautiful fresh water for swimming, boating and fishing! Situated on 1.33 acres with 147 feet of beautiful lake frontage, this home features 2+1 bedrooms and 1.5 bathrooms.
C$409000

Residential For Sale

210 Mack Lake Road, East Dalhousie Ns B0r 1h0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$409000

Residential For Sale

29219 Cabot Trail, Cape North Ns B0c 1g0

2Bedroom(s)
3Bathroom(s)
SingleParking(s)
49Picture(s)
2,100Sqft
RE/MAX Park Place Inc.
C$375000

Residential For Sale

29219 Cabot Trail, Cape North Ns B0c 1g0
2Bedroom(s)
3Bathroom(s)
SingleParking(s)
2,100Sqft
RE/MAX Park Place Inc.
Character Three-Level Home with Amazing Views. This unique home offers stunning panoramic views of South Harbour, the Atlantic Ocean & as far as White Point from three expansive decks, one on each level. Brimming with charm and thoughtful updates, this three-level residence combines the warmth of older home character with the comforts of modern living.
C$375000

Residential For Sale

29219 Cabot Trail, Cape North Ns B0c 1g0
RE/MAX Park Place Inc.
2Bedroom(s)
3Bathroom(s)
C$375000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0

1Bedroom(s)
1Bathroom(s)
NoneParking(s)
19Picture(s)
614Sqft
Keller Williams Select Realty
C$225000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0
1Bedroom(s)
1Bathroom(s)
NoneParking(s)
614Sqft
Keller Williams Select Realty
Nestled on the enchanting Lewis Lake, this charming cottage offers an idyllic retreat accessible only by boat, ensuring privacy and tranquility. Designed with an open-concept layout, the cottage features one cozy bedroom, a full bath with laundry facilities, and a seamless flow between the kitchen, dining, and living areas.
C$225000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0
Keller Williams Select Realty
1Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0

1Bedroom(s)
1Bathroom(s)
NoneParking(s)
19Picture(s)
614Sqft
Keller Williams Select Realty
C$225000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0
1Bedroom(s)
1Bathroom(s)
NoneParking(s)
614Sqft
Keller Williams Select Realty
Nestled on the enchanting Lewis Lake, this charming cottage offers an idyllic retreat accessible only by boat, ensuring privacy and tranquility. Designed with an open-concept layout, the cottage features one cozy bedroom, a full bath with laundry facilities, and a seamless flow between the kitchen, dining, and living areas.
C$225000

Residential For Sale

5 Johnson Road, Mount Uniacke Ns B0n 1z0
Keller Williams Select Realty
1Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

81 Aucoin Doucet Road, Cap Le Moine Ns B0e 3a0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,600Sqft
RE/MAX Park Place Inc.
C$875000

Residential For Sale

81 Aucoin Doucet Road, Cap Le Moine Ns B0e 3a0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,600Sqft
RE/MAX Park Place Inc.
Luxurious Highland Retreat with Ocean to Mountain Views off of the Cabot Trail. Positioned atop 57 ACRES in the serene landscape, this magnificent three-level home offers panoramic views that seamlessly blend ocean coastline with the rugged highlands. Built in 2008, this property combines grandeur with an intimate connection to the natural surroundings.
C$875000

Residential For Sale

81 Aucoin Doucet Road, Cap Le Moine Ns B0e 3a0
RE/MAX Park Place Inc.
4Bedroom(s)
4Bathroom(s)
C$875000

Residential For Sale

765 Celebration Drive Lot 738, Fall River Ns B2t 0k4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2Picture(s)
2,884Sqft
Sutton Group Professional Realty
C$1099900

Residential For Sale

765 Celebration Drive Lot 738, Fall River Ns B2t 0k4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,884Sqft
Sutton Group Professional Realty
Model Home Construction Starting Soon - Marchand Homes - The "Montana." This stunning split-entry home offers 4 bedrooms, 3 full bathrooms, and a spacious open-concept main living area with 9' ceilings on the main level, including a bright and airy Great Room perfect for gatherings. The triple built-in garage also features an additional storage room, adding even more functionality.
C$1099900

Residential For Sale

765 Celebration Drive Lot 738, Fall River Ns B2t 0k4
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$1099900

Residential For Sale

1576 West Lake Ainslie Road, West Lake Ainslie Ns B0e 1n0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
29Picture(s)
1,184Sqft
Engel & Volkers
C$340000

Residential For Sale

1576 West Lake Ainslie Road, West Lake Ainslie Ns B0e 1n0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,184Sqft
Engel & Volkers
Elevated high along West Lake Ainslie Road, this comfortable and charming Kent home features 3 bedrooms and 2 bathrooms on 61 acres of land. This large parcel showcases stunning and expansive views overlooking beautiful Lake Ainslie. Built in 2007, this home offers a bright and airy living room with majestic lake views.
C$340000

Residential For Sale

1576 West Lake Ainslie Road, West Lake Ainslie Ns B0e 1n0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$340000

Residential For Sale

Lot 2 Beamish Road, Mount Uniacke Ns B0n 1z0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
4Picture(s)
2,272Sqft
RE/MAX Nova
C$649900

Residential For Sale

Lot 2 Beamish Road, Mount Uniacke Ns B0n 1z0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,272Sqft
RE/MAX Nova
Lot 2 Beamish Road | To Be Built | 4 Bed, 2 Bath | 1.9 Acre Lot in Mount Uniacke Here’s your chance to build your dream home in the peaceful community of Mount Uniacke! This thoughtfully designed 4-bedroom, 2-bathroom home will sit on a private 1.9-acre lot, offering modern comfort in a beautiful country setting—just a short drive from Halifax and Windsor.
C$649900

Residential For Sale

Lot 2 Beamish Road, Mount Uniacke Ns B0n 1z0
RE/MAX Nova
4Bedroom(s)
2Bathroom(s)
C$649900

Residential For Sale

154 Colonial Crescent, Halifax Ns B3r 0h8

5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
36Picture(s)
2,312Sqft
Parachute Realty
C$699900

Residential For Sale

154 Colonial Crescent, Halifax Ns B3r 0h8
5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,312Sqft
Parachute Realty
**Free full appliance package for all sales that close before Dec 31, 2025** Welcome to your brand-new home in the thriving Macintosh Run subdivision! This beautifully crafted semi-detached home offers a perfect blend of style, functionality, and financial opportunity. Enjoy the affordability of homeownership with the added benefit of a fully legal 2-bedroom basement apartment.
C$699900

Residential For Sale

154 Colonial Crescent, Halifax Ns B3r 0h8
Parachute Realty
5Bedroom(s)
4Bathroom(s)
C$699900

Residential For Sale

148 Colonial Crescent, Halifax Ns B3r 0h8

5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
35Picture(s)
2,312Sqft
Parachute Realty
C$699900

Residential For Sale

148 Colonial Crescent, Halifax Ns B3r 0h8
5Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,312Sqft
Parachute Realty
**Free full appliance package for all sales that close before Dec 31, 2025** Welcome to your brand-new home in the thriving Macintosh Run subdivision! This beautifully crafted semi-detached home offers a perfect blend of style, functionality, and financial opportunity. Enjoy the affordability of homeownership with the added benefit of a fully legal 2-bedroom basement apartment.
C$699900

Residential For Sale

148 Colonial Crescent, Halifax Ns B3r 0h8
Parachute Realty
5Bedroom(s)
4Bathroom(s)
C$699900

Residential For Sale

3229 Malagash Road, Malagash Centre Ns B0k 1e0

5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,303Sqft
Viewpoint Realty Services Inc. (Pictou)
C$249500

Residential For Sale

3229 Malagash Road, Malagash Centre Ns B0k 1e0
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,303Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to beautiful Malagash, a prime location on the Northumberland Shore. Home of Jost Vineyards, Malagash Cidery, & Blue Sea Beach Provincial Park. Minutes to golf courses, marinas, and all the amenities & charm of Tatamagouche & Wallace.
C$249500

Residential For Sale

3229 Malagash Road, Malagash Centre Ns B0k 1e0
Viewpoint Realty Services Inc. (Pictou)
5Bedroom(s)
2Bathroom(s)
C$249500
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