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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

116 Loop 6 Highway, Bayhead, NS B0K 1V0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
22Picture(s)
896Sqft
Sunrise Brokerage & Sales Ltd.
C$195000

Residential For Sale

116 Loop 6 Highway, Bayhead, NS B0K 1V0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
896Sqft
Sunrise Brokerage & Sales Ltd.
This 3 bedroom 1 bath mini home has been fully renovated and is as cute as a button! Located on a very private lot, just a few minutes from the Village of Tatamagouche, this is a very private and convenient location. Feels like the country but so close to the Village. The large eat in kitchen is open to the living room, with three bedrooms and a full bath.
C$195000

Residential For Sale

116 Loop 6 Highway, Bayhead, NS B0K 1V0
Sunrise Brokerage & Sales Ltd.
3Bedroom(s)
1Bathroom(s)
C$195000

Residential For Sale

2078 Oxford Street, Halifax Regional Municipality, NS B3L 2T2

6Bedroom(s)
2Bathroom(s)
No GarageParking(s)
24Picture(s)
1,954Sqft
RE/MAX Nova (Halifax)
C$824999

Residential For Sale

2078 Oxford Street, Halifax Regional Municipality, NS B3L 2T2
6Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,954Sqft
RE/MAX Nova (Halifax)
Welcome to 2078 Oxford Street Nestled in one of the city’s most sought-after neighborhoods, this well-maintained home offers unmatched convenience—just steps from schools, universities, public transit, and all essential amenities. Spanning 1,954 sq ft, the main level features a spacious entryway, a generous living room, separate dining area, a large kitchen, and a dedicated laundry space.
C$824999

Residential For Sale

2078 Oxford Street, Halifax Regional Municipality, NS B3L 2T2
RE/MAX Nova (Halifax)
6Bedroom(s)
2Bathroom(s)
C$824999

Residential For Sale

70 Seaside Drive, Louis Head, NS B0T 1W0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
48Picture(s)
1,118Sqft
Royal Lepage Atlantic (Mahone Bay)
C$995000

Residential For Sale

70 Seaside Drive, Louis Head, NS B0T 1W0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,118Sqft
Royal Lepage Atlantic (Mahone Bay)
Sunny days, sandy beaches, and timeless memories—that’s what summers at 70 Seaside Drive on Louis Head Beach are made of. Nestled on approximately 2.6 acres and offering an incredible 250 feet of pristine white sand shoreline, this coastal gem is your invitation to beachfront living at its finest.
C$995000

Residential For Sale

70 Seaside Drive, Louis Head, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
2Bedroom(s)
1Bathroom(s)
C$995000

Residential For Sale

305 Macvicar Road, Enon, NS B1J 1W4

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
26Picture(s)
744Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$189000

Residential For Sale

305 Macvicar Road, Enon, NS B1J 1W4
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
744Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to 305 MacVicar Road. This beautiful piece of paradise is located on almost an acre of land with about 200 feet of water frontage on beautiful lake Uist. This property features a peaceful setting along with a single wired garage and a shed for storage. This home is insulated with a wood stove and has been lived in year round before. Most of the contents are staying upon closing.
C$189000

Residential For Sale

305 Macvicar Road, Enon, NS B1J 1W4
Keller Williams Select Realty(Sydney,Townsend St.)
2Bedroom(s)
1Bathroom(s)
C$189000

Residential For Sale

109 Highway 2, Enfield, NS B2T 1C8

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,203Sqft
RE/MAX Nova (Enfield)
C$724900

Residential For Sale

109 Highway 2, Enfield, NS B2T 1C8
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,203Sqft
RE/MAX Nova (Enfield)
Spacious 4 bedroom, 3 bath, fully finished home with attached garage on 2.7 acres of riverfront in the heart of Enfield, seconds from Exit 7. Situated on the beautiful shubie river, the views and atmosphere are stunning all year round. You can kayak & fish right in your back yard.
C$724900

Residential For Sale

109 Highway 2, Enfield, NS B2T 1C8
RE/MAX Nova (Enfield)
4Bedroom(s)
3Bathroom(s)
C$724900

Residential For Sale

36 Latimer Lane, Chester Basin, NS B0J 1K0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,772Sqft
Engel & Volkers (Chester)
C$549000

Residential For Sale

36 Latimer Lane, Chester Basin, NS B0J 1K0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,772Sqft
Engel & Volkers (Chester)
The unique and contemporary Chester Basin hideaway that you have been searching for is found here, just minutes away from the Village of Chester! With 75 feet of shared waterfront, your ocean access is a short stroll away on Lot 23-1 Latimer Lane–Boaters will enjoy the private water access from the Middle River estuary that flows to the sparkling ocean waters of Mahone Bay.
C$549000

Residential For Sale

36 Latimer Lane, Chester Basin, NS B0J 1K0
Engel & Volkers (Chester)
2Bedroom(s)
2Bathroom(s)
C$549000

Residential For Sale

871 Ohio East Side Rd, Antigonish, NS B2G 2K8

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
30Picture(s)
1,584Sqft
Viewpoint Realty Services Inc.(Antigonish)
C$449900

Residential For Sale

871 Ohio East Side Rd, Antigonish, NS B2G 2K8
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,584Sqft
Viewpoint Realty Services Inc.(Antigonish)
Country Farm located in Antigonish County along the peaceful scenic Ohio River Valley, 10 minutes from Antigonish Town. 4 Bedroom, 2 Bathroom recently renovated Country Home that boasts modern updates. New windows, insulation, rewired and plumbed, new electrical panel and steel roof in 2023 and interior renovations, as well new propane furnace in 2018.
C$449900

Residential For Sale

871 Ohio East Side Rd, Antigonish, NS B2G 2K8
Viewpoint Realty Services Inc.(Antigonish)
4Bedroom(s)
2Bathroom(s)
C$449900

Residential For Sale

20 Victoria Avenue, Stellarton, NS B0K 0A9

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
14Picture(s)
1,320Sqft
PG Direct Realty Ltd.
C$299000

Residential For Sale

20 Victoria Avenue, Stellarton, NS B0K 0A9
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,320Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Step back in time with this beautifully updated century home, just a short walk from downtown Stellarton. Nestled on a quiet side street, it offers peace and convenience in one package. Recent upgrades include a durable metal roof, new plumbing and electrical, grounded outlets, and stylish lighting.
C$299000

Residential For Sale

20 Victoria Avenue, Stellarton, NS B0K 0A9
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$299000

Residential For Sale

115 School Road, Blockhouse, NS B0J 1E0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
1,082Sqft
EXIT Realty Inter Lake
C$324900

Residential For Sale

115 School Road, Blockhouse, NS B0J 1E0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,082Sqft
EXIT Realty Inter Lake
Welcome to 115 School Road, a delightful 3-bedroom, 1.5-bathroom bungalow tucked away on a quiet road in the peaceful community of Blockhouse.
C$324900

Residential For Sale

115 School Road, Blockhouse, NS B0J 1E0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$324900

Residential For Sale

25 Jim's Boulder Road, North Range, NS B0W 1H0

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
22Picture(s)
400Sqft
ViewPoint Realty Services Inc.(Greenwood)
C$225000

Residential For Sale

25 Jim's Boulder Road, North Range, NS B0W 1H0
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
400Sqft
ViewPoint Realty Services Inc.(Greenwood)
Need a great lakefront spot to build the perfect cabin? Got a boat? Water toys? ATVs? Need a place to store them right at the lake? Well, we've got the spot on Beautiful Haines Lake. Just under 2 acres of waterfront living (1.92 acres in 2 separate/adjoined areas). A 3 car garage.... Small bunky with a full bathroom... Fantastic dock... Sunsets to die for... Approved septic system...
C$225000

Residential For Sale

25 Jim's Boulder Road, North Range, NS B0W 1H0
ViewPoint Realty Services Inc.(Greenwood)
1Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

3080 Malagash Road, Malagash Centre, NS B0K 1E0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
38Picture(s)
1,878Sqft
Coldwell Banker Open Door Realty Ltd.
C$499000

Residential For Sale

3080 Malagash Road, Malagash Centre, NS B0K 1E0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,878Sqft
Coldwell Banker Open Door Realty Ltd.
Stunning waterfront property with incredible views! Located in scenic Malagash you'll find a well appointed furnished 3 bedroom 1.5 bath home on approximately 1.6 acres and a detached single car garage/workshop.
C$499000

Residential For Sale

3080 Malagash Road, Malagash Centre, NS B0K 1E0
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

500 Mader's Cove Road, Maders Cove, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
38Picture(s)
1,239Sqft
Engel & Volkers (Chester)
C$515000

Residential For Sale

500 Mader's Cove Road, Maders Cove, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,239Sqft
Engel & Volkers (Chester)
MADER'S COVE. Beautiful lot in a sought after location and a sunny four season home or cottage. Move as is or ready for a new owner's imagination to make this home sparkle. Ideal location 10 minutes from both Mahone Bay and Lunenburg, minutes from the Lunenburg Yacht Club and a ten minute walk to Westhaver's Beach along a picturesque road.
C$515000

Residential For Sale

500 Mader's Cove Road, Maders Cove, NS B0J 2E0
Engel & Volkers (Chester)
3Bedroom(s)
2Bathroom(s)
C$515000
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