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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

248 Balmoral Road, West New Annan, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
32Picture(s)
672Sqft
Keller Williams Select Realty (Truro)
C$199000

Residential For Sale

248 Balmoral Road, West New Annan, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
672Sqft
Keller Williams Select Realty (Truro)
Welcome to this charming and move-in ready cottage nestled in the serene community of West New Annan. Perfect as a starter home or weekend getaway, this two-bedroom, one-bathroom property offers a cozy and inviting atmosphere for individuals, couples, or small families looking to settle into a peaceful rural setting.
C$199000

Residential For Sale

248 Balmoral Road, West New Annan, NS B0K 1V0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

248 Balmoral Road, West New Annan, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
29Picture(s)
672Sqft
Keller Williams Select Realty (Truro)
C$199000

Residential For Sale

248 Balmoral Road, West New Annan, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
672Sqft
Keller Williams Select Realty (Truro)
Welcome to this charming and move-in ready cottage nestled in the serene community of West New Annan. Perfect as a starter home or weekend getaway, this two-bedroom, one-bathroom property offers a cozy and inviting atmosphere for individuals, couples, or small families looking to settle into a peaceful rural setting.
C$199000

Residential For Sale

248 Balmoral Road, West New Annan, NS B0K 1V0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

3693 New Harris Road, New Harris, NS B1X 1T1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,502Sqft
Royal Lepage Anchor Realty(North Sydney)
C$599999

Residential For Sale

3693 New Harris Road, New Harris, NS B1X 1T1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,502Sqft
Royal Lepage Anchor Realty(North Sydney)
Welcome to Beautiful 3693 New Harris Road! Have you been dreaming of year-round living on the breathtaking Bras d’Or Lake, but want to stay connected—not remote? Are you a boating enthusiast looking for the perfect place to dock your vessel with all the comforts of home nearby? Look no further—this property is your perfect match! This charming 7-year-old bungalow has recently been enhanced w
C$599999

Residential For Sale

3693 New Harris Road, New Harris, NS B1X 1T1
Royal Lepage Anchor Realty(North Sydney)
3Bedroom(s)
2Bathroom(s)
C$599999

Residential For Sale

75 Macdonald Drive, Creignish, NS B9A 1C7

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,125Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$1150000

Residential For Sale

75 Macdonald Drive, Creignish, NS B9A 1C7
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,125Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
See 'Virtual Walk-through Tour' & floor plans. Welcome to this stunning luxury home located in the desirable community of Creignish in Inverness County overlooking the majestic Strait of Canso. Built in 2011, this spacious home sits on a generous 2.6 acre lot and features energy-efficient construction, earning an Energuide rating of 85.
C$1150000

Residential For Sale

75 Macdonald Drive, Creignish, NS B9A 1C7
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
3Bathroom(s)
C$1150000

Residential For Sale

17 Graham Avenue, Truro, NS B2N 3P9

1Bedroom(s)
1Bathroom(s)
AttachedParking(s)
29Picture(s)
1,433Sqft
RE/MAX Fairlane Realty
C$425000

Residential For Sale

17 Graham Avenue, Truro, NS B2N 3P9
1Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,433Sqft
RE/MAX Fairlane Realty
17 Graham Avenue is unique in oh so many ways! This beautiful home was a custom design with only one bedroom and one bath - but don't let that discourage you! This home could easily manage a growing family. The bath/bedroom has a "jack and jill" entrance & both rooms are very large! The whole house is well appointed, open & spacious.
C$425000

Residential For Sale

17 Graham Avenue, Truro, NS B2N 3P9
RE/MAX Fairlane Realty
1Bedroom(s)
1Bathroom(s)
C$425000

Residential For Sale

115 Pickup Road, Clementsport, NS B0S 1A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,800Sqft
RE/MAX Banner Real Estate
C$275000

Residential For Sale

115 Pickup Road, Clementsport, NS B0S 1A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,800Sqft
RE/MAX Banner Real Estate
Extremely rare Gambrel-style water view home on sought after Pickup Road in Clementsport. Don't miss your chance to own this beautiful spacious open concept home with a private 3.2 acres, and a definite cottage feel.
C$275000

Residential For Sale

115 Pickup Road, Clementsport, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$275000

Residential For Sale

70 Saltwater Drive, Malagash, NS B0K 1E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
1,500Sqft
Engel & Volkers
C$499000

Residential For Sale

70 Saltwater Drive, Malagash, NS B0K 1E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,500Sqft
Engel & Volkers
Come live your ocean dreams in this pristine, like new, eight year old home on five acres of level landscaped land. Overlooking the whole of Tatamagouche Bay, there are enchanting ocean views, and beyond to the delightful Cobequid Hills with their amazing display of colour in the Fall.
C$499000

Residential For Sale

70 Saltwater Drive, Malagash, NS B0K 1E0
Engel & Volkers
3Bedroom(s)
1Bathroom(s)
C$499000

Residential For Sale

21 Brinton Road, Mount Rose, NS B0S 1C0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
33Picture(s)
1,164Sqft
Royal LePage Atlantic (Greenwood)
C$479900

Residential For Sale

21 Brinton Road, Mount Rose, NS B0S 1C0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,164Sqft
Royal LePage Atlantic (Greenwood)
Welcome to your dream hobby farm nestled on 11 acres just minutes from the breathtaking Bay of Fundy. This new construction, never-lived-in home offers effortless one-level living with 2 bedrooms, 1 bathroom, and modern finishes throughout, including stone countertops. Easily maintained and efficiently heated with a heat pump.
C$479900

Residential For Sale

21 Brinton Road, Mount Rose, NS B0S 1C0
Royal LePage Atlantic (Greenwood)
2Bedroom(s)
1Bathroom(s)
C$479900

Residential For Sale

30 Bayswater Road, Nantucket, NS B2W 4E3

6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
4,143Sqft
Engel & Volkers
C$1895000

Residential For Sale

30 Bayswater Road, Nantucket, NS B2W 4E3
6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,143Sqft
Engel & Volkers
Welcome to your dream home—where no detail has been overlooked and luxury meets functionality. This outstanding 6-bedroom, 4-bathroom residence offers four levels of thoughtfully designed indoor and outdoor living space, ideal for families, entertainers, or those seeking an elevated lifestyle. providing multiple private areas ideal for families, guests, or multigenerational living.
C$1895000

Residential For Sale

30 Bayswater Road, Nantucket, NS B2W 4E3
Engel & Volkers
6Bedroom(s)
4Bathroom(s)
C$1895000

Residential For Sale

11 Millview Avenue, Bedford, NS B4A 1G8

5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
50Picture(s)
3,636Sqft
Century 21 Trident Realty Ltd.
C$944900

Residential For Sale

11 Millview Avenue, Bedford, NS B4A 1G8
5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
3,636Sqft
Century 21 Trident Realty Ltd.
Welcome to 11 Millview Avenue in sought-after Bedford! This meticulously maintained two-storey home is proudly hitting the market for the very first time. Situated on a private, beautifully treed 13,200 sq. ft. corner lot, this property offers privacy, plenty of parking, and the exciting possibility of subdividing the lot (buyer to verify). With five spacious bedrooms and 4.
C$944900

Residential For Sale

11 Millview Avenue, Bedford, NS B4A 1G8
Century 21 Trident Realty Ltd.
5Bedroom(s)
5Bathroom(s)
C$944900

Residential For Sale

316-1048 Wellington Street, Halifax, NS B3H 0C2

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
34Picture(s)
855Sqft
RE/MAX Nova (Halifax)
C$679900

Residential For Sale

316-1048 Wellington Street, Halifax, NS B3H 0C2
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
855Sqft
RE/MAX Nova (Halifax)
Welcome to Gorsebrook Park in the heart of Halifax’s desirable south end. For those that crave the big city life surrounded by nature, it doesn’t get any better than this. Live within walking distance of the best restaurants, a shopping district, the waterfront, and Point Pleasant Park, not to mention universities, hospitals and public transportation.
C$679900

Residential For Sale

316-1048 Wellington Street, Halifax, NS B3H 0C2
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$679900

Residential For Sale

745 Young Avenue, Halifax, NS B3H 2V8

6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
46Picture(s)
4,769Sqft
Royal LePage Atlantic
C$2395000

Residential For Sale

745 Young Avenue, Halifax, NS B3H 2V8
6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,769Sqft
Royal LePage Atlantic
Situated on one of Halifax's most prestigious streets, 745 Young Avenue boasts just under 4800 sq ft of elegant living space. With gleaming hardwood floors, 2 dbl sided propane fireplaces and flexible living space, this home will meet whatever your particular family needs may be.
C$2395000

Residential For Sale

745 Young Avenue, Halifax, NS B3H 2V8
Royal LePage Atlantic
6Bedroom(s)
4Bathroom(s)
C$2395000
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