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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

406-6369 Coburg Road, Halifax, NS B3H 4J7

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
30Picture(s)
1,490Sqft
Domus Realty Limited
C$575000

Residential For Sale

406-6369 Coburg Road, Halifax, NS B3H 4J7
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,490Sqft
Domus Realty Limited
Welcome to one of the most unique and thoughtfully designed units in Coburg Place! Located directly across from Dalhousie University and just a short walk to the shops, restaurants, and amenities of Quinpool Road and Spring Garden Road, this beautifully renovated 3-bedroom, 2-bath condo offers nearly 1,500 sq. ft. of stylish, functional living space, in a coveted school district.
C$575000

Residential For Sale

406-6369 Coburg Road, Halifax, NS B3H 4J7
Domus Realty Limited
3Bedroom(s)
2Bathroom(s)
C$575000

Residential For Sale

3597 Second Division Road, Concession, NS B0W 1M0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
39Picture(s)
2,203Sqft
Royal Lepage Atlantic (Mahone Bay)
C$275000

Residential For Sale

3597 Second Division Road, Concession, NS B0W 1M0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,203Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 3597 Second Division Road, where modern comfort meets rural charm just 35 minutes from both Yarmouth and Digby. This beautifully renovated home offers 4 bedrooms, 2 full bathrooms, and a versatile den that could serve as a fifth bedroom.
C$275000

Residential For Sale

3597 Second Division Road, Concession, NS B0W 1M0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
2Bathroom(s)
C$275000

Residential For Sale

4706 Highway 340, Havelock, NS B0W 3T0

4Bedroom(s)
3Bathroom(s)
OtherParking(s)
50Picture(s)
3,360Sqft
Exit Realty Town & Country
C$850000

Residential For Sale

4706 Highway 340, Havelock, NS B0W 3T0
4Bedroom(s)
3Bathroom(s)
OtherParking(s)
3,360Sqft
Exit Realty Town & Country
An exceptional and rare opportunity awaits with this expansive multi-property package. Encompassing several parcels of land and diverse structures, this offering is ideal for entrepreneurs, investors, or families seeking a versatile estate that seamlessly blends residential comfort with commercial potential. At the heart of this package is 4706 Highway 340, a property rich in possibilities.
C$850000

Residential For Sale

4706 Highway 340, Havelock, NS B0W 3T0
Exit Realty Town & Country
4Bedroom(s)
3Bathroom(s)
C$850000

Residential For Sale

6730 Little River Road, Oxford, NS B0M 1P0

2Bedroom(s)
1Bathroom(s)
23Picture(s)
768Sqft
Starscape Realty Ltd.
C$199500

Residential For Sale

6730 Little River Road, Oxford, NS B0M 1P0
2Bedroom(s)
1Bathroom(s)
768Sqft
Starscape Realty Ltd.
Easy living in a small town. Walking distance to everything. A two bedroom bungalow, recently receiving an interior overhaul. Feels new inside and the outside is in excellent condition. Roof, electrical, plumbing, all good. It will make a low maintenance home for many years and includes new flooring & fresh paint.
C$199500

Residential For Sale

6730 Little River Road, Oxford, NS B0M 1P0
Starscape Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$199500

Residential For Sale

2403 Two Island Road, Two Islands, NS B0M 1S0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
37Picture(s)
2,594Sqft
Royal LePage Cumberland Realty Ltd.
C$749900

Residential For Sale

2403 Two Island Road, Two Islands, NS B0M 1S0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,594Sqft
Royal LePage Cumberland Realty Ltd.
INCREDIBLE OCEANVIEW OPPORTUNITY!!! Welcome to 2403 Two Island road in Two Islands NS. This dynamic property is a small working farm with 46.73 acres of space. The lower part of the property offers roughly 5 acres of paddocks already in place, a 30 x 45 steel barn with electricity, heated water and a concrete floor.
C$749900

Residential For Sale

2403 Two Island Road, Two Islands, NS B0M 1S0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$749900

Residential For Sale

217 Mcauley Road, Hedgeville, NS B0K 1N0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
2,000Sqft
Royal LePage Atlantic(Stellarton)
C$395000

Residential For Sale

217 Mcauley Road, Hedgeville, NS B0K 1N0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,000Sqft
Royal LePage Atlantic(Stellarton)
Tucked away on a peaceful 25-acre property just minutes from the stunning shores of McDonalds Cove Beach, this unique and spacious home offers the perfect blend of privacy, comfort, and modern charm. Only 8 years old, it was thoughtfully designed to embrace the natural surroundings while offering all the conveniences of contemporary living.
C$395000

Residential For Sale

217 Mcauley Road, Hedgeville, NS B0K 1N0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$395000

Residential For Sale

510 Pictou Island Road, Pictou Island, NS B0K 1J0

3Bedroom(s)
DoubleParking(s)
28Picture(s)
605Sqft
The Agency Real Estate Brokerage
C$149900

Residential For Sale

510 Pictou Island Road, Pictou Island, NS B0K 1J0
3Bedroom(s)
DoubleParking(s)
605Sqft
The Agency Real Estate Brokerage
Discover the unparalleled charm of Pictou Island, often celebrated as the Jewel of the Northumberland Strait. This extraordinary 9 acre property offers +/- 500 feet of pristine south shore ocean frontage. Take in the stunning views of mainland Nova Scotia from the sandy south shore.
C$149900

Residential For Sale

510 Pictou Island Road, Pictou Island, NS B0K 1J0
The Agency Real Estate Brokerage
3Bedroom(s)
C$149900

Residential For Sale

1462 Thornvale Avenue, Halifax, NS B3H 4C2

4Bedroom(s)
7Bathroom(s)
AttachedParking(s)
44Picture(s)
9,452Sqft
Royal LePage Atlantic
C$5995000

Residential For Sale

1462 Thornvale Avenue, Halifax, NS B3H 4C2
4Bedroom(s)
7Bathroom(s)
AttachedParking(s)
9,452Sqft
Royal LePage Atlantic
Unparalleled luxury, this grand estate boasts an indoor pool, sauna, outdoor rink perfect for the budding hockey player and is situated on a huge 1.3 acre lot in the deep sought after south end. Built in 1956 and just shy of 9500 square foot home boasts incredible curb appeal, beautiful landscaping, and is siutuated in one of Halifax's most prestigious areas.
C$5995000

Residential For Sale

1462 Thornvale Avenue, Halifax, NS B3H 4C2
Royal LePage Atlantic
4Bedroom(s)
7Bathroom(s)
C$5995000

Residential For Sale

308-30 Brookdale Crescent, Dartmouth, NS B3A 4T7

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
32Picture(s)
1,021Sqft
RE/MAX Nova
C$434900

Residential For Sale

308-30 Brookdale Crescent, Dartmouth, NS B3A 4T7
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,021Sqft
RE/MAX Nova
Welcome to Lake Banook on the Woods, one of Dartmouth’s most sought after condominium buildings, nestled along the picturesque shores of internationally renowned Lake Banook. This pristine 2 bedroom, 2 bathroom corner unit offers a bright and spacious layout, complemented by a large wrap around balcony, perfect for enjoying your morning coffee or evening sunsets.
C$434900

Residential For Sale

308-30 Brookdale Crescent, Dartmouth, NS B3A 4T7
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$434900

Residential For Sale

186 Cabot Street, Sydney, NS B1P 4E3

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
27Picture(s)
1,050Sqft
RE/MAX Park Place Inc.
C$279900

Residential For Sale

186 Cabot Street, Sydney, NS B1P 4E3
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
1,050Sqft
RE/MAX Park Place Inc.
Welcome to 186 Cabot Street! This 3-bedroom, 1-bath bungalow offers comfort, convenience, and endless potential. Sitting proudly on a 5,000 sqft corner lot, the property features a generous backyard—perfect for outdoor living—and a paved driveway for added convenience. Inside, you’ll find a bright, functional layout ready for your personal touch.
C$279900

Residential For Sale

186 Cabot Street, Sydney, NS B1P 4E3
RE/MAX Park Place Inc.
3Bedroom(s)
1Bathroom(s)
C$279900

Residential For Sale

2161 Spring Garden Road, Westville, NS B0K 2A0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,514Sqft
Royal LePage Atlantic(Stellarton)
C$469699

Residential For Sale

2161 Spring Garden Road, Westville, NS B0K 2A0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,514Sqft
Royal LePage Atlantic(Stellarton)
Welcome to 2161 Spring Garden Road. Beautiful fully accessible 2-year-old, one-level home sits on just under 3 acres of rich, fertile land that was once farmland—perfect for gardening or enjoying wide open space. Featuring 3 bedrooms and 2 baths, the home has an open-concept kitchen, living, and dining area with sleek porcelain tile flooring and a cathedral ceiling that adds a grand, airy feel.
C$469699

Residential For Sale

2161 Spring Garden Road, Westville, NS B0K 2A0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$469699

Residential For Sale

17 Rosedale Avenue, Fairview, NS B3N 2J2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
23Picture(s)
2,304Sqft
EXP Realty of Canada Inc.
C$475000

Residential For Sale

17 Rosedale Avenue, Fairview, NS B3N 2J2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,304Sqft
EXP Realty of Canada Inc.
Welcome to 17 Rosedale Avenue – A Cozy Gem in a Prime Location! This well-maintained 1.5-storey home offers the perfect blend of comfort and convenience. Featuring two spacious bedrooms and a versatile family room or office, this layout adapts to your lifestyle. The kitchen and dining room flow effortlessly into one another, creating a welcoming space for everyday living or hosting guests.
C$475000

Residential For Sale

17 Rosedale Avenue, Fairview, NS B3N 2J2
EXP Realty of Canada Inc.
3Bedroom(s)
2Bathroom(s)
C$475000
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