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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

113 Rutledge Street, Bedford, NS B4A 1X7

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
44Picture(s)
1,435Sqft
Viewpoint Realty Services Inc.
C$499000

Residential For Sale

113 Rutledge Street, Bedford, NS B4A 1X7
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,435Sqft
Viewpoint Realty Services Inc.
Perched proudly overlooking the stunning Bedford Basin, this beautifully reimagined three-bedroom, home offers a perfect blend of modern luxury and timeless craftsmanship.
C$499000

Residential For Sale

113 Rutledge Street, Bedford, NS B4A 1X7
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$499000

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12 Frances Court, Halifax, NS B3R 2A3

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
27Picture(s)
1,510Sqft
Royal LePage Atlantic
C$425000

Residential For Sale

12 Frances Court, Halifax, NS B3R 2A3
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,510Sqft
Royal LePage Atlantic
Welcome to 12 Frances Court, a beautifully renovated semi-detached home nestled on a quiet, family-friendly cul-de-sac. Thoughtfully updated just last year, this move-in-ready property offers modern style, functional layout, and exceptional value. Step inside to find new flooring throughout and a bright, open-concept main level designed for today’s lifestyle.
C$425000

Residential For Sale

12 Frances Court, Halifax, NS B3R 2A3
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$425000

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14 Chester Hills Drive, Chester, NS B0J 1J0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
15Picture(s)
1,308Sqft
Engel & Volkers (Chester)
C$457000

Residential For Sale

14 Chester Hills Drive, Chester, NS B0J 1J0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,308Sqft
Engel & Volkers (Chester)
CHESTER NEW HOME PEACE OF MIND. Available for immediate occupancy. This fresh, bright semi is efficient one level living with a lovely east west exposure. The open concept living dining area has a vaulted ceiling and patio doors to a patio and spacious, level backyard with a woods backdrop and ready for one’s creative gardening ideas.
C$457000

Residential For Sale

14 Chester Hills Drive, Chester, NS B0J 1J0
Engel & Volkers (Chester)
2Bedroom(s)
2Bathroom(s)
C$457000

Residential For Sale

8 East Uniacke Road, East Uniacke, NS B0N 1Z0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4Picture(s)
2,340Sqft
Engel & Volkers
C$629900

Residential For Sale

8 East Uniacke Road, East Uniacke, NS B0N 1Z0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,340Sqft
Engel & Volkers
Welcome to The Birch by Ramar Homes, a beautifully designed 4-bedroom, 3.5-bath home located in the peaceful and family-friendly community of East Uniacke. This modern home offers a perfect blend of comfort, functionality, and style, surrounded by nature yet conveniently close to amenities in Sackville, Bedford, and Halifax.
C$629900

Residential For Sale

8 East Uniacke Road, East Uniacke, NS B0N 1Z0
Engel & Volkers
4Bedroom(s)
4Bathroom(s)
C$629900

Residential For Sale

551 Miller Road, Pugwash, NS B0K 1L0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
20Picture(s)
1,363Sqft
RE/MAX County Line Realty Ltd.
C$239900

Residential For Sale

551 Miller Road, Pugwash, NS B0K 1L0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,363Sqft
RE/MAX County Line Realty Ltd.
If you’ve been searching for the perfect rural retreat, this 6.5-acre property with a beautifully updated 2-bedroom home and fenced paddock for horses could be exactly what you’ve been looking for! The property features a Ducks Unlimited–managed pond, offering scenic views and a peaceful natural setting.
C$239900

Residential For Sale

551 Miller Road, Pugwash, NS B0K 1L0
RE/MAX County Line Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$239900

Residential For Sale

122 Maple Avenue, Berwick, NS B0P 1E0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
45Picture(s)
1,670Sqft
Exit Realty Town & Country
C$349900

Residential For Sale

122 Maple Avenue, Berwick, NS B0P 1E0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,670Sqft
Exit Realty Town & Country
Are you looking for privacy and a spacious, landscaped lot in a quiet, family-friendly neighbourhood? Look no further! This 1.4-acre lot is a rare find in any town. Featuring a lovely landscaped yard with mature trees, privacy, low-maintenance shrubbery, and a large pond. Located within walking distance to the quaint town of Berwick, local parks, walking trails, and offering quick highway access.
C$349900

Residential For Sale

122 Maple Avenue, Berwick, NS B0P 1E0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

62 Beaver Bank Cross Road, Middle Sackville, NS B4E 1K5

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
28Picture(s)
1,104Sqft
Royal LePage Atlantic
C$449900

Residential For Sale

62 Beaver Bank Cross Road, Middle Sackville, NS B4E 1K5
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,104Sqft
Royal LePage Atlantic
This well-maintained 3-bedroom, 1-bathroom bungalow in Lower Sackville has been lovingly cared for by the same owners for decades. With solid bones, thoughtful maintenance, and a prime location, the home offers tremendous potential. The main level is bright and sunny, featuring a spacious kitchen updated in 2006 with ample cabinetry.
C$449900

Residential For Sale

62 Beaver Bank Cross Road, Middle Sackville, NS B4E 1K5
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$449900

Residential For Sale

3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
2,702Sqft
RE/MAX Nova (Halifax)
C$999900

Residential For Sale

3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,702Sqft
RE/MAX Nova (Halifax)
Welcome to your coastal dream home, set on a generous 1.5-acre lot with breathtaking views of the Atlantic Ocean. Nestled along the busy shipping lane to Halifax Harbour, you'll enjoy watching cruise ships and marine traffic from your own backyard—an ever-changing seascape right outside your window.
C$999900

Residential For Sale

3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$999900

Residential For Sale

40 Wentworth Circle, Eastern Passage, NS B3G 1G1

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
26Picture(s)
1,845Sqft
RE/MAX Nova
C$524900

Residential For Sale

40 Wentworth Circle, Eastern Passage, NS B3G 1G1
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,845Sqft
RE/MAX Nova
Discover a rare gem in the heart of Eastern Passage — a home that radiates pride of ownership and meticulous care. From the back deck, soak in breathtaking views of the ocean and watch the daily rhythm of ships coming and going from the Halifax Harbour. This immaculate split-entry sits on an oversized lot, offering more than 1,800 sq. ft. of living space with 3 bedrooms and 1.5 baths.
C$524900

Residential For Sale

40 Wentworth Circle, Eastern Passage, NS B3G 1G1
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$524900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,975Sqft
Royal LePage Atlantic
C$824900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,975Sqft
Royal LePage Atlantic
This is a rare Grand Lake property that offers the perfect blend of natural beauty, comfort, and versatility with a chalet-style family home that is also a legal duplex set on nearly 50,000 sq ft of gently sloping land and 152 feet of lake frontage.
C$824900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$824900

Residential For Sale

33 Pleasant Street, Parrsboro, NS B0M 1S0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
1,863Sqft
RE/MAX County Line Realty Ltd.
C$349900

Residential For Sale

33 Pleasant Street, Parrsboro, NS B0M 1S0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,863Sqft
RE/MAX County Line Realty Ltd.
INVESTMENT OPPORTUNITY AWAITS IN COASTAL PARRSBORO, NOVA SCOTIA! Location, Location, Location! It's a phrase we often hear-but this property truly delivers.This beautifully updated 4-bedroom, 3-bath home is just steps from Main Street, where you'll find shops, restaurants, a brewery, art gallery, and more.
C$349900

Residential For Sale

33 Pleasant Street, Parrsboro, NS B0M 1S0
RE/MAX County Line Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$349900

Residential For Sale

9721 Highway 3, Arcadia, NS B0W 1B0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
13Picture(s)
1,344Sqft
The Real Estate Store
C$279900

Residential For Sale

9721 Highway 3, Arcadia, NS B0W 1B0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,344Sqft
The Real Estate Store
Welcome to 9721 Highway 3, a 2-bed, 1-bath bungalow set on 19+/- acre lot. There is frontage on both Hwy #3 and the Dominique Road. Hwy #3 has access to municipal sewer which is an added bonus. The home is solid and offers a good layout, but does need some finish work, giving you the chance to make it your own.
C$279900

Residential For Sale

9721 Highway 3, Arcadia, NS B0W 1B0
The Real Estate Store
2Bedroom(s)
1Bathroom(s)
C$279900
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