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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

2162 Hwy 376, Lyons Brook, NS B0K 1H0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
41Picture(s)
2,365Sqft
Keller Williams Select Realty (Truro)
C$784000

Residential For Sale

2162 Hwy 376, Lyons Brook, NS B0K 1H0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,365Sqft
Keller Williams Select Realty (Truro)
Welcome to this exceptional 5-year-old custom-built home, nestled on a beautifully landscaped 1.6-acre lot with captivating harbour views in the highly sought-after community of Lyons Brook, West Pictou. Featuring high-quality craftsmanship and timeless elegance, this move-in-ready home offers style, comfort, and exceptional pride of ownership.
C$784000

Residential For Sale

2162 Hwy 376, Lyons Brook, NS B0K 1H0
Keller Williams Select Realty (Truro)
3Bedroom(s)
3Bathroom(s)
C$784000

Residential For Sale

4653 Black Rock Road, Canada Creek, NS B0P 1V0

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
49Picture(s)
1,069Sqft
Keller Williams Select Realty (Kentville)
C$289900

Residential For Sale

4653 Black Rock Road, Canada Creek, NS B0P 1V0
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,069Sqft
Keller Williams Select Realty (Kentville)
Charming Seaside Cottage with Bay of Fundy Views Escape to the coast with this delightful four-bedroom cottage, perfectly perched to capture sweeping views of the Bay of Fundy. Located in the welcoming community of Canada Creek, this property offers a serene retreat from the everyday.Enjoy ocean vistas year-round from the sunroom, a cozy space designed for all seasons.
C$289900

Residential For Sale

4653 Black Rock Road, Canada Creek, NS B0P 1V0
Keller Williams Select Realty (Kentville)
4Bedroom(s)
1Bathroom(s)
C$289900

Residential For Sale

80 Whitney Avenue, Sydney, NS B1P 4Z9

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,355Sqft
Viewpoint Realty Services Inc. (Sydney)
C$649000

Residential For Sale

80 Whitney Avenue, Sydney, NS B1P 4Z9
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,355Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 80 Whitney Avenue—a timeless century home nestled on a spacious, landscaped double lot in the heart of Sydney. Meticulously maintained and beautifully designed this property is walking distance to downtown, park, schools, new NSCC campus and 5 minutes to hospital! From the moment you arrive, the manicured landscaping and charming curb appeal set the tone.
C$649000

Residential For Sale

80 Whitney Avenue, Sydney, NS B1P 4Z9
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
4Bathroom(s)
C$649000

Residential For Sale

7 Cochrane Street, Glace Bay, NS B1A 2W5

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
13Picture(s)
1,254Sqft
RE/MAX Park Place Inc.
C$209000

Residential For Sale

7 Cochrane Street, Glace Bay, NS B1A 2W5
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,254Sqft
RE/MAX Park Place Inc.
Tucked away on a quiet dead-end street in Glace Bay, this well-maintained home offers a unique blend of privacy and convenience. The interior was tastefully renovated in 2022, giving it a fresh, modern feel throughout. The roof was newly installed in 2023, providing peace of mind for years to come. this property also features a rare oversized lot—approximately 1.
C$209000

Residential For Sale

7 Cochrane Street, Glace Bay, NS B1A 2W5
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$209000

Residential For Sale

1951 Frasers Mountain Road, Frasers Mountain, NS B2H 5C4

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
2,291Sqft
Royal LePage Atlantic(Stellarton)
C$389444

Residential For Sale

1951 Frasers Mountain Road, Frasers Mountain, NS B2H 5C4
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,291Sqft
Royal LePage Atlantic(Stellarton)
Welcome to 1951 Frasers Mountain Rd. Where endless opportunity awaits! Located in the sought after area of Frasers Mountain, Offering the benefits of peaceful country living, country taxes all while being just a short drive to the Town of New Glasgow and all local amenities and just a short walk to Glen Lovat Golf Course. Situated on a beautifully landscaped 1.
C$389444

Residential For Sale

1951 Frasers Mountain Road, Frasers Mountain, NS B2H 5C4
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$389444

Residential For Sale

194 Thomas Road, Cape Forchu, NS B5A 5G7

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
47Picture(s)
2,458Sqft
The Real Estate Store
C$699900

Residential For Sale

194 Thomas Road, Cape Forchu, NS B5A 5G7
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,458Sqft
The Real Estate Store
Tucked nicely away on Cape Forchu in Yarmouth is 194 Thomas Road. This contemporary style multi level home is awaiting a new owner. Well positioned to enjoy sunsets and a bold view of the Gulf of Maine this property has many features. Finished space on all levels including a balcony on the upper level, 2 sided open deck and a basement walk out.
C$699900

Residential For Sale

194 Thomas Road, Cape Forchu, NS B5A 5G7
The Real Estate Store
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

511 Rumsey Lake Road, Arlington, NS B0S 1L0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
50Picture(s)
675Sqft
Exit Realty Town & Country
C$275000

Residential For Sale

511 Rumsey Lake Road, Arlington, NS B0S 1L0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
675Sqft
Exit Realty Town & Country
Your Family's Summer Escape Starts Here! Welcome to your perfect family retreat, where childhood memories are made and everyday stress melts away. Nestled on a just under 1/2 acre, private lot of Rumsey lake, this charming lake side cottage offers everything you need for a magical summer getaway. Imagine mornings spent with your coffee on the deck while kids race down to the water for a swim.
C$275000

Residential For Sale

511 Rumsey Lake Road, Arlington, NS B0S 1L0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

31 Old Ice Road, Moose Harbour, NS B0T 1K0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
44Picture(s)
2,582Sqft
Coldwell Banker Maritime Realty
C$875000

Residential For Sale

31 Old Ice Road, Moose Harbour, NS B0T 1K0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,582Sqft
Coldwell Banker Maritime Realty
**Foreign Buyer Ban Exempt** Welcome to Your Oceanview Escape – Where Coastal Charm Meets Executive Living. Tucked away in a quiet, friendly neighborhood known for its relaxed pace and welcoming atmosphere, this custom-built executive home offers the ideal blend of luxury, functionality, and beautiful ocean views.
C$875000

Residential For Sale

31 Old Ice Road, Moose Harbour, NS B0T 1K0
Coldwell Banker Maritime Realty
3Bedroom(s)
3Bathroom(s)
C$875000

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,512Sqft
Red Door Realty
C$589900

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,512Sqft
Red Door Realty
These views are what you have been waiting for. Welcome to 116 Beaver Drive! This southern-facing, custom home invites you to reclaim your east coast peace and adventure all in one. The nearly 300 feet of ocean frontage wraps around a point; a sheltered cove to the east and broad ocean to the south. Push your kayak out to either side and explore the world famous 100 Wild Islands.
C$589900

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0
Red Door Realty
2Bedroom(s)
2Bathroom(s)
C$589900

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,512Sqft
Red Door Realty
C$589900

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,512Sqft
Red Door Realty
These views are what you have been waiting for. Welcome to 116 Beaver Drive! This southern-facing, custom home invites you to reclaim your east coast peace and adventure all in one. The nearly 300 feet of ocean frontage wraps around a point; a sheltered cove to the east and broad ocean to the south. Push your kayak out to either side and explore the world famous 100 Wild Islands.
C$589900

Residential For Sale

116 Beaver Drive, West Quoddy, NS B0J 2R0
Red Door Realty
2Bedroom(s)
2Bathroom(s)
C$589900

Residential For Sale

417 Trefry Lake Road, Arcadia, NS B5A 5J7

5Bedroom(s)
2Bathroom(s)
48Picture(s)
2,220Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$680000

Residential For Sale

417 Trefry Lake Road, Arcadia, NS B5A 5J7
5Bedroom(s)
2Bathroom(s)
2,220Sqft
Viewpoint Realty Services Inc. (Shelburne)
Lakefront Home on 50 Acres – Trefry Lake, Nova Scotia Offering panoramic views over Trefry Lake and complete privacy on approximately 50 acres, this modern 5-bedroom, 2-bath home is the perfect blend of comfort, design, and natural beauty. Built in 2020 and thoughtfully positioned on a rise above the shoreline, the home delivers a peaceful lifestyle with plenty of space both inside and out.
C$680000

Residential For Sale

417 Trefry Lake Road, Arcadia, NS B5A 5J7
Viewpoint Realty Services Inc. (Shelburne)
5Bedroom(s)
2Bathroom(s)
C$680000

Residential For Sale

19 Francie Drive, Williamswood, NS B3V 1C1

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
2,930Sqft
RE/MAX Nova (Halifax)
C$925000

Residential For Sale

19 Francie Drive, Williamswood, NS B3V 1C1
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,930Sqft
RE/MAX Nova (Halifax)
Lakeside Living just 30 Minutes to Downtown! Discover this beautifully updated bungalow nestled on an acre+ of serene land along the shores of Moody Lake. Offering the perfect blend of comfort, functionality, and breathtaking natural beauty, this home is a rare find just a short commute from the city.
C$925000

Residential For Sale

19 Francie Drive, Williamswood, NS B3V 1C1
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$925000
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