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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

15 Fox Pen Road, Tantallon, NS B3Z 2M5

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
24Picture(s)
1,042Sqft
Harbourside Realty Ltd.
C$449500

Residential For Sale

15 Fox Pen Road, Tantallon, NS B3Z 2M5
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,042Sqft
Harbourside Realty Ltd.
A Hidden Gem in Tantallon. Charming brick bungalow on a 4.6 acre lot. Welcome to your slice of serenity just minutes from the heart of Upper Tantallon. This 2 bedroom 1 full bath family home sits proudly on a 4.6-acre lot, offering a perfect blend of privacy, convenience and potential. Step inside to find a freshly painted interior, complemented by oil heat and a heat pump for year-round comfort.
C$449500

Residential For Sale

15 Fox Pen Road, Tantallon, NS B3Z 2M5
Harbourside Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$449500

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,395Sqft
Royal LePage Atlantic
C$899900

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,395Sqft
Royal LePage Atlantic
Welcome to your waterfront dream home! This exquisite one-year-old bungalow offers the perfect blend of modern design, comfort, and lakefront tranquility on beautiful Lawrencetown lake (power boat friendly).
C$899900

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

Ludlow Court Lot 499, Elmsdale, NS B2S 0H4

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1Picture(s)
1,200Sqft
Keller Williams Select Realty
C$339900

Residential For Sale

Ludlow Court Lot 499, Elmsdale, NS B2S 0H4
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,200Sqft
Keller Williams Select Realty
Located in the up-and-coming community of Castle Grove Estates, The Seascape offers modern comfort in a thoughtfully designed single-levellayout. This brand-new home features 3 bedrooms and 2 full bathrooms, making it an ideal space for families, down-sizers, or anyonelooking for a low-maintenance lifestyle with room to grow.
C$339900

Residential For Sale

Ludlow Court Lot 499, Elmsdale, NS B2S 0H4
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$339900

Residential For Sale

353 Ioney Hill, Beaver Bank, NS B4E 1N1

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
21Picture(s)
900Sqft
BORDEN REAL ESTATE LIMITED - A586
C$199700

Residential For Sale

353 Ioney Hill, Beaver Bank, NS B4E 1N1
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
900Sqft
BORDEN REAL ESTATE LIMITED - A586
Here we are... This home was extensively renovated in 2019: Kitchen , Bath, all doors, windows, trim, flooring water heater, electric heaters, Ductless Heatpump with 2 heads, 5 New appliances, etc. This year, home was releveled, roofing replaced, and new skirting. Comes with the 5 apliances. Has a huge lot with an awseome shed. Double driveway. Deck is being stained this week. So...
C$199700

Residential For Sale

353 Ioney Hill, Beaver Bank, NS B4E 1N1
BORDEN REAL ESTATE LIMITED - A586
2Bedroom(s)
1Bathroom(s)
C$199700

Residential For Sale

108-87 Pebblecreek Crescent, Portland Hills, NS B2W 0J9

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
47Picture(s)
1,436Sqft
Royal LePage Atlantic (Dartmouth)
C$585000

Residential For Sale

108-87 Pebblecreek Crescent, Portland Hills, NS B2W 0J9
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,436Sqft
Royal LePage Atlantic (Dartmouth)
Nestled in a serene setting overlooking Morris Lake, this stunning three-bedroom, two-bathroom condo offers a perfect blend of comfort and luxury. Step inside to discover a spacious and inviting living space featuring hardwood floors that flow seamlessly throughout, a beautiful large kitchen, dining room and living room with a balcony facing the lake.
C$585000

Residential For Sale

108-87 Pebblecreek Crescent, Portland Hills, NS B2W 0J9
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$585000

Residential For Sale

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
27Picture(s)
1,008Sqft
RE/MAX Banner Real Estate
C$475000

Residential For Sale

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,008Sqft
RE/MAX Banner Real Estate
Tucked away on the quiet shores of McGill Lake, this charming lakefront bungalow offers the perfect blend of cozy comfort and natural beauty. Set on 3.5 acres with approximately 700 feet of lake frontage, it feels like your own private slice of paradise.
C$475000

Residential For Sale

4464 Old Liverpool Road, Big Molly Upsim Lake, NS B0S 1P0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$475000

Residential For Sale

144 Cow Bay Road, Eastern Passage, NS B3G 1C2

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
50Picture(s)
1,477Sqft
Keller Williams Select Realty
C$399900

Residential For Sale

144 Cow Bay Road, Eastern Passage, NS B3G 1C2
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,477Sqft
Keller Williams Select Realty
Quick! Here's a new opportunity for affordable living in a great area that offers so much.
C$399900

Residential For Sale

144 Cow Bay Road, Eastern Passage, NS B3G 1C2
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$399900

Residential For Sale

2163 Highway 2, Milford, NS B0N 1Y0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
41Picture(s)
2,304Sqft
RE/MAX Nova
C$499900

Residential For Sale

2163 Highway 2, Milford, NS B0N 1Y0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,304Sqft
RE/MAX Nova
Are you looking for a home on a gorgeous lot with a large garage, full secondary suite, a metal roof and within walking distances to schools? Here it is!!!! In the heart of Milford this well-maintained split-entry home features three spacious bedrooms, a bright and functional layout, and plenty of natural light, a fully finished in-law suite with separate entrance, perfect for extended family or r
C$499900

Residential For Sale

2163 Highway 2, Milford, NS B0N 1Y0
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$499900

Residential For Sale

1389 Highway 2, Lantz, NS B2S 1Z5

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
2,576Sqft
RE/MAX Nova
C$619900

Residential For Sale

1389 Highway 2, Lantz, NS B2S 1Z5
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,576Sqft
RE/MAX Nova
Welcome to this beautifully maintained 4 bedroom, 2.5-bathroom bungalow with detached garage and beautiful in ground pool, perfectly nestled on a large, private lot that backs onto a peaceful stream. The backyard is a true retreat, featuring the in-ground pool, hot tub, and a secluded deck area with outdoor pool bar—ideal for summer entertaining or quiet evenings outdoors.
C$619900

Residential For Sale

1389 Highway 2, Lantz, NS B2S 1Z5
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$619900

Residential For Sale

811 River Denys Mountain Road, Glendale, NS B0E 2Y0

1Bedroom(s)
SingleParking(s)
43Picture(s)
288Sqft
RE/MAX Park Place Inc.
C$83900

Residential For Sale

811 River Denys Mountain Road, Glendale, NS B0E 2Y0
1Bedroom(s)
SingleParking(s)
288Sqft
RE/MAX Park Place Inc.
Your Off-Grid Acreage in Central Cape Breton. Located just 3.8 km from Trans Canada Highway 105, this 38-acre property offers an off-grid cabin and shed with direct access from a public gravel road. Formerly farmland, the acreage features gently sloping terrain with a mix of hardwood and softwood trees, marked boundaries, and approximately 3.5 acres of cleared and mowed land.
C$83900

Residential For Sale

811 River Denys Mountain Road, Glendale, NS B0E 2Y0
RE/MAX Park Place Inc.
1Bedroom(s)
C$83900

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
1,944Sqft
EXP Realty of Canada Inc.
C$225000

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,944Sqft
EXP Realty of Canada Inc.
Step back in time and feel the charm of this timeless 4-bedroom home nestled on a generous 10,000 sq ft corner lot in the heart of the scenic seaside town of Lockeport. Built to last and brimming with character, this well-loved home offers a rare opportunity to bring your vision to life.
C$225000

Residential For Sale

31 Hall Street, Lockeport, NS B0T 1L0
EXP Realty of Canada Inc.
4Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

1095 Hansford Road, Oxford, NS B0M 1P0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
38Picture(s)
1,792Sqft
Starscape Realty Ltd.
C$229000

Residential For Sale

1095 Hansford Road, Oxford, NS B0M 1P0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,792Sqft
Starscape Realty Ltd.
Large country lot with a 3 bedroom home and a garage. Located only 8 km from Oxford. A large yard with plenty of parking, green space, the property is bordered with trees and bush, a farmers hayfield shares the boundary. Neighbours are almost 1/2km away. You have privacy. Plenty of space for gardening or playing outside.
C$229000

Residential For Sale

1095 Hansford Road, Oxford, NS B0M 1P0
Starscape Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$229000
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