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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

6989 Highway 16, Halfway Cove Ns B0h 1n0

2Bedroom(s)
No GarageParking(s)
20Picture(s)
400Sqft
Royal LePage Anchor Realty
C$79500

Residential For Sale

6989 Highway 16, Halfway Cove Ns B0h 1n0
2Bedroom(s)
No GarageParking(s)
400Sqft
Royal LePage Anchor Realty
A peaceful getaway, views of Chedabucto Bay, sunrises over Cape Breton and a low maintenance cabin/camp. Professionally constructed in 2017, the 20'x20' cabin sits on a nicely sloped wooded lot, 4 acres approximately. Classic cedar shake exterior, tongue and groove wood interior offer easy care finishes.
C$79500

Residential For Sale

6989 Highway 16, Halfway Cove Ns B0h 1n0
Royal LePage Anchor Realty
2Bedroom(s)
C$79500

Residential For Sale

209 Mill Village Road, Shubenacadie Ns B0n 2h0

6Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
3,000Sqft
Royal LePage Atlantic (Enfield)
C$619900

Residential For Sale

209 Mill Village Road, Shubenacadie Ns B0n 2h0
6Bedroom(s)
3Bathroom(s)
SingleParking(s)
3,000Sqft
Royal LePage Atlantic (Enfield)
"One of a Kind!" Proudly nestled on over 6 private acres, this exceptional one-owner property is packed with high-end features and designed for comfort, durability, and fun.
C$619900

Residential For Sale

209 Mill Village Road, Shubenacadie Ns B0n 2h0
Royal LePage Atlantic (Enfield)
6Bedroom(s)
3Bathroom(s)
C$619900

Residential For Sale

2749 Highway 359, Centreville Ns B0p 1j0

6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
3,310Sqft
Keller Williams Select Realty (Kentville)
C$975000

Residential For Sale

2749 Highway 359, Centreville Ns B0p 1j0
6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,310Sqft
Keller Williams Select Realty (Kentville)
This impressive property offers the perfect blend of comfort, functionality, & scenic beauty. Set on 5.54 acres with picturesque views & a serene pond, the home features a durable 9-year-old metal roof & a large, circular highway-grade paved driveway.
C$975000

Residential For Sale

2749 Highway 359, Centreville Ns B0p 1j0
Keller Williams Select Realty (Kentville)
6Bedroom(s)
4Bathroom(s)
C$975000

Residential For Sale

165 Ostrea Lake Road, Musquodoboit Harbour Ns B2z 1e9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
2,264Sqft
Century 21 Trident Realty Ltd.
C$549900

Residential For Sale

165 Ostrea Lake Road, Musquodoboit Harbour Ns B2z 1e9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,264Sqft
Century 21 Trident Realty Ltd.
Only ½ hour from the Halifax Metro Area, and minutes from the growing community of Musquodoboit Harbour, where you can find shopping, restaurants, walking trails, along with many other amenities and close to Highway 107 on ramp, this brand-new three bedroom 1.120 sq. ft (on main level) extended foyer split entry is being constructed on a private treed lot.
C$549900

Residential For Sale

165 Ostrea Lake Road, Musquodoboit Harbour Ns B2z 1e9
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

27859 Cabot Trail, Cape North Ns B0c 1g0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,080Sqft
RE/MAX Park Place Inc.
C$349900

Residential For Sale

27859 Cabot Trail, Cape North Ns B0c 1g0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,080Sqft
RE/MAX Park Place Inc.
Recent Price Improvement = Motivated Sellers! Welcome to your private home and property. Sitting on a 1.7 ACRE lot, bordered by Crown Land and with a babbling brook running past, this home must be seen! Built in 2012 and offering access to a nearby river where you can enjoy days swimming and fishing, in season you may never want to leave.
C$349900

Residential For Sale

27859 Cabot Trail, Cape North Ns B0c 1g0
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

2374 Highway 329 Highway, Northwest Cove Ns B0j 1t0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,000Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

2374 Highway 329 Highway, Northwest Cove Ns B0j 1t0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,000Sqft
Royal LePage Atlantic
Are you looking to have a little bit of everything in one property? You have found the right one at 2374 Highway 329 in Northwest Cove of the beautiful South Shore. Minutes from the sandy Bayswater Beach and within an hour from Halifax. This 12 year young four bed, three full bath bungalow sitting on almost 50 acres of private property is in immaculate condition and ready for new owners.
C$699900

Residential For Sale

2374 Highway 329 Highway, Northwest Cove Ns B0j 1t0
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
5Picture(s)
2,443Sqft
Sutton Group Professional Realty
C$829900

Residential For Sale

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,443Sqft
Sutton Group Professional Realty
Welcome to the market and currently under construction, one of Marchand Homes newest plans, a stunning executive split-entry residence nestled in the sought-after community of Indigo Shores. This is a remarkable new construction, family-focused home that is absolutely packed with upgrades.
C$829900

Residential For Sale

5142-245 Zaffre Drive, Middle Sackville Ns B4e 0x4
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$829900

Residential For Sale

37 Brackstone Court, Lower Sackville Ns B4c 4g5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
28Picture(s)
1,784Sqft
Engel & Volkers (Wolfville)
C$610000

Residential For Sale

37 Brackstone Court, Lower Sackville Ns B4c 4g5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,784Sqft
Engel & Volkers (Wolfville)
Discover the charm of Stone mount, one of Sackville's most sought-after mature neighbourhood's, with this delightful Classic salt box. With 3 bedrooms and 1.5 bathrooms, this residence is ready for a new family to love and enjoy. As you step inside, you'll be greeted by stunning hardwood flooring that extends throughout the living spaces on the main level, exuding warmth and elegance.
C$610000

Residential For Sale

37 Brackstone Court, Lower Sackville Ns B4c 4g5
Engel & Volkers (Wolfville)
3Bedroom(s)
2Bathroom(s)
C$610000

Residential For Sale

124 Roseway Drive, Upper Ohio Ns B0t 1w0

1Bedroom(s)
DetachedParking(s)
29Picture(s)
561Sqft
Keller Williams Select Realty
C$190000

Residential For Sale

124 Roseway Drive, Upper Ohio Ns B0t 1w0
1Bedroom(s)
DetachedParking(s)
561Sqft
Keller Williams Select Realty
Welcome to this lakefront property in the sought after area of Back Lake. This 4.39 acre lot is situated on a quiet cove, offering peace, tranquillity and 415 feet of shoreline. The lot has been cleared, and landscaped.
C$190000

Residential For Sale

124 Roseway Drive, Upper Ohio Ns B0t 1w0
Keller Williams Select Realty
1Bedroom(s)
C$190000

Residential For Sale

280 Malcolm's Road, Albert Bridge Ns B1k 2t8

1Bathroom(s)
No GarageParking(s)
28Picture(s)
832Sqft
RE/MAX Park Place Inc.
C$159900

Residential For Sale

280 Malcolm's Road, Albert Bridge Ns B1k 2t8
1Bathroom(s)
No GarageParking(s)
832Sqft
RE/MAX Park Place Inc.
A Renovator’s Dream with a view of the Mira! Ready to roll up your sleeves and transform a property from the ground up? This Mira cottage is the ultimate blank slate for a renovator or hands-on DIYer looking to bring a vision to life.
C$159900

Residential For Sale

280 Malcolm's Road, Albert Bridge Ns B1k 2t8
RE/MAX Park Place Inc.
1Bathroom(s)
C$159900

Residential For Sale

319 Willow Street, East Amherst Ns B4h 3y3

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
1,384Sqft
Coldwell Banker Performance Realty
C$399900

Residential For Sale

319 Willow Street, East Amherst Ns B4h 3y3
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,384Sqft
Coldwell Banker Performance Realty
Well looked after bungalow on a 1.75 acre corner lot on the outskirts of Amherst, a rare find these days. Steel roof with 3 bedrooms and 1 bath. The home has 200 amp electrical with 2 mini splits and ETS system which lends to economical heating, as well as a certified wood stove in the basement. The lower level of the home has a walkout, a workshop and plenty of storage.
C$399900

Residential For Sale

319 Willow Street, East Amherst Ns B4h 3y3
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$399900

Residential For Sale

1602-5959 Spring Garden Road, Halifax Ns B3h 1y5

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
28Picture(s)
757Sqft
RE/MAX Nova
C$334900

Residential For Sale

1602-5959 Spring Garden Road, Halifax Ns B3h 1y5
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
757Sqft
RE/MAX Nova
Welcome to Unit 1602 at 5959 Spring Garden Road! This is a fantastic opportunity to own a 1 bedroom condo in the heart of Halifax's highly sought after South End. Located in the iconic Embassy Towers, this unit offers exceptional walkability to hospitals, Dalhousie and Saint Mary's Universities, top restaurants, shopping and all downtown amenities.
C$334900

Residential For Sale

1602-5959 Spring Garden Road, Halifax Ns B3h 1y5
RE/MAX Nova
1Bedroom(s)
1Bathroom(s)
C$334900
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