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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

822 Cleveland Road, Windermere, NS B0P 1E0

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
43Picture(s)
2,800Sqft
EXP Realty of Canada Inc.
C$1247000

Residential For Sale

822 Cleveland Road, Windermere, NS B0P 1E0
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,800Sqft
EXP Realty of Canada Inc.
Discover country living at its finest in this beautiful 2-bedroom, 2½-bath home set on 15 private acres in peaceful Windermere. 2,800 sq ft of living space, this spacious,light-filled home designed for both comfort and entertaining,kitchen is a chefs dream with tons of counter and cupboard space walk-in pantry,an attached garage for year-round convenience.
C$1247000

Residential For Sale

822 Cleveland Road, Windermere, NS B0P 1E0
EXP Realty of Canada Inc.
2Bedroom(s)
3Bathroom(s)
C$1247000

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12 Belvedere Drive, Lower Sackville, NS B4C 2M1

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
26Picture(s)
1,259Sqft
Keller Williams Select Realty
C$449900

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12 Belvedere Drive, Lower Sackville, NS B4C 2M1
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,259Sqft
Keller Williams Select Realty
This is a great chance to snag an affordable detached home in Lower Sackville for under $450,000!! It comes with a paved driveway, a large shed, and a great-sized 0.15 acre lot on a quiet cul-de-sac.
C$449900

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12 Belvedere Drive, Lower Sackville, NS B4C 2M1
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$449900

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5 Sam Crescent, Elmsdale, NS B2S 0G9

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
50Picture(s)
2,187Sqft
Keller Williams Select Realty
C$549000

Residential For Sale

5 Sam Crescent, Elmsdale, NS B2S 0G9
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,187Sqft
Keller Williams Select Realty
Welcome to 5 Sam Crescent — a bright and modern home in the heart of Elmsdale, just three years young and kept with real care. This is the kind of home that feels easy to live in from the moment you walk in the door.
C$549000

Residential For Sale

5 Sam Crescent, Elmsdale, NS B2S 0G9
Keller Williams Select Realty
3Bedroom(s)
4Bathroom(s)
C$549000

Residential For Sale

3 Garden Court Terrace, Dartmouth, NS B3A 3S6

3Bedroom(s)
2Bathroom(s)
AssignedParking(s)
32Picture(s)
1,372Sqft
Royal LePage Atlantic
C$425000

Residential For Sale

3 Garden Court Terrace, Dartmouth, NS B3A 3S6
3Bedroom(s)
2Bathroom(s)
AssignedParking(s)
1,372Sqft
Royal LePage Atlantic
Welcome to 3 Garden Court Terrace in Dartmouth! This sunny and bright three bedroom condo townhome in a highly sought after location close to major amenities, schools, trails, and Lake Banook. As you enter, the front foyer leads into the updated kitchen with stainless steel appliances.
C$425000

Residential For Sale

3 Garden Court Terrace, Dartmouth, NS B3A 3S6
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$425000

Residential For Sale

21 Zeppelin Crescent, Beechville, NS B3T 0B0

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
46Picture(s)
2,197Sqft
RE/MAX Nova (Halifax)
C$689900

Residential For Sale

21 Zeppelin Crescent, Beechville, NS B3T 0B0
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,197Sqft
RE/MAX Nova (Halifax)
Welcome to Lovett Lake! New construction at its best!! This four bedroom, 3.5 bath detached home will sure to please the whole family. Spacious living area, eat in kitchen with dining room, great place to entertain family and friends.
C$689900

Residential For Sale

21 Zeppelin Crescent, Beechville, NS B3T 0B0
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$689900

Residential For Sale

14096 Highway 1, Hants Border, NS B0P 1P0

4Bedroom(s)
5Bathroom(s)
DetachedParking(s)
50Picture(s)
2,263Sqft
Exit Realty Metro
C$641999

Residential For Sale

14096 Highway 1, Hants Border, NS B0P 1P0
4Bedroom(s)
5Bathroom(s)
DetachedParking(s)
2,263Sqft
Exit Realty Metro
Welcome to this exceptional 3-bedroom, 4-bathroom custom home offering outstanding value, modern upgrades, and incredible income potential. Located in a desirable area, this property combines high-end finishes, smart functionality, and flexible living options suitable for families, investors, or multigenerational living.
C$641999

Residential For Sale

14096 Highway 1, Hants Border, NS B0P 1P0
Exit Realty Metro
4Bedroom(s)
5Bathroom(s)
C$641999

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6 Lavinia Street, Kentville, NS B4N 1V7

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
39Picture(s)
2,486Sqft
Royal LePage Atlantic (Dartmouth)
C$599900

Residential For Sale

6 Lavinia Street, Kentville, NS B4N 1V7
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,486Sqft
Royal LePage Atlantic (Dartmouth)
Prepare to be charmed by this stunning mid-century modern home, where vintage vibes meet modern comforts. This beauty is ready for its new owners—maybe it’s you, if you play your cards right! Imagine yourself waking up each day in a place where this is your lifestyle. Located at the end of a quiet street, this property quietly boasts its fabulousness.
C$599900

Residential For Sale

6 Lavinia Street, Kentville, NS B4N 1V7
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

29b Wild Rose Drive, East Mountain, NS B6L 2N3

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,370Sqft
Keller Williams Select Realty (Truro)
C$399000

Residential For Sale

29b Wild Rose Drive, East Mountain, NS B6L 2N3
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,370Sqft
Keller Williams Select Realty (Truro)
Brand New Semi-Detached Home in East Mountain- Steps from Mountain Gulf Club. Located within walkingdistance of the gulf course and nestled on a quiet dead-end street, these newly built semi-detached homesin East Mountain offer the perfect blend of peaceful country living and modern comfort. Thoughtfullydesigned with in-floor heating throughout, 9 foot ceilings and premium finishes.
C$399000

Residential For Sale

29b Wild Rose Drive, East Mountain, NS B6L 2N3
Keller Williams Select Realty (Truro)
3Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

163 Brickyard Road, Mira, NS B1K 2R7

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
18Picture(s)
441Sqft
Viewpoint Realty Services Inc. (Sydney)
C$250000

Residential For Sale

163 Brickyard Road, Mira, NS B1K 2R7
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
441Sqft
Viewpoint Realty Services Inc. (Sydney)
Who does not love the Mira? Welcome to 163 Brickyard Rd where you can have your own little slice of heaven on the very sought after Mira River. This year round bungalow is the perfect all season escape from the hustle and bustle of everyday life.
C$250000

Residential For Sale

163 Brickyard Road, Mira, NS B1K 2R7
Viewpoint Realty Services Inc. (Sydney)
1Bedroom(s)
1Bathroom(s)
C$250000

Residential For Sale

208 Jackson Point Road, Tidnish Bridge, NS B4H 3X9

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
28Picture(s)
600Sqft
Coldwell Banker Performance Realty
C$259900

Residential For Sale

208 Jackson Point Road, Tidnish Bridge, NS B4H 3X9
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
600Sqft
Coldwell Banker Performance Realty
Charming Year-Round Home in a Lovely Northumberland Strait Beach Community! Modern Comforts, Multiple Beach Access Points, and Stunning Sunset Views. Discover the perfect blend of comfort and coastal living in this inviting year-round home, nestled in one of the Northumberland Strait’s most desirable beach communities.
C$259900

Residential For Sale

208 Jackson Point Road, Tidnish Bridge, NS B4H 3X9
Coldwell Banker Performance Realty
2Bedroom(s)
1Bathroom(s)
C$259900

Residential For Sale

11 Maverick Lane, Devon, NS B2T 1K8

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
23Picture(s)
1,570Sqft
Engel & Volkers
C$539900

Residential For Sale

11 Maverick Lane, Devon, NS B2T 1K8
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,570Sqft
Engel & Volkers
Dreaming of new construction without breaking the bank? Welcome to Ramar Homes' The Dana - a thoughtfully designed split-entry home that offers the perfect combination of style, function, and affordability. This brand-new build will be fully finished, featuring 3 bedrooms (2 up/ 1 down) and 3 full bathrooms, and a bright, open-concept main level ideal for modern living.
C$539900

Residential For Sale

11 Maverick Lane, Devon, NS B2T 1K8
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$539900

Residential For Sale

84 Chambers Road, Brooklyn, NS B0N 2A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
24Picture(s)
902Sqft
Sutton Group Professional Realty
C$114900

Residential For Sale

84 Chambers Road, Brooklyn, NS B0N 2A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
902Sqft
Sutton Group Professional Realty
ATTENTION ALL CONTRACTORS AND INVESTORS! Discover the potential in this 3-bedroom house situated on a 1-acre private lot. This property is in need of extensive renovation, but it provides privacy and endless opportunities for renovation, expansion or building your dream home. The main level provides an open concept kitchen and living room layout, 3 bedrooms and a full bathroom.
C$114900

Residential For Sale

84 Chambers Road, Brooklyn, NS B0N 2A0
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$114900
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