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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 Shepherds Lane, Lawrencetown, NS B2Z 1E6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
41Picture(s)
2,421Sqft
Royal LePage Atlantic
C$645500

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15 Shepherds Lane, Lawrencetown, NS B2Z 1E6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,421Sqft
Royal LePage Atlantic
Secluded Serenity Meets Modern Comfort at 15 Shepherds Lane – a serene retreat tucked away among the trees, just minutes from beautiful beaches and everyday amenities. This inviting 4-bedroom, 2-bath home offers the perfect blend of comfort, privacy, and natural surroundings.
C$645500

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15 Shepherds Lane, Lawrencetown, NS B2Z 1E6
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4Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
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C$1050000

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3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,556Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 12 Partridge Lane, where timeless elegance meets natural beauty. From the moment you arrive, you willl know you are somewhere truly special. A fully paved driveway winds gracefully beneath a canopy of trees, leading to your private retreat.
C$1050000

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Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
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2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
14Picture(s)
644Sqft
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C$214900

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13447 Cabot Trail Road, Grand Étang, NS B0E 1L0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
644Sqft
Red Door Realty
This welcoming, move-in ready 2-bedroom, 1-bathroom gem is perfect as a starter home or for anyone looking to downsize without sacrificing comfort or scenery. Enjoy breathtaking views of both the mountains and the ocean, a bright interior filled with natural light, and an attached garage for everyday convenience.
C$214900

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13447 Cabot Trail Road, Grand Étang, NS B0E 1L0
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2Bedroom(s)
1Bathroom(s)
C$214900

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4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
38Picture(s)
1,600Sqft
Royal LePage Atlantic (Dartmouth)
C$449000

Residential For Sale

32 Oakvale Court, Timberlea, NS B3T 1K7
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,600Sqft
Royal LePage Atlantic (Dartmouth)
On a quiet, private cul-de-sac a 7271 Sq. ft. landscaped and fully fenced yard holds this beautiful 4 Bedroom, 2 Bath semi-detached home waiting for it’s forever family. The main floor features a foyer leading to a Kitchen abundant with storage, a sweet Powder Room and separate Dining and Living Rooms. Garden doors to a deck with stairs to the landscaped rear yard.
C$449000

Residential For Sale

32 Oakvale Court, Timberlea, NS B3T 1K7
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
2Bathroom(s)
C$449000

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69 Blue Jay Road, Molega Lake, NS B4V 2W5

2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
37Picture(s)
1,259Sqft
Century 21 Optimum Realty
C$470000

Residential For Sale

69 Blue Jay Road, Molega Lake, NS B4V 2W5
2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,259Sqft
Century 21 Optimum Realty
Discover peace and privacy with this meticulously maintained home set on a spacious, cleared lot featuring over 200 feet of pristine lakefront. Perfect as a full-time residence or seasonal retreat, it blends rustic charm with modern convenience. The open-concept main floor offers bright living spaces and gorgeous lake views.
C$470000

Residential For Sale

69 Blue Jay Road, Molega Lake, NS B4V 2W5
Century 21 Optimum Realty
2Bedroom(s)
1Bathroom(s)
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1335 Highway 2, Brentwood, NS B0N 1C0

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
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Keller Williams Select Realty
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5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,350Sqft
Keller Williams Select Realty
Discover the elegance and timeless craftsmanship of this extraordinary estate, set on nearly 16 acres of rolling fields with a serene pond as its center piece. Built in 1997 with uncompromising attention to detail, this 4350 sq. ft. executive home offers a rare blend of sophistication, comfort, and natural beauty.
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5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
49Picture(s)
4,193Sqft
Engel & Volkers (Wolfville)
C$889900

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156 Brown Street, Berwick, NS B0P 1E0
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
4,193Sqft
Engel & Volkers (Wolfville)
Welcome home! Be captivated by this exquisite, meticulously constructed family residence designed to accommodate a large family, or multi-generational living. From the stately sense of arrival, this 2.5 storey, five-bedroom, four-and-a-half-bathroom executive home offers a harmonious blend of amenities for all. Throughout, the newly painted interior exudes elegance and sophistication.
C$889900

Residential For Sale

156 Brown Street, Berwick, NS B0P 1E0
Engel & Volkers (Wolfville)
5Bedroom(s)
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C$889900

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1Bathroom(s)
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20Picture(s)
952Sqft
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20 5824 Road, Riverton, NS B0K 1S0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
952Sqft
Keller Williams Select Realty (Truro)
This three bedroom, one bathroom mini home located in a quiet park in Riverton, Nova Scotia would make an ideal starter home. Just minutes from Stellarton, New Glasgow and all amenities. Unbeatable value and a great way to enter the real estate market, also perfect for somebody looking to downsize. Quick closing available.
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Residential For Sale

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Keller Williams Select Realty (Truro)
3Bedroom(s)
1Bathroom(s)
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3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
37Picture(s)
3,093Sqft
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C$1389000

Residential For Sale

5905 Bilton Lane, Halifax, NS B3H 4M3
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,093Sqft
Royal LePage Atlantic
Welcome to 5905 Bilton Lane, a unique architectural gem located in the heart of the South End. This stunning property boasts a cedar exterior with beautiful lanscaping and over 3,000 square feet of finished living space on a quiet corner lot. The main level offers a spacious and versatile layout, including a family room, living room, den, and a recently updated custom kitchen and pot filler.
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5905 Bilton Lane, Halifax, NS B3H 4M3
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
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9085 Peggys Cove Road, Indian Harbour, NS B3Z 3N4

4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
39Picture(s)
2,240Sqft
Sutton Group Professional Realty
C$649900

Residential For Sale

9085 Peggys Cove Road, Indian Harbour, NS B3Z 3N4
4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,240Sqft
Sutton Group Professional Realty
Enjoy incredible seaside views and sunsets from 9085 Peggys Cove Road, a beautiful 4-bedroom, 2-storey home in Indian Harbour. This well-cared-for home features a generous main level floorplan that’s ideal for family living and entertaining and takes full advantage of the area’s beauty.
C$649900

Residential For Sale

9085 Peggys Cove Road, Indian Harbour, NS B3Z 3N4
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$649900

Residential For Sale

22 Rodney Road, Dartmouth, NS B2Y 3V5

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
46Picture(s)
1,743Sqft
EXP Realty of Canada Inc.
C$550000

Residential For Sale

22 Rodney Road, Dartmouth, NS B2Y 3V5
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,743Sqft
EXP Realty of Canada Inc.
Opportunity knocks on Rodney Road! This detached 2-storey home offers a unique blend of character, comfort, and opportunity in a prime Dartmouth location. This 1,743 sq ft residence features 2 bedrooms (formerly 3 and easily convertible back) and 1 full bath, making it a flexible option for families, first-time buyers, or investors. Zoned ER-3, this property is perfect for future development.
C$550000

Residential For Sale

22 Rodney Road, Dartmouth, NS B2Y 3V5
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$550000

Residential For Sale

17 Ponderosa Lane, Lower West Pubnico, NS B0W 2M0

4Bedroom(s)
2Bathroom(s)
35Picture(s)
2,656Sqft
Coldwell Banker Maritime Realty
C$374900

Residential For Sale

17 Ponderosa Lane, Lower West Pubnico, NS B0W 2M0
4Bedroom(s)
2Bathroom(s)
2,656Sqft
Coldwell Banker Maritime Realty
Gorgeous, Completely Renovated & Open Concept Home sitting on OVER 11 acres for sale; get the best of both worlds, just 15 minutes from Town while still getting the benefits & enjoyment of the country side life.
C$374900

Residential For Sale

17 Ponderosa Lane, Lower West Pubnico, NS B0W 2M0
Coldwell Banker Maritime Realty
4Bedroom(s)
2Bathroom(s)
C$374900
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