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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

191 J Ramsey Road, Wittenburg, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
NoneParking(s)
20Picture(s)
1,299Sqft
RE/MAX Nova (Enfield)
C$399900

Residential For Sale

191 J Ramsey Road, Wittenburg, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,299Sqft
RE/MAX Nova (Enfield)
Welcome to this beautifully renovated 1.5-story home in Wittenberg, NS, boasting 3 spacious bedrooms and 1.5 modern baths. The property features an array of upgrades, including brand new windows and siding that enhance both its aesthetic appeal and energy efficiency. The newly installed hidden fastener nail strip sanding seam roof adds durability and a contemporary touch to the exterior.
C$399900

Residential For Sale

191 J Ramsey Road, Wittenburg, NS B0N 2J0
RE/MAX Nova (Enfield)
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

102 Juniper Street, Stellarton, NS B0K 1S0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
32Picture(s)
2,700Sqft
Royal LePage Atlantic(Stellarton)
C$424900

Residential For Sale

102 Juniper Street, Stellarton, NS B0K 1S0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,700Sqft
Royal LePage Atlantic(Stellarton)
Welcome to 102 Juniper St, nestled on a dead end street in Valley Woods, a family-friendly neighborhood that feels like a tight-knit community. Just two doors down from the park and winding walking trail, this home is the perfect place for anyone who loves easy access to nature and outdoor fun. This lovingly cared-for home has a warmth and character that make it feel extra warm and welcoming.
C$424900

Residential For Sale

102 Juniper Street, Stellarton, NS B0K 1S0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$424900

Residential For Sale

894 Onslow Mountain Road, Onslow Mountain, NS B6L 6R2

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
22Picture(s)
1,024Sqft
RE/MAX Fairlane Realty
C$178800

Residential For Sale

894 Onslow Mountain Road, Onslow Mountain, NS B6L 6R2
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,024Sqft
RE/MAX Fairlane Realty
Welcome to this 2011 three-bedroom, one-bath mini home located just 15 minutes from the Town of Truro. Set on its own private lot, the exterior is in excellent condition and offers a peaceful setting while still being close to all amenities. Inside, you’ll find a spacious kitchen with newer appliances and plumbing in place ready for a dishwasher installation.
C$178800

Residential For Sale

894 Onslow Mountain Road, Onslow Mountain, NS B6L 6R2
RE/MAX Fairlane Realty
3Bedroom(s)
1Bathroom(s)
C$178800

Residential For Sale

109-87 Kearney Lake Road, Halifax, NS B3M 4H1

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
18Picture(s)
893Sqft
Exit Realty Metro
C$299900

Residential For Sale

109-87 Kearney Lake Road, Halifax, NS B3M 4H1
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
893Sqft
Exit Realty Metro
Welcome to Cambria Park! 87 Kearney Lake Road, Unit 109 is a 1-bedroom, 1-bath condo offering nearly 900 square feet of thoughtfully designed living space with a versatile den/dining area that can easily serve as a second bedroom or home office. Perfectly located, you’re just minutes from Bayer’s Lake, with quick access to Highway 102, and within walking distance of Hemlock Ravine Park.
C$299900

Residential For Sale

109-87 Kearney Lake Road, Halifax, NS B3M 4H1
Exit Realty Metro
1Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

17 Gateway Road, Halifax, NS B3M 1M6

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,606Sqft
Keller Williams Select Realty
C$569900

Residential For Sale

17 Gateway Road, Halifax, NS B3M 1M6
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,606Sqft
Keller Williams Select Realty
Sweet family home in the sought-after community of Clayton Park! With a bright and inviting layout, an attached garage, and a private backyard retreat, this property combines comfort and convenience in one of Halifax’s most desirable locations. The bright and airy living room features hardwood flooring, a cozy fireplace, and large windows that fill the space with natural light.
C$569900

Residential For Sale

17 Gateway Road, Halifax, NS B3M 1M6
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$569900

Residential For Sale

2324 Truro Road, Westville, NS B0K 2A0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,768Sqft
Results Realty Atlantic Inc.
C$309900

Residential For Sale

2324 Truro Road, Westville, NS B0K 2A0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,768Sqft
Results Realty Atlantic Inc.
Welcome to this beautifully updated split entry Home, nestled on a gorgeous lot, offering space, privacy and comfort, all within minutes from Town. Large eating kitchen, perfect for dining or entertaining. Leaning out to the back deck overlooking the spacious yard and the above ground pool.
C$309900

Residential For Sale

2324 Truro Road, Westville, NS B0K 2A0
Results Realty Atlantic Inc.
4Bedroom(s)
1Bathroom(s)
C$309900

Residential For Sale

235 Greenwood Avenue, Timberlea, NS B3T 1H8

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
30Picture(s)
1,677Sqft
Keller Williams Select Realty
C$459000

Residential For Sale

235 Greenwood Avenue, Timberlea, NS B3T 1H8
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,677Sqft
Keller Williams Select Realty
Welcome to your new home in the charming community of Timberlea, NS! This beautifully maintained 3-bedroom, 2.5-bath semi-detached home is ideal for families seeking comfort and convenience in a friendly neighborhood. Step inside to find three fully finished floors, offering ample space and versatility for your family’s needs.
C$459000

Residential For Sale

235 Greenwood Avenue, Timberlea, NS B3T 1H8
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$459000

Residential For Sale

337 Astral Drive, Cole Harbour, NS B2V 1P4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
24Picture(s)
1,589Sqft
Parachute Realty
C$419900

Residential For Sale

337 Astral Drive, Cole Harbour, NS B2V 1P4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,589Sqft
Parachute Realty
Welcome to 337 Astral Drive, nestled in the sought-after community of Colby Village. This well-maintained home offers a bright and functional layout with neutral finishes and recent upgrades throughout. The main floor features a comfortable living room, dining area, kitchen, and convenient half bath, while upstairs you’ll find three spacious bedrooms and a full bath.
C$419900

Residential For Sale

337 Astral Drive, Cole Harbour, NS B2V 1P4
Parachute Realty
3Bedroom(s)
2Bathroom(s)
C$419900

Residential For Sale

199 Charles Road, Timberlea, NS B3T 1N4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
1,525Sqft
Century 21 All Points
C$424900

Residential For Sale

199 Charles Road, Timberlea, NS B3T 1N4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,525Sqft
Century 21 All Points
Make the highly desireable Glengarry Estates Subdivision in Timberlea your home! Welcome to 199 Charles Road, a lovely semi-detached home with a fully fenced backyard. Offering 3 spacious bedrooms and 1.5 baths, this well maintained home offers comfort and convenience for a variety of lifestyles.
C$424900

Residential For Sale

199 Charles Road, Timberlea, NS B3T 1N4
Century 21 All Points
3Bedroom(s)
2Bathroom(s)
C$424900

Residential For Sale

7 Mansfield Lane, Lower Sackville, NS B4C 4G1

1Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
928Sqft
RE/MAX Nova (Halifax)
C$499900

Residential For Sale

7 Mansfield Lane, Lower Sackville, NS B4C 4G1
1Bedroom(s)
2Bathroom(s)
GravelParking(s)
928Sqft
RE/MAX Nova (Halifax)
Welcome to 7 Mansfield Lane in Lower Sackville, a unique property that combines a cozy home with an exceptional land opportunity. This one-bedroom, two full bathroom home, featuring a spacious mudroom/entrance and plenty of potential for customization, sits on an impressive 3.225-acre lot with R-6 Zoning, a rare find offering this much size and space so close to the city.
C$499900

Residential For Sale

7 Mansfield Lane, Lower Sackville, NS B4C 4G1
RE/MAX Nova (Halifax)
1Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

167 Church Street, Liverpool, NS B0T 1K0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
28Picture(s)
2,000Sqft
EXIT Realty Inter Lake (Liverpool)
C$395000

Residential For Sale

167 Church Street, Liverpool, NS B0T 1K0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,000Sqft
EXIT Realty Inter Lake (Liverpool)
Welcome to this beautifully maintained 3-bedroom, 2-bathroom tumbled brick home, perfectly situated in the heart of Liverpool. Just a short stroll from local shops, the historic Astor Theatre, the Liverpool Curling Club, tennis and pickleball courts, and a wide variety of restaurants and amenities, this property offers both charm and convenience.
C$395000

Residential For Sale

167 Church Street, Liverpool, NS B0T 1K0
EXIT Realty Inter Lake (Liverpool)
3Bedroom(s)
2Bathroom(s)
C$395000

Residential For Sale

38 Braemount Drive, Clayton Park, NS B3M 3P3

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
33Picture(s)
1,908Sqft
Parachute Realty
C$399900

Residential For Sale

38 Braemount Drive, Clayton Park, NS B3M 3P3
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,908Sqft
Parachute Realty
Welcome to this beautifully maintained condo townhouse, ideally located in the heart of Clayton Park. Offering convenience, character, and comfort, this home is just minutes from the many amenities along Lacewood Drive and only a quick commute to downtown Halifax. This townhouse features an attached single-car garage, 2 bedrooms, 2.5 bathrooms, and a fully finished walk-out basement.
C$399900

Residential For Sale

38 Braemount Drive, Clayton Park, NS B3M 3P3
Parachute Realty
2Bedroom(s)
3Bathroom(s)
C$399900
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