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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

240 Ponderosa Drive, Lake Echo, NS B3E 1E1

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
21Picture(s)
1,935Sqft
Royal LePage Atlantic
C$489900

Residential For Sale

240 Ponderosa Drive, Lake Echo, NS B3E 1E1
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,935Sqft
Royal LePage Atlantic
Relax & entertain by the sparkling 12x24 Inground Pool at this beautifully maintained 2 level bungalow on Ponderosa Dr. Step thru the spacious front porch into a nicely appointed eat-in-kitchen complete with Refridgerator, Range & Dishwasher. A separate Dining Room is perfect for hosting, while the inviting Living Room offers plenty of space to unwind.
C$489900

Residential For Sale

240 Ponderosa Drive, Lake Echo, NS B3E 1E1
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$489900

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106-1270 Oxford Street, Halifax, NS B3H 3Y8

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
42Picture(s)
1,107Sqft
RE/MAX Nova (Halifax)
C$594900

Residential For Sale

106-1270 Oxford Street, Halifax, NS B3H 3Y8
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,107Sqft
RE/MAX Nova (Halifax)
They say location, location, location, and this two bedroom, two full bathroom ground floor condo in the heart of Halifax truly defines what that means. With a smart layout that includes an en-suite off the primary bedroom, this condo is ideal for students attending nearby schools such as Dalhousie University, University of King’s College, or St.
C$594900

Residential For Sale

106-1270 Oxford Street, Halifax, NS B3H 3Y8
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$594900

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402 Johnson Road, Coldstream, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,120Sqft
Keller Williams Select Realty
C$575000

Residential For Sale

402 Johnson Road, Coldstream, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,120Sqft
Keller Williams Select Realty
Set on over 98 acres of beautiful land, this property is a dream come true for families who want space to spread out, explore, and make memories. The 3bed, 2 bath mini home offers comfort and convenience with a heat pump for efficient year round living.
C$575000

Residential For Sale

402 Johnson Road, Coldstream, NS B0N 2J0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$575000

Residential For Sale

125 Burkes Road, Shad Bay, NS B3T 2B4

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
8Picture(s)
1,600Sqft
Engel & Volkers
C$589000

Residential For Sale

125 Burkes Road, Shad Bay, NS B3T 2B4
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,600Sqft
Engel & Volkers
Introducing 125 Burkes Road – Affordable New Construction Surrounded by Nature. If you’ve been dreaming of a brand-new home that offers comfort, style, and connection to the outdoors—all at an accessible price—this is the one. Set back from the road on a private, tree-lined lot, this 3-bedroom, 2.5-bath home blends modern design with a peaceful coastal lifestyle.
C$589000

Residential For Sale

125 Burkes Road, Shad Bay, NS B3T 2B4
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$589000

Residential For Sale

35 Lewis Street, Stewiacke, NS B0J 2J0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
40Picture(s)
2,481Sqft
RE/MAX Nova (Halifax)
C$549900

Residential For Sale

35 Lewis Street, Stewiacke, NS B0J 2J0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,481Sqft
RE/MAX Nova (Halifax)
Well-maintained 1.5 storey home on a private, fully fenced country lot just 25 minutes to the airport and close to all major amenities. This property features a separate 1-bedroom upper unit currently operating as a successful Airbnb, offering excellent income potential or ideal in-law setup. The walkout basement adds functional space and flexibility.
C$549900

Residential For Sale

35 Lewis Street, Stewiacke, NS B0J 2J0
RE/MAX Nova (Halifax)
5Bedroom(s)
3Bathroom(s)
C$549900

Residential For Sale

112 Poplar Street, Pictou, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
27Picture(s)
657Sqft
Blinkhorn Real Estate Ltd.
C$139900

Residential For Sale

112 Poplar Street, Pictou, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
657Sqft
Blinkhorn Real Estate Ltd.
Welcome to 112 Poplar, a cozy and charming 2-bedroom, 1-bathroom home in the growing town of Pictou. Thoughtfully updated, this move-in ready property offers peace of mind with upgrades including a new fridge, stove, baseboard heaters, heat pump for efficient heating and cooling, refreshed laundry flooring, and a reinforced cross beam for extra support.
C$139900

Residential For Sale

112 Poplar Street, Pictou, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$139900

Residential For Sale

1296 Mill Street, Waterville, NS B0P 1V0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,235Sqft
Royal LePage Atlantic (New Minas)
C$249900

Residential For Sale

1296 Mill Street, Waterville, NS B0P 1V0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,235Sqft
Royal LePage Atlantic (New Minas)
Tucked among towering trees on a peaceful street, this inviting home offers both comfort and convenience. Just minutes from Trunk Highway 1, you’ll enjoy quick access to the Michelin plant, the Cambridge Drive-In, and a wide variety of nearby services. Step inside to discover recent upgrades such as all new upstairs windows and a new welcoming front door.
C$249900

Residential For Sale

1296 Mill Street, Waterville, NS B0P 1V0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
1Bathroom(s)
C$249900

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2510 West Ship Harbour Crossroads, Owls Head, NS B0J 2L0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
40Picture(s)
1,075Sqft
Royal LePage Atlantic (Dartmouth)
C$370000

Residential For Sale

2510 West Ship Harbour Crossroads, Owls Head, NS B0J 2L0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,075Sqft
Royal LePage Atlantic (Dartmouth)
Discover your perfect retreat in this charming 2 bedroom, 1 bath home nestled on 5 picturesque acres with stunning views of Owl's Head Bay. This home boasts many recent upgrades to the main living area, creating a balance of comfort and modern finishes.
C$370000

Residential For Sale

2510 West Ship Harbour Crossroads, Owls Head, NS B0J 2L0
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$370000

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Lot 1 Old Guysborough Road, Devon, NS B2T 1K8

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

Residential For Sale

Lot 1 Old Guysborough Road, 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

Lot 1 Old Guysborough Road, Devon, NS B2T 1K8
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$539900

Residential For Sale

405 Astral Drive, Cole Harbour, NS B2V 2J1

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
40Picture(s)
1,920Sqft
Nova Coast Realty Inc.
C$429900

Residential For Sale

405 Astral Drive, Cole Harbour, NS B2V 2J1
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,920Sqft
Nova Coast Realty Inc.
Welcome to 405 Astral Drive! This unique split-entry semi detached offering 1920 sqft of living space in one of Cole Harbour's most convenient locations. This well-cared for home features three bedrooms and one and a half baths, with two bedrooms upstairs and one on the lower level.
C$429900

Residential For Sale

405 Astral Drive, Cole Harbour, NS B2V 2J1
Nova Coast Realty Inc.
3Bedroom(s)
2Bathroom(s)
C$429900

Residential For Sale

5 Greely Court, Westphal, NS B2W 4Y1

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,534Sqft
Keller Williams Select Realty
C$399900

Residential For Sale

5 Greely Court, Westphal, NS B2W 4Y1
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,534Sqft
Keller Williams Select Realty
Welcome to 5 Greely court. This 3 bed 1.5 bath semi is vacant and ready for new ownership! built in 1983, This home is just over 1500sqft total. In the front door you're greeted with a large entryway. Bright living room, dining room and Kitchen. Off this level you also have a side entrance to the back deck and driveway. Upstairs you will find three bedrooms and a full bathroom.
C$399900

Residential For Sale

5 Greely Court, Westphal, NS B2W 4Y1
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

100 Commercial Street, Berwick, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
45Picture(s)
1,754Sqft
Keller Williams Select Realty (Kentville)
C$359900

Residential For Sale

100 Commercial Street, Berwick, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,754Sqft
Keller Williams Select Realty (Kentville)
This charming and affordable home is nestled within the town limits of Berwick, offering the perfect blend of comfort and convenience. Located just a short walk from local amenities, it’s ideal for those who appreciate easy access to shops, cafés, and community services. The main floor features a spacious eat-in kitchen, a formal dining room, a cozy living room, and a convenient laundry area.
C$359900

Residential For Sale

100 Commercial Street, Berwick, NS B0P 1E0
Keller Williams Select Realty (Kentville)
3Bedroom(s)
2Bathroom(s)
C$359900
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