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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

3667 Malagash Road, Malagash Centre, NS B0K 1E0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
560Sqft
3% Realty Nova Scotia
C$399000

Residential For Sale

3667 Malagash Road, Malagash Centre, NS B0K 1E0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
560Sqft
3% Realty Nova Scotia
Escape to your own private sanctuary on the coveted shores of Nova Scotia’s Northumberland Strait. This remarkable property offers 50 acres of wooded and cleared land, along with approximately 600 feet of exclusive rights oceanfront, ideal for a shed or deck for day use. The shoreline features a protective rock wall approximately 300 feet long, with a sandy beach on the remaining half. A 2.
C$399000

Residential For Sale

3667 Malagash Road, Malagash Centre, NS B0K 1E0
3% Realty Nova Scotia
1Bedroom(s)
1Bathroom(s)
C$399000

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102-120 Southgate Drive, Bedford, NS B4A 0B1

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
20Picture(s)
1,478Sqft
RE/MAX Nova
C$544900

Residential For Sale

102-120 Southgate Drive, Bedford, NS B4A 0B1
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,478Sqft
RE/MAX Nova
Extra large three-bedroom corner unit! Located in a sought after area of Bedford, this stunning condo unit features a functional and spacious layout. High ceilings and expansive windows fill the space with light. Numerous recent upgrades including flooring, paint, light fixtures, and kitchen with granite counters, beautiful backsplash, and stainless appliances.
C$544900

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102-120 Southgate Drive, Bedford, NS B4A 0B1
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$544900

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45 Hemlock Drive, Elmsdale, NS B2S 1B6

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
46Picture(s)
1,305Sqft
Royal LePage Atlantic (Enfield)
C$374900

Residential For Sale

45 Hemlock Drive, Elmsdale, NS B2S 1B6
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,305Sqft
Royal LePage Atlantic (Enfield)
Welcome to 45 Hemlock Drive — an excellent opportunity to own a well-maintained semi-detached home in a great location, priced at $374,900. Whether you're a first-time homebuyer or looking to downsize, this property offers comfort, value, and a smart layout.
C$374900

Residential For Sale

45 Hemlock Drive, Elmsdale, NS B2S 1B6
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$374900

Residential For Sale

64 Waterwheel Crescent, Middle Sackville, NS B4E 2K5

4Bedroom(s)
2Bathroom(s)
PavedParking(s)
15Picture(s)
2,425Sqft
Press Realty Inc.
C$399999

Residential For Sale

64 Waterwheel Crescent, Middle Sackville, NS B4E 2K5
4Bedroom(s)
2Bathroom(s)
PavedParking(s)
2,425Sqft
Press Realty Inc.
Welcome to Waterwheel Crescent - A unique and spacious home in the heart of Middle Sackville. This 4 story semi-detached home offers exceptional space, comfort and flexibility. Perfect for families and ideal for multi generational living. With 4 bedrooms and 2 full bathrooms, with the layout being practical and accomodating! R2 zoning makes it a great opportunity for an investment property.
C$399999

Residential For Sale

64 Waterwheel Crescent, Middle Sackville, NS B4E 2K5
Press Realty Inc.
4Bedroom(s)
2Bathroom(s)
C$399999

Residential For Sale

61 Allen Lane, Georges River, NS B1Y 3J8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
39Picture(s)
1,258Sqft
VALMAC REALTY LTD. - 16139
C$399000

Residential For Sale

61 Allen Lane, Georges River, NS B1Y 3J8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,258Sqft
VALMAC REALTY LTD. - 16139
A Rare Opportunity – 15.2 Acres with Equestrian Potential Discover this unique 15.2-acre former farm property backs towards the serene Bras d’Or Lake. Tucked away at the end of Allen Lane, this private 3-bedroom bungalow is surrounded by mature trees and lush vegetation, offering peace and seclusion.
C$399000

Residential For Sale

61 Allen Lane, Georges River, NS B1Y 3J8
VALMAC REALTY LTD. - 16139
3Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

2370 June Street, Halifax, NS B3K 4K3

3Bedroom(s)
3Bathroom(s)
UndergroundParking(s)
44Picture(s)
1,696Sqft
RE/MAX Nova
C$699900

Residential For Sale

2370 June Street, Halifax, NS B3K 4K3
3Bedroom(s)
3Bathroom(s)
UndergroundParking(s)
1,696Sqft
RE/MAX Nova
Meticulously maintained, this 3-bedroom, 3-bathroom townhouse condo with an office area offers a spacious and functional layout across three levels.
C$699900

Residential For Sale

2370 June Street, Halifax, NS B3K 4K3
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

41 Elm Street, Cole Harbour, NS B2W 2K4

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
43Picture(s)
1,512Sqft
Exit Realty Metro
C$499900

Residential For Sale

41 Elm Street, Cole Harbour, NS B2W 2K4
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,512Sqft
Exit Realty Metro
Welcome to the pool house at 41 Elm St.  This beautiful bungalow has been lovingly cared for by one family since it was new in 1973.   It is waiting for a new family to start new memories especially in the amazing back yard featuring a 12 x24 in-ground pool.  Inside you will find a bright kitchen and dining area with a large window that overlooks the yard and pool.
C$499900

Residential For Sale

41 Elm Street, Cole Harbour, NS B2W 2K4
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

72 Taylorwood Lane, Eastern Passage, NS B3G 0C8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
31Picture(s)
1,536Sqft
Sutton Group Professional Realty
C$475000

Residential For Sale

72 Taylorwood Lane, Eastern Passage, NS B3G 0C8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,536Sqft
Sutton Group Professional Realty
Welcome to the coastal community of Eastern Passage and this gorgeous home just minutes from Fisherman's Wharf, the boardwalk and area beaches such as MacCormack's and Rainbow Haven. Come on in to see all the features including an attractive, well appointed kitchen with granite counters, stainless steel appliances and perfect breakfast bar.
C$475000

Residential For Sale

72 Taylorwood Lane, Eastern Passage, NS B3G 0C8
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$475000

Residential For Sale

33 Boyne Court, Eastern Passage, NS B3G 0G9

4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
40Picture(s)
2,244Sqft
RE/MAX Nova (Halifax)
C$599900

Residential For Sale

33 Boyne Court, Eastern Passage, NS B3G 0G9
4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,244Sqft
RE/MAX Nova (Halifax)
Welcome to 33 Boyne Court, Eastern Passage! This beautiful 4-bedroom home is only 6 years old and still under warranty. It's filled with stylish, energy-efficient upgrades. Stay comfortable year-round with brand new heat pumps and solar panels that are completely paid off, helping keep electricity bills to a minimum.
C$599900

Residential For Sale

33 Boyne Court, Eastern Passage, NS B3G 0G9
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$599900

Residential For Sale

279 Gabriel Road, Falmouth, NS B0P 1P0

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
43Picture(s)
2,894Sqft
Royal LePage Atlantic - Valley(Windsor)
C$498000

Residential For Sale

279 Gabriel Road, Falmouth, NS B0P 1P0
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,894Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to this beautifully renovated 1.5 storey home in an ideal location in Falmouth. From the moment you arrive, you’ll appreciate the care and quality that have gone into updating this property, offering modern comfort while retaining its warm character. With 3 bedrooms and 2 full bath, there’s plenty of room everyone.
C$498000

Residential For Sale

279 Gabriel Road, Falmouth, NS B0P 1P0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
2Bathroom(s)
C$498000

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385 Bently Drive, Halifax, NS B3S 0C9

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
50Picture(s)
2,498Sqft
Royal LePage Atlantic
C$649000

Residential For Sale

385 Bently Drive, Halifax, NS B3S 0C9
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,498Sqft
Royal LePage Atlantic
Come explore this immaculate 3 bedroom, 4 bath END UNIT townhome in friendly & popular Mount Royale! The open concept main floor offers an enormous living room with lovely south facing windows & upgraded kitchen w/ breakfast bar, quality wood cabinetry and stainless appliances.
C$649000

Residential For Sale

385 Bently Drive, Halifax, NS B3S 0C9
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$649000

Residential For Sale

34 Oakwood Court, Nova Scotia, NS B2W 5P9

4Bedroom(s)
3Bathroom(s)
SingleParking(s)
38Picture(s)
1,600Sqft
RE/MAX Nova
C$460000

Residential For Sale

34 Oakwood Court, Nova Scotia, NS B2W 5P9
4Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,600Sqft
RE/MAX Nova
Welcome to 34 Oakwood Court, a well-kept home tucked away on a quiet cul-de-sac in Dartmouth’s desirable Woodlawn neighbourhood. This property features a main-floor heat pump for year-round comfort and a fully finished basement with a bathroom and in-law suite perfect for extended family or rental income. Downstairs also boasts a bar room perfect for entertaining.
C$460000

Residential For Sale

34 Oakwood Court, Nova Scotia, NS B2W 5P9
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$460000
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