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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

104-171 Portland Street, Dartmouth, NS B2Y 4X2

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
22Picture(s)
1,188Sqft
EXP Realty of Canada Inc.
C$449900

Residential For Sale

104-171 Portland Street, Dartmouth, NS B2Y 4X2
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,188Sqft
EXP Realty of Canada Inc.
Light-Filled, Stylish, and Spacious—Your Ideal Dartmouth Condo Has Arrived! Step into over 1,100 square feet of beautifully refreshed living space in the heart of Downtown Dartmouth. This growing urban hub is just steps from vibrant cafes, restaurants, the ferry, and Alderney Landing.
C$449900

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104-171 Portland Street, Dartmouth, NS B2Y 4X2
EXP Realty of Canada Inc.
3Bedroom(s)
2Bathroom(s)
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1Picture(s)
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C$499900

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4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,223Sqft
Hants Realty Ltd.
Welcome to this well maintained 4 bedroom, 2 bathroom home, proudly offered for the first time on the market. Nestled on a generous 2.3 acre lot, this property offers privacy, space and a prime location just minutes from the scenic Fox Hollow Golf Course. Inside, you'll find a functional layout ideal for family living, with spacious bedrooms, bright common areas, and plenty of storage throughout.
C$499900

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225 Fairway Avenue, Shubenacadie East, NS B0N 2H0
Hants Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$499900

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102 Hillside Road, Hillside, NS B0K 1X0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
23Picture(s)
664Sqft
Turning Point Real Estate Limited
C$139900

Residential For Sale

102 Hillside Road, Hillside, NS B0K 1X0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
664Sqft
Turning Point Real Estate Limited
Affordable and efficient living! This cozy 2 bedroom, one level home offers low maintenance living with a durable metal roof, energy efficient heat pump, and the bonus of county taxes while still enjoying municipal water and sewer. A front entry ramp makes access easier for those with mobility needs.
C$139900

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102 Hillside Road, Hillside, NS B0K 1X0
Turning Point Real Estate Limited
2Bedroom(s)
1Bathroom(s)
C$139900

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2 Fox Lane, Windsor, NS B0N 2T0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
3Picture(s)
807Sqft
Press Realty Inc.
C$84900

Residential For Sale

2 Fox Lane, Windsor, NS B0N 2T0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
807Sqft
Press Realty Inc.
Located on a quiet side street in the heart of Windsor, 2 Fox Lane is a solid 2-bedroom, 1-bathroom home that’s ready for a full renovation. The structure has good bones and a manageable footprint, making it a great candidate for those looking to flip, invest, or build equity through sweat equity. The home sits on a modest lot and offers a blank canvas for a creative reimagining.
C$84900

Residential For Sale

2 Fox Lane, Windsor, NS B0N 2T0
Press Realty Inc.
2Bedroom(s)
1Bathroom(s)
C$84900

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239 Howe Avenue, Fall River, NS B2T 1H7

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
45Picture(s)
2,318Sqft
Exit Realty Metro
C$664900

Residential For Sale

239 Howe Avenue, Fall River, NS B2T 1H7
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,318Sqft
Exit Realty Metro
Welcome to 239 Howe Avenue in the sought-after Schwarzwald Subdivision, ideally located in Fall River. This home boasts four bedrooms and three bathrooms and has been freshly painted from top to bottom. It's clean, bright, and ready for new owners. Recent improvements include new door hardware, new electrical upgrades with new plugs, switches & thermostats.
C$664900

Residential For Sale

239 Howe Avenue, Fall River, NS B2T 1H7
Exit Realty Metro
4Bedroom(s)
3Bathroom(s)
C$664900

Residential For Sale

54 Beverlys Hill Road, Baddeck Inlet, NS B0E 1B0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,722Sqft
3% Realty Nova Scotia
C$629000

Residential For Sale

54 Beverlys Hill Road, Baddeck Inlet, NS B0E 1B0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,722Sqft
3% Realty Nova Scotia
Waterfront Living at Its Finest – 54 Beverlys Hill Road, Baddeck Inlet Welcome to 54 Beverlys Hill Road, a stunning waterfront property nestled along the serene shores of Nyanza Bay in picturesque Baddeck Inlet. This well-appointed home offers the perfect blend of comfort, efficiency, and natural beauty, with breathtaking views of the bay from your own backyard.
C$629000

Residential For Sale

54 Beverlys Hill Road, Baddeck Inlet, NS B0E 1B0
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
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53 Albert Street, Windsor, NS B0N 2T0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
4Picture(s)
1,304Sqft
Press Realty Inc.
C$149900

Residential For Sale

53 Albert Street, Windsor, NS B0N 2T0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,304Sqft
Press Realty Inc.
Welcome to 53 Albert Street A classic over-under duplex offering strong bones and serious potential. With a newer roof and recently replaced oil tank already in place, some of the heavy lifting is done. Now it’s just waiting for the right owner or investor to bring it back to life.
C$149900

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53 Albert Street, Windsor, NS B0N 2T0
Press Realty Inc.
3Bedroom(s)
2Bathroom(s)
C$149900

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51 Katrina Crescent, Halifax, NS B3P 0C2

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
34Picture(s)
1,412Sqft
RE/MAX Nova (Halifax)
C$524900

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51 Katrina Crescent, Halifax, NS B3P 0C2
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,412Sqft
RE/MAX Nova (Halifax)
Welcome to 51 Katrina Crescent – a bright, well-maintained semi-detached home located in a walkable Spryfield neighbourhood, close to amenities, parks, and public transit.Step inside to a thoughtfully laid-out main floor, where a roomy front entry offers a practical and pleasant welcome— perfect for busy households.
C$524900

Residential For Sale

51 Katrina Crescent, Halifax, NS B3P 0C2
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$524900

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1308 West Porters Lake Road, Porters Lake, NS B3E 1L4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
40Picture(s)
1,508Sqft
RE/MAX Nova
C$689900

Residential For Sale

1308 West Porters Lake Road, Porters Lake, NS B3E 1L4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,508Sqft
RE/MAX Nova
Welcome to 1308 West Porters Lake Road — Where Country Charm Meets Modern Comfort! This beautifully maintained 3-year-old bungalow sits on a spacious and private 1.13-acre lot, offering the perfect blend of peaceful country living and convenient access to the city.
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1308 West Porters Lake Road, Porters Lake, NS B3E 1L4
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$689900

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13295 Highway 1, Lockhartville, NS B0P 1P0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
47Picture(s)
2,082Sqft
RE/MAX Nova (Halifax)
C$449900

Residential For Sale

13295 Highway 1, Lockhartville, NS B0P 1P0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,082Sqft
RE/MAX Nova (Halifax)
Tucked in between Windsor & Wolfville just off hwy 101 is where you'll find this versatile property in Lockhartville - only 15 mins from the shopping in Windsor, 10 mins from wineries, fresh produce markets, & restaurants in Wolfville. Park in the spacious driveway & take in the large, landscaped grounds on your way inside.
C$449900

Residential For Sale

13295 Highway 1, Lockhartville, NS B0P 1P0
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$449900

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98 Golf Links Road, Bedford, NS B4A 2J3

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
3,200Sqft
Royal LePage Atlantic
C$859900

Residential For Sale

98 Golf Links Road, Bedford, NS B4A 2J3
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,200Sqft
Royal LePage Atlantic
Welcome to 98 Golf Links Road, Bedford — a beautifully crafted and impeccably maintained two-storey home nestled in the prestigious Shore Drive neighbourhood. Situated on a generous, landscaped lot and just moments from parks, library, playgrounds, and shopping. This home is warm and inviting from the moment you step inside.
C$859900

Residential For Sale

98 Golf Links Road, Bedford, NS B4A 2J3
Royal LePage Atlantic
5Bedroom(s)
4Bathroom(s)
C$859900

Residential For Sale

124 Edgett Drive, Lucasville, NS B4B 0V8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
37Picture(s)
2,339Sqft
Royal LePage Atlantic
C$740000

Residential For Sale

124 Edgett Drive, Lucasville, NS B4B 0V8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,339Sqft
Royal LePage Atlantic
Welcome to this move-in ready gem nestled in the peaceful and nature-rich neighbourhood. Lovingly maintained and thoughtfully upgraded by the original owners, this home offers a perfect blend of comfort and style in a serene setting. This home has 4 spacious bedrooms, 3 on the main level and one downstairs, along with 3 full bathrooms. This property is perfect for families of all sizes.
C$740000

Residential For Sale

124 Edgett Drive, Lucasville, NS B4B 0V8
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$740000
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