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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

9 Silver Road, North Brookfield, NS B0T 1X0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,022Sqft
EXIT Realty Inter Lake (Liverpool)
C$229900

Residential For Sale

9 Silver Road, North Brookfield, NS B0T 1X0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,022Sqft
EXIT Realty Inter Lake (Liverpool)
Welcome to 9 Silver Road in North Brookfield, an exceptional opportunity to own a home on approximately 450 feet of pristine lake frontage at a price point rarely seen for properties of this caliber! Unobstructed, sweeping views of the water can be enjoyed through a brand-new “million-dollar view” picture window, while the 1.
C$229900

Residential For Sale

9 Silver Road, North Brookfield, NS B0T 1X0
EXIT Realty Inter Lake (Liverpool)
3Bedroom(s)
2Bathroom(s)
C$229900

Residential For Sale

9 Silver Road, North Brookfield, NS B0T 1X0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,022Sqft
EXIT Realty Inter Lake (Liverpool)
C$229900

Residential For Sale

9 Silver Road, North Brookfield, NS B0T 1X0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,022Sqft
EXIT Realty Inter Lake (Liverpool)
Welcome to 9 Silver Road in North Brookfield, an exceptional opportunity to own a home on approximately 450 feet of pristine lake frontage at a price point rarely seen for properties of this caliber! Unobstructed, sweeping views of the water can be enjoyed through a brand-new “million-dollar view” picture window, while the 1.
C$229900

Residential For Sale

9 Silver Road, North Brookfield, NS B0T 1X0
EXIT Realty Inter Lake (Liverpool)
3Bedroom(s)
2Bathroom(s)
C$229900

Residential For Sale

13 First Avenue, Upper Sackville, NS B4E 3B5

3Bedroom(s)
2Bathroom(s)
WiredParking(s)
44Picture(s)
1,894Sqft
Exit Real Estate Professionals
C$449900

Residential For Sale

13 First Avenue, Upper Sackville, NS B4E 3B5
3Bedroom(s)
2Bathroom(s)
WiredParking(s)
1,894Sqft
Exit Real Estate Professionals
Welcome to 13 First Avenue, a charming split-entry home nestled on nearly a third of an acre in a quiet, family-friendly neighborhood. Tucked away on a peaceful street with no through traffic, this property offers both privacy and community, making it ideal for a growing family.
C$449900

Residential For Sale

13 First Avenue, Upper Sackville, NS B4E 3B5
Exit Real Estate Professionals
3Bedroom(s)
2Bathroom(s)
C$449900

Residential For Sale

5010 Zaffre Drive, Middle Sackville, NS B4E 0X3

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
2,842Sqft
Sutton Group Professional Realty
C$934900

Residential For Sale

5010 Zaffre Drive, Middle Sackville, NS B4E 0X3
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,842Sqft
Sutton Group Professional Realty
The Aspen by Marchand Homes. Welcome to the market, a facsimile listing for Marchand Homes’ stunning Chester two-storey, to be built on an expansive 1.8-acre roadfront lot in the highly sought-after community of Indigo Shores. This exceptional property offers the rare opportunity with unmatched privacy and space surrounded by nature.
C$934900

Residential For Sale

5010 Zaffre Drive, Middle Sackville, NS B4E 0X3
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$934900

Residential For Sale

46 Lockhart Avenue, Truro, NS B2N 5P7

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
29Picture(s)
1,445Sqft
RE/MAX Fairlane Realty
C$329900

Residential For Sale

46 Lockhart Avenue, Truro, NS B2N 5P7
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,445Sqft
RE/MAX Fairlane Realty
Charm and character meet convenience in this 1.5-storey home that puts you just minutes from Highway 102, the Rath Eastlink Community Centre, the Hospital, and any amenity in Truro. Offering over 1,400 sq.ft. of finished living space, this property features 3 bedrooms and 1 full bath, plus a spacious unfinished basement for storage or future development.
C$329900

Residential For Sale

46 Lockhart Avenue, Truro, NS B2N 5P7
RE/MAX Fairlane Realty
3Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

43 Darjeeling Drive, Halifax, NS B3P 0J9

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
47Picture(s)
2,720Sqft
Exit Realty Metro
C$829900

Residential For Sale

43 Darjeeling Drive, Halifax, NS B3P 0J9
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,720Sqft
Exit Realty Metro
Welcome to 43 Darjeeling Drive, where sophistication meets comfort just steps from the natural beauty of Long Lake Provincial Park. This residence is a masterclass in design and craftsmanship, offering an elevated living experience from the moment you arrive.
C$829900

Residential For Sale

43 Darjeeling Drive, Halifax, NS B3P 0J9
Exit Realty Metro
4Bedroom(s)
4Bathroom(s)
C$829900

Residential For Sale

7 Hubleys Drive, Spryfield, NS B3P 1G9

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
41Picture(s)
2,456Sqft
RE/MAX Nova (Halifax)
C$624500

Residential For Sale

7 Hubleys Drive, Spryfield, NS B3P 1G9
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,456Sqft
RE/MAX Nova (Halifax)
7 Hubleys Drive is a fully finished three level semi-detached home on a quiet cul de sac 15 minutes from downtown Halifax with two heat pumps in the upper levels. The main floor features a living room, formal dining room, 2-piece bath, spacious eat in kitchen with access to a private 19.8 X 11.2 back deck. Hardwood floors and staircase.
C$624500

Residential For Sale

7 Hubleys Drive, Spryfield, NS B3P 1G9
RE/MAX Nova (Halifax)
3Bedroom(s)
4Bathroom(s)
C$624500

Residential For Sale

11 Kellys Lane, Englishtown, NS B0E 1B0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
48Picture(s)
1,687Sqft
Harvey Realties Limited
C$395000

Residential For Sale

11 Kellys Lane, Englishtown, NS B0E 1B0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,687Sqft
Harvey Realties Limited
This property features an older 1.5-sty home and shed set on two acres (+-) in the lovely Community of Englishtown. The house maintains much of its original character and style, and is believed to have been built around 1850. The main floor features a back porch, kitchen, full bath, DR, LR, front foyer and entry. Upstairs there are three bedrooms, and a loft.
C$395000

Residential For Sale

11 Kellys Lane, Englishtown, NS B0E 1B0
Harvey Realties Limited
3Bedroom(s)
1Bathroom(s)
C$395000

Residential For Sale

25 Mckeen Road, Pinehurst, NS B0R 1E0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
30Picture(s)
1,323Sqft
Exit Real Estate Professionals
C$299900

Residential For Sale

25 Mckeen Road, Pinehurst, NS B0R 1E0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,323Sqft
Exit Real Estate Professionals
Welcome to 25 Mckeen Road this well-maintained 3-bedroom, 1-bath home is full of character and ready for its next owners. Situated on 1.15 acres, the property offers a peaceful country setting while remaining conveniently located—just 10 minutes to New Germany and 15 minutes to Bridgewater. The home features bright and comfortable living spaces, with plenty of room for family or guests.
C$299900

Residential For Sale

25 Mckeen Road, Pinehurst, NS B0R 1E0
Exit Real Estate Professionals
3Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

8860 Moose River Road, Lindsay Lake, NS B0N 1X0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,352Sqft
Hants Realty Ltd.
C$329900

Residential For Sale

8860 Moose River Road, Lindsay Lake, NS B0N 1X0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,352Sqft
Hants Realty Ltd.
Escape to the countryside with this incredible 71.25 +/- acre property located at 8860 Moose River Road. This peaceful and private parcel features a cozy 2 bedroom, 1 bathroom home, perfect for year-round living or a weekend getaway. Enjoy nature right at your doorstep with a mix of cleared land, wooded areas and trails waiting to be explored.
C$329900

Residential For Sale

8860 Moose River Road, Lindsay Lake, NS B0N 1X0
Hants Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

152 Rosedale Avenue, Halifax, NS B3N 2J8

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
15Picture(s)
2,144Sqft
Red Door Realty
C$484900

Residential For Sale

152 Rosedale Avenue, Halifax, NS B3N 2J8
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,144Sqft
Red Door Realty
Searching for the perfect home and a chance to break into this busy market? Look no further—this gem in "Upper" Fairview could be yours! Set on a lovely street surrounded by well-kept homes, this charming property features three bedrooms upstairs , and two bedrooms down( not egress) , two baths, and a finished basement brimming with potential including a small office space.
C$484900

Residential For Sale

152 Rosedale Avenue, Halifax, NS B3N 2J8
Red Door Realty
5Bedroom(s)
2Bathroom(s)
C$484900

Residential For Sale

3196 Highway 325, Wileville, NS B4V 5G7

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
38Picture(s)
1,285Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$359000

Residential For Sale

3196 Highway 325, Wileville, NS B4V 5G7
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,285Sqft
RE/MAX Banner Real Estate (Bridgewater)
Just 2 minutes from Bridgewater and all town amenities this affordable 3 bedroom, 1 bathroom home would make a perfect home for a young family or first time Buyer! The main floor features a spacious kitchen/dining room area, with lots of kitchen cupboards and loads of storage, and patio door access to the very large wrap around covered deck( great for those rainy days), and the ideal spot for sum
C$359000

Residential For Sale

3196 Highway 325, Wileville, NS B4V 5G7
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
1Bathroom(s)
C$359000
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