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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

153c Harbourside Drive, Fox Harbour, NS B0K 1Y0

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
33Picture(s)
1,776Sqft
Coldwell Banker Maritime Realty
C$319900

Residential For Sale

153c Harbourside Drive, Fox Harbour, NS B0K 1Y0
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,776Sqft
Coldwell Banker Maritime Realty
Quarter ownership offers a smart, flexible way to enjoy recreational property—ideal for both your lifestyle and your finances.
C$319900

Residential For Sale

153c Harbourside Drive, Fox Harbour, NS B0K 1Y0
Coldwell Banker Maritime Realty
3Bedroom(s)
3Bathroom(s)
C$319900

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0

4Bedroom(s)
2Bathroom(s)
50Picture(s)
1,284Sqft
Royal LePage Atlantic (New Minas)
C$850000

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0
4Bedroom(s)
2Bathroom(s)
1,284Sqft
Royal LePage Atlantic (New Minas)
This amazing waterfront property has been meticulously maintained! It’s located within 20 minutes to shopping, Hwy # 101 access, CFB Greenwood & more. It offers 110’+/- of water frontage. The outdoor kitchen was professionally installed, offering gleaming concrete countertops, a built-in sink, cooktop, bar fridge, BBQ & even a pizza oven. Several people can comfortably sit at the counter.
C$850000

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
C$850000

Residential For Sale

148 Stevens Road, East Green Harbour, NS B0T 1L0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
31Picture(s)
2,005Sqft
Exit Realty Metro
C$729000

Residential For Sale

148 Stevens Road, East Green Harbour, NS B0T 1L0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,005Sqft
Exit Realty Metro
Here’s a tranquil waterfront retreat with all the amenities of home plus flexibility to host family, friends or guests in a self-contained secondary suite on 1.47 acres. The main house is a chalet style log home full of character featuring a great room with beams and a vaulted ceiling with floor to ceiling windows overlooking the water providing an abundance of natural light.
C$729000

Residential For Sale

148 Stevens Road, East Green Harbour, NS B0T 1L0
Exit Realty Metro
4Bedroom(s)
3Bathroom(s)
C$729000

Residential For Sale

59 Water Street Street, Pictou, NS B0K 1H0

5Bedroom(s)
5Bathroom(s)
42Picture(s)
5,949Sqft
EXP Realty of Canada Inc.
C$549000

Residential For Sale

59 Water Street Street, Pictou, NS B0K 1H0
5Bedroom(s)
5Bathroom(s)
5,949Sqft
EXP Realty of Canada Inc.
Iconic downtown Pictou building, home to the beloved Mrs. MacGregor’s Shortbreads, now available for sale. This rare mixed-use property offers a unique blend of commercial and residential space in one of Nova Scotia’s most charming seaside towns. The main level features a well-established commercial storefront with high foot traffic and excellent visibility on historic Water Street.
C$549000

Residential For Sale

59 Water Street Street, Pictou, NS B0K 1H0
EXP Realty of Canada Inc.
5Bedroom(s)
5Bathroom(s)
C$549000

Residential For Sale

10 Rowan Court, Cole Harbour, NS B2V 2S5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
38Picture(s)
2,084Sqft
Fitzgerald Realty Ltd.
C$569900

Residential For Sale

10 Rowan Court, Cole Harbour, NS B2V 2S5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,084Sqft
Fitzgerald Realty Ltd.
You must come see this charming renovated bungalow on a Quiet Cul-de-Sac in a great family neighborhood. This beautifully updated 3-bedroom, 2-bathroom bungalow, perfectly situated on a family-friendly cul-de-sac. Step into a bright kitchen that opens onto a spacious wraparound deck—ideal for entertaining or enjoying your morning coffee.
C$569900

Residential For Sale

10 Rowan Court, Cole Harbour, NS B2V 2S5
Fitzgerald Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$569900

Residential For Sale

121 Smith Avenue, Truro, NS B2N 1C6

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,399Sqft
RE/MAX Fairlane Realty
C$595000

Residential For Sale

121 Smith Avenue, Truro, NS B2N 1C6
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,399Sqft
RE/MAX Fairlane Realty
Located in Truro’s sought after West End, this beautifully renovated home on Smith Avenue offers space, character & thoughtful design inside & out. Lovingly updated by the current owner with low-maintenance living in mind, the exterior features wood cladding (hemlock, spruce & cedar shingles) & a durable metal roof.
C$595000

Residential For Sale

121 Smith Avenue, Truro, NS B2N 1C6
RE/MAX Fairlane Realty
5Bedroom(s)
3Bathroom(s)
C$595000

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0

4Bedroom(s)
2Bathroom(s)
Parking Spaces(s)Parking(s)
50Picture(s)
1,284Sqft
Royal LePage Atlantic (New Minas)
C$850000

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0
4Bedroom(s)
2Bathroom(s)
Parking Spaces(s)Parking(s)
1,284Sqft
Royal LePage Atlantic (New Minas)
This amazing waterfront property has been meticulously maintained! It’s located within 20 minutes to shopping, Hwy # 101 access, CFB Greenwood & more. It offers 110’+/- of water frontage. The outdoor kitchen was professionally installed, offering gleaming concrete countertops, a built-in sink, cooktop, bar fridge, BBQ & even a pizza oven. Several people can comfortably sit at the counter.
C$850000

Residential For Sale

34 Q8 Road, Lake George, NS B0P 1C0
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
C$850000

Residential For Sale

7026 St Margarets Bay Road, Boutiliers Point, NS B3Z 1W1

6Bedroom(s)
5Bathroom(s)
AttachedParking(s)
49Picture(s)
5,408Sqft
Parachute Realty
C$3999000

Residential For Sale

7026 St Margarets Bay Road, Boutiliers Point, NS B3Z 1W1
6Bedroom(s)
5Bathroom(s)
AttachedParking(s)
5,408Sqft
Parachute Realty
Welcome to this one-of-a-kind coastal masterpiece offering over 550 feet of pristine waterfront and 5400 square feet of expertly designed living space across three levels.
C$3999000

Residential For Sale

7026 St Margarets Bay Road, Boutiliers Point, NS B3Z 1W1
Parachute Realty
6Bedroom(s)
5Bathroom(s)
C$3999000

Residential For Sale

133 Sugarwood, Porters Lake, NS B3E 0A9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,544Sqft
Royal LePage Atlantic (Dartmouth)
C$669000

Residential For Sale

133 Sugarwood, Porters Lake, NS B3E 0A9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,544Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 133 Sugarwood Court, a beautifully maintained 6-year-old bungalow nestled in the sought-after Nature Ridge Subdivision in Porters Lake. This one-level, slab-on-grade home offers 1,544 square feet of thoughtfully designed living space that shows like new.
C$669000

Residential For Sale

133 Sugarwood, Porters Lake, NS B3E 0A9
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$669000

Residential For Sale

4323 Black Rock Road, Black Rock, NS B0P 1V0

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
2,800Sqft
Royal LePage Atlantic (New Minas)
C$560000

Residential For Sale

4323 Black Rock Road, Black Rock, NS B0P 1V0
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
2,800Sqft
Royal LePage Atlantic (New Minas)
Welcome to this 30 Year old Bungalow located on a private 6.98 Acre country setting and only minutes from the Bay of Fundy. This deceptively spacious home sits back off the road with a circular driveway and Church brook at the West end providing excellent potential for hobby/horse farm.
C$560000

Residential For Sale

4323 Black Rock Road, Black Rock, NS B0P 1V0
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
C$560000

Residential For Sale

9717 Sherbrooke Road, Coalburn, NS B2H 5C7

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
23Picture(s)
1,024Sqft
Results Realty Atlantic Inc.
C$219900

Residential For Sale

9717 Sherbrooke Road, Coalburn, NS B2H 5C7
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,024Sqft
Results Realty Atlantic Inc.
This excellent property is located just outside of town in the charming community of Coalburn, conveniently close to a school, church, store and the highway. The 3-bedroom mobile home features a spacious kitchen and living room with an open-concept design and vaulted ceilings. The large yard provides ample space for various activities.
C$219900

Residential For Sale

9717 Sherbrooke Road, Coalburn, NS B2H 5C7
Results Realty Atlantic Inc.
3Bedroom(s)
1Bathroom(s)
C$219900

Residential For Sale

261 Mcintyre Lane, Glace Bay, NS B1A 5X6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,824Sqft
3% Realty Nova Scotia
C$270000

Residential For Sale

261 Mcintyre Lane, Glace Bay, NS B1A 5X6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,824Sqft
3% Realty Nova Scotia
Discover this beautiful family home located in the desirable area of Glace Bay. Featuring three bedrooms( basement bedroom does meet egress) and two bathrooms, this home offers plenty of space for relaxation and everyday living. The bright, inviting interiors include spacious rooms that create a warm and comfortable atmosphere throughout.
C$270000

Residential For Sale

261 Mcintyre Lane, Glace Bay, NS B1A 5X6
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
C$270000
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