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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

21-1300 Queen Street, Halifax, NS B3J 2H5

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
22Picture(s)
1,000Sqft
Century 21 All Points
C$429900

Residential For Sale

21-1300 Queen Street, Halifax, NS B3J 2H5
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
1,000Sqft
Century 21 All Points
Centrally located steps from the hospitals & universities at the heart of Halifax, 1300 Queen is a Schmidtville Heritage District landmark. Situated in the original 1830's building, this 2-bedroom, 1 bath approx. 1000 sq ft unit has been updated, but retains much original character, including unique “bullnose” corners, historic window frames & millwork.
C$429900

Residential For Sale

21-1300 Queen Street, Halifax, NS B3J 2H5
Century 21 All Points
2Bedroom(s)
1Bathroom(s)
C$429900

Residential For Sale

11 Covington Place, Bible Hill, NS B2N 0J9

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
25Picture(s)
1,050Sqft
RE/MAX Fairlane Realty
C$355000

Residential For Sale

11 Covington Place, Bible Hill, NS B2N 0J9
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,050Sqft
RE/MAX Fairlane Realty
Retirement Living is calling your name! Situated in the coveted 55+ Covington Place, this sought after end unit has had one owner & been kept in meticulous condition. Being built in 2019 brings you the peace of mind that everything in this home at most is only 6 years old.
C$355000

Residential For Sale

11 Covington Place, Bible Hill, NS B2N 0J9
RE/MAX Fairlane Realty
2Bedroom(s)
2Bathroom(s)
C$355000

Residential For Sale

1222-45 Vimy Avenue Avenue, Halifax, NS B3M 4C5

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
25Picture(s)
1,041Sqft
Century 21 All Points
C$399900

Residential For Sale

1222-45 Vimy Avenue Avenue, Halifax, NS B3M 4C5
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
1,041Sqft
Century 21 All Points
Stylish Top-Floor Condo with Water Views & Skylight! This beautifully updated one-bedroom, one-bathroom condo offers top-floor privacy and water views in a prime location just minutes from downtown.
C$399900

Residential For Sale

1222-45 Vimy Avenue Avenue, Halifax, NS B3M 4C5
Century 21 All Points
1Bedroom(s)
1Bathroom(s)
C$399900

Residential For Sale

23 Reid Road, Steam Mill, NS B4N 3V7

5Bedroom(s)
1Bathroom(s)
DetachedParking(s)
45Picture(s)
1,775Sqft
MacKay Real Estate Ltd.
C$424900

Residential For Sale

23 Reid Road, Steam Mill, NS B4N 3V7
5Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,775Sqft
MacKay Real Estate Ltd.
Welcome to 23 Reid Road, a sprawling 1.19 acre property located in the beautiful countryside of Steam Mill! This large family home features 5 bedrooms, an eat-in kitchen with patio doors leading directly onto the large back deck, which is an ideal location for barbecuing and entertaining.
C$424900

Residential For Sale

23 Reid Road, Steam Mill, NS B4N 3V7
MacKay Real Estate Ltd.
5Bedroom(s)
1Bathroom(s)
C$424900

Residential For Sale

49-148 Brunello Boulevard, Timberlea, NS B3T 0J4

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
4Picture(s)
2,423Sqft
Engel & Volkers
C$769900

Residential For Sale

49-148 Brunello Boulevard, Timberlea, NS B3T 0J4
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,423Sqft
Engel & Volkers
The Brighton by Ramar Homes, a stylish, spacious gem nestled in the Brunello Golf Community. With over 2,400 sq. ft. of finished living space, 3 bedrooms, and 3.5 bathrooms, this home is designed for living your best life, whether you're hosting game night or unwinding after a long day. Step inside and be wowed by 9-foot ceilings on the main floor that give the space an open, airy feel.
C$769900

Residential For Sale

49-148 Brunello Boulevard, Timberlea, NS B3T 0J4
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$769900

Residential For Sale

1448 Beech Hill Road, Chester Basin, NS B0J 1K0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
42Picture(s)
1,462Sqft
Royal LePage Atlantic
C$249900

Residential For Sale

1448 Beech Hill Road, Chester Basin, NS B0J 1K0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,462Sqft
Royal LePage Atlantic
Tucked away near the end of Beech Hill Road in the beautiful South Shore you’ll find this affordable bungalow. This property is extremely private, full of nature and surrounded by a 75 acre protected conservation area. With the right vision and work, this makes for a unique opportunity for several types of buyers.
C$249900

Residential For Sale

1448 Beech Hill Road, Chester Basin, NS B0J 1K0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

116 Thompson Run, Hammonds Plains, NS B4B 1T7

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,617Sqft
Keller Williams Select Realty
C$829900

Residential For Sale

116 Thompson Run, Hammonds Plains, NS B4B 1T7
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,617Sqft
Keller Williams Select Realty
Located in beautiful Glen Arbour across from the 11th hole and walking distance to the Club House you'll love this stately two storey home. From the exposed aggregate walkway you enter the foyer which takes you to the formal dining and living rooms. The open concept kitchen has a bright bay window with door to the deck and open family room area with ductless heat pump.
C$829900

Residential For Sale

116 Thompson Run, Hammonds Plains, NS B4B 1T7
Keller Williams Select Realty
4Bedroom(s)
4Bathroom(s)
C$829900

Residential For Sale

2602 Foxbrook Road, Westville, NS B0K 2A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,184Sqft
Results Realty Atlantic Inc.
C$255000

Residential For Sale

2602 Foxbrook Road, Westville, NS B0K 2A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,184Sqft
Results Realty Atlantic Inc.
Welcome to your perfect blend of comfort and style! This stunning three bedroom mini home is just six years old and sits on a large lot, offering the privacy and space you’ve been looking for. Step inside to discover the beautiful flooring through out, adding warmth and elegance to the modern open concept layout.
C$255000

Residential For Sale

2602 Foxbrook Road, Westville, NS B0K 2A0
Results Realty Atlantic Inc.
3Bedroom(s)
2Bathroom(s)
C$255000

Residential For Sale

10 Wheatstone Heights, Dartmouth, NS B2Y 4C6

4Bedroom(s)
3Bathroom(s)
GarageParking(s)
37Picture(s)
2,464Sqft
Domus Realty Limited
C$749900

Residential For Sale

10 Wheatstone Heights, Dartmouth, NS B2Y 4C6
4Bedroom(s)
3Bathroom(s)
GarageParking(s)
2,464Sqft
Domus Realty Limited
Welcome to 10 Wheatstone Heights, located in a quiet cul-de-sac, which provides an entrance to a walking path that leads to Oathill Lake. This 4 bedroom home has been lovingly taken care of by the same family for decades. Walk through the front door and you will find a bedroom that opens into a private den and the entrance to the garage.
C$749900

Residential For Sale

10 Wheatstone Heights, Dartmouth, NS B2Y 4C6
Domus Realty Limited
4Bedroom(s)
3Bathroom(s)
C$749900

Residential For Sale

60 Rockcliffe Crescent, Hammonds Plains, NS B3Z 1J8

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
24Picture(s)
2,561Sqft
RE/MAX Nova
C$549000

Residential For Sale

60 Rockcliffe Crescent, Hammonds Plains, NS B3Z 1J8
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,561Sqft
RE/MAX Nova
Welcome to this spacious gem in the heart of Hammonds Plains. This home boasts three bedrooms and two full bathrooms. Step inside to a large, open main floor with an inviting living room and a bright kitchen.
C$549000

Residential For Sale

60 Rockcliffe Crescent, Hammonds Plains, NS B3Z 1J8
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$549000

Residential For Sale

67 Confederation Avenue, Fall River, NS B2T 1N1

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
44Picture(s)
1,740Sqft
Keller Williams Select Realty
C$599000

Residential For Sale

67 Confederation Avenue, Fall River, NS B2T 1N1
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,740Sqft
Keller Williams Select Realty
Welcome to your private retreat! Nestled on just under 2 acres of beautifully landscaped land, this warm and inviting 3-bedroom bungalow blends comfort, elegance, and outdoor living in perfect harmony. With two single attached garages, there's room for vehicles, hobbies and more.
C$599000

Residential For Sale

67 Confederation Avenue, Fall River, NS B2T 1N1
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$599000

Residential For Sale

45 Bayview Road, Halifax, NS B3M 1N8

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
4,159Sqft
Exit Realty Metro
C$1795000

Residential For Sale

45 Bayview Road, Halifax, NS B3M 1N8
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
4,159Sqft
Exit Realty Metro
Welcome to 45 Bayview, one of the most amazing properties in Halifax .This modern stunner that has been renovated from top to bottom awaits a new owner. The estate like property sits on an almost 17,000 square feet of landscaped land. There is plenty of room for multiple vehicles on two driveways plus a double car garage.
C$1795000

Residential For Sale

45 Bayview Road, Halifax, NS B3M 1N8
Exit Realty Metro
4Bedroom(s)
5Bathroom(s)
C$1795000
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