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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

739 Feltzen South Road, Feltzen South, NS B0J 2X0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
30Picture(s)
952Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$499000

Residential For Sale

739 Feltzen South Road, Feltzen South, NS B0J 2X0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
952Sqft
RE/MAX Banner Real Estate (Bridgewater)
Private Coastal Retreat with Ocean Views. Discover this very private 3.2 acre property nestled along Nova Scotia's scenic South Shore. This contemporary 2 bedroom, 2 bath home (including ensuite) offers a bright, light-filled interior designed for comfortable living. A large southwest facing deck provides the perfect space to soak in breathtaking ocean views and stunning sunsets.
C$499000

Residential For Sale

739 Feltzen South Road, Feltzen South, NS B0J 2X0
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

215 Aberdeen Road, Bridgewater, NS B4V 2S5

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
30Picture(s)
1,278Sqft
Royal Lepage Atlantic (Mahone Bay)
C$375500

Residential For Sale

215 Aberdeen Road, Bridgewater, NS B4V 2S5
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,278Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to a home that combines the ease of modern living with the comfort of thoughtful design. Perfectly situated in a central location, this property offers the convenience of municipal water and sewer while providing the space and privacy of a large lot. The paved driveway sets the tone for a home that has been carefully crafted for both function and style.
C$375500

Residential For Sale

215 Aberdeen Road, Bridgewater, NS B4V 2S5
Royal Lepage Atlantic (Mahone Bay)
2Bedroom(s)
2Bathroom(s)
C$375500

Residential For Sale

1703 Hammonds Plains Road, Hammonds Plains, NS B4B 1P5

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,229Sqft
Exit Realty Metro
C$745000

Residential For Sale

1703 Hammonds Plains Road, Hammonds Plains, NS B4B 1P5
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,229Sqft
Exit Realty Metro
What an opportunity that awaits you at 1703 Hammonds Plains Rd. A pristinely kept property that houses a beautiful 3 bedroom bungalow on 5.3 acres of land.
C$745000

Residential For Sale

1703 Hammonds Plains Road, Hammonds Plains, NS B4B 1P5
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$745000

Residential For Sale

8 Bentley Drive, Middleton, NS B0S 1P0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
1,446Sqft
RE/MAX Banner Real Estate
C$350000

Residential For Sale

8 Bentley Drive, Middleton, NS B0S 1P0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,446Sqft
RE/MAX Banner Real Estate
Welcome to this beautifully maintained 4-bedroom, 2.5-bathroom home, perfectly situated on a generous lot in the vibrant town of Middleton. Offering plenty of space inside and out, this property is move-in ready and full of comfort and character. Step inside to a warm and inviting living space featuring a cozy propane fireplace and efficient ductless heat pump to keep you comfortable year-round.
C$350000

Residential For Sale

8 Bentley Drive, Middleton, NS B0S 1P0
RE/MAX Banner Real Estate
4Bedroom(s)
3Bathroom(s)
C$350000

Residential For Sale

426 Sheppards Run, Beechville, NS B3T 2G7

4Bedroom(s)
3Bathroom(s)
NoneParking(s)
34Picture(s)
2,040Sqft
Royal LePage Atlantic
C$589900

Residential For Sale

426 Sheppards Run, Beechville, NS B3T 2G7
4Bedroom(s)
3Bathroom(s)
NoneParking(s)
2,040Sqft
Royal LePage Atlantic
Nestled in Beechville Estates , a newly renovated house won't last long, here is the list : replaced new roof ( 2023), new siding ( 2022), heat pump ( 2023). Recently new basement stairs, freshly painted all the house wall, front and back deck, replaced 30% deck wood, one window glass, all window switch.
C$589900

Residential For Sale

426 Sheppards Run, Beechville, NS B3T 2G7
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$589900

Residential For Sale

9 Milton Drive, Halifax, NS B3P 1A1

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
9Picture(s)
1,867Sqft
Keller Williams Select Realty
C$2000000

Residential For Sale

9 Milton Drive, Halifax, NS B3P 1A1
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,867Sqft
Keller Williams Select Realty
Beautiful location in the heart of Halifax Dingle Park. Every room in this house has a view to the Northwest Arm. Access to the 95-acre Sir Sandford Fleming Park where you can explore walking trails, the Dingle Tower, a sandy beach with a boat launch. With 2 kilometre of shoreline, go kayaking or canoeing just steps away from your front door.
C$2000000

Residential For Sale

9 Milton Drive, Halifax, NS B3P 1A1
Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
C$2000000

Residential For Sale

23 Shannon Lane, Barrington, NS B0W 1G0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
27Picture(s)
1,425Sqft
Royal Lepage Atlantic (Mahone Bay)
C$289999

Residential For Sale

23 Shannon Lane, Barrington, NS B0W 1G0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,425Sqft
Royal Lepage Atlantic (Mahone Bay)
Spacious bungalow on a private lane just minutes from Barrington passage and all amenities. Over 1400 ft.² this bungalow is perfect for a young family or someone looking to downsize to one level living. Property features include:high ceilings, large rooms, newer heating systems, newer roof, open large basement and many more.
C$289999

Residential For Sale

23 Shannon Lane, Barrington, NS B0W 1G0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$289999

Residential For Sale

597 Peters Point Road, South Brookfield, NS B0T 1X0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
1,219Sqft
EXIT Realty Inter Lake
C$499900

Residential For Sale

597 Peters Point Road, South Brookfield, NS B0T 1X0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,219Sqft
EXIT Realty Inter Lake
Here is your opportunity to own a truly unique property on beautiful Ponhook Lake! Nestled on 7.5 acres of pristine lakefront, this charming bungalow offers peace, privacy, and serene panoramic views across the water. The main home features two bedrooms with one and a half baths. The large windows and unique layout of the home offers views of the water from nearly every room.
C$499900

Residential For Sale

597 Peters Point Road, South Brookfield, NS B0T 1X0
EXIT Realty Inter Lake
2Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

73 Sea Spray Drive, Eastern Passage, NS B3G 1S5

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
46Picture(s)
2,100Sqft
Sutton Group Professional Realty
C$599900

Residential For Sale

73 Sea Spray Drive, Eastern Passage, NS B3G 1S5
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,100Sqft
Sutton Group Professional Realty
Welcome to your new address! If you are looking for a peaceful area, then look no further than this spacious, freshly painted throughout, new vinyl plank flooring, roof shingles 2018, and newer lighting. Executive full sized split entry featuring 3 bedrooms up and 1 down, 2 bathrooms, garage and so much more.
C$599900

Residential For Sale

73 Sea Spray Drive, Eastern Passage, NS B3G 1S5
Sutton Group Professional Realty
4Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

167 Smiths Point Road, East Quoddy, NS B0J 2R0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
19Picture(s)
1,300Sqft
Exit Realty Metro
C$424000

Residential For Sale

167 Smiths Point Road, East Quoddy, NS B0J 2R0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,300Sqft
Exit Realty Metro
Welcome to 167 Smiths Point Road! This wonderful vacation home by the ocean in East Quoddy is available for your viewing is situated on a large 20,000 sqft lot in a very peaceful community. This is the perfect place for you to relax, recharge, and enjoy all the scenery our province has to offer with friendly neighbors.
C$424000

Residential For Sale

167 Smiths Point Road, East Quoddy, NS B0J 2R0
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$424000

Residential For Sale

174 Zaffre Drive Lot 5008, Middle Sackville, NS B4E 0X3

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
3,424Sqft
Sutton Group Professional Realty
C$999900

Residential For Sale

174 Zaffre Drive Lot 5008, Middle Sackville, NS B4E 0X3
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,424Sqft
Sutton Group Professional Realty
Marchand Homes - The Quincey. Welcome to the market, a facsimile listing for Marchand Homes’ stunning Quincey two-storey, to be built on an expansive 1.6-acre lakefront 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$999900

Residential For Sale

174 Zaffre Drive Lot 5008, Middle Sackville, NS B4E 0X3
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$999900

Residential For Sale

39 Elmwood Avenue, Sydney, NS B1N 2J2

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
36Picture(s)
1,440Sqft
Viewpoint Realty Services Inc. (Sydney)
C$239900

Residential For Sale

39 Elmwood Avenue, Sydney, NS B1N 2J2
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,440Sqft
Viewpoint Realty Services Inc. (Sydney)
39 Elmwood Avenue offers a wonderful opportunity for family living on a private lot at the very end of the street. This two-story home is well positioned to provide both comfort and privacy, making it a desirable choice for those seeking a quiet location while still being close to the conveniences of Whitney Pier and surrounding areas.
C$239900

Residential For Sale

39 Elmwood Avenue, Sydney, NS B1N 2J2
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
2Bathroom(s)
C$239900
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