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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 Macgillivery Lane, North Side East Bay, NS B1J 1H5

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
18Picture(s)
987Sqft
RE/MAX Park Place Inc.
C$299900

Residential For Sale

21 Macgillivery Lane, North Side East Bay, NS B1J 1H5
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
987Sqft
RE/MAX Park Place Inc.
Welcome to 21 MacGillivray Lane, a picture perfect retreat in North Side East Bay overlooking the beautiful Bras d’Or Lakes. This cozy 2 bedroom home is ideal as a year round residence or a peaceful cottage getaway, set on 1.3 acres with stunning views of the Bras d'Or Lakes.
C$299900

Residential For Sale

21 Macgillivery Lane, North Side East Bay, NS B1J 1H5
RE/MAX Park Place Inc.
2Bedroom(s)
1Bathroom(s)
C$299900

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90 Eisenhauer Road, Oakland, NS B0J 2E0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,879Sqft
MBA Country Real Estate Brokers
C$1900000

Residential For Sale

90 Eisenhauer Road, Oakland, NS B0J 2E0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,879Sqft
MBA Country Real Estate Brokers
Stunning estate ideally located 5 minutes from Mahone Bay, positioned at the end of a private road providing an exceptional level of privacy, unobstructed views and direct water frontage. The property is about 1 acre in size with mature trees, multiple structures, gardens, elevated harbour views and feels like you’re living in a park. The main residence is a 1.
C$1900000

Residential For Sale

90 Eisenhauer Road, Oakland, NS B0J 2E0
MBA Country Real Estate Brokers
4Bedroom(s)
2Bathroom(s)
C$1900000

Residential For Sale

52 Stanwood Drive, Lyons Brook, NS B0K 1H0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
1,470Sqft
Blinkhorn Real Estate Ltd.
C$399900

Residential For Sale

52 Stanwood Drive, Lyons Brook, NS B0K 1H0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,470Sqft
Blinkhorn Real Estate Ltd.
Discover a truly unique property in the scenic community of Lyons Brook! Built in 2012 and set on a picturesque 2-acre lot, this two-level home offers a blend of function, comfort, and possibility. The entire main floor is a spacious three-bay garage—perfect for a workshop, car enthusiast, home-based business, or potential future living space.
C$399900

Residential For Sale

52 Stanwood Drive, Lyons Brook, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

2-18 Pioneer Avenue, Halifax, NS B3M 1V2

3Bedroom(s)
2Bathroom(s)
AssignedParking(s)
50Picture(s)
2,319Sqft
RE/MAX Nova (Halifax)
C$424900

Residential For Sale

2-18 Pioneer Avenue, Halifax, NS B3M 1V2
3Bedroom(s)
2Bathroom(s)
AssignedParking(s)
2,319Sqft
RE/MAX Nova (Halifax)
Charming 3-Bedroom Condo Townhouse in Prime Halifax Location This delightful 3-bedroom, 2.5-bath condo townhouse in a coveted Halifax neighborhood is now available for viewing. The welcoming ceramic-tiled foyer leads to a bright main level featuring elegant hardwood floors in the living and dining areas, complemented by a convenient powder room for guests.
C$424900

Residential For Sale

2-18 Pioneer Avenue, Halifax, NS B3M 1V2
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$424900

Residential For Sale

19 Tidal Drive, Kempt Shore, NS B0N 2A0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,009Sqft
Royal LePage Atlantic
C$749900

Residential For Sale

19 Tidal Drive, Kempt Shore, NS B0N 2A0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,009Sqft
Royal LePage Atlantic
Privately perched along the breathtaking shores of the Minas Basin with over 300 feet of direct coastline, 19 Tidal Drive offers the ultimate East Coast retreat - or your next exceptional investment opportunity. Tucked at the end of a winding drive on 2.
C$749900

Residential For Sale

19 Tidal Drive, Kempt Shore, NS B0N 2A0
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$749900

Residential For Sale

9960 Highway 8, Caledonia, NS B0T 1B0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
40Picture(s)
2,000Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$209000

Residential For Sale

9960 Highway 8, Caledonia, NS B0T 1B0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,000Sqft
Viewpoint Realty Services Inc. (Shelburne)
Circa 1910 this Grand home has an amazing and undisturbed staircase in the center. Boasting 4 or 5 bedrooms, there are many possibilities and already has a full unit on the upper level if you want to use this as your home downstairs and have the upper unit paying on the mortgage. There is a great patio from the upper level giving space for relaxing.
C$209000

Residential For Sale

9960 Highway 8, Caledonia, NS B0T 1B0
Viewpoint Realty Services Inc. (Shelburne)
4Bedroom(s)
3Bathroom(s)
C$209000

Residential For Sale

88 Nadia Drive, Dartmouth, NS B3A 0A6

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
1,888Sqft
Royal LePage Atlantic (Dartmouth)
C$495000

Residential For Sale

88 Nadia Drive, Dartmouth, NS B3A 0A6
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,888Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to this spacious and well appointed 3+1 bedroom, 2.5 bathroom townhouse, ideally located in a welcoming family friendly neighbourhood. With just over 1,800 sq.ft. of finished living space and a lower level walkout, this home offers comfort, style, and convenience.
C$495000

Residential For Sale

88 Nadia Drive, Dartmouth, NS B3A 0A6
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
3Bathroom(s)
C$495000

Residential For Sale

9396 Highway 1, Lower Saulnierville, NS B0W 3T0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
1,930Sqft
Royal LePage Atlantic (Greenwood)
C$349000

Residential For Sale

9396 Highway 1, Lower Saulnierville, NS B0W 3T0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,930Sqft
Royal LePage Atlantic (Greenwood)
Perched in a vibrant seaside community known for its rich culture and incredible seafood, this marvellously updated 4-bedroom, 2-bath century home offers dramatic ocean views and unmatched charm. Stylish, warm, and completely move-in ready, the home blends timeless character with an impressive list of modern upgrades—ideal for those seeking both beauty and function.
C$349000

Residential For Sale

9396 Highway 1, Lower Saulnierville, NS B0W 3T0
Royal LePage Atlantic (Greenwood)
4Bedroom(s)
2Bathroom(s)
C$349000

Residential For Sale

12 Birch Water Drive, Big Island, NS B0K 1G0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
39Picture(s)
1,337Sqft
Royal LePage Atlantic(Stellarton)
C$424900

Residential For Sale

12 Birch Water Drive, Big Island, NS B0K 1G0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,337Sqft
Royal LePage Atlantic(Stellarton)
Nestled just a short stroll from the soft, sandy shores of Big Island, this thoughtfully designed 2-bedroom home offers a peaceful seaside escape with all the comforts of year-round living. Set on 2.98 acres, the home is clad in timeless hemlock board and batten siding, blending beautifully into its natural surroundings.
C$424900

Residential For Sale

12 Birch Water Drive, Big Island, NS B0K 1G0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
2Bathroom(s)
C$424900

Residential For Sale

29 Henshaw Drive, Upper Dyke, NS B0P 1J0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
42Picture(s)
1,879Sqft
Royal LePage Atlantic
C$359900

Residential For Sale

29 Henshaw Drive, Upper Dyke, NS B0P 1J0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,879Sqft
Royal LePage Atlantic
Welcome to this beautifully maintained 2-bedroom, 2-bathroom home, just 10 years young and in excellent condition. Nestled in a quiet, family-friendly neighborhood of Upper Dyke, this home offers both comfort and functionality with thoughtful features throughout.
C$359900

Residential For Sale

29 Henshaw Drive, Upper Dyke, NS B0P 1J0
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$359900

Residential For Sale

10126 221 Highway, Habitant, NS B0P 1H0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
1,700Sqft
MacKay Real Estate Ltd.
C$499000

Residential For Sale

10126 221 Highway, Habitant, NS B0P 1H0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,700Sqft
MacKay Real Estate Ltd.
This exquisite country home with wrap-around porch and oversized garage/workshop building sits on 2/3 acre of gorgeously landscaped land on the road from Canning to Kingsport. Municipal water and sewer, 16'x16' covered back deck, A-frame kids' playhouse and shed, pellet stove, oil hot water, and heat pump, and newer appliances are all key features.
C$499000

Residential For Sale

10126 221 Highway, Habitant, NS B0P 1H0
MacKay Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

10 Spruce Lane, Boutiliers Point, NS B3Z 4G8

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3Picture(s)
1,953Sqft
RE/MAX Nova (Halifax)
C$749800

Residential For Sale

10 Spruce Lane, Boutiliers Point, NS B3Z 4G8
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,953Sqft
RE/MAX Nova (Halifax)
Wonderful turn-key home package being offered for this finely crafted new home design which will feature exceptional styling and wonderful curb appeal. Spruce Lane is a wonderful neighbourhood and located near beaches only 10 minutes to all amenities. Features of this new home design will include hardwood stairs, tech ready pkg, upgraded trims and finishes.
C$749800

Residential For Sale

10 Spruce Lane, Boutiliers Point, NS B3Z 4G8
RE/MAX Nova (Halifax)
3Bedroom(s)
3Bathroom(s)
C$749800
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