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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

57 Crescent Avenue, Kentville, NS B4N 1R1

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
46Picture(s)
2,137Sqft
Royal LePage Atlantic (New Minas)
C$385000

Residential For Sale

57 Crescent Avenue, Kentville, NS B4N 1R1
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,137Sqft
Royal LePage Atlantic (New Minas)
If you love Craftsman style with original character and modern charm, this may be the one for you! With great curb appeal and location, this century home offers convenience and unique architectural features. The front sun/screen porch leads you through the vestibule to an open foyer, featuring a unique double staircase.
C$385000

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57 Crescent Avenue, Kentville, NS B4N 1R1
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
36Picture(s)
2,318Sqft
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C$599900

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3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,318Sqft
Keller Williams Select Realty
Welcome to this beautifully maintained semi-detached home, offering over 2,300 sq ft of comfortable & versatile living space in a highly sought-after neighbourhood, just steps from the Halifax Peninsula. This spacious home features 3 generous bedrooms, incl. a primary suite complete with a large walk-in closet & 4-piece ensuite bath.
C$599900

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45 Towerview Drive, Halifax, NS B3P 2J4
Keller Williams Select Realty
3Bedroom(s)
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5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
42Picture(s)
2,359Sqft
3% Realty Nova Scotia
C$324000

Residential For Sale

2450 Kings Road, Sydney Forks, NS B1L 1A1
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,359Sqft
3% Realty Nova Scotia
Welcome to 2450 Kings Road, Sydney Forks where your private retreat is just minutes from the city. Enjoy the tranquility of country-style living with all the conveniences of urban life close at hand. Set on a sprawling, picturesque lot, this property offers unparalleled space, tranquility, and endless potential.
C$324000

Residential For Sale

2450 Kings Road, Sydney Forks, NS B1L 1A1
3% Realty Nova Scotia
5Bedroom(s)
2Bathroom(s)
C$324000

Residential For Sale

15 Meadowbrook Drive, Sydney Mines, NS B1V 3G8

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
2,502Sqft
VALMAC REALTY LTD. - 16139
C$399000

Residential For Sale

15 Meadowbrook Drive, Sydney Mines, NS B1V 3G8
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,502Sqft
VALMAC REALTY LTD. - 16139
Located in the popular Meadowbrook Sub-Division, this beautiful Cape Cod sits on a large corner lot with paved drive and walkway, in-ground pool and shed. Just inside the side entrance a half bath/laundry is conveniently located. The newly renovated kitchen flows through to the dining room and large living room with fireplace.
C$399000

Residential For Sale

15 Meadowbrook Drive, Sydney Mines, NS B1V 3G8
VALMAC REALTY LTD. - 16139
4Bedroom(s)
2Bathroom(s)
C$399000

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408-3700 John Parr Drive, Halifax, NS B3K 5V4

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
36Picture(s)
767Sqft
Royal LePage Atlantic (Dartmouth)
C$339000

Residential For Sale

408-3700 John Parr Drive, Halifax, NS B3K 5V4
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
767Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to your bright and airy urban location! This stunning 1-bedroom plus den, 1-bath condo is perfect for the discerning single professional or a dynamic couple seeking a stylish and convenient lifestyle. Step inside and be greeted by an abundance of natural light that illuminates the open-concept living space. The modern kitchen boasts a kitchen island, ideal for meal prep and casual dining.
C$339000

Residential For Sale

408-3700 John Parr Drive, Halifax, NS B3K 5V4
Royal LePage Atlantic (Dartmouth)
1Bedroom(s)
1Bathroom(s)
C$339000

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73 Red Fern Terrace, Halifax, NS B3S 1K8

4Bedroom(s)
4Bathroom(s)
ConcreteParking(s)
40Picture(s)
1,885Sqft
Century 21 Trident Realty Ltd.
C$739000

Residential For Sale

73 Red Fern Terrace, Halifax, NS B3S 1K8
4Bedroom(s)
4Bathroom(s)
ConcreteParking(s)
1,885Sqft
Century 21 Trident Realty Ltd.
Just Listed! This home overlooks the lake & trails. lots of updates and upgrades on all 3 levels including 5 brand new heat pumps, brand new solar heating, new basement bathroom and kitchen, upgraded all new bathroom fixtures/hardware, and all new light fixturesdoor handles through out the house. Updated powder room with floating vanity.
C$739000

Residential For Sale

73 Red Fern Terrace, Halifax, NS B3S 1K8
Century 21 Trident Realty Ltd.
4Bedroom(s)
4Bathroom(s)
C$739000

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3139 Ostrea Lake Road, Pleasant Point, NS B0J 2L0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
20Picture(s)
454Sqft
Century 21 Trident Realty Ltd.
C$175000

Residential For Sale

3139 Ostrea Lake Road, Pleasant Point, NS B0J 2L0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
454Sqft
Century 21 Trident Realty Ltd.
DEEDED LAKE & OCEAN ACCESS! Located in the quiet & serene community of Pleasant Point, this is your perfect weekend getaway! With it's stunning all encompassing ocean, lake and sunset views, it's well built and respectfully taken care of cabin, it's spacious 1.6 acre private lot and deeded access to both a lake AND the ocean, you'll love being able to share this space with family & friends.
C$175000

Residential For Sale

3139 Ostrea Lake Road, Pleasant Point, NS B0J 2L0
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$175000

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30 Inglewood, Cole Harbour, NS B2W 5W2

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
26Picture(s)
1,800Sqft
Keller Williams Select Realty
C$499900

Residential For Sale

30 Inglewood, Cole Harbour, NS B2W 5W2
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,800Sqft
Keller Williams Select Realty
This split-entry gem in Forest Hills offers rare comfort, practicality, and location value. The area has great schools and serene surroundings, making it ideal for family life or downsizing with space to spare. The main floor features a bright living room, with a generous eat-in kitchen and dining area overlooking the backyard, as well as two large bedrooms and a full bath.
C$499900

Residential For Sale

30 Inglewood, Cole Harbour, NS B2W 5W2
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$499900

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21 Mount Pleasant Avenue, Dartmouth, NS B3A 3T3

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
39Picture(s)
1,359Sqft
Red Door Realty
C$649000

Residential For Sale

21 Mount Pleasant Avenue, Dartmouth, NS B3A 3T3
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
1,359Sqft
Red Door Realty
This lovely classic 1950s two-story residence is nestled on a quiet tree-lined street, in the desirable Crichton Park neighbourhood. This three-bedroom family home features high-quality construction, refinished solid hardwood flooring throughout the main and upper levels, and a beautiful hardwood staircase.
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Residential For Sale

21 Mount Pleasant Avenue, Dartmouth, NS B3A 3T3
Red Door Realty
3Bedroom(s)
1Bathroom(s)
C$649000

Residential For Sale

41 Periwinkle Lane, Brule, NS B0K 1V0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
36Picture(s)
868Sqft
Keller Williams Select Realty (Truro)
C$349500

Residential For Sale

41 Periwinkle Lane, Brule, NS B0K 1V0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
868Sqft
Keller Williams Select Realty (Truro)
Charming Family Cottage on Bruel Shore – 41 Periwinkle Ln Escape to your very own slice of paradise with this cozy cottage located on the breathtaking Bruel Shore, nestled on a .46-acre waterfront lot along Northumberlad Straight. This delightful retreat features an open-concept layout, perfect for family gatherings and entertaining.
C$349500

Residential For Sale

41 Periwinkle Lane, Brule, NS B0K 1V0
Keller Williams Select Realty (Truro)
3Bedroom(s)
1Bathroom(s)
C$349500

Residential For Sale

13 Glenmont Avenue, Bedford, NS B4A 1H1

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
47Picture(s)
853Sqft
Exit Realty Specialists
C$605000

Residential For Sale

13 Glenmont Avenue, Bedford, NS B4A 1H1
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
853Sqft
Exit Realty Specialists
First time on the market in 60 years! This well-loved 3-bedroom bungalow is full of natural light and sits on a generous terraced lot with sweeping Bedford Basin views—visible from the yard year-round and from the home in winter. In the spacious lounge, beautiful original oak floors set a warm tone, while the hallway and bedrooms feature updated, low-maintenance laminate.
C$605000

Residential For Sale

13 Glenmont Avenue, Bedford, NS B4A 1H1
Exit Realty Specialists
3Bedroom(s)
1Bathroom(s)
C$605000

Residential For Sale

37 Stacey Avenue, North Sydney, NS B2A 3P3

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
40Picture(s)
2,080Sqft
EXP Realty of Canada Inc.
C$379000

Residential For Sale

37 Stacey Avenue, North Sydney, NS B2A 3P3
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
2,080Sqft
EXP Realty of Canada Inc.
Immaculate Home with Heated Mineral Pool, Hot Tub & In-Law Suite – Desirable North Sydney. Set in one of North Sydney’s most desirable neighbourhoods, this meticulously maintained home offers a rare blend of comfort, style, and versatility.
C$379000

Residential For Sale

37 Stacey Avenue, North Sydney, NS B2A 3P3
EXP Realty of Canada Inc.
3Bedroom(s)
2Bathroom(s)
C$379000
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