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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

45 School Avenue, Halifax, NS B3N 2E1

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
29Picture(s)
1,102Sqft
Engel & Volkers
C$475000

Residential For Sale

45 School Avenue, Halifax, NS B3N 2E1
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,102Sqft
Engel & Volkers
Perfect for first-time buyers or savvy investors! This charming 3-bedroom, 1-bath home at 45 School Avenue offers 1,102 sq ft of character-filled living space. The open concept main level features hardwood floors, exposed brick accents, and an updated kitchen with stainless steel appliances.
C$475000

Residential For Sale

45 School Avenue, Halifax, NS B3N 2E1
Engel & Volkers
3Bedroom(s)
1Bathroom(s)
C$475000

Residential For Sale

3681 Highway 217, East Ferry, NS B0V 1A0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
31Picture(s)
1,260Sqft
RE/MAX Banner Real Estate
C$289000

Residential For Sale

3681 Highway 217, East Ferry, NS B0V 1A0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,260Sqft
RE/MAX Banner Real Estate
Potential abounds with this well maintained home situated on 5+ acres. The home has a spacious open concept kitchen/living space. The kitchen easily holds a large dining table and has plenty of cabinets for storage. The bright living room has a glass fronted wood stove, a perfect spot to curl up on a cool winter night.
C$289000

Residential For Sale

3681 Highway 217, East Ferry, NS B0V 1A0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

Celebration Drive Lot 756, Fall River, NS B2T 1S3

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
11Picture(s)
1,911Sqft
Keller Williams Select Realty
C$809900

Residential For Sale

Celebration Drive Lot 756, Fall River, NS B2T 1S3
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,911Sqft
Keller Williams Select Realty
Welcome to this stunning new construction from Nova East Homes nestled in beautiful Kinloch Estates in Fall River, where modern comfort meets natural tranquility. This thoughtfully designed home offers 1,911 square feet of meticulously crafted living space, perfectly balancing functionality with contemporary elegance.
C$809900

Residential For Sale

Celebration Drive Lot 756, Fall River, NS B2T 1S3
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$809900

Residential For Sale

6 Horton Point Road, Malagash, NS B0K 1E0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
34Picture(s)
1,385Sqft
Viewpoint Realty Services Inc. (Pictou)
C$449000

Residential For Sale

6 Horton Point Road, Malagash, NS B0K 1E0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,385Sqft
Viewpoint Realty Services Inc. (Pictou)
Located on Nova Scotia's picturesque North Shore, this stunning property offers an open concept design with high-end kitchen finishes, including a large kitchen island, modern farmhouse sink, pot filler, generous storage, wine fridge, newer appliances and premium countertops. The living room opens to a very private ocean-view deck, perfect for relaxing or entertaining.
C$449000

Residential For Sale

6 Horton Point Road, Malagash, NS B0K 1E0
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

18 Riverside Lane, Salmon River, NS B0W 2Y0

4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
50Picture(s)
2,046Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$400000

Residential For Sale

18 Riverside Lane, Salmon River, NS B0W 2Y0
4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
2,046Sqft
RE/MAX Banner Real Estate(Yarmouth)
This lovely one-owner residence rests high on the banks of the Salmon River, encompassing over 25 acres and an impressive 2,235 feet of river frontage. Spanning both sides of Highway 101, the property offers a harmonious blend of natural beauty and functional living.
C$400000

Residential For Sale

18 Riverside Lane, Salmon River, NS B0W 2Y0
RE/MAX Banner Real Estate(Yarmouth)
4Bedroom(s)
1Bathroom(s)
C$400000

Residential For Sale

24 Sirius Crescent, Cole Harbour, NS B4E 3A6

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
2,223Sqft
RE/MAX Nova (Halifax)
C$669900

Residential For Sale

24 Sirius Crescent, Cole Harbour, NS B4E 3A6
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,223Sqft
RE/MAX Nova (Halifax)
Discover 24 Sirius Crescent — a fully renovated income property in one of Dartmouth’s sought-after neighborhoods. This modernized home offers a flexible design with two self-contained 2-bedroom units, each featuring its own full bath, plus an additional third bathroom for added convenience.
C$669900

Residential For Sale

24 Sirius Crescent, Cole Harbour, NS B4E 3A6
RE/MAX Nova (Halifax)
4Bedroom(s)
3Bathroom(s)
C$669900

Residential For Sale

6536 Highway 224, Pleasant Valley, NS B0N 2M0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
16Picture(s)
966Sqft
Hants Realty Ltd.
C$299900

Residential For Sale

6536 Highway 224, Pleasant Valley, NS B0N 2M0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
966Sqft
Hants Realty Ltd.
Welcome to this inviting 3 bedroom, 1 bath home, set on a well-maintained lot that blends comfort, convenience, and curb appeal. From the moment you arrive, you’ll notice the pride of ownership reflected in the tidy landscaping and welcoming exterior. Inside, you’ll find a function layout with bright sun-filled rooms and a cozy, comfortable, atmosphere.
C$299900

Residential For Sale

6536 Highway 224, Pleasant Valley, NS B0N 2M0
Hants Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

21 Prospectors Loop, Montague Gold Mines, NS B2R 1K6

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
35Picture(s)
1,741Sqft
Exit Realty Metro
C$649900

Residential For Sale

21 Prospectors Loop, Montague Gold Mines, NS B2R 1K6
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,741Sqft
Exit Realty Metro
Nestled in the serene and highly desirable Montague Estates, this beautifully designed bungalow offers the perfect blend of one-level living, quality craftsmanship, and thoughtful details throughout. Golf enthusiasts and nature lovers will appreciate the home's prime location, just around the corner from The Links at Montague Executive Golf Course & Academy.
C$649900

Residential For Sale

21 Prospectors Loop, Montague Gold Mines, NS B2R 1K6
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$649900

Residential For Sale

11838 2 Highway, Leamington, NS B0M 1X0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,220Sqft
Royal LePage Cumberland Realty Ltd.
C$299900

Residential For Sale

11838 2 Highway, Leamington, NS B0M 1X0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,220Sqft
Royal LePage Cumberland Realty Ltd.
This lovely bungalow sits on a beautifully maintained 2.2-acre parcel, only minutes from the amenities of downtown Springhill, NS. The meticulously maintained grounds offer endless possibilities-room for children and pets to play, space for gardening, or simply relaxing in your own private oasis. With ATV and snowmobile trails nearby, it’s an ideal spot for outdoor enthusiasts.
C$299900

Residential For Sale

11838 2 Highway, Leamington, NS B0M 1X0
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

44 Martyn Drive, Fall River, NS B2T 1E7

4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
41Picture(s)
2,263Sqft
Royal LePage Atlantic (Dartmouth)
C$599900

Residential For Sale

44 Martyn Drive, Fall River, NS B2T 1E7
4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,263Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 44 Martyn Drive, Fall River – a warm and inviting family home on one of the most community minded streets in the area. With 3+1 bedrooms, 2.5 baths, and a long list of thoughtful upgrades, this property blends comfort, style, and family life in all the right ways.
C$599900

Residential For Sale

44 Martyn Drive, Fall River, NS B2T 1E7
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

10 Hoben Crescent, Brooklyn, NS B5A 5H8

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
12Picture(s)
392Sqft
Modern Realty
C$137000

Residential For Sale

10 Hoben Crescent, Brooklyn, NS B5A 5H8
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
392Sqft
Modern Realty
THE SIMPLE LIFE: This brand new, adorable tiny home is designed for someone who wants apartment/condo style living with the freedom of owning your own place and investing your money instead of spending it on rent! OR It’s a perfect hassle-free investment opportunity with no maintenance/upkeep required! Quality Construction: Fastened to concrete slab, exterior composed of standing seam steel wit
C$137000

Residential For Sale

10 Hoben Crescent, Brooklyn, NS B5A 5H8
Modern Realty
1Bedroom(s)
1Bathroom(s)
C$137000

Residential For Sale

6 Station Road, Enfield, NS B2T 1C9

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
2,462Sqft
RE/MAX Nova (Halifax)
C$629000

Residential For Sale

6 Station Road, Enfield, NS B2T 1C9
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,462Sqft
RE/MAX Nova (Halifax)
Want to live in Enfield , on a corner lot, check out this older home over 100 years old with a new guest suite built in the back. It makes for a 1 bedroom with full bathroom , plenty of storage with in floor heating.Front home has eat in kitchen dining and living area with 3 bedrooms upstairs and one downstairs on main level. Older home fronts on Hwy 2 but driveway is on Station Rd.
C$629000

Residential For Sale

6 Station Road, Enfield, NS B2T 1C9
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$629000
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