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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

2121 Loch Lomond Road, Loch Lomond, NS B2E 1E3

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
24Picture(s)
1,672Sqft
RE/MAX Park Place Inc.
C$449000

Residential For Sale

2121 Loch Lomond Road, Loch Lomond, NS B2E 1E3
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,672Sqft
RE/MAX Park Place Inc.
Charming Historic Home on 148+/- Acres in Richmond County. Discover this unique opportunity to own a piece of history! Located at 2121 Loch Lomond Road, this over 100-year-old home offers rustic charm combined with spacious rural living. Nestled on a vast acreage property, this residence provides ample space for outdoor activities, farming, or future expansion.
C$449000

Residential For Sale

2121 Loch Lomond Road, Loch Lomond, NS B2E 1E3
RE/MAX Park Place Inc.
4Bedroom(s)
1Bathroom(s)
C$449000

Residential For Sale

1241 Highway 201, Round Hill, NS B0S 1A0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
2,100Sqft
RE/MAX Banner Real Estate
C$399000

Residential For Sale

1241 Highway 201, Round Hill, NS B0S 1A0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,100Sqft
RE/MAX Banner Real Estate
Welcome to 1241 HWY 201 Round Hill—this extremely private 19 years young 3 bedroom 2 and a half bath bungalow has nearly double the square feet boasting a fully developed lower level! Ideally located on a quiet secondary road and nearly invisible from the road it’s just over a five minute drive to Annapolis Royals services and shops.
C$399000

Residential For Sale

1241 Highway 201, Round Hill, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
3Bathroom(s)
C$399000

Residential For Sale

103 Anchor Drive, Regatta Point, NS B3N 3B9

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
40Picture(s)
2,122Sqft
Red Door Realty
C$829000

Residential For Sale

103 Anchor Drive, Regatta Point, NS B3N 3B9
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
2,122Sqft
Red Door Realty
Enjoy views over the Northwest Arm from your primary suite, savour the quiet enjoyment of both decks or cozy up beside one of the two wood burning fireplaces, this three bedroom freehold townhouse sits on the prestigious edge of Regatta Point.
C$829000

Residential For Sale

103 Anchor Drive, Regatta Point, NS B3N 3B9
Red Door Realty
3Bedroom(s)
3Bathroom(s)
C$829000

Residential For Sale

37 Robert Drive, Dartmouth, NS B2W 2A2

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
42Picture(s)
2,340Sqft
Royal LePage Atlantic (Dartmouth)
C$519900

Residential For Sale

37 Robert Drive, Dartmouth, NS B2W 2A2
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
2,340Sqft
Royal LePage Atlantic (Dartmouth)
This charming, solidly built and well maintained home offers comfort, space, and smart updates in the family-friendly neighbourhood of Woodlawn. The main level features three well-sized bedrooms, a 4-piece bath, spacious living room, and a bright kitchen and dining area that opens directly onto a private back deck - perfect for morning coffee or summer BBQs.
C$519900

Residential For Sale

37 Robert Drive, Dartmouth, NS B2W 2A2
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
1Bathroom(s)
C$519900

Residential For Sale

60 Glenabbey Drive, Murray Siding, NS B6L 3L2

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
47Picture(s)
2,714Sqft
RE/MAX Nova
C$660000

Residential For Sale

60 Glenabbey Drive, Murray Siding, NS B6L 3L2
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,714Sqft
RE/MAX Nova
Exceptional 4-Bedroom, 2.5-Bath Family Home on Over an Acre. This stunning home has been thoughtfully upgraded with high-impact improvements in all the right places.
C$660000

Residential For Sale

60 Glenabbey Drive, Murray Siding, NS B6L 3L2
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$660000

Residential For Sale

295 Summer Field Way, Dartmouth, NS B2W 6M8

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
45Picture(s)
1,840Sqft
Century 21 Optimum Realty
C$570000

Residential For Sale

295 Summer Field Way, Dartmouth, NS B2W 6M8
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,840Sqft
Century 21 Optimum Realty
Discover your dream home in the desirable Portland Hills neighborhood! This stunning property features a spacious, open-concept main floor—perfect for entertaining family and friends. The home offers year-round comfort with an attached garage and radiant in-floor heating throughout the bright, walk-out lower level that opens to a backyard.
C$570000

Residential For Sale

295 Summer Field Way, Dartmouth, NS B2W 6M8
Century 21 Optimum Realty
2Bedroom(s)
2Bathroom(s)
C$570000

Residential For Sale

46 Haughns Road, Beach Meadows, NS B0J 1H0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,365Sqft
Sotheby's International Realty Canada
C$424999

Residential For Sale

46 Haughns Road, Beach Meadows, NS B0J 1H0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,365Sqft
Sotheby's International Realty Canada
Steps to the stunning Eagle Head Beach, this charming year-round beach house could be your next coastal getaway! Take in the fresh seabreeze at the doorstep, and enjoy the 1km long sandy beach with an entrance conveniently located by the end of the driveway. Gorgeous ocean views await from the front of the home and the second floor oversized primary bedroom windows.
C$424999

Residential For Sale

46 Haughns Road, Beach Meadows, NS B0J 1H0
Sotheby's International Realty Canada
3Bedroom(s)
1Bathroom(s)
C$424999

Residential For Sale

303-1445 South Park Street, Halifax, NS B3J 0B6

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
49Picture(s)
1,627Sqft
RE/MAX Nova
C$974900

Residential For Sale

303-1445 South Park Street, Halifax, NS B3J 0B6
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,627Sqft
RE/MAX Nova
Welcome to your new sanctuary at the Trillium Condo, where luxury meets convenience in the vibrant center of downtown Halifax. This stunning 2-bedroom PLUS den, 2-bath residence offers over 1,600 square feet of elegant and relaxed living space, perfectly situated facing the picturesque Victoria Park and the renowned Public Gardens.
C$974900

Residential For Sale

303-1445 South Park Street, Halifax, NS B3J 0B6
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$974900

Residential For Sale

510 Sand Point Road, Barrachois, NS B0K 1V0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,233Sqft
Sunrise Brokerage & Sales Ltd.
C$399000

Residential For Sale

510 Sand Point Road, Barrachois, NS B0K 1V0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,233Sqft
Sunrise Brokerage & Sales Ltd.
Welcome to 510 Sand Point Road! This three bedroom, 2 bath home is ready for new owners. The home is lovely but the land, gardens and infrastructure is unbelievable! If you love the outdoors and puttering around in your yard. gardens and woods this could be the home for you.
C$399000

Residential For Sale

510 Sand Point Road, Barrachois, NS B0K 1V0
Sunrise Brokerage & Sales Ltd.
3Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

85 Chestnut Street, Trenton, NS B0X 1X0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
47Picture(s)
2,246Sqft
RE/MAX Nova
C$424900

Residential For Sale

85 Chestnut Street, Trenton, NS B0X 1X0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,246Sqft
RE/MAX Nova
Welcome to your dream home in Trenton! This beautifully updated bungalow features 3 bedrooms and 3 baths, perfectly situated on a hill to offer breathtaking views and a serene sense of privacy. As you approach the property, you’ll be impressed by the meticulously maintained yard, setting the stage for what awaits inside.
C$424900

Residential For Sale

85 Chestnut Street, Trenton, NS B0X 1X0
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$424900

Residential For Sale

4838 Highway 2, Wellington, NS B2T 1B6

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
1,796Sqft
Royal LePage Atlantic (Dartmouth)
C$799000

Residential For Sale

4838 Highway 2, Wellington, NS B2T 1B6
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,796Sqft
Royal LePage Atlantic (Dartmouth)
Nestled in the peaceful community of Wellington, this three year old, single level home offers a refined balance of modern design and everyday comfort. With four generously sized bedrooms and two well-appointed bathrooms, the home is perfectly suited for families or those seeking space to entertain with ease.
C$799000

Residential For Sale

4838 Highway 2, Wellington, NS B2T 1B6
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
2Bathroom(s)
C$799000

Residential For Sale

113 Rutherford Street, Stellarton, NS B0K 1S0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
13Picture(s)
1,351Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$159000

Residential For Sale

113 Rutherford Street, Stellarton, NS B0K 1S0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,351Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
113 Rutherford Street, Stellarton – Spacious Duplex Opportunity This half of a duplex offers plenty of space, character, and potential in a great Stellarton location. Featuring three bedrooms, two bathrooms, a large kitchen, and a separate dining room, this home is perfect for families or investors alike.
C$159000

Residential For Sale

113 Rutherford Street, Stellarton, NS B0K 1S0
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
3Bedroom(s)
2Bathroom(s)
C$159000
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