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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

9 Gordon Road, Margaretsville, NS B0S 1N0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
42Picture(s)
775Sqft
Royal LePage Atlantic (Greenwood)
C$280000

Residential For Sale

9 Gordon Road, Margaretsville, NS B0S 1N0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
775Sqft
Royal LePage Atlantic (Greenwood)
You can’t beat this location! Arguably one of the best vantage points in all of Margaretsville! This oceanfront treasure is tucked away from all the action, yet is only steps to everything that makes this little community so special. Hidden amongst spruce trees and fragrant wild rose bushes, this whimsical hideaway could be your own seaside escape.
C$280000

Residential For Sale

9 Gordon Road, Margaretsville, NS B0S 1N0
Royal LePage Atlantic (Greenwood)
1Bedroom(s)
1Bathroom(s)
C$280000

Residential For Sale

62 Glen Arbour Way, Hammonds Plains, NS B4B 1T4

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
47Picture(s)
3,433Sqft
Royal LePage Atlantic
C$899900

Residential For Sale

62 Glen Arbour Way, Hammonds Plains, NS B4B 1T4
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,433Sqft
Royal LePage Atlantic
Welcome to this beautiful executive bungalow in the sought-after Glen Arbour Community. Two deeded golf memberships to the private course included! This 4 bedroom, 3 bathroom home has been meticulously maintained and features beautifully designed curb appeal on an expansive secluded lot.
C$899900

Residential For Sale

62 Glen Arbour Way, Hammonds Plains, NS B4B 1T4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

8 Woodside Avenue, Dartmouth, NS B2W 1B3

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
30Picture(s)
1,674Sqft
The Agency Real Estate Brokerage
C$499900

Residential For Sale

8 Woodside Avenue, Dartmouth, NS B2W 1B3
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,674Sqft
The Agency Real Estate Brokerage
Welcome to 8 Woodside Avenue, Spacious and Stylish Family Home in the Heart of Woodside! This charming two-storey home offers comfort, space, and convenience, all nestled in the welcoming community of Woodside. Featuring three bedrooms, 1 full bath, and 2 half baths, this property is ideal for families or anyone seeking a functional and well-designed layout.
C$499900

Residential For Sale

8 Woodside Avenue, Dartmouth, NS B2W 1B3
The Agency Real Estate Brokerage
3Bedroom(s)
3Bathroom(s)
C$499900

Residential For Sale

114 Diana Grace Avenue, Dartmouth, NS B2W 6A2

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
47Picture(s)
2,820Sqft
Royal LePage Atlantic
C$639900

Residential For Sale

114 Diana Grace Avenue, Dartmouth, NS B2W 6A2
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,820Sqft
Royal LePage Atlantic
Beautifully maintained four level side split on a sought after street in Portland Estates. Sited on a sunny southwest exposed lot and just a two minute walk to the lake and beach. With five bedrooms, three baths, double car garage, there’s room for everyone… and extended family. Welcoming & spacious front foyer leads to family room with deck access, and main floor laundry.
C$639900

Residential For Sale

114 Diana Grace Avenue, Dartmouth, NS B2W 6A2
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$639900

Residential For Sale

201 Clayton Drive, Fox Point, NS B0J 1T0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,400Sqft
Royal LePage Anchor Realty
C$559900

Residential For Sale

201 Clayton Drive, Fox Point, NS B0J 1T0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,400Sqft
Royal LePage Anchor Realty
Charming 5-Bedroom Home on 1.64 Acres – Minutes from Hubbards & South Shore Beaches--- Welcome to this spacious 2,400 sq ft home nestled in the peaceful community of Fox Point, just minutes from the vibrant seaside village of Hubbards. Set on a private 1.
C$559900

Residential For Sale

201 Clayton Drive, Fox Point, NS B0J 1T0
Royal LePage Anchor Realty
5Bedroom(s)
2Bathroom(s)
C$559900

Residential For Sale

24 Englehutt Road, Moser River, NS B0J 2K0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
32Picture(s)
408Sqft
Century 21 Trident Realty Ltd.
C$129900

Residential For Sale

24 Englehutt Road, Moser River, NS B0J 2K0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
408Sqft
Century 21 Trident Realty Ltd.
Looking for a unique camp on a private lot amongst nature? This property has it all! Located on 2 acres of land with a babbling brook and two ponds sits this 35.8 foot long mini loft that can sleep up to 7 people. Modern touches included in this loft style 2025 Timberwolf recreational accommodation.
C$129900

Residential For Sale

24 Englehutt Road, Moser River, NS B0J 2K0
Century 21 Trident Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$129900

Residential For Sale

55 Sophia Street, Halifax, NS B3S 0C7

5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
39Picture(s)
5,247Sqft
Royal LePage Atlantic
C$1499000

Residential For Sale

55 Sophia Street, Halifax, NS B3S 0C7
5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
5,247Sqft
Royal LePage Atlantic
Welcome to 55 Sophia St! This elegant 5-bedroom, 5-bath executive home in Halifax’s Mount Royale neighbourhood offers over 5,200 sq ft of luxurious living space. Built in 2014, it features a chef’s kitchen with granite island and double wall ovens, a bright open-concept main floor, two propane fireplaces, and a lavish primary suite with a Carrera marble ensuite.
C$1499000

Residential For Sale

55 Sophia Street, Halifax, NS B3S 0C7
Royal LePage Atlantic
5Bedroom(s)
5Bathroom(s)
C$1499000

Residential For Sale

1 Frankville Branch Road, Frankville, NS B0H 1P0

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
45Picture(s)
2,128Sqft
Re/Max Park Place Inc. (Antigonish)
C$475000

Residential For Sale

1 Frankville Branch Road, Frankville, NS B0H 1P0
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,128Sqft
Re/Max Park Place Inc. (Antigonish)
Welcome to One Frankville Branch Road – a charming two-storey home nestled in the peaceful community of Frankville, just minutes from Havre Boucher and local beaches. Situated on approximately 200+/- acres across numerous PID's, this property offers the perfect blend of privacy, natural beauty, and endless potential.
C$475000

Residential For Sale

1 Frankville Branch Road, Frankville, NS B0H 1P0
Re/Max Park Place Inc. (Antigonish)
4Bedroom(s)
2Bathroom(s)
C$475000

Residential For Sale

11202 Highway 4 Linwood, Linwood, NS B0H 1P0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
17Picture(s)
1,120Sqft
Re/Max Park Place Inc. (Antigonish)
C$109000

Residential For Sale

11202 Highway 4 Linwood, Linwood, NS B0H 1P0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,120Sqft
Re/Max Park Place Inc. (Antigonish)
12202 Highway 4, Lynnwood Harbour Rd. This 16’ x 70’ Kentcraft mini home, built in 2005, offers three bedrooms and one bath, situated on 3.77 acres in a private setting with a partial view of Linwood Harbour. Accessed by a 200-foot driveway, this property is ideal for someone looking for a renovation project or investment opportunity.
C$109000

Residential For Sale

11202 Highway 4 Linwood, Linwood, NS B0H 1P0
Re/Max Park Place Inc. (Antigonish)
3Bedroom(s)
1Bathroom(s)
C$109000

Residential For Sale

268 Coulter Crescent, Oakfield, NS B2T 0N4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,170Sqft
Royal LePage Atlantic
C$799000

Residential For Sale

268 Coulter Crescent, Oakfield, NS B2T 0N4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,170Sqft
Royal LePage Atlantic
Tucked away on a peaceful 2.5-acre lot, 268 Coulter Crescent offers the perfect balance of modern comfort and private, forested living. This custom split-entry home features 2,170 sq. ft. of well-planned space, with no neighbours in sight.
C$799000

Residential For Sale

268 Coulter Crescent, Oakfield, NS B2T 0N4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$799000

Residential For Sale

18 Castleton Crescent, Dartmouth, NS B2X 3M3

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
2,190Sqft
Royal LePage Atlantic
C$669900

Residential For Sale

18 Castleton Crescent, Dartmouth, NS B2X 3M3
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,190Sqft
Royal LePage Atlantic
Welcome to this beautifully updated home in desirable Montebello community. This spacious 4-level side split offers a thoughtfully designed layout. Recent renovations shine throughout, making this a perfect fit for both family living and entertaining. The main level features a stunning white kitchen with island, pantry, and lots of prep space on the solid surface counters.
C$669900

Residential For Sale

18 Castleton Crescent, Dartmouth, NS B2X 3M3
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$669900

Residential For Sale

2778 Poplar Drive, Coldbrook, NS B4N 1A8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
29Picture(s)
1,719Sqft
ViewPoint Realty Services Inc.(Greenwood)
C$415000

Residential For Sale

2778 Poplar Drive, Coldbrook, NS B4N 1A8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,719Sqft
ViewPoint Realty Services Inc.(Greenwood)
This lovely family home is located in one of Coldbrook's most sought after subdivisions and is just waiting for a new family to add their personal touches. Located just a short walk to Coldbrook Elementary and a quick drive to Coldbrook amenities and highway access.
C$415000

Residential For Sale

2778 Poplar Drive, Coldbrook, NS B4N 1A8
ViewPoint Realty Services Inc.(Greenwood)
3Bedroom(s)
2Bathroom(s)
C$415000
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