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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 Waterview Drive, Sydney Mines, NS B1V 1B9

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
33Picture(s)
1,501Sqft
Viewpoint Realty Services Inc. (Sydney)
C$329000

Residential For Sale

21 Waterview Drive, Sydney Mines, NS B1V 1B9
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,501Sqft
Viewpoint Realty Services Inc. (Sydney)
Enjoy sweeping views of Sydney Harbour and the Atlantic Ocean from this well-kept 3-bedroom, 2-bathroom home. With a two-tier back deck and a fully glassed-in 10’ x 10’ gazebo, the property is designed for year-round enjoyment of its stunning coastal setting.
C$329000

Residential For Sale

21 Waterview Drive, Sydney Mines, NS B1V 1B9
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
2Bathroom(s)
C$329000

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1442 Prospect Road, Hatchet Lake, NS B3T 1P6

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
28Picture(s)
1,335Sqft
RE/MAX Nova
C$439900

Residential For Sale

1442 Prospect Road, Hatchet Lake, NS B3T 1P6
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,335Sqft
RE/MAX Nova
First and foremost, this is a charming, warm home with a fantastic large double garage. But more than that, it offers exceptional value. It is rare to find a property this well maintained and upgraded at this price point. In just the last few years, this home has gotten an electrical upgrade, new heatpumps, a new drilled well, a new hotwater tank, new roof shingles, and even a new septic system.
C$439900

Residential For Sale

1442 Prospect Road, Hatchet Lake, NS B3T 1P6
RE/MAX Nova
3Bedroom(s)
1Bathroom(s)
C$439900

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4333 12 Highway, South Alton, NS B4N 3V8

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,794Sqft
Royal LePage Atlantic (Greenwood)
C$469000

Residential For Sale

4333 12 Highway, South Alton, NS B4N 3V8
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,794Sqft
Royal LePage Atlantic (Greenwood)
Stop your search...you've found it. This century home offers the perfect blend of rural charm and modern convenience, giving you the acreage, character, and tranquility you've been looking for while still being close to everything. Just as stunning in person as it is in the photos, this property is the setting for the lifestyle you've been dreaming of.
C$469000

Residential For Sale

4333 12 Highway, South Alton, NS B4N 3V8
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$469000

Residential For Sale

5052 Clementsvale Road, Princedale, NS B0S 1G0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
35Picture(s)
2,448Sqft
RE/MAX Banner Real Estate
C$385000

Residential For Sale

5052 Clementsvale Road, Princedale, NS B0S 1G0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
2,448Sqft
RE/MAX Banner Real Estate
If you've ever dreamed of a hidden woodland hideaway, this is it. Tucked far from the main road, this off-grid home feels like it stepped out of a storybook.
C$385000

Residential For Sale

5052 Clementsvale Road, Princedale, NS B0S 1G0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$385000

Residential For Sale

301-5234 Morris Street, Halifax, NS B3J 0A3

2Bedroom(s)
3Bathroom(s)
UndergroundParking(s)
34Picture(s)
1,952Sqft
Keller Williams Select Realty
C$889900

Residential For Sale

301-5234 Morris Street, Halifax, NS B3J 0A3
2Bedroom(s)
3Bathroom(s)
UndergroundParking(s)
1,952Sqft
Keller Williams Select Realty
Welcome to Unit 301 at Letson Court — nearly 2,000 sq. ft. of stylish, turn-key living in Halifax’s coveted South End. Enjoy all the perks of downtown living, without sacrificing a small footprint! The open-concept living and dining area is flooded with natural light from wraparound windows, complete with charming window seats.
C$889900

Residential For Sale

301-5234 Morris Street, Halifax, NS B3J 0A3
Keller Williams Select Realty
2Bedroom(s)
3Bathroom(s)
C$889900

Residential For Sale

180 King Street, Digby, NS B0V 1A0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,667Sqft
Royal LePage Atlantic (New Minas)
C$1099000

Residential For Sale

180 King Street, Digby, NS B0V 1A0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,667Sqft
Royal LePage Atlantic (New Minas)
Welcome to luxury living in downtown Digby! This custom-built, one-level home is a smart oasis, equipped with Google automation systems throughout, providing ultimate convenience. Boasting a stunning 180-degree elevated view of the Annapolis Basin, enjoy panoramic vistas stretching from Digby Pines Golf Resort & Spa to Smith's Cove.
C$1099000

Residential For Sale

180 King Street, Digby, NS B0V 1A0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$1099000

Residential For Sale

154 Old Farm Lane, New Minas, NS B4N 4K8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
30Picture(s)
2,304Sqft
Royal LePage Atlantic (New Minas)
C$419000

Residential For Sale

154 Old Farm Lane, New Minas, NS B4N 4K8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,304Sqft
Royal LePage Atlantic (New Minas)
Welcome to 154 Old Farm Lane in the quiet and family friendly Meadow Terrace subdivision of New Minas. This bright and spacious 3 bedroom bungalow offers the perfect blend of comfort, convenience and charm. The main level features a large open kitchen and dining area, a welcoming living room, three bedrooms and a full 4 piece bath.
C$419000

Residential For Sale

154 Old Farm Lane, New Minas, NS B4N 4K8
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$419000

Residential For Sale

12 Summer Hill Place, Upper Onslow, NS B6L 0G9

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
24Picture(s)
1,050Sqft
RE/MAX Fairlane Realty
C$379900

Residential For Sale

12 Summer Hill Place, Upper Onslow, NS B6L 0G9
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,050Sqft
RE/MAX Fairlane Realty
FINISHED UNIT AVAILABLE! Retirement is calling your name! Look at this beautiful 1 year young semi-detached home sitting on the outskirts of Truro! Featuring a paved driveway and a landscaped lot, the curb appeal of this home pops and is ready for you to make it yours.
C$379900

Residential For Sale

12 Summer Hill Place, Upper Onslow, NS B6L 0G9
RE/MAX Fairlane Realty
2Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

9 Summer Hill Place, Upper Onslow, NS B6L 0H1

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
20Picture(s)
1,050Sqft
RE/MAX Fairlane Realty
C$354900

Residential For Sale

9 Summer Hill Place, Upper Onslow, NS B6L 0H1
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,050Sqft
RE/MAX Fairlane Realty
POTENTIAL, POTENTIAL POTENTIAL! Take a look at this semi-detached property in a sought after, quiet and peaceful neighborhood, Summer Hill Place.
C$354900

Residential For Sale

9 Summer Hill Place, Upper Onslow, NS B6L 0H1
RE/MAX Fairlane Realty
2Bedroom(s)
2Bathroom(s)
C$354900

Residential For Sale

40 Saratoga Drive, Dartmouth, NS B2X 3P9

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,537Sqft
Royal LePage Anchor Realty
C$774900

Residential For Sale

40 Saratoga Drive, Dartmouth, NS B2X 3P9
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,537Sqft
Royal LePage Anchor Realty
This magnificent executive 2 storey home has over 3,500 square feet of finished living space, 4+1 bedrooms, 4 bathrooms, a spacious in-law suite with private entrance and patio on the lower level. The main level features a large inviting foyer with a front covered concrete porch that is perfect for enjoying your favorite morning beverage.
C$774900

Residential For Sale

40 Saratoga Drive, Dartmouth, NS B2X 3P9
Royal LePage Anchor Realty
5Bedroom(s)
4Bathroom(s)
C$774900

Residential For Sale

114 Ocean Stone Drive, Garden Lots, NS B0J 2C0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
46Picture(s)
2,245Sqft
Engel & Volkers (Lunenburg)
C$799000

Residential For Sale

114 Ocean Stone Drive, Garden Lots, NS B0J 2C0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,245Sqft
Engel & Volkers (Lunenburg)
Tucked away on a quiet cul-de-sac, this 2012 ICF constructed executive bungalow will weather any storm. It offers the perfect balance of tranquil living and easy access to all the charm and energy of Unesco World Heritage Town of Lunenburg with its galleries, restaurants, cafes and its vibrant wharf.
C$799000

Residential For Sale

114 Ocean Stone Drive, Garden Lots, NS B0J 2C0
Engel & Volkers (Lunenburg)
4Bedroom(s)
3Bathroom(s)
C$799000

Residential For Sale

43 Diana Drive, Hammonds Plains, NS B4B 1M4

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
3,406Sqft
Red Door Realty
C$849900

Residential For Sale

43 Diana Drive, Hammonds Plains, NS B4B 1M4
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,406Sqft
Red Door Realty
A Kingswood retreat with room for your imagination. Recently updated throughout and brimming with warmth, this home is ready to be your forever backdrop for birthday parties, quiet mornings, and everything in between.
C$849900

Residential For Sale

43 Diana Drive, Hammonds Plains, NS B4B 1M4
Red Door Realty
5Bedroom(s)
4Bathroom(s)
C$849900
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