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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

340-3389 340 Highway, Carleton, NS B5A 5P8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
2,200Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$599000

Residential For Sale

340-3389 340 Highway, Carleton, NS B5A 5P8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,200Sqft
Viewpoint Realty Services Inc. (Shelburne)
3389 Highway 340 – Modern Home on 2.2 Acres Situated on 2.2 acres of landscaped and treed land, this six-year-old home offers modern construction, a functional layout, and a range of desirable features.
C$599000

Residential For Sale

340-3389 340 Highway, Carleton, NS B5A 5P8
Viewpoint Realty Services Inc. (Shelburne)
3Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

14 Autumn Drive, Spryfield, NS B3R 1H1

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
24Picture(s)
870Sqft
Exit Real Estate Professionals
C$375000

Residential For Sale

14 Autumn Drive, Spryfield, NS B3R 1H1
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
870Sqft
Exit Real Estate Professionals
Welcome to 14 Autumn Lane in Halifax! Here you will find a 2-Bed, 1 Bath Bungalow on a 5000 sq ft R4 Lot. – Inside your home you will be welcomed with an office area, living room, kitchen, dining room, 2 great size bedrooms and a 4 piece bath. In your fenced in back yard you will find a great size green house, shed and an off grid workshop which was set up and used as a golf simulator.
C$375000

Residential For Sale

14 Autumn Drive, Spryfield, NS B3R 1H1
Exit Real Estate Professionals
2Bedroom(s)
1Bathroom(s)
C$375000

Residential For Sale

100 Elva Court, Tantallon, NS B3Z 4M4

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
46Picture(s)
2,968Sqft
The Agency Real Estate Brokerage
C$750000

Residential For Sale

100 Elva Court, Tantallon, NS B3Z 4M4
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,968Sqft
The Agency Real Estate Brokerage
Welcome to 100 Elva Court, a picture-perfect coastal retreat in Tantallon offering 3 exceptional living spaces in 1 immaculate property.
C$750000

Residential For Sale

100 Elva Court, Tantallon, NS B3Z 4M4
The Agency Real Estate Brokerage
5Bedroom(s)
4Bathroom(s)
C$750000

Residential For Sale

887 Cambridge Road, Cambridge, NS B0P 1G0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
26Picture(s)
1,265Sqft
MacKay Real Estate Ltd.
C$260000

Residential For Sale

887 Cambridge Road, Cambridge, NS B0P 1G0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,265Sqft
MacKay Real Estate Ltd.
Opportunity awaits! This 1.5-storey, 2-bed, 1-bath home sits on a 1.25-acre lot in Cambridge. Featuring a spacious 15'x 26' three-season sunroom and plenty of outdoor space, this property is ready for your vision.
C$260000

Residential For Sale

887 Cambridge Road, Cambridge, NS B0P 1G0
MacKay Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$260000

Residential For Sale

510 Gleneagles Drive, Hammonds Plains, NS B4B 1V9

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,643Sqft
Royal LePage Atlantic
C$1199000

Residential For Sale

510 Gleneagles Drive, Hammonds Plains, NS B4B 1V9
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,643Sqft
Royal LePage Atlantic
Country Oasis with Big City Style - Welcome to 510 Gleneagles Dr in White Hills Subdivision located on McCabe Lake with 115ft of lake frontage. With over 3700 sq ft this stunning home is designed for entertaining and relaxing and brings nature to your doorstep. A covered veranda and screened in porch at the front, perfect to relax and enjoy the afternoon sun.
C$1199000

Residential For Sale

510 Gleneagles Drive, Hammonds Plains, NS B4B 1V9
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$1199000

Residential For Sale

11 Hingley Avenue, Truro, NS B2N 3B9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
20Picture(s)
1,436Sqft
PG Direct Realty Ltd.
C$329900

Residential For Sale

11 Hingley Avenue, Truro, NS B2N 3B9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,436Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Charming and character-filled home with income potential! This well-maintained property is brimming with charm and curb appeal, featuring a stunning copper metal roof and mostly vinyl windows for low-maintenance living.
C$329900

Residential For Sale

11 Hingley Avenue, Truro, NS B2N 3B9
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$329900

Residential For Sale

30 Oxer Close, Hammonds Plains, NS B4B 2B8

4Bedroom(s)
4Bathroom(s)
DrivewayParking(s)
50Picture(s)
2,643Sqft
Exit Realty Metro
C$599900

Residential For Sale

30 Oxer Close, Hammonds Plains, NS B4B 2B8
4Bedroom(s)
4Bathroom(s)
DrivewayParking(s)
2,643Sqft
Exit Realty Metro
Waterfront Semi-Detached with Private Dock! Welcome to this bright and inviting waterfront home on beautiful Schmidt Lake. The sunny living room, spacious kitchen with new quartz counters, and dining area with powder room create a warm main floor.
C$599900

Residential For Sale

30 Oxer Close, Hammonds Plains, NS B4B 2B8
Exit Realty Metro
4Bedroom(s)
4Bathroom(s)
C$599900

Residential For Sale

209 Shortts Lake West Road, Shortts Lake, NS B0N 1C0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,600Sqft
RE/MAX Fairlane Realty
C$999500

Residential For Sale

209 Shortts Lake West Road, Shortts Lake, NS B0N 1C0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,600Sqft
RE/MAX Fairlane Realty
Lakefront Living at its Finest - Wake up to the shimmer of Shortts Lake, sip coffee on your deck as loons call in the distance, then end the day with sunset reflections dancing on the water. This is a stunning, 4-bedroom, 4-bath home, that offers 3,600 sq. ft. of warm, inviting living space designed for connection, comfort, and the joy of lakefront living.
C$999500

Residential For Sale

209 Shortts Lake West Road, Shortts Lake, NS B0N 1C0
RE/MAX Fairlane Realty
4Bedroom(s)
4Bathroom(s)
C$999500

Residential For Sale

425 West North River Road, North River, NS B6L 6Y2

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
11Picture(s)
1,176Sqft
INNOVATIVE REAL ESTATE LTD - A507
C$427500

Residential For Sale

425 West North River Road, North River, NS B6L 6Y2
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,176Sqft
INNOVATIVE REAL ESTATE LTD - A507
Beautiful modern 3 bedroom bungalow with a 4 foot insulated. Walk out from kitchen to the deck, motorized canopy (included) Vinyl plank flooring throughout the entire house.
C$427500

Residential For Sale

425 West North River Road, North River, NS B6L 6Y2
INNOVATIVE REAL ESTATE LTD - A507
3Bedroom(s)
1Bathroom(s)
C$427500

Residential For Sale

Firebrand Island, Musquodoboit Harbour, NS B0J 2L0

2Bedroom(s)
2Bathroom(s)
NoneParking(s)
25Picture(s)
1,400Sqft
Century 21 Trident Realty Ltd.
C$849900

Residential For Sale

Firebrand Island, Musquodoboit Harbour, NS B0J 2L0
2Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,400Sqft
Century 21 Trident Realty Ltd.
This secluded Island getaway, with its private 1400 sq ft red ceder log home, combines green energy with all the comforts of home. The home is powered by a 10 KW Solar unit and totally self sufficient. Replace the bustling sounds of the city with the calls of the loons, the blinding streetlights with the flickering glow of a campfire. Reconnect with nature.
C$849900

Residential For Sale

Firebrand Island, Musquodoboit Harbour, NS B0J 2L0
Century 21 Trident Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$849900

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
2,312Sqft
Keller Williams Select Realty (Truro)
C$495000

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,312Sqft
Keller Williams Select Realty (Truro)
Welcome to 13 Sunrise Blvd. – Your Dream Home Awaits! Nestled along the stunning Pugwash Harbor, this enchanting property offers an idyllic retreat with mesmerizing water views from nearly every corner of this expansive 2,300+ square foot home. Spacious Living: Upstairs, you'll find two generously sized bedrooms and a versatile office/bedroom, with the potential for an additional bedroom.
C$495000

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0
Keller Williams Select Realty (Truro)
4Bedroom(s)
2Bathroom(s)
C$495000

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
2,312Sqft
Keller Williams Select Realty (Truro)
C$495000

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,312Sqft
Keller Williams Select Realty (Truro)
Welcome to 13 Sunrise Blvd. – Your Dream Home Awaits! Nestled along the stunning Pugwash Harbor, this enchanting property offers an idyllic retreat with mesmerizing water views from nearly every corner of this expansive 2,300+ square foot home. Spacious Living: Upstairs, you'll find two generously sized bedrooms and a versatile office/bedroom, with the potential for an additional bedroom.
C$495000

Residential For Sale

13 Sunrise Boulevard, Pugwash, NS B0K 1L0
Keller Williams Select Realty (Truro)
4Bedroom(s)
2Bathroom(s)
C$495000
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