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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

60 Old Deepdale Road, Inverness, NS B0E 1N0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
37Picture(s)
1,192Sqft
Viewpoint Realty Services Inc. (Sydney)
C$850000

Residential For Sale

60 Old Deepdale Road, Inverness, NS B0E 1N0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,192Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 60 Old Deepdale Road, Inverness. This thoughtfully designed one-level living features a warm and inviting layout, including a mudroom, open-concept kitchen, living and dining areas, two bedrooms and two bathrooms - all tastefully decorated with a modern yet cozy asethetic.
C$850000

Residential For Sale

60 Old Deepdale Road, Inverness, NS B0E 1N0
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
2Bathroom(s)
C$850000

Residential For Sale

634 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,570Sqft
RE/MAX Nova (Halifax)
C$650000

Residential For Sale

634 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,570Sqft
RE/MAX Nova (Halifax)
634 Ketch Harbour Road – Where Maritime History Meets Coastal Living Perched at the mouth of Halifax Harbour along the shipping lanes, this captivating seaside home is the perfect depiction of a classic captain’s house. With 120 feet of ocean frontage, you’ll be mesmerized by panoramic views of passing boats, cruise ships, and marine life — all from the aptly named "Lower Deck".
C$650000

Residential For Sale

634 Ketch Harbour Road, Portuguese Cove, NS B3V 1K1
RE/MAX Nova (Halifax)
2Bedroom(s)
1Bathroom(s)
C$650000

Residential For Sale

20 Menlow Crt, North River, NS B6L 6L9

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
34Picture(s)
1,934Sqft
Viewpoint Realty Services Inc.
C$359900

Residential For Sale

20 Menlow Crt, North River, NS B6L 6L9
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,934Sqft
Viewpoint Realty Services Inc.
Welcome to this beautifully maintained 3-bedroom, 2-bathroom bungalow conveniently located near the North River Elementary School and just minutes from town amenities.
C$359900

Residential For Sale

20 Menlow Crt, North River, NS B6L 6L9
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$359900

Residential For Sale

485 Centreville South Side Road, South Side, NS B0W 1P0

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
36Picture(s)
1,475Sqft
East Bay Realty Ltd.
C$169000

Residential For Sale

485 Centreville South Side Road, South Side, NS B0W 1P0
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,475Sqft
East Bay Realty Ltd.
Affordable family home with many recent improvements. Ideal for summer home or vacation rental with just a short walk to white sand beach. Four bedrooms, one on main floor with full bath and additional 1/2 bath on second level. Excellent for move-in ready year round home just 10 minutes drive to all amenities. Upgrades include metal roof 2020, FHA furnace replaced approx.
C$169000

Residential For Sale

485 Centreville South Side Road, South Side, NS B0W 1P0
East Bay Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$169000

Residential For Sale

14 Crescent Drive, Glace Bay, NS B1A 2J4

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
2,128Sqft
RE/MAX Park Place Inc.
C$329900

Residential For Sale

14 Crescent Drive, Glace Bay, NS B1A 2J4
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,128Sqft
RE/MAX Park Place Inc.
Welcome to this beautifully refreshed split-entry home nestled on a peaceful cul-de-sac in one of the most desirable areas of town. Ideal for families, first-time buyers or investors. This property offers comfort, convenience, and plenty of space to grow. Step inside to a bright and spacious living room filled with natural light — perfect for relaxing or entertaining.
C$329900

Residential For Sale

14 Crescent Drive, Glace Bay, NS B1A 2J4
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$329900

Residential For Sale

9409 Highway 215, Pembroke, NS B0N 2R0

5Bedroom(s)
4Bathroom(s)
OtherParking(s)
49Picture(s)
3,524Sqft
The Agency Real Estate Brokerage
C$848000

Residential For Sale

9409 Highway 215, Pembroke, NS B0N 2R0
5Bedroom(s)
4Bathroom(s)
OtherParking(s)
3,524Sqft
The Agency Real Estate Brokerage
Built just four years ago, this custom home sits on 72 private acres along the Minas Basin, home to the world’s highest tides. Designed for both comfort and long-term durability, the home features reinforced concrete floors on each level and an innovative exterior wood boiler system that provides efficient in-floor heating throughout both the home and the large detached shop.
C$848000

Residential For Sale

9409 Highway 215, Pembroke, NS B0N 2R0
The Agency Real Estate Brokerage
5Bedroom(s)
4Bathroom(s)
C$848000

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
25Picture(s)
800Sqft
FLAT RATE REALTY CANADA LTD - 15099
C$248800

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
800Sqft
FLAT RATE REALTY CANADA LTD - 15099
Welcome to 173 Lodge Road, once an off-grid three-season chalet, now reimagined, renovated, and converted into a four-season home or idyllic turnkey retreat with all services. Truly unique, it is the perfect combination of rustic and new, enveloped by nature with deeded access to the multiple surrounding pristine lakes of Molega and just 1 km from the paved Labelle Road.
C$248800

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0
FLAT RATE REALTY CANADA LTD - 15099
1Bedroom(s)
1Bathroom(s)
C$248800

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
25Picture(s)
800Sqft
FLAT RATE REALTY CANADA LTD - 15099
C$248800

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
800Sqft
FLAT RATE REALTY CANADA LTD - 15099
Welcome to 173 Lodge Road, once an off-grid three-season chalet, now reimagined, renovated, and converted into a four-season home or idyllic turnkey retreat with all services. Truly unique, it is the perfect combination of rustic and new, enveloped by nature with deeded access to the multiple surrounding pristine lakes of Molega and just 1 km from the paved Labelle Road.
C$248800

Residential For Sale

173 Lodge Road, Labelle, NS B0T 1E0
FLAT RATE REALTY CANADA LTD - 15099
1Bedroom(s)
1Bathroom(s)
C$248800

Residential For Sale

1587 Highway 360, Garland, NS B0P 1E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
18Picture(s)
1,018Sqft
Easy List Realty Ltd.
C$389500

Residential For Sale

1587 Highway 360, Garland, NS B0P 1E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,018Sqft
Easy List Realty Ltd.
For more information, please click the "More Information" button. Luxury carefree living when you buy this new house... easy to take care of so you can start enjoying your life to it's fullest. Beautiful kitchen and pantry for cooking delicious meals and entertaining. Relax on the deck with a distant view of the Bay of Fundy. 10 minutes to the beach and 10 minutes to Berwick.
C$389500

Residential For Sale

1587 Highway 360, Garland, NS B0P 1E0
Easy List Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$389500

Residential For Sale

366 Lakeshore Drive, Irish Cove, NS B0E 3B0

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
37Picture(s)
1,442Sqft
Viewpoint Realty Services Inc. (Sydney)
C$449000

Residential For Sale

366 Lakeshore Drive, Irish Cove, NS B0E 3B0
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,442Sqft
Viewpoint Realty Services Inc. (Sydney)
Relaxing and Rejuvenate Lake House in Irish Cove, located in a quiet No Exit Road, this beautiful Chalet setting in the hill with panoramic view watching over the Bras D’Or Lake, including two lots across the road with 357 feet of waterfrontage. This Chalet style offers great vistas from inside and out to enjoy the sunset and sunrise with magnificent color of Cape Breton.
C$449000

Residential For Sale

366 Lakeshore Drive, Irish Cove, NS B0E 3B0
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

8 Belgrave Terrace, Truro, NS B2N 2G4

4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
45Picture(s)
2,018Sqft
RE/MAX Nova
C$295000

Residential For Sale

8 Belgrave Terrace, Truro, NS B2N 2G4
4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
2,018Sqft
RE/MAX Nova
In-Town Character with Room to Shine. This charming home, walking distance to restaurants & parks, offers the perfect opportunity for someone ready to bring out its best once again. Step inside to find a layout full of character & light — hardwood floors ready for refinishing, painted softwood floors adding a touch of charm, and spacious rooms.
C$295000

Residential For Sale

8 Belgrave Terrace, Truro, NS B2N 2G4
RE/MAX Nova
4Bedroom(s)
1Bathroom(s)
C$295000

Residential For Sale

55 Willow Street, Sydney, NS B1P 3A2

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
22Picture(s)
1,456Sqft
3% Realty Nova Scotia
C$150000

Residential For Sale

55 Willow Street, Sydney, NS B1P 3A2
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,456Sqft
3% Realty Nova Scotia
Welcome to 55 Willow Street, a 1.5-storey home on a quiet street in Sydney. Just across the road is a green space, ideal for outdoor activities. The home features three bedrooms, 1.5 bathrooms, and a flexible layout that has recently been used for short-term rentals. Outside, there is a backyard with a deck and a paved driveway.
C$150000

Residential For Sale

55 Willow Street, Sydney, NS B1P 3A2
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
C$150000
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