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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

37 Montebello Drive, Dartmouth, NS B2X 2H1

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
36Picture(s)
2,222Sqft
Red Door Realty
C$649900

Residential For Sale

37 Montebello Drive, Dartmouth, NS B2X 2H1
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,222Sqft
Red Door Realty
The size, features and wonderful personality of this home are sure to make it ‘the one’. The inviting living room has a big window, overlooking the covered verandah and beyond to greenery in the summer and lake views in the winter. The dining room is central to the living and kitchen, and has a patio door out to the large deck, which opens to a level and very private back yard.
C$649900

Residential For Sale

37 Montebello Drive, Dartmouth, NS B2X 2H1
Red Door Realty
4Bedroom(s)
3Bathroom(s)
C$649900

Residential For Sale

2661 Foxbrook Road, Westville, NS B0K 2A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
46Picture(s)
1,475Sqft
Keller Williams Select Realty (Truro)
C$364900

Residential For Sale

2661 Foxbrook Road, Westville, NS B0K 2A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,475Sqft
Keller Williams Select Realty (Truro)
Country Charm with Town Convenience! Nestled on Foxbrook Road, this bright and welcoming two-story home offers the perfect blend of rural tranquility and in-town living. Featuring 3 spacious bedrooms and 1.5 baths, the layout is designed for both comfort and function. Step inside through the handy mudroom and into the generously sized kitchen, ideal for family gatherings and everyday meals.
C$364900

Residential For Sale

2661 Foxbrook Road, Westville, NS B0K 2A0
Keller Williams Select Realty (Truro)
3Bedroom(s)
2Bathroom(s)
C$364900

Residential For Sale

61 Havenbrook Hill, Dartmouth, NS B2W 0G1

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
46Picture(s)
2,657Sqft
Sutton Group Professional Realty
C$875000

Residential For Sale

61 Havenbrook Hill, Dartmouth, NS B2W 0G1
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,657Sqft
Sutton Group Professional Realty
Welcome to 61 Havenbrook Hill in Portland Hills! This stunning four bedroom split entry on a quiet cul du sac is perfect for any family to call their own! The main level has high ceilings with crown molding, open concept kitchen and living room with three sided natural gas fireplace. Kitchen has custom cabinetry and granite counter tops with large island.
C$875000

Residential For Sale

61 Havenbrook Hill, Dartmouth, NS B2W 0G1
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$875000

Residential For Sale

3 Autumn Drive, Berwick, NS B0P 1E0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
21Picture(s)
1,115Sqft
Exit Realty Town & Country
C$499900

Residential For Sale

3 Autumn Drive, Berwick, NS B0P 1E0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,115Sqft
Exit Realty Town & Country
Welcome to this charming 2-bedroom, 2-bath bungalow located in the highly sought-after Town of Berwick. Perfectly situated within walking distance to local amenities, scenic recreation trails, and offering quick highway access for commuters, this home combines comfort and convenience in one desirable package.
C$499900

Residential For Sale

3 Autumn Drive, Berwick, NS B0P 1E0
Exit Realty Town & Country
2Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

88 Haven Drive, Bridgewater, NS B4V 4C4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
1,277Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$274900

Residential For Sale

88 Haven Drive, Bridgewater, NS B4V 4C4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,277Sqft
RE/MAX Banner Real Estate (Bridgewater)
Welcome to this well-maintained and thoughtfully expanded mini home, located in the desirable LaHave Heights Manufactured Home Park in Bridgewater. This spacious 3-bedroom, 1.5-bath property offers a surprising amount of comfort, functionality, and outdoor space - ideal for families, retirees, or anyone looking to downsize without compromise.
C$274900

Residential For Sale

88 Haven Drive, Bridgewater, NS B4V 4C4
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$274900

Residential For Sale

667 Hardscratch Road, Brooklyn, NS B5A 5J2

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
40Picture(s)
1,874Sqft
The Real Estate Store
C$479900

Residential For Sale

667 Hardscratch Road, Brooklyn, NS B5A 5J2
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,874Sqft
The Real Estate Store
Just a few kilometers from the Town of Yarmouth sits this 28 acre property touching the shore of Lily Lake. The property on a corner lot with frontage on Brooklyn Road and the popular Hardscratch Road. This older style farm house has been added on to and renovated on the mail level. The second level is untouched over time. That will allow the new buyers to renovate that area to suit their needs.
C$479900

Residential For Sale

667 Hardscratch Road, Brooklyn, NS B5A 5J2
The Real Estate Store
5Bedroom(s)
2Bathroom(s)
C$479900

Residential For Sale

109-105 Dunbrack Street, Halifax, NS B3M 3B7

2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
20Picture(s)
1,050Sqft
PG Direct Realty Ltd.
C$379900

Residential For Sale

109-105 Dunbrack Street, Halifax, NS B3M 3B7
2Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
1,050Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Stylish 2-bedroom, 1-bath corner condo in popular Parkhill Terrace. This bright, updated unit offers 1,050 sq. ft. of comfortable living space with a modern kitchen featuring solid-surface counters, stainless steel appliances & a breakfast bar that opens to the living area-ideal for entertaining.
C$379900

Residential For Sale

109-105 Dunbrack Street, Halifax, NS B3M 3B7
PG Direct Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$379900

Residential For Sale

385 Green Street, Lunenburg, NS B0J 2C0

2Bedroom(s)
3Bathroom(s)
GravelParking(s)
47Picture(s)
2,120Sqft
EXIT Realty Inter Lake
C$599000

Residential For Sale

385 Green Street, Lunenburg, NS B0J 2C0
2Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,120Sqft
EXIT Realty Inter Lake
Welcome to this charming mid-century home, offering a perfect blend of character and functionality across three levels of comfortable living space. This well-maintained residence with updated kitchen and bathrooms features two spacious bedrooms on the two main levels and two full bathrooms.
C$599000

Residential For Sale

385 Green Street, Lunenburg, NS B0J 2C0
EXIT Realty Inter Lake
2Bedroom(s)
3Bathroom(s)
C$599000

Residential For Sale

67 Jud Freeman Road, Greenfield, NS B0T 1E0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
50Picture(s)
928Sqft
EXIT Realty Inter Lake (Liverpool)
C$350000

Residential For Sale

67 Jud Freeman Road, Greenfield, NS B0T 1E0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
928Sqft
EXIT Realty Inter Lake (Liverpool)
Original and unspoiled 900 + sq. ft. three-season cottage on 1.7 acres with 425 feet of water frontage where Ponhook Lake and the Medway River meet. This 2-bedroom getaway, in the heart of Cottage Country, has been in the same family for generations...actually built by Jud Freeman, whose name adorns the road that meanders through one of the prettiest spots you will find in Nova Scotia.
C$350000

Residential For Sale

67 Jud Freeman Road, Greenfield, NS B0T 1E0
EXIT Realty Inter Lake (Liverpool)
2Bedroom(s)
1Bathroom(s)
C$350000

Residential For Sale

80 Chemin Old Oak Road, Glenwood, NS B0W 1W0

2Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
37Picture(s)
1,434Sqft
The Real Estate Store
C$269900

Residential For Sale

80 Chemin Old Oak Road, Glenwood, NS B0W 1W0
2Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,434Sqft
The Real Estate Store
If you are looking for comfortable living 20 minutes from Yarmouth in a country setting 80 Chemin Old Oak may be for you. This bungalow style home 1.11 acres of land consisting for 2 parcels. Located just off Exit 32 A in Argyle this 2 bedroom 2 bathroom home has a cozy feeling that would suit several lifestyles.
C$269900

Residential For Sale

80 Chemin Old Oak Road, Glenwood, NS B0W 1W0
The Real Estate Store
2Bedroom(s)
2Bathroom(s)
C$269900

Residential For Sale

193a Victoria Street E, Amherst, NS B4H 1Y8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
37Picture(s)
2,626Sqft
Royal LePage Cumberland Realty Ltd.
C$520000

Residential For Sale

193a Victoria Street E, Amherst, NS B4H 1Y8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,626Sqft
Royal LePage Cumberland Realty Ltd.
This impressive four-bedroom, three-bathroom home sits proudly on a beautiful corner lot overlooking historic Victoria Street. Designed with both comfort and style in mind, it offers the perfect backyard escape — complete with an in-ground pool, gazebo, and a spacious patio for relaxing or entertaining.
C$520000

Residential For Sale

193a Victoria Street E, Amherst, NS B4H 1Y8
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$520000

Residential For Sale

914 Maple Avenue, Aylesford, NS B0P 1C0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
45Picture(s)
2,020Sqft
Royal LePage Atlantic (Greenwood)
C$539900

Residential For Sale

914 Maple Avenue, Aylesford, NS B0P 1C0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,020Sqft
Royal LePage Atlantic (Greenwood)
Welcome to this newly renovated 5 bedroom/ 2.5 bathroom home situated on 1.6 acres on Maple Avenue in the town of Aylesford. At first glance, a stunning newly built covered wrap-around deck, accented with an attractive new railing and pot lights tucked into the overhanging roof is sure to catch your eye.
C$539900

Residential For Sale

914 Maple Avenue, Aylesford, NS B0P 1C0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
3Bathroom(s)
C$539900
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