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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

139 Loch Bhreagh Lane, Northside East Bay, NS B1J 0A4

2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,000Sqft
Viewpoint Realty Services Inc. (Sydney)
C$649000

Residential For Sale

139 Loch Bhreagh Lane, Northside East Bay, NS B1J 0A4
2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,000Sqft
Viewpoint Realty Services Inc. (Sydney)
Escape to this truly rare find, where a quaint country setting meets unparalleled convenience. This beautiful 2.5-acre property offers a private, serene, and therapeutic retreat, yet it's only 4 minutes from the East Bay sandbar, 9 minutes from the ski hill, golf course, and marina, and less than 20 minutes to Sydney River. The stunning views are just the beginning.
C$649000

Residential For Sale

139 Loch Bhreagh Lane, Northside East Bay, NS B1J 0A4
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
3Bathroom(s)
C$649000

Residential For Sale

6255/6253 Allan Street, Halifax, NS B3L 1G8

5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
49Picture(s)
3,289Sqft
Royal LePage Atlantic (Dartmouth)
C$864000

Residential For Sale

6255/6253 Allan Street, Halifax, NS B3L 1G8
5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
3,289Sqft
Royal LePage Atlantic (Dartmouth)
Located just steps from the vibrant energy of Quinpool Road, this fully finished over/under duplex offers the ideal mix of space, income potential, and unbeatable location. With four levels of living space across two distinct units, this property is perfect for investors or owner-occupiers alike.
C$864000

Residential For Sale

6255/6253 Allan Street, Halifax, NS B3L 1G8
Royal LePage Atlantic (Dartmouth)
5Bedroom(s)
3Bathroom(s)
C$864000

Residential For Sale

87 Sidhu Drive, Beaver Bank, NS B4G 1B8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
40Picture(s)
2,207Sqft
Exit Realty Metro
C$759900

Residential For Sale

87 Sidhu Drive, Beaver Bank, NS B4G 1B8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,207Sqft
Exit Realty Metro
Morning coffee tastes best when the only sound is wind rustling through the trees. Built in 2022 by Marchand Homes, this split-entry rests on nearly two wooded acres, a peaceful escape just thirty minutes from downtown Halifax, twenty to Burnside, and close enough to Lower Sackville to keep life easy.
C$759900

Residential For Sale

87 Sidhu Drive, Beaver Bank, NS B4G 1B8
Exit Realty Metro
4Bedroom(s)
3Bathroom(s)
C$759900

Residential For Sale

24 Nightingale Drive, Halifax, NS B3M 1V4

4Bedroom(s)
2Bathroom(s)
GarageParking(s)
37Picture(s)
1,638Sqft
Viewpoint Realty Services Inc.
C$599900

Residential For Sale

24 Nightingale Drive, Halifax, NS B3M 1V4
4Bedroom(s)
2Bathroom(s)
GarageParking(s)
1,638Sqft
Viewpoint Realty Services Inc.
Charming 4-Level Side Split in Coveted Bridgeview. A Blend of Suburban Serenity and City Access Located on a peaceful, tree-lined street in the highly desirable Bridgeview subdivision of Rockingham, this extremely well-built 4-bedroom, 1.5-bathroom side split offers the perfect balance of family comfort and prime location.
C$599900

Residential For Sale

24 Nightingale Drive, Halifax, NS B3M 1V4
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

1470 Brickyard Road, Mira Gut, NS B1K 2V7

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,350Sqft
Viewpoint Realty Services Inc. (Sydney)
C$679000

Residential For Sale

1470 Brickyard Road, Mira Gut, NS B1K 2V7
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,350Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 1470 Brickyard Road, a beautifully appointed family home set on 13.5 sprawling acres with panoramic views of the Atlantic Ocean. This exceptional property offers an unmatched lifestyle—combining the rugged beauty of the coastline with the comforts of a spacious, modern home and the practicality of a hobby farm .
C$679000

Residential For Sale

1470 Brickyard Road, Mira Gut, NS B1K 2V7
Viewpoint Realty Services Inc. (Sydney)
5Bedroom(s)
4Bathroom(s)
C$679000

Residential For Sale

8 Hardisty Court, Cole Harbour, NS B2V 1K9

4Bedroom(s)
2Bathroom(s)
CarportParking(s)
47Picture(s)
2,242Sqft
Royal LePage Atlantic
C$624900

Residential For Sale

8 Hardisty Court, Cole Harbour, NS B2V 1K9
4Bedroom(s)
2Bathroom(s)
CarportParking(s)
2,242Sqft
Royal LePage Atlantic
Welcome to this beautifully updated four-level side split, located on a quiet cul-de-sac in the heart of Colby Village, one of the most sought-after neighbourhoods in Cole Harbour. Just a short walk to top-rated schools, parks, 2 minutes from the popular outdoor public pool and all the convenient amenities that make Colby so popular.
C$624900

Residential For Sale

8 Hardisty Court, Cole Harbour, NS B2V 1K9
Royal LePage Atlantic
4Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

938 Weymouth Falls Road, Digby, NS B0W 3T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
31Picture(s)
756Sqft
RE/MAX Nova
C$279999

Residential For Sale

938 Weymouth Falls Road, Digby, NS B0W 3T0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
756Sqft
RE/MAX Nova
Welcome to your private sanctuary in Weymouth Falls, an incredible 68-acre property offering off-grid living at its finest. This fully renovated 2-bedroom, 2-bath home is powered by both solar panels and a wind generator, giving you complete energy independence and year-round comfort in a serene, self-sustaining environment.
C$279999

Residential For Sale

938 Weymouth Falls Road, Digby, NS B0W 3T0
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$279999

Residential For Sale

28 Hollyoake Lane, Dartmouth, NS B2V 1L7

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
28Picture(s)
1,679Sqft
Century 21 Trident Realty Ltd.
C$349900

Residential For Sale

28 Hollyoake Lane, Dartmouth, NS B2V 1L7
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,679Sqft
Century 21 Trident Realty Ltd.
Welcome to 28 Hollyoake Lane, a charming 3-bedroom, 1.5-bath side split located on a quiet street in the heart of Colby Village. This three-level home offers a functional layout with lots of space to grow, and plenty of opportunity to make it your own. Whether you’re a first-time buyer, investor, or someone looking for a home with renovation potential, this one checks a lot of boxes.
C$349900

Residential For Sale

28 Hollyoake Lane, Dartmouth, NS B2V 1L7
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

2438 Hillside Boularderie, Southside Boularderie, NS B1Y 2S5

4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
2,210Sqft
RE/MAX Park Place Inc.
C$700000

Residential For Sale

2438 Hillside Boularderie, Southside Boularderie, NS B1Y 2S5
4Bedroom(s)
1Bathroom(s)
DetachedParking(s)
2,210Sqft
RE/MAX Park Place Inc.
A Rare Cape Breton Gem – 209 Acres of Agricultural Land with Waterfront Views on the Bras d'Or Lake. Your dream property—where farmhouse charm meets acreage & boundless potential. This beautifully built and cared-for home sits proudly on 209 acres of versatile land, complete with a waterfront lot on the Bras d'Or Lake.
C$700000

Residential For Sale

2438 Hillside Boularderie, Southside Boularderie, NS B1Y 2S5
RE/MAX Park Place Inc.
4Bedroom(s)
1Bathroom(s)
C$700000

Residential For Sale

7047 Highway 337 Cape George Point, Cape George Point, NS B2G 2L2

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
16Picture(s)
504Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$149000

Residential For Sale

7047 Highway 337 Cape George Point, Cape George Point, NS B2G 2L2
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
504Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
Sparkling clean seasonal dwelling located on 2.8 acres with captivating views of Northumberland Strait/St. George's Bay - fully furnished 1 bedroom, full bathroom, and open concept kitchen/dining living room.
C$149000

Residential For Sale

7047 Highway 337 Cape George Point, Cape George Point, NS B2G 2L2
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
1Bedroom(s)
1Bathroom(s)
C$149000

Residential For Sale

426 Wisteria Lane, Upper Tantallon, NS B3Z 0K8

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,043Sqft
Assist-2-Sell Homeworks Realty
C$899900

Residential For Sale

426 Wisteria Lane, Upper Tantallon, NS B3Z 0K8
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,043Sqft
Assist-2-Sell Homeworks Realty
Stunning 3-year-old executive 2-storey with a legal lower level secondary suite, a main floor primary suite situated in the quiet community of St. Margaret’s Village. Spectacular finishes throughout with neutral colours, soaring 14-foot ceilings in the main level great room, this home exudes luxury and tranquillity. Bathed in sunshine and surrounded by trees, this home is simply stunning.
C$899900

Residential For Sale

426 Wisteria Lane, Upper Tantallon, NS B3Z 0K8
Assist-2-Sell Homeworks Realty
4Bedroom(s)
4Bathroom(s)
C$899900

Residential For Sale

34 Thomas Street, Sydney, NS B1S 2R3

2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
35Picture(s)
1,130Sqft
Viewpoint Realty Services Inc. (Sydney)
C$249000

Residential For Sale

34 Thomas Street, Sydney, NS B1S 2R3
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,130Sqft
Viewpoint Realty Services Inc. (Sydney)
This well-maintained home is full of upgrades and offers exceptional flexibility for a variety of lifestyles. Located within walking distance to downtown, parks, and all amenities, this property is ideal for those looking for convenience, space, and future development potential. A major highlight is the new heat pump, offering energy-efficient heating and cooling.
C$249000

Residential For Sale

34 Thomas Street, Sydney, NS B1S 2R3
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
1Bathroom(s)
C$249000
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