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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

869 Fales River Drive, Greenwood, NS B0P 1N0

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
48Picture(s)
1,770Sqft
Royal LePage Atlantic (Greenwood)
C$347000

Residential For Sale

869 Fales River Drive, Greenwood, NS B0P 1N0
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,770Sqft
Royal LePage Atlantic (Greenwood)
Cute as a button! Conveniently located in Fales River Subdivision, buyers will love the walkability to local amenities and 14 Wing Greenwood. The exterior is well maintained with mature gardens, paved parking, lifetime decking on the two front steps, and a quaint backyard with a stone retaining wall and pathways.
C$347000

Residential For Sale

869 Fales River Drive, Greenwood, NS B0P 1N0
Royal LePage Atlantic (Greenwood)
4Bedroom(s)
2Bathroom(s)
C$347000

Residential For Sale

5000 Louisbourg Highway Highway, Albert Bridge, NS B1K 3T9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,313Sqft
Royal Lepage Anchor Realty(North Sydney)
C$595000

Residential For Sale

5000 Louisbourg Highway Highway, Albert Bridge, NS B1K 3T9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,313Sqft
Royal Lepage Anchor Realty(North Sydney)
Discover a serene four-season sanctuary nestled on the pristine shores of MacDonald Lake. This beautifully appointed property offers an unparalleled opportunity to live in harmony with nature, surrounded by a breathtaking landscape that provides complete privacy and tranquility.
C$595000

Residential For Sale

5000 Louisbourg Highway Highway, Albert Bridge, NS B1K 3T9
Royal Lepage Anchor Realty(North Sydney)
3Bedroom(s)
2Bathroom(s)
C$595000

Residential For Sale

19 Brown’s Place, West Lochaber, NS B2G 2L3

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
34Picture(s)
1,144Sqft
Re/Max Park Place Inc. (Antigonish)
C$314500

Residential For Sale

19 Brown’s Place, West Lochaber, NS B2G 2L3
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,144Sqft
Re/Max Park Place Inc. (Antigonish)
The lake is calling. Boating, fishing and relaxation all right in your front yard. Located in West Lochaber this 2 bedroom cottage is move in ready. Large living room and eat in kitchen gives lots of room to prepare those summer barbeques. 2 piece bath with room to add a shower. This lovely cottage sits up on a hill surrounded by shrubs and trees to provide plenty of privacy.
C$314500

Residential For Sale

19 Brown’s Place, West Lochaber, NS B2G 2L3
Re/Max Park Place Inc. (Antigonish)
2Bedroom(s)
1Bathroom(s)
C$314500

Residential For Sale

40 Brady Drive, Groves Point, NS B1Y 2W6

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,820Sqft
RE/MAX Park Place Inc.
C$499900

Residential For Sale

40 Brady Drive, Groves Point, NS B1Y 2W6
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,820Sqft
RE/MAX Park Place Inc.
Welcome to 40 Brady Drive, a charming bungalow style home nestled on nearly 8 acres of land, offering a perfect blend of privacy, space, and convenience. Set back from the road and surrounded by mature trees, this 3-bedroom, 2-bath home is ideal for those seeking a peaceful lifestyle while remaining close to everyday amenities.
C$499900

Residential For Sale

40 Brady Drive, Groves Point, NS B1Y 2W6
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

356 Glen Allan Drive, Bridgewater, NS B4V 0A9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
42Picture(s)
1,305Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$435000

Residential For Sale

356 Glen Allan Drive, Bridgewater, NS B4V 0A9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,305Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Modern and Stylish! This property is ideally situated on the desirable Glen Allan Drive and consisting of 3 bedroom , 2 full bath layout home with an open floor plan with high ceilings in main living area with huge sky light to bring more natural light into the home, a gorgeous and spacious kitchen with custom carpentry open to the dining room and overlooking the large living room.
C$435000

Residential For Sale

356 Glen Allan Drive, Bridgewater, NS B4V 0A9
ViewPoint Realty Services Inc.(Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$435000

Residential For Sale

1152 Kingsburg Road, Kingsburg, NS B0J 1W0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,867Sqft
Duckworth Real Estate(Chester)
C$1795000

Residential For Sale

1152 Kingsburg Road, Kingsburg, NS B0J 1W0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,867Sqft
Duckworth Real Estate(Chester)
Do you love the sound of the surf? Are you looking for the perfect spot for evening sunsets and morning sunrises? Your dream could become a reality, looking westward along Hirtles Beach in the evening and eastward from Kingsburg beach in the morning. This gorgeous Cape Cod style home comes with two pieces of land adding up to 8.6 acres spanning between two of Nova Scotia’s most iconic beaches.
C$1795000

Residential For Sale

1152 Kingsburg Road, Kingsburg, NS B0J 1W0
Duckworth Real Estate(Chester)
3Bedroom(s)
2Bathroom(s)
C$1795000

Residential For Sale

24 Hill Top Court, Scotsburn, NS B0K 1R0

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
35Picture(s)
2,688Sqft
Viewpoint Realty Services Inc. (Pictou)
C$475000

Residential For Sale

24 Hill Top Court, Scotsburn, NS B0K 1R0
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,688Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to 24 Hill Top Court! Nestled in a quiet cul de sac in the heart of the family oriented community of Scotsburn. This family home boasts a lot of room with beautiful well established gardens, a large veranda, a 2 car attached garage. and an additional 12x20 building.
C$475000

Residential For Sale

24 Hill Top Court, Scotsburn, NS B0K 1R0
Viewpoint Realty Services Inc. (Pictou)
5Bedroom(s)
3Bathroom(s)
C$475000

Residential For Sale

36237 Cabot Trail, Ingonish, NS B0K 1K0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
1,619Sqft
RE/MAX Park Place Inc.
C$699900

Residential For Sale

36237 Cabot Trail, Ingonish, NS B0K 1K0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,619Sqft
RE/MAX Park Place Inc.
Step into a lifestyle of luxury and tranquility with this contemporary two-story home, perfectly positioned on the breathtaking oceanfront of the Cabot Trail. This is not just a property; it's a rare opportunity to immerse yourself in the natural beauty of Nova Scotia while enjoying modern amenities.
C$699900

Residential For Sale

36237 Cabot Trail, Ingonish, NS B0K 1K0
RE/MAX Park Place Inc.
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

10 Ling Street, Glace Bay, NS B1A 3L3

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
20Picture(s)
1,820Sqft
Coldwell Banker Boardwalk Realty
C$199000

Residential For Sale

10 Ling Street, Glace Bay, NS B1A 3L3
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,820Sqft
Coldwell Banker Boardwalk Realty
Welcome to 10 Ling Street. A great back split with detached Garage. Walk-in to a spacious eat-in Kitchen, continue into the Large Living Room with great natural sunlight, the main level also boasts a huge master bedroom, second bedroom and the main Bathroom.
C$199000

Residential For Sale

10 Ling Street, Glace Bay, NS B1A 3L3
Coldwell Banker Boardwalk Realty
2Bedroom(s)
2Bathroom(s)
C$199000

Residential For Sale

7 Davies Road Branch, Malagash Mine, NS B0K 1E0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
49Picture(s)
1,690Sqft
Royal LePage Atlantic(Stellarton)
C$449000

Residential For Sale

7 Davies Road Branch, Malagash Mine, NS B0K 1E0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,690Sqft
Royal LePage Atlantic(Stellarton)
Welcome to your Malagash North shore full ocean views retreat. With private beach access, this fully furnished 3-bedroom, 1-bathroom deeded private access ready to Enjoy! Inside, you will find a bright and spacious living room for gathering and relaxing. A lower level rec room with garage door access. A perfect bug-free hangout on the hot or rainy days.
C$449000

Residential For Sale

7 Davies Road Branch, Malagash Mine, NS B0K 1E0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$449000

Residential For Sale

42 Chamber Close, Wolfville, NS B4P 0A6

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
45Picture(s)
1,122Sqft
ViewPoint Realty Services Inc.(Greenwood)
C$385000

Residential For Sale

42 Chamber Close, Wolfville, NS B4P 0A6
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,122Sqft
ViewPoint Realty Services Inc.(Greenwood)
This 14-year-old, two-storey semi home in the town of Wolfville offers an incredible opportunity. Home has a heat pump for heating/cooling with back up baseboard heat. The partially finished basement has a walk-out and offers plenty of room for additional living space or even the potential for a rental suite (subject to buyer verification).
C$385000

Residential For Sale

42 Chamber Close, Wolfville, NS B4P 0A6
ViewPoint Realty Services Inc.(Greenwood)
2Bedroom(s)
1Bathroom(s)
C$385000

Residential For Sale

11217 Kempt Head Road, Boularderie Centre, NS B1X 1L1

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
1,200Sqft
RE/MAX Park Place Inc.
C$625000

Residential For Sale

11217 Kempt Head Road, Boularderie Centre, NS B1X 1L1
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,200Sqft
RE/MAX Park Place Inc.
Discover the joy of living on the Bras d’Or Lakes with this waterfront property located in Ross Ferry. This well cared for and maintained home has 3 bedrooms and 2.5 bathrooms, providing ample living space. Upon entering the home you are greeted with the living room and bright kitchen with views of the water and Kelly’s Mountain.
C$625000

Residential For Sale

11217 Kempt Head Road, Boularderie Centre, NS B1X 1L1
RE/MAX Park Place Inc.
3Bedroom(s)
3Bathroom(s)
C$625000
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