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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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698 Ketch Harbour Road, Portuguese Cove, NS B3V 1K2

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
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C$559000

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698 Ketch Harbour Road, Portuguese Cove, NS B3V 1K2
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,112Sqft
Royal LePage Atlantic
Come explore this 3 bedrm + den classic Cape Cod home in Portuguese Cove, one of metro’s most charming seaside communities! Built in 1988, this beautiful home has been lovingly updated for modern living. The main floor offers a bright entryway, spacious living rm w/ wood burning stove & sunny dining rm.
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2Bathroom(s)
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PG Direct Realty Ltd.
Visit REALTOR® website for additional information.
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3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,732Sqft
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All bright and new, the Blue Lighthouse of Garden Lots is ready to extend a welcome. Not yet lived in, but equipped with everything needed for a good life, this one of a kind home is very suitable for the recreation of body and soul. We imagine creative minds thriving here, as nothing is ordinary or boring.
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3Bedroom(s)
2Bathroom(s)
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1,184Sqft
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2 Mackenzie Road, Greenfield, NS B6L 3W2
3Bedroom(s)
2Bathroom(s)
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2 Mackenzie Road, Greenfield, NS B6L 3W2
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3Bedroom(s)
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1Bathroom(s)
DoubleParking(s)
45Picture(s)
1,167Sqft
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773 Big Tancook Island Road, Big Tancook Island, NS B0J 3G0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,167Sqft
EXIT Realty Inter Lake
This vibrant house is steeped in Tancook Island history. This home has ocean views from the living room, the bedrooms and the garden courtyard. Speaking of the courtyard, this area is like your own private oasis with a hot tub! You can soak in the tub and watch the boats sail by. Also included in the purchase of this home is an 18,500 +/- sq ft oceanfront lot for you to enjoy.
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EXIT Realty Inter Lake
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3Bedroom(s)
2Bathroom(s)
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41Picture(s)
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Residential For Sale

4597 Prospect Rd., Bayside, NS B3Z 1L8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,476Sqft
RE/MAX Nova
Attention first time buyers or anyone looking for a property with great potential to build equity. This home has stood the test of time.It is a solid home with an upgraded electrical system in 2016,new front roof in 2014 and back roof in 2017,new pump pressure switch and expansion tank in 2016, new furnace and fibreglass oil tank in 2009, a new water tank in 2022 and most new windows.
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3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
956Sqft
Pier II Realty Limited
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Residential For Sale

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Pier II Realty Limited
3Bedroom(s)
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1Picture(s)
2,442Sqft
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Residential For Sale

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4Bedroom(s)
3Bathroom(s)
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2,442Sqft
Sutton Group Professional Realty
Welcome to The Beckett - Marchand Homes’ newest model home, soon to be under construction! Located in the highly sought-after community of Indigo Shores, this stunning property sits on a private 1.8-acre, tree-lined lot just 10 minutes from all of Sackville’s amenities, schools, and grocery stores.
C$849900

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5Picture(s)
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3Bedroom(s)
1Bathroom(s)
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1,024Sqft
RE/MAX Fairlane Realty
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23Picture(s)
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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
713Sqft
EXIT Realty Inter Lake (Liverpool)
Great starter home on a large sized town lot! This two bedroom home, features one level living opportunities with a large open concept living room that opens into a kitchen/dining area. There are two bedrooms, along with a laundry area and bathroom. The home has seen numerous upgrades in recent years including new flooring, furnace, hot water heater, roof and vinyl siding.
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1Bathroom(s)
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57 Moody Park Drive, Williamswood, NS B3V 1B8

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2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,598Sqft
Royal LePage Atlantic
C$549900

Residential For Sale

57 Moody Park Drive, Williamswood, NS B3V 1B8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,598Sqft
Royal LePage Atlantic
Welcome Home to 57 Moody Park Dr, where you discover the calm and beauty of lakeside living in Williamswood, all less than 20 mins from Halifax. This spacious bungalow sits on a generous lot with direct lake frontage on beautiful Moody Lake - imagine kayaking, canoeing and swimming on sunny summer days, or hockey and skating when it freezes in the winter.
C$549900

Residential For Sale

57 Moody Park Drive, Williamswood, NS B3V 1B8
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
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Residential For Sale

33 Merlot Court, Timberlea, NS B3T 0C2

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,004Sqft
The Agency Real Estate Brokerage
C$969000

Residential For Sale

33 Merlot Court, Timberlea, NS B3T 0C2
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,004Sqft
The Agency Real Estate Brokerage
Welcome to 33 Merlot Court, a stylish, high-quality home in the coveted Brunello Estates, where modern design meets resort-style living just minutes from downtown Halifax. Built only seven years ago, this 4-bedroom, 3.5-bath home offers over 3,000 sq. ft. of finished living space on a 6,196 sq. ft. lot, enhanced by nearly $100K in thoughtful upgrades.
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Residential For Sale

33 Merlot Court, Timberlea, NS B3T 0C2
The Agency Real Estate Brokerage
4Bedroom(s)
4Bathroom(s)
C$969000
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