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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

45 Monteith Avenue, Westmount, NS B1R 1K5

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
39Picture(s)
1,003Sqft
EXP Realty of Canada Inc.
C$309000

Residential For Sale

45 Monteith Avenue, Westmount, NS B1R 1K5
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,003Sqft
EXP Realty of Canada Inc.
Tucked away on a quiet street in the heart of Westmount, 45 Monteith Avenue offers more than just a place to live—it’s a space to breathe, grow, and enjoy. Just minutes from the natural beauty of Petersfield Provincial Park and the historic Coast Guard College, this home also treats you to sweeping views of Sydney Harbour, where you can watch the cruise ships sailing by.
C$309000

Residential For Sale

45 Monteith Avenue, Westmount, NS B1R 1K5
EXP Realty of Canada Inc.
3Bedroom(s)
1Bathroom(s)
C$309000

Residential For Sale

104 Backman Road, Bayswater, NS B0J 1T0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
26Picture(s)
1,118Sqft
Engel & Volkers
C$599000

Residential For Sale

104 Backman Road, Bayswater, NS B0J 1T0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,118Sqft
Engel & Volkers
An immaculate year round 3 bedroom home with amazing 180 degree ocean views. Extremely well maintained this one level home is perfect for an active young family, a 4 season getaway or for retirees. Backman Road is a quiet country lane. It is a peaceful enclave of just a few homes off the main road, directly across from the ocean.
C$599000

Residential For Sale

104 Backman Road, Bayswater, NS B0J 1T0
Engel & Volkers
3Bedroom(s)
1Bathroom(s)
C$599000

Residential For Sale

6313 Louisbourg Highway, Catalone, NS B1C 1R9

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
31Picture(s)
2,294Sqft
Viewpoint Realty Services Inc. (Sydney)
C$259000

Residential For Sale

6313 Louisbourg Highway, Catalone, NS B1C 1R9
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,294Sqft
Viewpoint Realty Services Inc. (Sydney)
Opportunity awaits with this spacious 4-bedroom, 2-bathroom home complete with a detached garage, all set on a private 4.7-acre lot. Offering 2,294 square feet of finished living space spread across four levels, this home provides room to grow and plenty of flexibility. The main floor features a bright living room, a functional kitchen, and a dedicated dining area.
C$259000

Residential For Sale

6313 Louisbourg Highway, Catalone, NS B1C 1R9
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
2Bathroom(s)
C$259000

Residential For Sale

248 Albert Street, New Glasgow, NS B2H 3V5

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
49Picture(s)
1,286Sqft
Blinkhorn Real Estate Ltd.
C$299900

Residential For Sale

248 Albert Street, New Glasgow, NS B2H 3V5
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,286Sqft
Blinkhorn Real Estate Ltd.
This stunning residence has been meticulously renovated to incorporate modern enhancements, resulting in a warm and inviting space. Boasting 4 spacious bedrooms, one featuring ensuite access. The kitchen is equipped with brand new stainless steel appliances, attractive countertops, and convenient rear entrance access to the newly constructed deck.
C$299900

Residential For Sale

248 Albert Street, New Glasgow, NS B2H 3V5
Blinkhorn Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

47 Pinewood Drive, Lakelands, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,924Sqft
RE/MAX Nova
C$580000

Residential For Sale

47 Pinewood Drive, Lakelands, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,924Sqft
RE/MAX Nova
Welcome to 47 Pinewood Drive. This property is located in Lakelands which is only 20 minutes to Sackville and 30 minutes to Dartmouth. This 3 bedroom / 1.5 bathroom split entry home has lots of potential and possibility. The main level features a large open concept kitchen with a dining space, living room and a dedicated sunroom.
C$580000

Residential For Sale

47 Pinewood Drive, Lakelands, NS B0N 1Z0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$580000

Residential For Sale

155 Carnoustie Drive, Hammonds Plains, NS B4B 0E5

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
2,970Sqft
RE/MAX Nova (Halifax)
C$799900

Residential For Sale

155 Carnoustie Drive, Hammonds Plains, NS B4B 0E5
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,970Sqft
RE/MAX Nova (Halifax)
Welcome to a home that blends modern style with thoughtful functionality in one of Glen Arbour’s newest and most sought-after pockets. This brand-new walkout bungalow offers just under 3,000 sq. ft. of beautifully finished living space, perfectly designed for today’s lifestyle.
C$799900

Residential For Sale

155 Carnoustie Drive, Hammonds Plains, NS B4B 0E5
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$799900

Residential For Sale

533 Colby Drive, Cole Harbour, NS B2V 1Z5

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
36Picture(s)
2,024Sqft
RE/MAX Nova
C$550000

Residential For Sale

533 Colby Drive, Cole Harbour, NS B2V 1Z5
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,024Sqft
RE/MAX Nova
Welcome to 533 Colby Drive! Located in the popular Colby Village, this attractive home offers a warm, functional layout perfect for family living.
C$550000

Residential For Sale

533 Colby Drive, Cole Harbour, NS B2V 1Z5
RE/MAX Nova
4Bedroom(s)
2Bathroom(s)
C$550000

Residential For Sale

316 Mahon Street, New Waterford, NS B1H 3H5

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
37Picture(s)
1,259Sqft
RE/MAX Park Place Inc.
C$269900

Residential For Sale

316 Mahon Street, New Waterford, NS B1H 3H5
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,259Sqft
RE/MAX Park Place Inc.
Step into this beautifully updated home, perfectly situated in the heart of New Waterford — a community known for its rich traditions and strong sense of belonging. Full of character, natural light, and thoughtful modern updates, this 3-bedroom 1 and 1/2 bathroom home is the ideal blend of classic charm and contemporary comfort.
C$269900

Residential For Sale

316 Mahon Street, New Waterford, NS B1H 3H5
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$269900

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,155Sqft
Blinkhorn Real Estate Ltd.
C$319900

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,155Sqft
Blinkhorn Real Estate Ltd.
This property truly showcases the pride of ownership that has been nurtured over the past 29 years. As you arrive, you'll find a spacious concrete driveway perfect for parking your moving truck as you unload. There are two wired sheds on the property, one of which is fully insulated, giving you plenty of storage options.
C$319900

Residential For Sale

56 Aberdeen Avenue, New Glasgow, NS B2H 4A9
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$319900

Residential For Sale

3 Bentley Drive, Middleton, NS B0S 1P0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
40Picture(s)
1,927Sqft
Royal LePage Atlantic (Greenwood)
C$360000

Residential For Sale

3 Bentley Drive, Middleton, NS B0S 1P0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,927Sqft
Royal LePage Atlantic (Greenwood)
This is the one you've been waiting for!! Fully renovated and move-in ready, this 4 bedroom, 2 full bath raised bungalow on town services requires nothing except it's proud new owners to move in, unpack and relax. Located on a quiet street in the charming town of Middleton, just a short drive to 14 Wing Greenwood, this beauty has so much to offer for such an affordable price.
C$360000

Residential For Sale

3 Bentley Drive, Middleton, NS B0S 1P0
Royal LePage Atlantic (Greenwood)
4Bedroom(s)
2Bathroom(s)
C$360000

Residential For Sale

501 Ostrea Lake Road, Ostrea Lake, NS B0J 2L0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
29Picture(s)
1,717Sqft
Royal LePage Atlantic
C$515000

Residential For Sale

501 Ostrea Lake Road, Ostrea Lake, NS B0J 2L0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,717Sqft
Royal LePage Atlantic
Welcome to 501 Ostrea Lake Road – a charming 3-bedroom, 2-bathroom home set on a picturesque 1.15-acre lot in a peaceful rural setting with deeded water access to Musquodoboit Harbour. This well-maintained property offers the perfect blend of comfort and functionality, featuring hardwood flooring throughout and spacious, sun-filled rooms.
C$515000

Residential For Sale

501 Ostrea Lake Road, Ostrea Lake, NS B0J 2L0
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$515000

Residential For Sale

211 Donegal Drive, Cole Harbour, NS B2V 1P2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
1,909Sqft
RE/MAX Nova
C$579900

Residential For Sale

211 Donegal Drive, Cole Harbour, NS B2V 1P2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,909Sqft
RE/MAX Nova
211 Donegal Drive is an inviting split-entry home that presents an excellent opportunity for first-time buyers or those looking to downsize. This unique property features a spacious backyard that is perfect for children to play and enjoy outdoor activities, as well as an attached garage for convenience.
C$579900

Residential For Sale

211 Donegal Drive, Cole Harbour, NS B2V 1P2
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$579900
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