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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

310 Black Duck Lake Rd, East Dalhousie, NS B0R 1H0

SingleParking(s)
10Picture(s)
500Sqft
RE/MAX NOVA (Windsor)
C$65000

Residential For Sale

310 Black Duck Lake Rd, East Dalhousie, NS B0R 1H0
SingleParking(s)
500Sqft
RE/MAX NOVA (Windsor)
have you been looking for a place to escape the fast pace and just be in nature? This camp has all the basics taken care of, 20' x 25' single level camp has some newer windows, patio door, both a front and back deck, and a patio door. Inside the space has been defined with some repurposed doors, frames etc adding a bit of charm. There is a wood stove (not certified) and a propane range.
C$65000

Residential For Sale

310 Black Duck Lake Rd, East Dalhousie, NS B0R 1H0
RE/MAX NOVA (Windsor)
C$65000

Residential For Sale

885 Sherman Belcher Road, Centreville, NS B0P 1J0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
39Picture(s)
788Sqft
Royal LePage Atlantic (New Minas)
C$275000

Residential For Sale

885 Sherman Belcher Road, Centreville, NS B0P 1J0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
788Sqft
Royal LePage Atlantic (New Minas)
Nestled in the quaint community of Centreville, this affordable property is ready for new ownership. From the back entrance, the large mudroom/laundry could also function as an office or main floor bedroom, if needed. The modest kitchen is kept cool with a heat pump. Light and bright open concept dining/living space also features a heat pump and exposed chimney. Main bath completes this level.
C$275000

Residential For Sale

885 Sherman Belcher Road, Centreville, NS B0P 1J0
Royal LePage Atlantic (New Minas)
2Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

13131 Highway 215, East Hants, NS B0N 2H0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
33Picture(s)
2,040Sqft
Keller Williams Select Realty (Elmsdale)
C$449900

Residential For Sale

13131 Highway 215, East Hants, NS B0N 2H0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,040Sqft
Keller Williams Select Realty (Elmsdale)
A beautiful waterfront property on the historical Shubenacadie river equipped with heat pumps, a pool, one of the best views in town from your deck and an in-law suite in the lower level. This home rests on a gorgeous sloping landscape running all the way down to the water where you are greeted by amazing vista of nature. Over 600 ft of water frontage that is fully accessible by foot.
C$449900

Residential For Sale

13131 Highway 215, East Hants, NS B0N 2H0
Keller Williams Select Realty (Elmsdale)
4Bedroom(s)
3Bathroom(s)
C$449900

Residential For Sale

1731 West Side Road, West Lochaber, NS B3G 2L3

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
45Picture(s)
3,789Sqft
Engel & Volkers
C$1549900

Residential For Sale

1731 West Side Road, West Lochaber, NS B3G 2L3
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,789Sqft
Engel & Volkers
Welcome home to 1731 West Side Lochaber. This stunning six-year-old cape cod offers 3,789 square feet of luxurious living space along approximately 372 feet of pristine lakefront. Wake each morning to golden sunrises painting Lochaber Lake in brilliant hues while your coffee brews in a custom country kitchen designed for both quiet family moments and lively gatherings with friends.
C$1549900

Residential For Sale

1731 West Side Road, West Lochaber, NS B3G 2L3
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$1549900

Residential For Sale

2792 Grand Mira North Road, Marion Bridge, NS B1K 1B1

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,532Sqft
3% Realty Nova Scotia
C$474000

Residential For Sale

2792 Grand Mira North Road, Marion Bridge, NS B1K 1B1
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,532Sqft
3% Realty Nova Scotia
Escape to the tranquility of rural living with this charming hobby farm at 2792 Grand Mira North Road in Marion Bridge, NS. Nestled on 41 acres of beautiful countryside, this property offers ample space for homesteading, raising animals, and enjoying the outdoors. A brook runs through the land, providing a natural water source for livestock, easily accessible thanks to an electric fence.
C$474000

Residential For Sale

2792 Grand Mira North Road, Marion Bridge, NS B1K 1B1
3% Realty Nova Scotia
5Bedroom(s)
2Bathroom(s)
C$474000

Residential For Sale

189 Fisher Drive, Hammonds Plains, NS B4B 1W9

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
4,906Sqft
RE/MAX Nova (Halifax)
C$1449000

Residential For Sale

189 Fisher Drive, Hammonds Plains, NS B4B 1W9
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
4,906Sqft
RE/MAX Nova (Halifax)
Lakefront Luxury with Modern Upgrades Welcome to this exceptional lakefront bungalow in the sought-after Kingwood Subdivision. This stately and energy-efficient home was built from the ground up with Insulated Concrete Form (ICF), offering year-round comfort with in-floor heat and a new hot water heater and new heat pumps.
C$1449000

Residential For Sale

189 Fisher Drive, Hammonds Plains, NS B4B 1W9
RE/MAX Nova (Halifax)
4Bedroom(s)
5Bathroom(s)
C$1449000

Residential For Sale

495 Pine Ridge Avenue, Kingston, NS B0P 1R0

3Bedroom(s)
2Bathroom(s)
WiredParking(s)
30Picture(s)
1,624Sqft
RE/MAX Banner Real Estate
C$349900

Residential For Sale

495 Pine Ridge Avenue, Kingston, NS B0P 1R0
3Bedroom(s)
2Bathroom(s)
WiredParking(s)
1,624Sqft
RE/MAX Banner Real Estate
This charming single-family home is the perfect place to call your own. Located in a quiet, family-friendly neighborhood just minutes from downtown Kingston, it offers a bright and welcoming interior with plenty of natural light. Situated on a generously sized lot in a sought-after school district, this home features three bedrooms and 1.5 bathrooms.
C$349900

Residential For Sale

495 Pine Ridge Avenue, Kingston, NS B0P 1R0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

61 Bolivar Road, Rhodes Corner, NS B4V 5N6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,558Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$574900

Residential For Sale

61 Bolivar Road, Rhodes Corner, NS B4V 5N6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,558Sqft
RE/MAX Banner Real Estate (Bridgewater)
Perfectly positioned between the vibrant communities of Bridgewater and Lunenburg, this well-maintained 4-bedroom, 2-bath bungalow offers the ideal blend of comfort, space, and convenience. Situated on a generous lot, this home features an open-concept main level with a newer kitchen, spacious living room with a cozy wood insert, and a heat pump for efficient year-round comfort.
C$574900

Residential For Sale

61 Bolivar Road, Rhodes Corner, NS B4V 5N6
RE/MAX Banner Real Estate (Bridgewater)
4Bedroom(s)
2Bathroom(s)
C$574900

Residential For Sale

107 Parr Street, Shelburne, NS B0T 1W0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
14Picture(s)
1,062Sqft
Royal Lepage Atlantic (Mahone Bay)
C$99999

Residential For Sale

107 Parr Street, Shelburne, NS B0T 1W0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,062Sqft
Royal Lepage Atlantic (Mahone Bay)
Affordable older home with some wonderful upgrades like electrical and refurbished original floors. Located in the heart of Shelburne set on a spacious half acre lot and move-in ready. Upstairs, you'll find three inviting bedrooms, along with a generous size bathroom/laundry area, the main floor features a large living room, dinning room, kitchen and large half bath.
C$99999

Residential For Sale

107 Parr Street, Shelburne, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$99999

Residential For Sale

28 Piers Avenue, Halifax, NS B3N 1Z5

4Bedroom(s)
3Bathroom(s)
SingleParking(s)
35Picture(s)
1,743Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

28 Piers Avenue, Halifax, NS B3N 1Z5
4Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,743Sqft
Royal LePage Atlantic
This well-kept 4-5 bedroom home is just right for a young, growing family. Located in popular Falrmount, just a few blocks away from Springvale Etementary Schooll The freshly painted living room is bathed In natura! lighl, and boasts hardwood floors and an attraclive fireplace. The adjacent dining room leads Into a decent-sized kitchen, which has stalntess steel appliances.
C$699900

Residential For Sale

28 Piers Avenue, Halifax, NS B3N 1Z5
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

14-209 Lewis Drive, Bedford, NS B4B 0L3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
1Picture(s)
2,254Sqft
Royal LePage Atlantic
C$829900

Residential For Sale

14-209 Lewis Drive, Bedford, NS B4B 0L3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,254Sqft
Royal LePage Atlantic
Introducing The Bellmore, a beautifully crafted 4-bedroom, 3.5-bath detached home by Shaughnessy Homes in Belle Rose Park, West Bedford. Spanning 2,254 sq. ft. across three finished levels on a 32’ lot, this home blends modern style with everyday functionality.
C$829900

Residential For Sale

14-209 Lewis Drive, Bedford, NS B4B 0L3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$829900

Residential For Sale

55 Diana Grace Avenue, Dartmouth, NS B2W 6A2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
1,650Sqft
Keller Williams Select Realty
C$585000

Residential For Sale

55 Diana Grace Avenue, Dartmouth, NS B2W 6A2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,650Sqft
Keller Williams Select Realty
Welcome to 55 Diana Grace Avenue, located in the heart of family-friendly Portland Estates! This charming 3-bedroom, 2-bath split-entry home is situated on a quiet street surrounded by parks, playgrounds, walking trails, and great schools. With tennis and basketball courts nearby, it’s an ideal location for an active lifestyle.
C$585000

Residential For Sale

55 Diana Grace Avenue, Dartmouth, NS B2W 6A2
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$585000
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