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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

4 Snow White, Lake Echo, NS B3E 1C5

2Bedroom(s)
1Bathroom(s)
28Picture(s)
789Sqft
Royal LePage Atlantic (Dartmouth)
C$170000

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4 Snow White, Lake Echo, NS B3E 1C5
2Bedroom(s)
1Bathroom(s)
789Sqft
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Welcome to this charming and affordable mini home, nestled in a well-managed park in the heart of Lake Echo. Bright and spacious, the open-plan main living area is flooded with natural light thanks to triple-aspect windows, creating a warm and inviting space to relax or entertain.
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44Picture(s)
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4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,594Sqft
RE/MAX Banner Real Estate
This spacious 4 bedroom, 2 bath mini home offers comfortable living in a coastal town along the shores of Nova Scotia. The town of Clark's Harbour features quaint cafes, a family friendly playground and a shoreline boardwalk with spectacular views of the sea and lobster fishing boats, all within walking distance.
C$289000

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21 Stoddart Drive, Clarks Harbour, NS B0W 1P0
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2Bedroom(s)
1Bathroom(s)
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36Picture(s)
1,083Sqft
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C$442900

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585 Rumsey Lake Road, Arlington West, NS B0S 1L0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,083Sqft
Exit Realty Town & Country
Welcome to your dream lakefront escape! Located in a highly sought-after waterfront community, this beautifully updated 2-bedroom, 1-bathroom home offers the perfect combination of comfort, charm, and relaxed lakeside living. With direct access to the water and panoramic views, every day feels like a vacation.
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585 Rumsey Lake Road, Arlington West, NS B0S 1L0
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4Bedroom(s)
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43Picture(s)
2,800Sqft
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2386 Highway 201, Tupperville, NS B0S 1C0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,800Sqft
RE/MAX Banner Real Estate
Historic c1780 Colonial Estate with panoramic views of the Annapolis River in Tupperville, Nova Scotia. Set atop nearly 30 pastoral acres in the heart of Tupperville, this distinguished Colonial residence offers a rare opportunity to own a piece of Canadian history.
C$574900

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2386 Highway 201, Tupperville, NS B0S 1C0
RE/MAX Banner Real Estate
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2Bathroom(s)
DoubleParking(s)
18Picture(s)
825Sqft
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C$402000

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2005 East Prince Street, Salmon River, NS B2N 1K2
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
825Sqft
RE/MAX Fairlane Realty
Come take a look at this cozy totally renovated home at 2005 East Prince Street. This home has a new steel roof and the total interior is redone. New windows and flooring. There are new large decks front and back to enjoy the warm summer days. This home has 2 bedrooms and 1 and a half baths. The home is heated by ductless heat pumps, one on all 3 levels.
C$402000

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2005 East Prince Street, Salmon River, NS B2N 1K2
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2Bedroom(s)
2Bathroom(s)
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133 Bay View Drive, Margaretsville, NS B0S 1N0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
46Picture(s)
2,727Sqft
Royal LePage Atlantic (Greenwood)
C$389900

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133 Bay View Drive, Margaretsville, NS B0S 1N0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,727Sqft
Royal LePage Atlantic (Greenwood)
Welcome to charming Margaretsville, Nova Scotia, where the fresh sea air and stunning Bay of Fundy views make this 3 bedroom, 2 bath bungalow a true coastal gem. Featuring an open-concept layout, the kitchen, dining, and living areas are filled with natural light from large windows that frame the seaside setting.
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41Picture(s)
1,491Sqft
Royal LePage Atlantic (Greenwood)
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2337 Victoria Road, Aylesford, NS B0P 1C0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,491Sqft
Royal LePage Atlantic (Greenwood)
Welcome home! Nestled on an 8.29 acre lot, this 3 bed 1.5 home is a great place to start home ownership! Built in 2016, this home requires nothing, but to move in and enjoy the peace & quiet! Main floor has a good sized foyer with laundry, kitchen with newer counter tops and breakfast bar. Open to living room with door leading to the 31x6 covered font porch.
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Residential For Sale

2337 Victoria Road, Aylesford, NS B0P 1C0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
4Bathroom(s)
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50Picture(s)
3,264Sqft
Royal LePage Atlantic
C$1150000

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3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,264Sqft
Royal LePage Atlantic
Oceanfront Retreat Just 25 Minutes from Halifax! Nestled on a tranquil, tree-covered 2-acre lot this beautifully maintained home offers the perfect blend of comfort and coastal charm. With 3 bedrooms and 3.5 bathrooms, it's designed for both relaxed family living and elegant entertaining.
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50Picture(s)
4,274Sqft
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13697 Highway 1, Wilmot, NS B0P 1W0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,274Sqft
Royal LePage Atlantic (Greenwood)
Welcome to your dream home, an executive estate that truly has it all. Nestled on 5.79 acres, this showstopping property wows from the moment you arrive. A private winding driveway leads to an immaculate home surrounded by lush landscaping, an inground heated pool complete with a waterslide, and a fully fenced backyard oasis featuring a hot tub, patio stonework, large deck and a pool house.
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13697 Highway 1, Wilmot, NS B0P 1W0
Royal LePage Atlantic (Greenwood)
4Bedroom(s)
4Bathroom(s)
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64 Thomas Street, Lake Echo, NS B3E 1M6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,091Sqft
Keller Williams Select Realty
C$499900

Residential For Sale

64 Thomas Street, Lake Echo, NS B3E 1M6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,091Sqft
Keller Williams Select Realty
Wow here is the one you have been searching for! This 3 bedroom split entry boasts pride of ownership! From the immaculate landscaping that greets you as you pull up the paved driveway to open concept living, kitchen & dining. The home has two bedrooms up & a third down. Downstairs you will also be wowed by the large family room.
C$499900

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64 Thomas Street, Lake Echo, NS B3E 1M6
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

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3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
46Picture(s)
4,276Sqft
Bryant Realty Atlantic
C$1195000

Residential For Sale

10 Swallow Point Road, Chester Basin, NS B0J 1K0
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,276Sqft
Bryant Realty Atlantic
Welcome to your own private haven filled with the most gorgeous gardens and landscaping on over an acre of land, moments from the sought after seaside town of Chester. 10 Swallow Point Road offers it all. This sophisticated 4,276 sq.ft. home, custom-built in 2022, has the perfect combination of quality craftsmanship, modern comforts, and peaceful living all on one level.
C$1195000

Residential For Sale

10 Swallow Point Road, Chester Basin, NS B0J 1K0
Bryant Realty Atlantic
3Bedroom(s)
4Bathroom(s)
C$1195000

Residential For Sale

26 St Andrews Street, Pictou, NS B0K 1H0

6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
2,250Sqft
Viewpoint Realty Services Inc. (Pictou)
C$318500

Residential For Sale

26 St Andrews Street, Pictou, NS B0K 1H0
6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,250Sqft
Viewpoint Realty Services Inc. (Pictou)
Versatile bilevel 2 blocks from the Pictou waterfront. This home offers 3 bedrooms, a kitchen, living room & 4 piece bath on each level- perfect for multi generational, rental or Air Bnb Recent 2024 upgrades include fresh paint, 200 amp service (permit provided), some new plumbing, flooring & new fixtures & washer & dryer. 2025, the home was re-sided with an elegant sage vinyl siding.
C$318500

Residential For Sale

26 St Andrews Street, Pictou, NS B0K 1H0
Viewpoint Realty Services Inc. (Pictou)
6Bedroom(s)
2Bathroom(s)
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