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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

9 Dowell Street, Halifax, NS B3M 2M2

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
30Picture(s)
1,688Sqft
Red Door Realty
C$549900

Residential For Sale

9 Dowell Street, Halifax, NS B3M 2M2
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,688Sqft
Red Door Realty
Attention first time buyers! Discover peaceful living in Fernleigh Park, Rockingham, one of Bedford’s most convenient and sought-after neighborhoods. This charming 3-bedroom, 1.5-bath family home sits on a beautiful 8,400 sq. ft. corner lot, offering the perfect blend of comfort, character, and privacy.
C$549900

Residential For Sale

9 Dowell Street, Halifax, NS B3M 2M2
Red Door Realty
3Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

37-49 Pearlgarden Close, Dartmouth, NS B2X 0C3

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
37Picture(s)
2,324Sqft
Royal LePage Atlantic
C$744900

Residential For Sale

37-49 Pearlgarden Close, Dartmouth, NS B2X 0C3
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,324Sqft
Royal LePage Atlantic
Enjoy Dartmouth living with this stunning home by Rooftight. Meet "Rosemary" a 2-storey home situated on Pearlgarden Close, a quiet cul-de-sac in The Parks of Lake Charles, just off of the Waverley Road. With 3 bedrooms and 3.5 bathrooms, this home is a beacon of comfort and style.
C$744900

Residential For Sale

37-49 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$744900

Residential For Sale

49 Barren Forks Road, Chéticamp, NS B0E 1H0

2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
17Picture(s)
1,176Sqft
Red Door Realty
C$264550

Residential For Sale

49 Barren Forks Road, Chéticamp, NS B0E 1H0
2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,176Sqft
Red Door Realty
If you’re looking for privacy, and beautiful mountain views, this well-kept home is a great choice. Set on over 3 peaceful acres, it features two bedrooms plus a den, a large kitchen that’s perfect for family meals, and a bright, spacious living room where you can relax and enjoy the scenery.
C$264550

Residential For Sale

49 Barren Forks Road, Chéticamp, NS B0E 1H0
Red Door Realty
2Bedroom(s)
1Bathroom(s)
C$264550

Residential For Sale

1600 Lingan Road, River Ryan, NS B1H 5S9

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
1,616Sqft
RE/MAX Park Place Inc.
C$295000

Residential For Sale

1600 Lingan Road, River Ryan, NS B1H 5S9
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,616Sqft
RE/MAX Park Place Inc.
Welcome to 1600 Lingan Road in River Ryan! This 3.7-acre property features two renovated mobile homes, a poured concrete slab ready for a new build, and excellent development potential. The first home (14’ x 64’) is fully renovated inside with an ensuite bath, second full bath, new appliances, a 200-amp panel, and a new hot water tank.
C$295000

Residential For Sale

1600 Lingan Road, River Ryan, NS B1H 5S9
RE/MAX Park Place Inc.
4Bedroom(s)
3Bathroom(s)
C$295000

Residential For Sale

285 Quinlan Drive, Head Of Jeddore, NS B0J 1P0

3Bedroom(s)
3Bathroom(s)
NoneParking(s)
50Picture(s)
2,354Sqft
Sutton Group Professional Realty
C$789000

Residential For Sale

285 Quinlan Drive, Head Of Jeddore, NS B0J 1P0
3Bedroom(s)
3Bathroom(s)
NoneParking(s)
2,354Sqft
Sutton Group Professional Realty
Wake up to panoramic ocean views! Perched high above the sparkling waters of Jeddore Harbour, this 4 year young Stonewater masterpiece offers a lifestyle of luxury and tranquility in the prestigious Jeddore Shores Community. With 2.
C$789000

Residential For Sale

285 Quinlan Drive, Head Of Jeddore, NS B0J 1P0
Sutton Group Professional Realty
3Bedroom(s)
3Bathroom(s)
C$789000

Residential For Sale

29 Allans Lane, Valley Mills, NS B0E 2Y0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,640Sqft
RE/MAX Park Place Inc.
C$299900

Residential For Sale

29 Allans Lane, Valley Mills, NS B0E 2Y0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,640Sqft
RE/MAX Park Place Inc.
Welcome to 29 Allan’s Lane — a bright and inviting split-entry home set on over 2 acres of peaceful, treed property just steps from the water and a short drive to all amenities in Whycocomagh. This well-maintained home combines charm and functionality in a naturally private setting, perfect for those seeking a quiet lifestyle surrounded by the beauty of Cape Breton.
C$299900

Residential For Sale

29 Allans Lane, Valley Mills, NS B0E 2Y0
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

3485 Lawrencetown Road, Lawrencetown, NS B2Z 1R2

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,372Sqft
Viewpoint Realty Services Inc.
C$659900

Residential For Sale

3485 Lawrencetown Road, Lawrencetown, NS B2Z 1R2
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,372Sqft
Viewpoint Realty Services Inc.
Welcome to 3485 Lawrencetown Rd. where you can enjoy views of the Atlantic Ocean from your side deck and glorious sunsets from your back deck. This 2-level home w/ basement walk-out is set well off the road with sprawling landscaped lawns & gardens on a 1.5 acre lot. With 4 beds, 2 full baths and over 2,300 sq. ft.
C$659900

Residential For Sale

3485 Lawrencetown Road, Lawrencetown, NS B2Z 1R2
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$659900

Residential For Sale

83 Bay Loch Road, Lakevale, NS B2G 2L2

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,985Sqft
The Agency Real Estate Brokerage
C$599900

Residential For Sale

83 Bay Loch Road, Lakevale, NS B2G 2L2
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,985Sqft
The Agency Real Estate Brokerage
Welcome to 83 Bay Loch Road, where lakefront serenity meets ocean vistas. Just north of the vibrant town of Antigonish, this rare raised bungalow with a full walk-out basement is perfectly positioned on the tranquil shores of Lakevale. The spacious, private property offers rare frontage on a unique salt-and-freshwater lake, connected to the ocean by an intertidal channel.
C$599900

Residential For Sale

83 Bay Loch Road, Lakevale, NS B2G 2L2
The Agency Real Estate Brokerage
2Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

980 Lockhartville Road, Lockhartville, NS B0P 1P0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,053Sqft
Exit Realty Town & Country
C$239900

Residential For Sale

980 Lockhartville Road, Lockhartville, NS B0P 1P0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,053Sqft
Exit Realty Town & Country
Looking for an affordable home within 15 minutes of Wolfville and under 45 minutes to the HRM? Look no further! This sweet bungalow is situated on just shy of a ½-acre lot with three outbuildings perfect for storage and one previously used for animals. This home offers a lot of opportunities.
C$239900

Residential For Sale

980 Lockhartville Road, Lockhartville, NS B0P 1P0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$239900

Residential For Sale

9 Haliburton Crescent, Stillwater Lake, NS B3Z 1P1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,563Sqft
Red Door Realty
C$749900

Residential For Sale

9 Haliburton Crescent, Stillwater Lake, NS B3Z 1P1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,563Sqft
Red Door Realty
9 Stillwater Crescent is an exceptional 3+1 bed, 3.5 bath home that offers comfort, flexibility, and privacy in a desirable neighbourhood. The bright kitchen features refaced cabinetry and plenty of workspace. The tranquil living room and separate dining room are ideal for entertaining. The primary suite includes a large walk-in closet and ensuite bath, a true retreat.
C$749900

Residential For Sale

9 Haliburton Crescent, Stillwater Lake, NS B3Z 1P1
Red Door Realty
4Bedroom(s)
4Bathroom(s)
C$749900

Residential For Sale

113 Ceilidh Lane, Lismore, NS B0K 1B0

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
44Picture(s)
580Sqft
Blinkhorn Real Estate Ltd.
C$229000

Residential For Sale

113 Ceilidh Lane, Lismore, NS B0K 1B0
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
580Sqft
Blinkhorn Real Estate Ltd.
Oceanfront Cottage in Lismore! Escape to this charming oceanfront cottage offering over a half acre of land and 85 feet of shoreline with picturesque oceanfront view. Imagine adding steps going down to the sandy beach! Immerse yourself in the tranquil beauty of the ocean with breathtaking views from every angle.
C$229000

Residential For Sale

113 Ceilidh Lane, Lismore, NS B0K 1B0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$229000

Residential For Sale

12 Joshua Street, Enfield, NS B2T 1K4

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
22Picture(s)
784Sqft
Royal LePage Atlantic (Enfield)
C$219900

Residential For Sale

12 Joshua Street, Enfield, NS B2T 1K4
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
784Sqft
Royal LePage Atlantic (Enfield)
AFFORDABLE! Welcome to Enfield Estates. This charming 2-bedroom, 1-bath mini home offers comfort, convenience and an unbeatable location. Perfectly situated just 1 minute from Highway 102 access, making your daily commute a breeze. Just a 4 minute drive to the airport, 20-minutes to either Halifax-Dartmouth or Stewiacke.
C$219900

Residential For Sale

12 Joshua Street, Enfield, NS B2T 1K4
Royal LePage Atlantic (Enfield)
2Bedroom(s)
1Bathroom(s)
C$219900
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