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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

60 Provence Way, Timberlea, NS B3T 0N8

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2Picture(s)
2,750Sqft
Engel & Volkers
C$829900

Residential For Sale

60 Provence Way, Timberlea, NS B3T 0N8
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,750Sqft
Engel & Volkers
Experience opulent living in this meticulously designed three-level home adjacent to the esteemed Brunello Golf Course. The Oxford, built by Ramar Homes boasts four spacious bedrooms, three and a half bathrooms. With 2,750 square feet of carefully curated living space, this residence seamlessly blends style and comfort for contemporary living.
C$829900

Residential For Sale

60 Provence Way, Timberlea, NS B3T 0N8
Engel & Volkers
4Bedroom(s)
4Bathroom(s)
C$829900

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4 Broadholme Lane, Halifax, NS B3M 3B7

4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
31Picture(s)
1,899Sqft
Royal LePage Atlantic
C$649000

Residential For Sale

4 Broadholme Lane, Halifax, NS B3M 3B7
4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,899Sqft
Royal LePage Atlantic
Welcome to 4 Broadholme Lane, nestled in the sought-after Wedgewood neighbourhood—one of Halifax’s most family-friendly communities. This charming 4-bedroom, 1-bath home is ideal for family living. Set on a large, treed lot with a private and oversized backyard, there's plenty of space to play, entertain, or simply unwind.
C$649000

Residential For Sale

4 Broadholme Lane, Halifax, NS B3M 3B7
Royal LePage Atlantic
4Bedroom(s)
1Bathroom(s)
C$649000

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12-693 Masons Beach Road, First South, NS B0J 2C0

1Bedroom(s)
1Bathroom(s)
DrivewayParking(s)
31Picture(s)
868Sqft
Engel & Volkers (Chester)
C$540000

Residential For Sale

12-693 Masons Beach Road, First South, NS B0J 2C0
1Bedroom(s)
1Bathroom(s)
DrivewayParking(s)
868Sqft
Engel & Volkers (Chester)
OCEANFRONT 1 Bedroom, 1 Bathroom Condo - Your seaside dream awaits at this direct oceanfront property in a prime location just 5 minutes to the UNESCO heritage town of Lunenburg! Curated and turnkey, this light filled bungalow offers relaxing water views from every principal room and from its large ocean facing deck.
C$540000

Residential For Sale

12-693 Masons Beach Road, First South, NS B0J 2C0
Engel & Volkers (Chester)
1Bedroom(s)
1Bathroom(s)
C$540000

Residential For Sale

177 Corkums Island Road, Corkums Island, NS B0J 2C0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,252Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$2450000

Residential For Sale

177 Corkums Island Road, Corkums Island, NS B0J 2C0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,252Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Discover your serene and private haven on the beautiful Corkums Island, nestled along the stunning South Shore of Nova Scotia. Stroll down Apple Orchard Lane to uncover a once-in-a-lifetime opportunity. Situated on the East Shore of Corkums Island, this expansive property spans over 2 acres of walk-on waterfront, featuring 2 separately deeded lots. The entire estate is securely fenced.
C$2450000

Residential For Sale

177 Corkums Island Road, Corkums Island, NS B0J 2C0
ViewPoint Realty Services Inc.(Lunenburg)
3Bedroom(s)
3Bathroom(s)
C$2450000

Residential For Sale

40 Andersons Lane, Newellton, NS B0W 1P0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
47Picture(s)
973Sqft
RE/MAX Banner Real Estate
C$329000

Residential For Sale

40 Andersons Lane, Newellton, NS B0W 1P0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
973Sqft
RE/MAX Banner Real Estate
Welcome to 40 Andersons Lane, Newellton – where comfort meets modern coastal charm! This fully transformed bungalow has been beautifully reimagined inside and out, offering stylish one level living tucked away on a peaceful, well established lot.
C$329000

Residential For Sale

40 Andersons Lane, Newellton, NS B0W 1P0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

89 Ridge Avenue, Waverley, NS B2R 1G5

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,341Sqft
Keller Williams Select Realty
C$575000

Residential For Sale

89 Ridge Avenue, Waverley, NS B2R 1G5
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,341Sqft
Keller Williams Select Realty
Welcome to 89 Ridge Avenue, one of the most sought after streets in all of Waverley which runs parallel with Lake William and is walking distance from Waverley Memorial Elementary, Cheema Aquatic Club and Friends For Life Daycare.
C$575000

Residential For Sale

89 Ridge Avenue, Waverley, NS B2R 1G5
Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
C$575000

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2103 Granton Road, Abercrombie, NS B0K 1H0

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
47Picture(s)
1,152Sqft
Blinkhorn Real Estate Ltd.
C$299900

Residential For Sale

2103 Granton Road, Abercrombie, NS B0K 1H0
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,152Sqft
Blinkhorn Real Estate Ltd.
LOCATION! QUALITY! UPDATES! The entire MAIN FLOOR of this lovely home has undergone a HUGE renovation, including all NEW waterproof flooring throughout, new doors, moldings, light fixtures and recently new insulation and much more! The luxury of a brand new shower, brand new vanity, and 4 brand new appliances is sure to wow you! Stay comfortable year round with two newer heat pumps to regulate the
C$299900

Residential For Sale

2103 Granton Road, Abercrombie, NS B0K 1H0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$299900

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21 Asquith Avenue, Stewiacke, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,560Sqft
Exit Realty Metro
C$399900

Residential For Sale

21 Asquith Avenue, Stewiacke, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,560Sqft
Exit Realty Metro
Welcome to this charming and extensively updated home in the heart of the Town of Stewiacke! 3 Bedroom 2 Bathroom. This move-in ready property is connected to municipal water and sewer and features a fully ducted heat pump system to keep you cool all summer and cozy in the winter. Major updates have been completed throughout, offering peace of mind and modern comfort.
C$399900

Residential For Sale

21 Asquith Avenue, Stewiacke, NS B0N 2J0
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

1068 Waddens Court, Westville, NS B0K 2A0

2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
30Picture(s)
2,184Sqft
Results Realty Atlantic Inc.
C$299900

Residential For Sale

1068 Waddens Court, Westville, NS B0K 2A0
2Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,184Sqft
Results Realty Atlantic Inc.
This charming home offers a peaceful retreat within town, yet provides the spaciousness and potential often associated with country living. The property features two bedrooms, including an ensuite on the main floor. The open-concept kitchen and dining area seamlessly connect to a spacious living room, which opens onto a fenced deck overlooking the yard.
C$299900

Residential For Sale

1068 Waddens Court, Westville, NS B0K 2A0
Results Realty Atlantic Inc.
2Bedroom(s)
3Bathroom(s)
C$299900

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60 Cornwallis Street, Lunenburg, NS B0J 2C0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,334Sqft
Red Door Realty(Lunenburg)
C$875000

Residential For Sale

60 Cornwallis Street, Lunenburg, NS B0J 2C0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,334Sqft
Red Door Realty(Lunenburg)
THE ESSENCE OF OLD-TOWN!: Set on a quiet corner in the heart of Lunenburg's Old-Town district, this stunning Lunenburg residence is surrounded by other iconic architectural gems of the historic town.
C$875000

Residential For Sale

60 Cornwallis Street, Lunenburg, NS B0J 2C0
Red Door Realty(Lunenburg)
5Bedroom(s)
3Bathroom(s)
C$875000

Residential For Sale

266 Beaver Bank Road, Beaver Bank, NS B4E 1K2

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
24Picture(s)
1,130Sqft
Royal LePage Atlantic
C$399900

Residential For Sale

266 Beaver Bank Road, Beaver Bank, NS B4E 1K2
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,130Sqft
Royal LePage Atlantic
Welcome to 266 Beaverbank Road! This beautifully maintained two-bedroom home sits in a convenient location close to schools and amenities. The home has in-floor heating and a ductless heat pump for year-round efficiency. The open-concept layout features a spacious kitchen with solid wood cabinetry and an eating bar.
C$399900

Residential For Sale

266 Beaver Bank Road, Beaver Bank, NS B4E 1K2
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

82 Highbury Road, New Minas, NS B4N 3P7

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
45Picture(s)
1,971Sqft
MacKay Real Estate Ltd.
C$409000

Residential For Sale

82 Highbury Road, New Minas, NS B4N 3P7
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,971Sqft
MacKay Real Estate Ltd.
Charming, 3-bedroom, split entry in the heart of New Minas full of character and potential. This well-maintained 3-bedroom, 2-bath split entry is perfectly located in the heart of New Minas. The main level offers a bright living room, kitchen with adjoining dining area, full bath, and three bedrooms.
C$409000

Residential For Sale

82 Highbury Road, New Minas, NS B4N 3P7
MacKay Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$409000
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