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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

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

Residential For Sale

152 Cordova Street, Amherst, NS B4H 2L1

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,133Sqft
Coldwell Banker Open Door Realty Ltd.
C$249000

Residential For Sale

152 Cordova Street, Amherst, NS B4H 2L1
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,133Sqft
Coldwell Banker Open Door Realty Ltd.
Discover this lovely 3-bedroom, 1-bathroom home located in the thriving town of Amherst, Nova Scotia. Offering 1,133 square feet of comfortable living space, this character-filled residence is perfectly situated on a spacious 1.
C$249000

Residential For Sale

152 Cordova Street, Amherst, NS B4H 2L1
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$249000

Residential For Sale

2-3483 Prescott Street, Halifax Peninsula, NS B3K 4Y4

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
471Sqft
EXP Realty of Canada Inc.
C$275000

Residential For Sale

2-3483 Prescott Street, Halifax Peninsula, NS B3K 4Y4
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
471Sqft
EXP Realty of Canada Inc.
Located in one of the most desirable pockets of the Halifax Peninsula, this updated and low maintenance condo is the perfect fit for students, young professionals, or anyone seeking an urban lifestyle surrounded by charm and convenience.
C$275000

Residential For Sale

2-3483 Prescott Street, Halifax Peninsula, NS B3K 4Y4
EXP Realty of Canada Inc.
1Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

352 Lawrence Road, Rockland, NS B0P 1E0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
41Picture(s)
2,700Sqft
EXP Realty of Canada Inc.
C$510000

Residential For Sale

352 Lawrence Road, Rockland, NS B0P 1E0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,700Sqft
EXP Realty of Canada Inc.
Just 4 minutes from Berwick, you will find your new residence surrounded by the famous apple orchards of Nova Scotia. This paradise offers a total of 4 bedrooms and 2.5-bath country bungalow home sitting on 7.1 acres. This home blends modern comfort with rural charm.
C$510000

Residential For Sale

352 Lawrence Road, Rockland, NS B0P 1E0
EXP Realty of Canada Inc.
4Bedroom(s)
3Bathroom(s)
C$510000

Residential For Sale

341 Warwick Mountain Road, Warwick Mountain, NS B0K 1V0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
48Picture(s)
1,442Sqft
Press Realty Inc.
C$349900

Residential For Sale

341 Warwick Mountain Road, Warwick Mountain, NS B0K 1V0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,442Sqft
Press Realty Inc.
Looking for privacy, serenity, and space to roam? Welcome to Warwick Mountain—ideally located between the ski slopes of Wentworth and the charming seaside village of Tatamagouche (just 15 minutes to each). This fully renovated home offers the feel of new construction, complete with a ducted heat pump for year-round efficiency.
C$349900

Residential For Sale

341 Warwick Mountain Road, Warwick Mountain, NS B0K 1V0
Press Realty Inc.
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

12 Kingsley Close, Halifax, NS B3S 1H5

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
33Picture(s)
5,086Sqft
Coldwell Banker Maritime Realty
C$989900

Residential For Sale

12 Kingsley Close, Halifax, NS B3S 1H5
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
5,086Sqft
Coldwell Banker Maritime Realty
12 Kingsley Close – An expansive bungalow nestled on a serene cul-de-sac just steps from Park West School, this sprawling 5,000 square foot bungalow combines impressive scale with accessibility in mind. A spacious foyer opens to an airy, open-concept living area with gleaming hardwood floors and heat pump comfort.
C$989900

Residential For Sale

12 Kingsley Close, Halifax, NS B3S 1H5
Coldwell Banker Maritime Realty
4Bedroom(s)
4Bathroom(s)
C$989900

Residential For Sale

195 Middle Lake South Road, Vaughan, NS B0N 2T0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
32Picture(s)
1,080Sqft
RE/MAX NOVA (Windsor)
C$545000

Residential For Sale

195 Middle Lake South Road, Vaughan, NS B0N 2T0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,080Sqft
RE/MAX NOVA (Windsor)
Discover serene lakeside living with this 2 year old Prestige modular home, perfectly situated on over 2 acres of land with more than 250' of lake frontage. Nestled in a private setting, with just a few neighbouring homes this bungalow offers an expansive back deck with gazebo overlooking the lake with western exposure so you can enjoy the sunsets over the water.
C$545000

Residential For Sale

195 Middle Lake South Road, Vaughan, NS B0N 2T0
RE/MAX NOVA (Windsor)
3Bedroom(s)
2Bathroom(s)
C$545000

Residential For Sale

485 Brunswick Street, Yarmouth, NS B5A 4V5

3Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
25Picture(s)
2,571Sqft
Modern Realty
C$349900

Residential For Sale

485 Brunswick Street, Yarmouth, NS B5A 4V5
3Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
2,571Sqft
Modern Realty
Welcome to 485 Brunswick Street, Yarmouth! This spacious 3-bedroom, 2-bath home offers comfort, versatility, and an unbeatable in-town location. The main level features a bright, open layout with a large eat-in kitchen that flows seamlessly into the living room—perfect for family gatherings or keeping an eye on little ones while you cook.
C$349900

Residential For Sale

485 Brunswick Street, Yarmouth, NS B5A 4V5
Modern Realty
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

6221 1 Highway, Mavillette, NS B0W 2H0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
27Picture(s)
2,008Sqft
Modern Realty
C$304900

Residential For Sale

6221 1 Highway, Mavillette, NS B0W 2H0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,008Sqft
Modern Realty
Welcome to 6221 Highway #1, Mavillette — a spacious family home just minutes from the beach. Set on 1.2 acres of land, this well-built bungalow offers room to grow both inside and out.
C$304900

Residential For Sale

6221 1 Highway, Mavillette, NS B0W 2H0
Modern Realty
3Bedroom(s)
2Bathroom(s)
C$304900

Residential For Sale

49 Flat Lake Drive, Stillwater, NS B3Z 1G3

4Bedroom(s)
4Bathroom(s)
Circular DrivewayParking(s)
23Picture(s)
2,880Sqft
Exit Real Estate Professionals
C$699900

Residential For Sale

49 Flat Lake Drive, Stillwater, NS B3Z 1G3
4Bedroom(s)
4Bathroom(s)
Circular DrivewayParking(s)
2,880Sqft
Exit Real Estate Professionals
Located in the highly desirable community of Stillwater Lake, this beautifully updated home offers a perfect balance of modern upgrades, generous living space, and outdoor enjoyment. With 2,880 total living area sq ft, this 4-bedroom, 2 full bath, and 2 half bath home is move-in ready and ideal for families of all sizes.
C$699900

Residential For Sale

49 Flat Lake Drive, Stillwater, NS B3Z 1G3
Exit Real Estate Professionals
4Bedroom(s)
4Bathroom(s)
C$699900

Residential For Sale

2113 Highway 334 Highway, Upper Wedgeport, NS B0W 1B0

5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
25Picture(s)
2,400Sqft
Modern Realty
C$269000

Residential For Sale

2113 Highway 334 Highway, Upper Wedgeport, NS B0W 1B0
5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,400Sqft
Modern Realty
Welcome to 2113 Highway 334 in Upper Wedgeport! A spacious over-under duplex offering flexibility, comfortable and income potential. Situated on a 1.01 acre lot, this well maintained property features two units. The upper unit is move in ready and includes three bedrooms, 1.5 bathrooms, a functional layout with eat in kitchen and excellent natural light.
C$269000

Residential For Sale

2113 Highway 334 Highway, Upper Wedgeport, NS B0W 1B0
Modern Realty
5Bedroom(s)
2Bathroom(s)
C$269000

Residential For Sale

20 Parade Street, Yarmouth, NS B5A 3A4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
18Picture(s)
2,418Sqft
Modern Realty
C$369900

Residential For Sale

20 Parade Street, Yarmouth, NS B5A 3A4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,418Sqft
Modern Realty
Charming downtown home with park-like privacy! Welcome to 20 Parade Street - a well-maintained, freshly painted single-family home tucked away in a serene, park-like setting in the heart of downtown Yarmouth. Overlooking the peaceful library grounds, this property offers a rare blend of privacy and convenience, just steps from amenities, shops, and services.
C$369900

Residential For Sale

20 Parade Street, Yarmouth, NS B5A 3A4
Modern Realty
3Bedroom(s)
2Bathroom(s)
C$369900
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