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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

335-684 Highway 335 Highway, West Pubnico, NS B0W 3S0

6Bedroom(s)
1Bathroom(s)
AttachedParking(s)
28Picture(s)
1,596Sqft
Modern Realty
C$239000

Residential For Sale

335-684 Highway 335 Highway, West Pubnico, NS B0W 3S0
6Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,596Sqft
Modern Realty
Experience timeless charm with this century-old home. Nestled along the scenic community of West Pubnico, this spacious and meticulously maintained home offers charm, comfort and stunning ocean views! It features a newly renovated bathroom, new insulation throughout and has been newly painted.
C$239000

Residential For Sale

335-684 Highway 335 Highway, West Pubnico, NS B0W 3S0
Modern Realty
6Bedroom(s)
1Bathroom(s)
C$239000

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
31Picture(s)
1,680Sqft
Royal LePage Anchor Realty
C$439900

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,680Sqft
Royal LePage Anchor Realty
Seaside homes don't get any better than this gem.Crescent Beach is minutes away. This charming, 3-bedroom, 2 bathroom, Captain's house faces the lobster wharf on Currie Cove in West Dublin only 2 kms from beautiful Crescent Beach and ten minutes to the LaHave Bakery and the Ferry.
C$439900

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8
Royal LePage Anchor Realty
3Bedroom(s)
2Bathroom(s)
C$439900

Residential For Sale

25 Jan Marie Drive, Lawrencetown, NS B2Z 1E2

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
27Picture(s)
1,250Sqft
Royal LePage Atlantic
C$569000

Residential For Sale

25 Jan Marie Drive, Lawrencetown, NS B2Z 1E2
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,250Sqft
Royal LePage Atlantic
This brand new house construction offers 3 large bedrooms, 1.5 baths, an open-concept kitchen-dining-living area, and a private property surrounded by tall mature trees. Ideally located in a quiet family-oriented subdivision, this home’s finishing touches can be tailored to your preference before completion. Move-in ready for approximately end of September/October.
C$569000

Residential For Sale

25 Jan Marie Drive, Lawrencetown, NS B2Z 1E2
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$569000

Residential For Sale

4192 Highway 3 Highway, Doctors Cove, NS B0W 1G0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
22Picture(s)
1,300Sqft
Modern Realty
C$389000

Residential For Sale

4192 Highway 3 Highway, Doctors Cove, NS B0W 1G0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,300Sqft
Modern Realty
Welcome to 4192 Doctor’s Cove – A Move-In Ready Bungalow with Privacy and Charm! Discover this beautifully maintained 3-bedroom, 2-bathroom bungalow, perfectly blending comfort, convenience, and serene living. Tucked away on a spacious lot, this home is efficient to heat and easy to maintain, making it an ideal choice for both families and retirees.
C$389000

Residential For Sale

4192 Highway 3 Highway, Doctors Cove, NS B0W 1G0
Modern Realty
3Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

5718 Highway 2, Bass River, NS B0M 1B0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
30Picture(s)
875Sqft
Keller Williams Select Realty (Truro)
C$205000

Residential For Sale

5718 Highway 2, Bass River, NS B0M 1B0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
875Sqft
Keller Williams Select Realty (Truro)
Welcome to your new home - 5718 Highway 2, Bass River. This newly upgraded two-bedroom gem boastsan open-concept layout, seamlessly blending the kitchen, dining, and living areas, making itperfect for both daily living and entertaining. The stunning kitchen is outfitted with brand-newcabinetry, adding both style and function to the space.
C$205000

Residential For Sale

5718 Highway 2, Bass River, NS B0M 1B0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$205000

Residential For Sale

224 Northfield Road, Maitland, NS B0J 1E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
33Picture(s)
1,424Sqft
EXIT Realty Inter Lake
C$359900

Residential For Sale

224 Northfield Road, Maitland, NS B0J 1E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,424Sqft
EXIT Realty Inter Lake
Updated, affordable, and Move-in ready...are words you don't see often anymore! This stunning 3 Bedroom home is perfectly located central to Bridgewater, Mahone Bay, and Lunenburg, offers easy access to Hwy 103, and is in one of the most highly sought after School Districts (Bayview).
C$359900

Residential For Sale

224 Northfield Road, Maitland, NS B0J 1E0
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$359900

Residential For Sale

1139 Old Westfield Road, Westfield, NS B0T 1B0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
24Picture(s)
3,220Sqft
Engel & Volkers (Lunenburg)
C$299900

Residential For Sale

1139 Old Westfield Road, Westfield, NS B0T 1B0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
3,220Sqft
Engel & Volkers (Lunenburg)
If you're dreaming of a peaceful rural life with endless possibilities, this charming 4-bedroom, 2-bathroom home might be exactly what you've been looking for. Set on a generous 36-acre lot, this property offers a mix of open field—roughly 5 acres for hobby farming—and lush woodland perfect for wandering or wildlife watching.
C$299900

Residential For Sale

1139 Old Westfield Road, Westfield, NS B0T 1B0
Engel & Volkers (Lunenburg)
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

36 Goose View Drive, East Port Lhebert, NS B0T 1S0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
40Picture(s)
837Sqft
EXIT Realty Inter Lake
C$329000

Residential For Sale

36 Goose View Drive, East Port Lhebert, NS B0T 1S0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
837Sqft
EXIT Realty Inter Lake
Welcome to **36 Goose View Drive**, a beautiful **oceanfront lot** offering **151 feet of direct shoreline** in the scenic coastal community of Port Joli. Surrounded by mature trees and natural beauty, this property is the perfect spot to unwind, explore, and enjoy life by the sea.
C$329000

Residential For Sale

36 Goose View Drive, East Port Lhebert, NS B0T 1S0
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

141 Crescent Street, Bridgewater, NS B4V 1K9

3Bedroom(s)
2Bathroom(s)
CarportParking(s)
47Picture(s)
1,860Sqft
EXIT Realty Inter Lake
C$449900

Residential For Sale

141 Crescent Street, Bridgewater, NS B4V 1K9
3Bedroom(s)
2Bathroom(s)
CarportParking(s)
1,860Sqft
EXIT Realty Inter Lake
Dreams do come true! Just when you thought you would never find an affordable and updated Executive Home in a Family Friendly area 141 Crescent Street appears! Located directly across the road from the popular Kinsman Field where Families come from all over to enjoy Baseball, Football, Tennis Courts, and a Walking/Running Track.
C$449900

Residential For Sale

141 Crescent Street, Bridgewater, NS B4V 1K9
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$449900

Residential For Sale

504-5684 West Street, Halifax, NS B3K 1H7

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
19Picture(s)
533Sqft
RE/MAX Nova (Halifax)
C$409900

Residential For Sale

504-5684 West Street, Halifax, NS B3K 1H7
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
533Sqft
RE/MAX Nova (Halifax)
Welcome to unit 504 at 5684 West street. This modern top floor one bedroom one bath unit shows like new. In the heart of Halifax close to all amenities and great for a students attending university. Why pay rent when you can own this lovely condo with a ductless heat pump for year round comfort. Located in Halifax's vibrant North End.
C$409900

Residential For Sale

504-5684 West Street, Halifax, NS B3K 1H7
RE/MAX Nova (Halifax)
1Bedroom(s)
1Bathroom(s)
C$409900

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
47Picture(s)
1,680Sqft
Royal LePage Anchor Realty
C$439900

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,680Sqft
Royal LePage Anchor Realty
Seaside homes don't get any better than this gem.Crescent Beach is minutes away. This charming, 3-bedroom, 2 bathroom, Captain's house faces the lobster wharf on Currie Cove in West Dublin only 2 kms from beautiful Crescent Beach and ten minutes to the LaHave Bakery and the Ferry.
C$439900

Residential For Sale

4760 Highway 331, West Dublin, NS B0R 1C8
Royal LePage Anchor Realty
3Bedroom(s)
2Bathroom(s)
C$439900

Residential For Sale

207 Transom Drive, Halifax, NS B3M 4T8

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
49Picture(s)
1,970Sqft
RE/MAX Nova (Halifax)
C$599000

Residential For Sale

207 Transom Drive, Halifax, NS B3M 4T8
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
1,970Sqft
RE/MAX Nova (Halifax)
Ideally located just off Larry Uteck Boulevard, this fantastic townhouse offers thoughtfully designed, comfortable living space in one of Bedford's most sought-after communities.
C$599000

Residential For Sale

207 Transom Drive, Halifax, NS B3M 4T8
RE/MAX Nova (Halifax)
3Bedroom(s)
4Bathroom(s)
C$599000
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