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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

11459 Highway 7 Highway E, Lake Charlotte, NS B0J 2L0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,339Sqft
Century 21 Trident Realty Ltd.
C$389000

Residential For Sale

11459 Highway 7 Highway E, Lake Charlotte, NS B0J 2L0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,339Sqft
Century 21 Trident Realty Ltd.
This well maintained 3 bed 1.5 bath bungalow is available for a quick closing! Situated in the heart of Lake Charlotte and walking distance to both Webbers Store and the public boat launch! The main level features an eat in kitchen with main floor laundry, two bedrooms and a large primary bedroom with 2 pc ensuite bath.
C$389000

Residential For Sale

11459 Highway 7 Highway E, Lake Charlotte, NS B0J 2L0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

Gar-50 Garvey Court, Bedford, NS B4B 1S7

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2Picture(s)
2,324Sqft
Royal LePage Atlantic
C$809900

Residential For Sale

Gar-50 Garvey Court, Bedford, NS B4B 1S7
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,324Sqft
Royal LePage Atlantic
***Pre-construction special! $10,000 Design Credit on now until Labour Day!*** Meet "Rosemary" a 2-storey home situated on Garvey Court in the Parks of West Bedford. With 3 bedrooms and 3.5 bathrooms, this home is a beacon of comfort and style. The main floor welcomes you with an expansive open concept layout seamlessly connecting the living room, dining room, and kitchen.
C$809900

Residential For Sale

Gar-50 Garvey Court, Bedford, NS B4B 1S7
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$809900

Residential For Sale

Garvey Court, Bedford, NS B4B 1S7

4Bedroom(s)
4Bathroom(s)
OtherParking(s)
1Picture(s)
2,204Sqft
Royal LePage Atlantic
C$809900

Residential For Sale

Garvey Court, Bedford, NS B4B 1S7
4Bedroom(s)
4Bathroom(s)
OtherParking(s)
2,204Sqft
Royal LePage Atlantic
***Pre-construction special! $10,000 Design Credit on now until Labour Day!*** Meet Haley! An adorable new 2-storey model presented by Rooftight Homes on Garvey Court in The Parks of West Bedford. This 4 bedroom 3.5 bathroom layout efficiently utilizes over 2200 sq/ft of luxurious living space.
C$809900

Residential For Sale

Garvey Court, Bedford, NS B4B 1S7
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$809900

Residential For Sale

Gar-46 Garvey Court, Bedford, NS B4B 1S7

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
2,503Sqft
Royal LePage Atlantic
C$879900

Residential For Sale

Gar-46 Garvey Court, Bedford, NS B4B 1S7
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,503Sqft
Royal LePage Atlantic
***Pre-construction special! $10,000 Design Credit on now until Labour Day!*** Meet Brynn.This striking 2-storey, 4 bedroom, 3 and a half bathroom home in the heart of The Parks of West Bedford.
C$879900

Residential For Sale

Gar-46 Garvey Court, Bedford, NS B4B 1S7
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$879900

Residential For Sale

Gar-1 Garvey Court, Bedford, NS B4B 1S7

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1Picture(s)
2,113Sqft
Royal LePage Atlantic
C$749900

Residential For Sale

Gar-1 Garvey Court, Bedford, NS B4B 1S7
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,113Sqft
Royal LePage Atlantic
***Pre-construction special! $10,000 Design Credit on now until Labour Day!*** Discover modern comfort and flexibility in the "Becca" model at The Parks of West Bedford.This ground-level entry home redefines convenience and style with a host of desirable features. Step into luxury on Beechside Laminate flooring spanning all three levels, complemented by two elegant hardwood staircases.
C$749900

Residential For Sale

Gar-1 Garvey Court, Bedford, NS B4B 1S7
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$749900

Residential For Sale

193 Mountain Road, Three Mile Plains, NS B0N 2T0

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
39Picture(s)
3,040Sqft
Exit Realty Town & Country
C$674900

Residential For Sale

193 Mountain Road, Three Mile Plains, NS B0N 2T0
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,040Sqft
Exit Realty Town & Country
Lots of bedrooms? Check! Lots of Bathrooms? Check! Large, detached garage? Check! Close to Halifax and Windsor? Check! 193 Mountain Rd Three Mile Plains is a large and bright home that would allow for a multigenerational family to live with ease.
C$674900

Residential For Sale

193 Mountain Road, Three Mile Plains, NS B0N 2T0
Exit Realty Town & Country
5Bedroom(s)
4Bathroom(s)
C$674900

Residential For Sale

3158 Malagash Road, Malagash Centre, NS B0K 1E0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
42Picture(s)
4,636Sqft
Sunrise Brokerage & Sales Ltd.
C$625000

Residential For Sale

3158 Malagash Road, Malagash Centre, NS B0K 1E0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
4,636Sqft
Sunrise Brokerage & Sales Ltd.
This beautiful, well maintained, 4 bedroom 3 bath home has a lower level, walk out apartment which would be great for a granny suite or perhaps a rental to help with mortgage payments. The main floor has a roomy kitchen with lots of cupboards and a centre island, the spacious dining room has water views, as does the living room which has an electric fireplace.
C$625000

Residential For Sale

3158 Malagash Road, Malagash Centre, NS B0K 1E0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
3Bathroom(s)
C$625000

Residential For Sale

101 Cozy Crescent, Vaughan, NS B0N 2T0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,331Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$750000

Residential For Sale

101 Cozy Crescent, Vaughan, NS B0N 2T0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,331Sqft
RE/MAX Banner Real Estate (Bridgewater)
Welcome to 101 Cozy Crescent, Vaughan – a well-appointed 2 bed, 2 bath bungalow on a beautiful corner lot just under 1 acre in an upscale, lake-access community with protective covenants to safeguard your investment.
C$750000

Residential For Sale

101 Cozy Crescent, Vaughan, NS B0N 2T0
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
2Bathroom(s)
C$750000

Residential For Sale

70 Sefferns Lake Drive, Aldersville, NS B0J 2M0

2Bedroom(s)
1Bathroom(s)
24Picture(s)
588Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$279000

Residential For Sale

70 Sefferns Lake Drive, Aldersville, NS B0J 2M0
2Bedroom(s)
1Bathroom(s)
588Sqft
RE/MAX Banner Real Estate (Bridgewater)
Escape to peace and privacy with this rare opportunity on Sefferns Lake — a quiet, spring-fed lake with only a handful of cottages. Nestled on beautifully manicured grounds, this inviting cottage offers the perfect blend of comfort and natural beauty. Relax or entertain on the spacious lake-facing deck surrounded by mature trees and open lawn, providing a private, park-like setting.
C$279000

Residential For Sale

70 Sefferns Lake Drive, Aldersville, NS B0J 2M0
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
1Bathroom(s)
C$279000

Residential For Sale

1 Cedarwood Court, Fall River, NS B2T 1E7

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,943Sqft
RE/MAX Nova
C$650000

Residential For Sale

1 Cedarwood Court, Fall River, NS B2T 1E7
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,943Sqft
RE/MAX Nova
Okay can but can we talk about that dining room?! Welcome to 1 Cedarwood Court in Fall River. This stunning two-storey home sits on an immaculately groomed lot in one of the most sought after neighbourhoods in HRM - Fall River Village. You're going to love how spacious this home feels as you transition easily from one room to the next.
C$650000

Residential For Sale

1 Cedarwood Court, Fall River, NS B2T 1E7
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$650000

Residential For Sale

50 Redwood Avenue, Halifax, NS B3P 1Y6

4Bedroom(s)
2Bathroom(s)
PavedParking(s)
34Picture(s)
2,021Sqft
EXP Realty of Canada Inc.
C$634900

Residential For Sale

50 Redwood Avenue, Halifax, NS B3P 1Y6
4Bedroom(s)
2Bathroom(s)
PavedParking(s)
2,021Sqft
EXP Realty of Canada Inc.
Have you ever wanted to live in one of Halifax's most sought after family friend neighborhoods? Have you ever wanted your home to have a secondary suite to generate additional income for you and your family? Have you ever dreamed of a turn-key home, something that you can just move into and relax? Welcome to 50 Redwood Avenue in Fleming Heights! This charming bungalow has a good size living room w
C$634900

Residential For Sale

50 Redwood Avenue, Halifax, NS B3P 1Y6
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$634900

Residential For Sale

5320 Highway 6, Caribou River, NS B0K 1R0

4Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
43Picture(s)
1,320Sqft
Royal LePage Atlantic(Stellarton)
C$279900

Residential For Sale

5320 Highway 6, Caribou River, NS B0K 1R0
4Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,320Sqft
Royal LePage Atlantic(Stellarton)
Nestled along the desirable Sunrise Trail in the scenic community of Caribou River, this charming property offers the best of coastal living—just minutes from sandy beaches, a fishing wharf, the Seafoam Lavender Farm, and Provincial parks. Its peaceful setting, is only a short drive to the Town of Pictou and all major amenities. Set on a beautiful 1.
C$279900

Residential For Sale

5320 Highway 6, Caribou River, NS B0K 1R0
Royal LePage Atlantic(Stellarton)
4Bedroom(s)
1Bathroom(s)
C$279900
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