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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

173 New Harbour Road, Blandford, NS B0J 1T0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
48Picture(s)
924Sqft
Royal LePage Atlantic
C$589900

Residential For Sale

173 New Harbour Road, Blandford, NS B0J 1T0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
924Sqft
Royal LePage Atlantic
Welcome to 173 New Harbour Rd., in the beautiful ocean community of Blandford, NS. This meticulously maintained 2 BR, 1.
C$589900

Residential For Sale

173 New Harbour Road, Blandford, NS B0J 1T0
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$589900

Residential For Sale

6 Amberwood Court, Halifax, NS B3M 3X7

6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
46Picture(s)
3,020Sqft
Royal LePage Atlantic
C$735000

Residential For Sale

6 Amberwood Court, Halifax, NS B3M 3X7
6Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,020Sqft
Royal LePage Atlantic
Beautifully updated home on a quiet cul-de-sac in sought-after Clayton Park neighborhood, featuring a bright 2-bedroom in-law suite with separate entrance, i deal for Airbnb or long-term rental to help with your mortgage. Enjoy an unbeatable location just 5-7 minutes to top schools, MSVU, Costco, Canada Games Centre, and major shopping amenities.
C$735000

Residential For Sale

6 Amberwood Court, Halifax, NS B3M 3X7
Royal LePage Atlantic
6Bedroom(s)
4Bathroom(s)
C$735000

Residential For Sale

16236 316 Hwy, Country Harbour Mines, NS B0H 1J0

8Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,485Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
C$469000

Residential For Sale

16236 316 Hwy, Country Harbour Mines, NS B0H 1J0
8Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,485Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
Hidden from the road by the fall foliage, is this incredibly spacious 8 bedroom 2bath home bordered by a babbling brook and surrounded by mature trees. Built in 1920, it was previously a duplex but current owners lovingly literally gutted it and renovated it with many hours of time and energy to the beautiful open concept family home it is today.
C$469000

Residential For Sale

16236 316 Hwy, Country Harbour Mines, NS B0H 1J0
SCELES REALTY LIMITED - ANTIGONISH - D0090
8Bedroom(s)
2Bathroom(s)
C$469000

Residential For Sale

15 Lakeview Avenue, Dartmouth, NS B3A 3S8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,818Sqft
RE/MAX Nova
C$1150000

Residential For Sale

15 Lakeview Avenue, Dartmouth, NS B3A 3S8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,818Sqft
RE/MAX Nova
Stunning bungalow set on one of Crichton Park’s most desirable streets. This double-sized 12,000 sq. ft. lot has been beautifully landscaped to create a true urban oasis. The outdoor spaces feature a craftsman-built pergola, stone walkway, and a stamped concrete patio — the perfect backdrop for entertaining or quiet evenings outdoors.
C$1150000

Residential For Sale

15 Lakeview Avenue, Dartmouth, NS B3A 3S8
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$1150000

Residential For Sale

39 Ridge Avenue, Stewiacke, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
41Picture(s)
1,937Sqft
Royal LePage Atlantic
C$508000

Residential For Sale

39 Ridge Avenue, Stewiacke, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,937Sqft
Royal LePage Atlantic
Welcome to 39 Ridge Avenue in Stewiacke — a beautifully maintained 10-year-old split entry that perfectly blends comfort, style, and convenience. This bright and inviting home offers 3 spacious bedrooms and 2 full bathrooms, with modern finishes and thoughtful touches throughout.
C$508000

Residential For Sale

39 Ridge Avenue, Stewiacke, NS B0N 2J0
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$508000

Residential For Sale

10485 Grenville Street, St. Peters, NS B0E 3B0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
780Sqft
Harvey Realties Limited (St.Peters)
C$359000

Residential For Sale

10485 Grenville Street, St. Peters, NS B0E 3B0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
780Sqft
Harvey Realties Limited (St.Peters)
Have you ever dreamed of that perfect spot on the Bras d'Or Lake? A very private spot for you to make memories with your family and friends. You do not very often see a property like this on the Lake in St. Peter's. Over 200 feet of waterfront, and you can see from the pictures large rocks for shore protection. There is a 60 foot wharf.
C$359000

Residential For Sale

10485 Grenville Street, St. Peters, NS B0E 3B0
Harvey Realties Limited (St.Peters)
2Bedroom(s)
1Bathroom(s)
C$359000

Residential For Sale

282 Lighthouse Road, Bay View, NS B0V 1A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,278Sqft
Exit Realty Town & Country
C$389999

Residential For Sale

282 Lighthouse Road, Bay View, NS B0V 1A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,278Sqft
Exit Realty Town & Country
Welcome to your absolute turn-key dream home, a brand-new build that perfectly blends modern style, comfort, and effortless living. Step inside to discover a bright, open-concept kitchen and living area, where large windows flood the space with natural light and an inviting island serves as the heart of the home — perfect for family meals and entertaining friends.
C$389999

Residential For Sale

282 Lighthouse Road, Bay View, NS B0V 1A0
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$389999

Residential For Sale

9 Bens Court, Brookside, NS B3T 1R3

6Bedroom(s)
6Bathroom(s)
No GarageParking(s)
50Picture(s)
5,096Sqft
The Agency Real Estate Brokerage
C$975000

Residential For Sale

9 Bens Court, Brookside, NS B3T 1R3
6Bedroom(s)
6Bathroom(s)
No GarageParking(s)
5,096Sqft
The Agency Real Estate Brokerage
Welcome to 9 Bens Court, an expansive family home in the desirable community of Brookside offering just over 5,000 square feet of living space. This home offers true multigenerational living without compromise - a rare find where comfort, privacy, and connection come together seamlessly.
C$975000

Residential For Sale

9 Bens Court, Brookside, NS B3T 1R3
The Agency Real Estate Brokerage
6Bedroom(s)
6Bathroom(s)
C$975000

Residential For Sale

4 Acorn Lane, Kingston, NS B0P 1R0

5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
41Picture(s)
2,225Sqft
RE/MAX Banner Real Estate
C$535000

Residential For Sale

4 Acorn Lane, Kingston, NS B0P 1R0
5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,225Sqft
RE/MAX Banner Real Estate
This modern, one-year-young home offers style, comfort, and space for the whole family. The main level features a bright open-concept eat-in kitchen and living area with quality finishes and fixtures throughout. Two spacious bedrooms are located upstairs, including a primary suite with a walk-through closet leading to a lovely 3-piece ensuite bath.
C$535000

Residential For Sale

4 Acorn Lane, Kingston, NS B0P 1R0
RE/MAX Banner Real Estate
5Bedroom(s)
2Bathroom(s)
C$535000

Residential For Sale

6 Wardour Street, Bedford, NS B4A 2E4

5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
47Picture(s)
4,671Sqft
Engel & Volkers
C$1980000

Residential For Sale

6 Wardour Street, Bedford, NS B4A 2E4
5Bedroom(s)
5Bathroom(s)
DoubleParking(s)
4,671Sqft
Engel & Volkers
Nestled in Bedford’s most prestigious neighbourhood, 6 Wardour Drive is a stunning Craftsman-style residence—an example of superior construction and thoughtful design on a beautifully landscaped 12,231 sq. ft. lot.
C$1980000

Residential For Sale

6 Wardour Street, Bedford, NS B4A 2E4
Engel & Volkers
5Bedroom(s)
5Bathroom(s)
C$1980000

Residential For Sale

8 Arthur Joseph Drive, Fall River, NS B2T 1E8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,400Sqft
Exit Realty Metro
C$600000

Residential For Sale

8 Arthur Joseph Drive, Fall River, NS B2T 1E8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,400Sqft
Exit Realty Metro
Welcome to 8 Arthur Joseph Drive, Fall River. This gorgeous 4 bedroom, 2.5 bath home with attached garage on a beautiful private lot in a family friendly neighbourhood is perfect for any family. As soon as you walk in, you will feel the warmth of being home. The main floor of this home is great for entertaining and has an open concept kitchen, dining room and living room.
C$600000

Residential For Sale

8 Arthur Joseph Drive, Fall River, NS B2T 1E8
Exit Realty Metro
4Bedroom(s)
3Bathroom(s)
C$600000

Residential For Sale

6185 Highway 4, Linacy, NS B2H 5C4

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
3,588Sqft
Blinkhorn Real Estate Ltd.
C$650000

Residential For Sale

6185 Highway 4, Linacy, NS B2H 5C4
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,588Sqft
Blinkhorn Real Estate Ltd.
DON’T JUDGE A BOOK BY ITS COVER! This UNIQUE "Diamond In The Rough" property offers ENDLESS POSSIBILITIES with its versatile layout and expansive space. The top floor features a four bedroom, one bath home, perfect for comfortable living quarters. Below, there is a bathroom and an abundance of workshop areas and storage space that was previously used as a steel fabricating shop.
C$650000

Residential For Sale

6185 Highway 4, Linacy, NS B2H 5C4
Blinkhorn Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$650000
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