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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

153 Lake Road, Glace Bay, NS B1A 2G8

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
33Picture(s)
1,746Sqft
RE/MAX Park Place Inc.
C$149000

Residential For Sale

153 Lake Road, Glace Bay, NS B1A 2G8
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,746Sqft
RE/MAX Park Place Inc.
Well maintained spacious 4 bedroom home on a nearly 3/4 acre piece of land just minutes from shopping, schools, restaurants and more. Step inside to find a bright and inviting interior featuring generous living spaces, a large kitchen with ample cabinetry, and and a cozy dining area ideal for family gatherings.
C$149000

Residential For Sale

153 Lake Road, Glace Bay, NS B1A 2G8
RE/MAX Park Place Inc.
4Bedroom(s)
1Bathroom(s)
C$149000

Residential For Sale

116 Symonds Street, Dartmouth, NS B3A 3M4

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,294Sqft
Exit Realty Specialists
C$539000

Residential For Sale

116 Symonds Street, Dartmouth, NS B3A 3M4
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,294Sqft
Exit Realty Specialists
Welcome to this charming 3-bedroom 1 bathroom home, offering solid construction and endless potential. This property features solid construction and good bones, making it an ideal choice for first-time buyers, investors, or those looking to customize their next home.
C$539000

Residential For Sale

116 Symonds Street, Dartmouth, NS B3A 3M4
Exit Realty Specialists
3Bedroom(s)
1Bathroom(s)
C$539000

Residential For Sale

Pinecrest Drive, New Minas, NS B4N 4W5

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
29Picture(s)
1,318Sqft
Exit Realty Town & Country
C$299000

Residential For Sale

Pinecrest Drive, New Minas, NS B4N 4W5
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,318Sqft
Exit Realty Town & Country
Don't miss your chance to view this remarkable 5-bedroom, 2-bathroom mini-home in Valley View Hills Park. "Mini" refers only to the name this home has been extensively upgraded and thoughtfully renovated by the current owner to offer spacious, comfortable living. You'll find laminate flooring throughout, with durable vinyl plank in the mudroom and bathrooms.
C$299000

Residential For Sale

Pinecrest Drive, New Minas, NS B4N 4W5
Exit Realty Town & Country
5Bedroom(s)
2Bathroom(s)
C$299000

Residential For Sale

24 Martyn Crescent, Nictaux, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
19Picture(s)
1,064Sqft
RE/MAX Banner Real Estate
C$330000

Residential For Sale

24 Martyn Crescent, Nictaux, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,064Sqft
RE/MAX Banner Real Estate
This quality-built Allen home was thoughtfully designed with retirement in mind, offering everything you need on one level. The open concept layout features a custom kitchen, spacious living and dining areas, and a convenient main floor laundry room. The full basement offers excellent potential for future development.
C$330000

Residential For Sale

24 Martyn Crescent, Nictaux, NS B0S 1P0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$330000

Residential For Sale

1332 Meadowvale Road, Meadowvale, NS B0N 2P0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,297Sqft
RE/MAX Fairlane Realty
C$599000

Residential For Sale

1332 Meadowvale Road, Meadowvale, NS B0N 2P0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,297Sqft
RE/MAX Fairlane Realty
Rare opportunity! Properties like this are few & far between. Set on 75 acres of beautiful countryside, this one owner bungalow offers the ideal blend of privacy, space & comfortable living. A tree lined driveway welcomes you home to a well maintained bungalow with an attached 1.5 car garage & thoughtfully landscaped yard.
C$599000

Residential For Sale

1332 Meadowvale Road, Meadowvale, NS B0N 2P0
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

115 Church Point Road, Sheet Harbour, NS B0J 3B0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
36Picture(s)
880Sqft
Coldwell Banker Open Door Realty Ltd.
C$239900

Residential For Sale

115 Church Point Road, Sheet Harbour, NS B0J 3B0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
880Sqft
Coldwell Banker Open Door Realty Ltd.
This "Beauty in the Rough" with loads of potential and its spectacular water views sits on a private 10.47 acres. Included is the water front access lot across the road. 1.5 storey 2 bedroom, 1.5 bath home offers a semi open concept kitchen, living room, 4pc. bath and a bedroom on the main level. 2nd level has a loft/bedroom and a 2pc. bath. The walkout basement is currently undeveloped.
C$239900

Residential For Sale

115 Church Point Road, Sheet Harbour, NS B0J 3B0
Coldwell Banker Open Door Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$239900

Residential For Sale

3085 Coxheath Road, Northside East Bay, NS B1J 1L8

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
20Picture(s)
1,407Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$269000

Residential For Sale

3085 Coxheath Road, Northside East Bay, NS B1J 1L8
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,407Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Enjoy peaceful country living in this charming bungalow nestled on a spacious 2.8-acre lot in the desirable community of Blackett's Lake. This home features 3 comfortable bedrooms, a fully remodeled kitchen and main bathroom, and a finished basement offering excellent additional living space.
C$269000

Residential For Sale

3085 Coxheath Road, Northside East Bay, NS B1J 1L8
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
2Bathroom(s)
C$269000

Residential For Sale

98 Oakwood Drive, Truro Heights, NS B6L 1N4

6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
24Picture(s)
2,068Sqft
Coldwell Banker Open Door Realty Ltd.
C$449900

Residential For Sale

98 Oakwood Drive, Truro Heights, NS B6L 1N4
6Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,068Sqft
Coldwell Banker Open Door Realty Ltd.
Situated on a beautifully landscaped lot, this 6 bedroom, 2 bathroom home is perfect for a growing family. With 6 spacious bedrooms, there's room for everyone! The eat in kitchen is perfect for family meals, while the cozy living room provides a welcoming space to relax. Step out onto the large back deck, ideal for barbeques and outdoor entertaining.
C$449900

Residential For Sale

98 Oakwood Drive, Truro Heights, NS B6L 1N4
Coldwell Banker Open Door Realty Ltd.
6Bedroom(s)
2Bathroom(s)
C$449900

Residential For Sale

3258 Heinish Avenue, Halifax, NS B3L 3Y6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
48Picture(s)
1,390Sqft
Royal LePage Atlantic (Dartmouth)
C$585000

Residential For Sale

3258 Heinish Avenue, Halifax, NS B3L 3Y6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,390Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 3258 Heinish Avenue – Where Country Charm Meets City Living Nestled on a quiet street in the heart of the city, this adorable 1.5-storey home offers the best of both worlds—peaceful, country-like surroundings with all the conveniences of urban living just minutes away. Full of warmth, character, and sunlight, this home has been thoughtfully updated while maintaining its cozy charm.
C$585000

Residential For Sale

3258 Heinish Avenue, Halifax, NS B3L 3Y6
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$585000

Residential For Sale

405 Chester Avenue, Kentville, NS B4N 3V8

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
2,109Sqft
Royal LePage Atlantic (New Minas)
C$489000

Residential For Sale

405 Chester Avenue, Kentville, NS B4N 3V8
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,109Sqft
Royal LePage Atlantic (New Minas)
Spacious 4-Bedroom Home on a Private One-Acre Lot in Kentville. Set on a beautifully landscaped one-acre property within the Town of Kentville. this charming two-story family home offers space, privacy, and a wealth of features. Surrounded by mature trees, shrubs, and a variety of fruit trees the setting is both peaceful and picturesque.
C$489000

Residential For Sale

405 Chester Avenue, Kentville, NS B4N 3V8
Royal LePage Atlantic (New Minas)
4Bedroom(s)
2Bathroom(s)
C$489000

Residential For Sale

349 St Andrews Street, Stewiacke, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
2,039Sqft
Century 21 Trident Realty Ltd.
C$669000

Residential For Sale

349 St Andrews Street, Stewiacke, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,039Sqft
Century 21 Trident Realty Ltd.
Incredible value with this 1.5 story home on 1.5 acres in the thriving community of Stewiacke! This uniquely laid out home is ideal for the busy family with plenty of space on one floor with the added convenience of single level living. The custom kitchen features quartz countertops, marble tiles, stainless appliances and plenty of storage.
C$669000

Residential For Sale

349 St Andrews Street, Stewiacke, NS B0N 2J0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$669000

Residential For Sale

35 Hopkins Drive, Bridgewater, NS B4V 3P1

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
41Picture(s)
1,105Sqft
EXIT Realty Inter Lake
C$324900

Residential For Sale

35 Hopkins Drive, Bridgewater, NS B4V 3P1
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,105Sqft
EXIT Realty Inter Lake
Located in the heart of Bridgewater, NS, this charming home offers the perfect blend of comfort, convenience, and potential. Nestled in a desirable neighbourhood just minutes from the hospital and all the amenities town living has to offer, this property is ideal for families, retirees, or anyone seeking easy access to shops, schools, and services.
C$324900

Residential For Sale

35 Hopkins Drive, Bridgewater, NS B4V 3P1
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$324900
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