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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

1852 Highway 311 Highway, West Lahave, NS B0R 1G0

5Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
3,006Sqft
Engel & Volkers
C$575000

Residential For Sale

1852 Highway 311 Highway, West Lahave, NS B0R 1G0
5Bedroom(s)
3Bathroom(s)
GravelParking(s)
3,006Sqft
Engel & Volkers
Nestled above the picturesque LaHave River, this century-old family home has been lovingly cherished for over 70 years, offering a unique blend of timeless charm and modern updates. With stunning full water views, this property presents an enchanting backdrop that changes with the seasons.
C$575000

Residential For Sale

1852 Highway 311 Highway, West Lahave, NS B0R 1G0
Engel & Volkers
5Bedroom(s)
3Bathroom(s)
C$575000

Residential For Sale

178 Town Road, Falmouth, NS B0P 1L0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,461Sqft
Viewpoint Realty Services Inc.
C$474900

Residential For Sale

178 Town Road, Falmouth, NS B0P 1L0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,461Sqft
Viewpoint Realty Services Inc.
Absolutely beautiful updated home in popular Falmouth! You will feel particularly welcome when you enter this warm and well cared for home on Town road. The pride of ownership shows throughout. With 3 bedrooms, and 1.5 baths, lovely common spaces and gorgeous hardwood floors it is as move-in ready as they come.
C$474900

Residential For Sale

178 Town Road, Falmouth, NS B0P 1L0
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$474900

Residential For Sale

347 Nelson Hill Road, Milford, NS B0N 1Y0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,400Sqft
PLUMB LINE REALTY INC. - 12234
C$699900

Residential For Sale

347 Nelson Hill Road, Milford, NS B0N 1Y0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,400Sqft
PLUMB LINE REALTY INC. - 12234
Stunning setting for this wonderfully spacious family home on a hobby/horse property consisting of 6.3 acres with gorgeous panoramic views. Drive 10 minutes from Hwy 102 on a paved road to this tranquil piece of paradise. Instantly fall in love with the charm & character featured throughout.
C$699900

Residential For Sale

347 Nelson Hill Road, Milford, NS B0N 1Y0
PLUMB LINE REALTY INC. - 12234
4Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

186 Parr Street, Shelburne, NS B0T 1W0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
15Picture(s)
1,080Sqft
Royal Lepage Atlantic (Mahone Bay)
C$190000

Residential For Sale

186 Parr Street, Shelburne, NS B0T 1W0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,080Sqft
Royal Lepage Atlantic (Mahone Bay)
Located on a quiet street in the town of Shelburne this three bedroom home is a perfect blend of privacy and one level living. Professionally installed solar system on the roof, keeps power bills low. The inviting living room has high ceilings and two bedrooms located off it. The third bedroom has lots of privacy, located near the functional kitchen.
C$190000

Residential For Sale

186 Parr Street, Shelburne, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
1Bathroom(s)
C$190000

Residential For Sale

9242 Highway 2, Southampton, NS B0M 1W0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
1,318Sqft
Coldwell Banker Performance Realty
C$229900

Residential For Sale

9242 Highway 2, Southampton, NS B0M 1W0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,318Sqft
Coldwell Banker Performance Realty
Solid split level on a very peaceful country lot. Steel roof and wood/oil combo furnace. Perfect spot to raise a family in rural Cumberland County. 4 bedrooms and 2 baths, has some hardwood and tile as well. Most windows have been replaced. 15-20 drive to both Springhill and Parrsboro for amenities. Some nice ATV trails are nearby as well as a beautiful river for fishing.
C$229900

Residential For Sale

9242 Highway 2, Southampton, NS B0M 1W0
Coldwell Banker Performance Realty
4Bedroom(s)
2Bathroom(s)
C$229900

Residential For Sale

7142 Abbott Drive, Halifax, NS B3L 2L7

2Bedroom(s)
2Bathroom(s)
PavedParking(s)
40Picture(s)
1,484Sqft
Royal LePage Atlantic
C$515000

Residential For Sale

7142 Abbott Drive, Halifax, NS B3L 2L7
2Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,484Sqft
Royal LePage Atlantic
Welcome home to 7142 Abbott Drive, Halifax—a charming residence nestled in the vibrant West End. Boasting a generous 3542 sq. ft corner lot, this property offers living at its finest. The main level features 2 bedrooms, a large living room with hardwood floors and a combined kitchen and dining area and 4 piece bath.
C$515000

Residential For Sale

7142 Abbott Drive, Halifax, NS B3L 2L7
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$515000

Residential For Sale

90 Forest Hill Road, Chester Grant, NS B0J 1K0

3Bedroom(s)
2Bathroom(s)
GarageParking(s)
19Picture(s)
1,299Sqft
Viewpoint Realty Services Inc.
C$555000

Residential For Sale

90 Forest Hill Road, Chester Grant, NS B0J 1K0
3Bedroom(s)
2Bathroom(s)
GarageParking(s)
1,299Sqft
Viewpoint Realty Services Inc.
Welcome to this charming rural retreat near Chester Basin. This well-built, lovingly maintained 15-year-old family home, nestled in the peaceful countryside just minutes from the vibrant amenities of Chester and great local schools. This is rural living at its finest — tranquility, space, and comfort, all within easy reach of town conveniences.
C$555000

Residential For Sale

90 Forest Hill Road, Chester Grant, NS B0J 1K0
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$555000

Residential For Sale

2475 Gulf Shore Road, Gulf Shore, NS B0K 1L0

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
26Picture(s)
1,715Sqft
Royal LePage Atlantic(Stellarton)
C$399000

Residential For Sale

2475 Gulf Shore Road, Gulf Shore, NS B0K 1L0
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,715Sqft
Royal LePage Atlantic(Stellarton)
Nestled between the beautiful seaside villages of Pugwash and Wallace, this inviting family cottage sits on just over 4 acres of rolling land with breathtaking views of the Northumberland Strait. Whether you’re looking for a peaceful weekend escape or a gathering place for family and friends, this property offers the perfect blend of space, warmth, and coastal charm.
C$399000

Residential For Sale

2475 Gulf Shore Road, Gulf Shore, NS B0K 1L0
Royal LePage Atlantic(Stellarton)
4Bedroom(s)
2Bathroom(s)
C$399000

Residential For Sale

108 Old School Hill Road, Cornwallis Park, NS B0S 1H0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,363Sqft
EXP Realty of Canada Inc.
C$250000

Residential For Sale

108 Old School Hill Road, Cornwallis Park, NS B0S 1H0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,363Sqft
EXP Realty of Canada Inc.
Discover the charm of seaside living at 108 Old School Hill Rd — a bright and inviting 4-bedroom, 1.5-bath semi-detached home nestled in the friendly community of Cornwallis Park.
C$250000

Residential For Sale

108 Old School Hill Road, Cornwallis Park, NS B0S 1H0
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$250000

Residential For Sale

8 Redden Avenue, Kentville, NS B4N 1A2

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,400Sqft
Royal LePage Atlantic (New Minas)
C$345000

Residential For Sale

8 Redden Avenue, Kentville, NS B4N 1A2
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,400Sqft
Royal LePage Atlantic (New Minas)
This home is located literally minutes to doctors, hospital, pharmacy, groceries, downtown & Hwy # 101 access. The roof shingles were updated 12-13 years ago. As you step inside, you’ll enter into a room that could be used as a family room, den, dining area or home office. You can access the deck & backyard via patio doors from this area.
C$345000

Residential For Sale

8 Redden Avenue, Kentville, NS B4N 1A2
Royal LePage Atlantic (New Minas)
2Bedroom(s)
2Bathroom(s)
C$345000

Residential For Sale

219-3700 John Parr, Halifax, NS B3K 5V4

2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
29Picture(s)
927Sqft
Royal LePage Atlantic
C$339000

Residential For Sale

219-3700 John Parr, Halifax, NS B3K 5V4
2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
927Sqft
Royal LePage Atlantic
Welcome to this bright and beautifully updated 2-bedroom, 1.5-bath condo located in the heart of Halifax’s desirable North End! This well-maintained unit is nestled in a clean, professionally managed building, just steps to everything you need. Enjoy a sunny open-concept layout, freshly painted throughout, with modern upgrades that make this home shine.
C$339000

Residential For Sale

219-3700 John Parr, Halifax, NS B3K 5V4
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$339000

Residential For Sale

69 Ocean Beach Rd, Bramber, NS B0N 2R0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
816Sqft
Viewpoint Realty Services Inc.
C$298500

Residential For Sale

69 Ocean Beach Rd, Bramber, NS B0N 2R0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
816Sqft
Viewpoint Realty Services Inc.
Welcome to this charming three-year-old single-level home perfectly situated in the peaceful community of Bramber — just a one-minute drive to the local beach where residents love to fish, swim, and enjoy the coastal lifestyle.
C$298500

Residential For Sale

69 Ocean Beach Rd, Bramber, NS B0N 2R0
Viewpoint Realty Services Inc.
2Bedroom(s)
1Bathroom(s)
C$298500
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