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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

47 Pit Road, River Hebert, NS B0L 1G0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
11Picture(s)
709Sqft
Coldwell Banker Performance Realty
C$64900

Residential For Sale

47 Pit Road, River Hebert, NS B0L 1G0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
709Sqft
Coldwell Banker Performance Realty
Cute little home in the village of River Hebert. With a steel roof and heat pump and great verandah, this two bed, one bath home would be a good starter for a young couple or a retiree.
C$64900

Residential For Sale

47 Pit Road, River Hebert, NS B0L 1G0
Coldwell Banker Performance Realty
2Bedroom(s)
1Bathroom(s)
C$64900

Residential For Sale

27 Sunnybrae Avenue, Fairview, NS B3N 2G3

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
40Picture(s)
2,386Sqft
RE/MAX Nova (Halifax)
C$599000

Residential For Sale

27 Sunnybrae Avenue, Fairview, NS B3N 2G3
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,386Sqft
RE/MAX Nova (Halifax)
Terrific family home with income potential in sought-after Fairview! This impressive character property at 27 Sunnybrae Avenue offers exceptional versatility with its spacious main residence plus separate secondary suite. Situated on a generous 6,000 sq ft lot, the home features 4 bedrooms and 2.5 bathrooms across multiple levels.
C$599000

Residential For Sale

27 Sunnybrae Avenue, Fairview, NS B3N 2G3
RE/MAX Nova (Halifax)
4Bedroom(s)
3Bathroom(s)
C$599000

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10205 204 Highway, South Victoria, NS B0M 1P0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
1,832Sqft
Starscape Realty Ltd.
C$779000

Residential For Sale

10205 204 Highway, South Victoria, NS B0M 1P0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,832Sqft
Starscape Realty Ltd.
Two for one opportunity. A rural setting on a lake that provides, home, cabin on the lake, privacy and so much more. Let’s start with the land, 7.7 acres, forested with a road in place, cleared areas for the home and cabin and 300 feet on Big Lake.
C$779000

Residential For Sale

10205 204 Highway, South Victoria, NS B0M 1P0
Starscape Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$779000

Residential For Sale

90 Shore Road, Dartmouth, NS B4A 1A4

3Bedroom(s)
4Bathroom(s)
No GarageParking(s)
50Picture(s)
2,582Sqft
Red Door Realty
C$1500000

Residential For Sale

90 Shore Road, Dartmouth, NS B4A 1A4
3Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,582Sqft
Red Door Realty
The most exquisite custom home is now available for purchase. Designed and owned by one of the citys' most sought after design team. Imagine yourself living in this opulent setting with floor to ceiling commercial grade windows offering views of Halifax Harbour.
C$1500000

Residential For Sale

90 Shore Road, Dartmouth, NS B4A 1A4
Red Door Realty
3Bedroom(s)
4Bathroom(s)
C$1500000

Residential For Sale

2438 Highway 242, River Hebert East, NS B0L 1G0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
1,382Sqft
Coldwell Banker Performance Realty
C$109900

Residential For Sale

2438 Highway 242, River Hebert East, NS B0L 1G0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,382Sqft
Coldwell Banker Performance Realty
Three bedroom, one bath home on half an acre in River Hebert East. This home has a large kitchen and main floor bedroom. The home is heated by two mini splits, has a steel roof and some vinyl windows. This could be a good starter home for a family or even a little hobby farm.
C$109900

Residential For Sale

2438 Highway 242, River Hebert East, NS B0L 1G0
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$109900

Residential For Sale

36 Sunnybrae Avenue, Halifax, NS B3N 2G4

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,249Sqft
Keller Williams Select Realty
C$749900

Residential For Sale

36 Sunnybrae Avenue, Halifax, NS B3N 2G4
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,249Sqft
Keller Williams Select Realty
Pride of ownership is evident in this gorgeous 2-storey home, perfectly located on a quiet street bordering Halifax’s sought-after west end. Featuring a legal secondary suite on the lower level, this home offers an excellent opportunity for multi-generational living or rental income to help offset your mortgage. The garage could also be turned into a third unit for more potential.
C$749900

Residential For Sale

36 Sunnybrae Avenue, Halifax, NS B3N 2G4
Keller Williams Select Realty
5Bedroom(s)
2Bathroom(s)
C$749900

Residential For Sale

5745 Highway 357, Elderbank, NS B0N 1K0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,925Sqft
Keller Williams Select Realty
C$399900

Residential For Sale

5745 Highway 357, Elderbank, NS B0N 1K0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,925Sqft
Keller Williams Select Realty
Welcome to your future home — a thoughtfully upgraded and meticulously maintained 3-bedroom, 2-bathroom property offering space, comfort, and peace of mind for years to come.
C$399900

Residential For Sale

5745 Highway 357, Elderbank, NS B0N 1K0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

125 Jeffery Lambert Drive, Hilden, NS B0N 1C0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
896Sqft
Hants Realty Ltd.
C$269900

Residential For Sale

125 Jeffery Lambert Drive, Hilden, NS B0N 1C0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
896Sqft
Hants Realty Ltd.
Pride of ownership welcomes you to this lovingly maintained Kencraft mini home. Two bedrooms, bright and sunny oak kitchen and best of all, the beautiful 11,600 +/- sqft lot. Serviced with drilled well, municipal sewer and nothing but trees at your backside. It won't take much at all for you to move in and make it your own. Less than 10 minutes from Truro and all its amenities.
C$269900

Residential For Sale

125 Jeffery Lambert Drive, Hilden, NS B0N 1C0
Hants Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$269900

Residential For Sale

171 Bradford Place, Bedford, NS B4B 0R7

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
33Picture(s)
2,512Sqft
Exit Realty Metro
C$774900

Residential For Sale

171 Bradford Place, Bedford, NS B4B 0R7
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,512Sqft
Exit Realty Metro
Welcome to 171 Bradford Place! This semi-detached two level, 3 bedroom, 3 bath home is located in sought after Bedford West. Upon entering you are greeted with a spacious foyer with a den/office area that is ideal for those needing a work from home space. An open concept kitchen, dining and living room area offers a great space for gathering with family and friends.
C$774900

Residential For Sale

171 Bradford Place, Bedford, NS B4B 0R7
Exit Realty Metro
4Bedroom(s)
3Bathroom(s)
C$774900

Residential For Sale

327 Birch Bear Run, Lewis Lake, NS B3Z 4E9

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,524Sqft
Royal LePage Atlantic
C$1295000

Residential For Sale

327 Birch Bear Run, Lewis Lake, NS B3Z 4E9
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,524Sqft
Royal LePage Atlantic
Lakefront Living Just 20 Minutes from Halifax! Welcome to 327 Birch Bear Run in beautiful Lewis Lake, NS. This custom-built, 11-year-young home sits on over 63,000 sq. ft. of land and boasts nearly 100 feet of serene lake frontage on Birch Hill Lake—perfect for swimming, kayaking, paddle boarding, fishing or winter skating.
C$1295000

Residential For Sale

327 Birch Bear Run, Lewis Lake, NS B3Z 4E9
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$1295000

Residential For Sale

15 Kearne Avenue, Kingston, NS B0P 1R0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
29Picture(s)
2,100Sqft
Sotheby's International Realty Canada
C$689900

Residential For Sale

15 Kearne Avenue, Kingston, NS B0P 1R0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,100Sqft
Sotheby's International Realty Canada
The simple life awaits you at 15 Kearne Avenue. This brand-new construction is situated on the newest street of Kingston's most desired neighbourhood. Enjoy the ease of single-level living, without compromising on space or storage. Between the walk-in pantry, walk-in closets in every room, and 5 additional storage spaces, you won't have trouble ensuring that every item has it's spot.
C$689900

Residential For Sale

15 Kearne Avenue, Kingston, NS B0P 1R0
Sotheby's International Realty Canada
4Bedroom(s)
2Bathroom(s)
C$689900

Residential For Sale

32 Memory Lane, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
32Picture(s)
2,000Sqft
Keller Williams Select Realty
C$899900

Residential For Sale

32 Memory Lane, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,000Sqft
Keller Williams Select Realty
Welcome to this stunning home located on one of Mount Uniacke's most coveted lakes, offering 1.46 acres of prime waterfront property—one of the largest lots in the area. The property boasts breathtaking landscaping, expansive waterfront views, and easy access to the lake. Enjoy a screened-in gazebo, a wharf, fire pit area and a boathouse with a slipway and winch for added convenience.
C$899900

Residential For Sale

32 Memory Lane, Mount Uniacke, NS B0N 1Z0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$899900
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