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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

276 Fleetview Drive, Halifax, NS B3M 0L8

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
40Picture(s)
2,700Sqft
Keller Williams Select Realty (Branch)
C$869900

Residential For Sale

276 Fleetview Drive, Halifax, NS B3M 0L8
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,700Sqft
Keller Williams Select Realty (Branch)
Welcome to 276 Fleetview Drive! This beautiful well maintained custom home designed and built by the distinct quality homebuilder Shaughnessy. Finished on all 3 levels with a walk out basement, this home is modern and spacious offering 2700 squarefeet of living space. Features current design trends and functionality second to none.
C$869900

Residential For Sale

276 Fleetview Drive, Halifax, NS B3M 0L8
Keller Williams Select Realty (Branch)
4Bedroom(s)
4Bathroom(s)
C$869900

Residential For Sale

34 Palmer Lake Drive, Windsor Forks, NS B0N 2T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
46Picture(s)
1,800Sqft
Hants Realty Ltd.
C$1300000

Residential For Sale

34 Palmer Lake Drive, Windsor Forks, NS B0N 2T0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,800Sqft
Hants Realty Ltd.
Located just 3 kms past the gates to Martock, this outstanding Windsor Forks property offers 8.62 acres of pristine, park like grounds, including wood lot, beautiful shrubs, paved drive, and a view from the top to die for. Immaculately maintained bungalow is the perfect family home or a blank canvas for your entrepreneurial endeavors.
C$1300000

Residential For Sale

34 Palmer Lake Drive, Windsor Forks, NS B0N 2T0
Hants Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$1300000

Residential For Sale

22 Appletree Drive, Windsor Road, NS B0J 1J0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
36Picture(s)
799Sqft
EXIT Realty Inter Lake
C$329900

Residential For Sale

22 Appletree Drive, Windsor Road, NS B0J 1J0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
799Sqft
EXIT Realty Inter Lake
Privacy, Location, Affordable, Lake access, and Move in ready!! This sweet 2 Bed and 1 Bath, one level living bungalow is easy living at it's absolute best! You will not only love this ideal location being only 4 minutes to EXIT 8 on Hwy 103, less than 10 minutes to Downtown Chester, and a quick and easy commute to Halifax, but you will love the comfort and security this private road offers.
C$329900

Residential For Sale

22 Appletree Drive, Windsor Road, NS B0J 1J0
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

9387 Highway 10, Nictaux, NS B0S 1P0

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
46Picture(s)
1,585Sqft
Exit Realty Town & Country
C$399000

Residential For Sale

9387 Highway 10, Nictaux, NS B0S 1P0
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,585Sqft
Exit Realty Town & Country
Nestled on a picturesque 3.2-acre lot with hobby farm potential, this delightful home offers a perfect blend of country charm and modern convenience. The main floor features a spacious primary bedroom, full bath & laundry a bright kitchen/dining area, and a cozy living room ideal for everyday living and entertaining.
C$399000

Residential For Sale

9387 Highway 10, Nictaux, NS B0S 1P0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

290 Jordantown Cross Road, Jordantown, NS B0V 1A0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
9Picture(s)
740Sqft
Exit Realty Town & Country
C$90000

Residential For Sale

290 Jordantown Cross Road, Jordantown, NS B0V 1A0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
740Sqft
Exit Realty Town & Country
Opportunity awaits at 290 Jordantown Cross Road! This 2-bedroom plus den, 1 bathroom home is a compact property with solid essentials and room for improvement. Set on a 13,455 sq ft lot, it includes a drilled well and a recently cleaned septic system, giving you a head start on the fundamentals.
C$90000

Residential For Sale

290 Jordantown Cross Road, Jordantown, NS B0V 1A0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$90000

Residential For Sale

32 Brianna Drive, Lantz, NS B2S 0K4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
10Picture(s)
2,756Sqft
RE/MAX Nova (Halifax)
C$749900

Residential For Sale

32 Brianna Drive, Lantz, NS B2S 0K4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,756Sqft
RE/MAX Nova (Halifax)
Move in ready late Fall 2025! Why settle for anything less, when you can have top-quality new construction, with enough space for the entire family, in the beautiful and mega-popular community of Lantz? Introducing this stunning NEW PLAN on Brianna Drive, brought to you by Beirut Homes.
C$749900

Residential For Sale

32 Brianna Drive, Lantz, NS B2S 0K4
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$749900

Residential For Sale

581 Stanburne Road, Stanburne, NS B0R 1A0

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
1,641Sqft
Keller Williams Select Realty
C$425000

Residential For Sale

581 Stanburne Road, Stanburne, NS B0R 1A0
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,641Sqft
Keller Williams Select Realty
Live the country dream in this charming circa 1890 farmhouse nestled on over 30 acres of lush, private land in Stanburne. Built with character and preserved with care, practical upgrades for today’s homesteader include a new metal roof, new wood & coal broiler, and a new wood cook stove—perfect for hearty meals & warm gatherings. Inside, traditional design shines through.
C$425000

Residential For Sale

581 Stanburne Road, Stanburne, NS B0R 1A0
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$425000

Residential For Sale

538 Little Brook Road, Little Brook, NS B0W 1Z0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
24Picture(s)
1,297Sqft
Exit Realty Town & Country
C$175000

Residential For Sale

538 Little Brook Road, Little Brook, NS B0W 1Z0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,297Sqft
Exit Realty Town & Country
Welcome to 538 Little Brook Road, Little Brook, Nova Scotia This charming 3-bedroom home blends country living with modern convenience, just 5 minutes from Saulnierville’s amenities—including grocery stores, a pharmacy, a gas station, a gym, and a bank—and only 35 minutes from both Yarmouth and Digby.
C$175000

Residential For Sale

538 Little Brook Road, Little Brook, NS B0W 1Z0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
1,661Sqft
Keller Williams Select Realty
C$509900

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,661Sqft
Keller Williams Select Realty
Welcome to picture perfect Ketch Harbour! This sea side community is located just 30 minutes from Halifax and boasts stunning views of the AtlanticCoastline while offering incredible hiking trails, white sand beaches and community events that are fun for the whole family.
C$509900

Residential For Sale

1127 Ketch Harbour Road, Ketch Harbour, NS B3V 1K7
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$509900

Residential For Sale

51 Black Street, Pugwash, NS B0K 1L0

4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
49Picture(s)
3,284Sqft
RE/MAX Fairlane Realty
C$485000

Residential For Sale

51 Black Street, Pugwash, NS B0K 1L0
4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
3,284Sqft
RE/MAX Fairlane Realty
Own a piece of history that's been beautifully blended with modern convenience. This stunning century home, spacious & stylish, on a picturesque half acre lot, has been totally updated and renovated. Lovely curb appeal, a metal roof, newer windows and siding, with a wired detached garage (with 30amp RV plug). Walk through the entrance into a grand main hallway boasting 12-foot ceilings.
C$485000

Residential For Sale

51 Black Street, Pugwash, NS B0K 1L0
RE/MAX Fairlane Realty
4Bedroom(s)
4Bathroom(s)
C$485000

Residential For Sale

7307 Highway 366 Highway, Northport, NS B0L 1E0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
40Picture(s)
1,942Sqft
Starscape Realty Ltd.
C$319000

Residential For Sale

7307 Highway 366 Highway, Northport, NS B0L 1E0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,942Sqft
Starscape Realty Ltd.
Retire by the Seaside – Bungalow Living with Water Views Welcome to 7307 Hwy 366, Northport – a charming seaside bungalow offering main-floor living with bonus space in the basement, all just steps from the water. The main level features a spacious living room and generously sized primary bedroom, perfect for comfortable everyday living.
C$319000

Residential For Sale

7307 Highway 366 Highway, Northport, NS B0L 1E0
Starscape Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$319000

Residential For Sale

34 Brianna Drive, Lantz, NS B2S 0K4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,756Sqft
RE/MAX Nova (Halifax)
C$749900

Residential For Sale

34 Brianna Drive, Lantz, NS B2S 0K4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,756Sqft
RE/MAX Nova (Halifax)
Move in Ready! Why settle for anything less, when you can have top-quality new construction, with enough space for the entire family, in the beautiful and mega-popular community of Lantz? Introducing this stunning NEW PLAN on Brianna Drive, brought to you by Beirut Homes.
C$749900

Residential For Sale

34 Brianna Drive, Lantz, NS B2S 0K4
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$749900
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