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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

1 Pearlgarden Close, Dartmouth, NS B2X 0C3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
30Picture(s)
2,626Sqft
Royal LePage Atlantic
C$823900

Residential For Sale

1 Pearlgarden Close, Dartmouth, NS B2X 0C3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,626Sqft
Royal LePage Atlantic
This property is subject to a Quick Closing Incentive! Welcome to the upgraded Portland model by Cresco, a sophisticated 2,626 sqft residence in The Parks of Lake Charles. This meticulously designed basement garage home is fully finished and all 3 levels and features 4 bedrooms, 3.5 bathrooms, and an open-concept main floor with an office, living room, dining room, and family room.
C$823900

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1 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$823900

Residential For Sale

94 Pearlgarden Close, Dartmouth, NS B2X 0C2

4Bedroom(s)
4Bathroom(s)
WiredParking(s)
6Picture(s)
3,009Sqft
Royal LePage Atlantic
C$862900

Residential For Sale

94 Pearlgarden Close, Dartmouth, NS B2X 0C2
4Bedroom(s)
4Bathroom(s)
WiredParking(s)
3,009Sqft
Royal LePage Atlantic
This property is subject to a Quick Closing Incentive! Welcome to The Sullivan II - an enlarged version of our popular Sullivan model, offering more living space on Pearlgarden's most premium lots at the end of the cul-de-sac with our largest backyards. This Cresco built 2-storey, 1.
C$862900

Residential For Sale

94 Pearlgarden Close, Dartmouth, NS B2X 0C2
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$862900

Residential For Sale

13 Pearlgarden Close, Dartmouth, NS B2X 0C2

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
8Picture(s)
2,410Sqft
Royal LePage Atlantic
C$780900

Residential For Sale

13 Pearlgarden Close, Dartmouth, NS B2X 0C2
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,410Sqft
Royal LePage Atlantic
This property is subject to a Quick Closing Incentive! Unveiling The Wentworth by Cresco, an epitome of refined living at The Parks of Lake Charles. Boasting 2,410 sqft and fully finished on 3 levels, it has 4 bedrooms, 3.
C$780900

Residential For Sale

13 Pearlgarden Close, Dartmouth, NS B2X 0C2
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$780900

Residential For Sale

5 Pearlgarden Close, Dartmouth, NS B2X 0C2

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
7Picture(s)
2,410Sqft
Royal LePage Atlantic
C$780900

Residential For Sale

5 Pearlgarden Close, Dartmouth, NS B2X 0C2
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,410Sqft
Royal LePage Atlantic
This property is subject to a Quick Closing incentive! Unveiling The Wentworth by Cresco, an epitome of refined living at The Parks of Lake Charles. Boasting 2,410 sqft and fully finished on 3 levels, it has 4 bedrooms, 3.
C$780900

Residential For Sale

5 Pearlgarden Close, Dartmouth, NS B2X 0C2
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$780900

Residential For Sale

48 Rustic Ridge, Upper Tantallon, NS B3Z 1L3

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
1,512Sqft
Exit Realty Metro
C$595000

Residential For Sale

48 Rustic Ridge, Upper Tantallon, NS B3Z 1L3
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,512Sqft
Exit Realty Metro
Welcome to 48 Rustic Ridge, a beautifully updated home tucked at the end of a quiet cul-de-sac in one of Upper Tantallon's most desirable neighborhoods. Set back on a private, tree-filled 30,753 sq ft lot, this property offers peace, privacy, and a natural setting just minutes from amenities.
C$595000

Residential For Sale

48 Rustic Ridge, Upper Tantallon, NS B3Z 1L3
Exit Realty Metro
3Bedroom(s)
3Bathroom(s)
C$595000

Residential For Sale

28 Ravenwood Drive, Nine Mile River, NS B2S 2Y1

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
36Picture(s)
1,792Sqft
Exit Realty Metro
C$582900

Residential For Sale

28 Ravenwood Drive, Nine Mile River, NS B2S 2Y1
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,792Sqft
Exit Realty Metro
Welcome to 28 Ravenwood Drive — a stunning brand-new build offering 3 bedrooms and 2 baths on a peaceful 1.3-acre lot in beautiful Nine Mile River, just minutes from Elmsdale. Designed with modern living in mind, this single-level home features an open-concept layout with 9-foot ceilings, stylish vinyl plank flooring, and a ductless heat pump for efficient year-round comfort.
C$582900

Residential For Sale

28 Ravenwood Drive, Nine Mile River, NS B2S 2Y1
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$582900

Residential For Sale

40 Tucker Lake Road, Beaver Bank, NS B4G 1C3

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,864Sqft
Hants Realty Ltd.
C$834900

Residential For Sale

40 Tucker Lake Road, Beaver Bank, NS B4G 1C3
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,864Sqft
Hants Realty Ltd.
Welcome to 40 Tucker Lake Road, a beautiful split-entry home built by Ally Developments in 2018, offering the ideal lakefront lifestyle in the heart of Beaver Bank. Situated on a double lot totaling 0.15 acres with its own private wharf, this property is designed for year-round enjoyment.
C$834900

Residential For Sale

40 Tucker Lake Road, Beaver Bank, NS B4G 1C3
Hants Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$834900

Residential For Sale

874 Stronach Mountain Road, Melvern Square, NS B0P 1R0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,380Sqft
RE/MAX Banner Real Estate
C$525000

Residential For Sale

874 Stronach Mountain Road, Melvern Square, NS B0P 1R0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,380Sqft
RE/MAX Banner Real Estate
Elevated living - Private location - Tremendous views Experience life at new heights in this fully renovated gem, tucked away in a private location with a long, winding driveway and brand-new gate for added privacy and curb appeal. From the moment you arrive, this home impresses with the thoughful upgrades, luxurious finishes, and layout designed for effortless, elevated living.
C$525000

Residential For Sale

874 Stronach Mountain Road, Melvern Square, NS B0P 1R0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

30016 Cabot Trail, South Harbour, NS B0C 1G0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
48Picture(s)
1,223Sqft
RE/MAX Park Place Inc.
C$129900

Residential For Sale

30016 Cabot Trail, South Harbour, NS B0C 1G0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,223Sqft
RE/MAX Park Place Inc.
Set back from the world-famous Cabot Trail on over 2 acres of surveyed land, this charming property offers privacy, peace and a connection to nature. A tree-lined driveway leads to a cozy, well-loved home that has been cherished by generations since its construction in 1948.
C$129900

Residential For Sale

30016 Cabot Trail, South Harbour, NS B0C 1G0
RE/MAX Park Place Inc.
2Bedroom(s)
1Bathroom(s)
C$129900

Residential For Sale

509-5511 Bilby Street, Halifax, NS B3K 0M5

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
34Picture(s)
554Sqft
Royal LePage Atlantic
C$489900

Residential For Sale

509-5511 Bilby Street, Halifax, NS B3K 0M5
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
554Sqft
Royal LePage Atlantic
Step into a lifestyle of comfort, design, and unbeatable convenience in this brand-new 1-bedroom, 1-bath condo at NRTH, Halifax’s newest boutique building. Just steps from the Hydrostone Market, top-rated restaurants, cafés, parks, and everyday amenities, this home is nestled in one of the city’s most vibrant and walkable neighbourhoods.
C$489900

Residential For Sale

509-5511 Bilby Street, Halifax, NS B3K 0M5
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$489900

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
49Picture(s)
1,055Sqft
Royal LePage Atlantic (Enfield)
C$299900

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,055Sqft
Royal LePage Atlantic (Enfield)
"VERY AFFORDABLE!" Enjoy country living with breathtaking views in this charming 3-bedroom, 1-bath home situated on a spacious 33-acre lot, with approximately 14 acres developed. The main floor offers convenient laundry, making day-to-day living easy and functional....a ductless heat pump for cool summers and low heating cost plus a cozy wood stove.
C$299900

Residential For Sale

7009 Highway 354, Noel Road, NS B0N 1T0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

173 Richardson Drive, Fall River, NS B2T 1E7

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
30Picture(s)
3,498Sqft
Royal LePage Atlantic (Enfield)
C$672500

Residential For Sale

173 Richardson Drive, Fall River, NS B2T 1E7
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,498Sqft
Royal LePage Atlantic (Enfield)
Welcome to 173 Richardson Drive - a spacious, beautifully updated multi-level home in the heart of Fall River Village. Sitting on a large corner lot in one of Fall River’s most desirable subdivisions, this 3-bedroom, 4-bathroom property offers the perfect balance of comfort, functionality, and future potential.
C$672500

Residential For Sale

173 Richardson Drive, Fall River, NS B2T 1E7
Royal LePage Atlantic (Enfield)
3Bedroom(s)
4Bathroom(s)
C$672500
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