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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

13 Third Avenue, Florence, NS B1Y 1S1

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
41Picture(s)
1,333Sqft
VALMAC REALTY LTD. - 16139
C$309000

Residential For Sale

13 Third Avenue, Florence, NS B1Y 1S1
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,333Sqft
VALMAC REALTY LTD. - 16139
Lovingly maintained by the same owners for 37 years, this immaculate five-bedroom home sits on a beautifully landscaped 9,000+ sq. ft. lot and is ready to welcome new owners. The 26’ x 15’ garage—currently enjoyed as a recreation room—features a fitted screen in front of the automatic door, while a smartly designed rear section provides dedicated storage for lawn equipment and tools.
C$309000

Residential For Sale

13 Third Avenue, Florence, NS B1Y 1S1
VALMAC REALTY LTD. - 16139
5Bedroom(s)
2Bathroom(s)
C$309000

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58 Onyx Crescent, Halifax, NS B3P 0H6

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
49Picture(s)
2,206Sqft
Royal LePage Atlantic
C$559900

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58 Onyx Crescent, Halifax, NS B3P 0H6
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,206Sqft
Royal LePage Atlantic
Welcome to this stunning 3-bedroom plus den, 3.5-bath home in the highly sought-after community of Governor’s Brook. Just 8 years young, this stylish and spacious home offers an open-concept layout with vinyl plank floors throughout. With a large bright living room with a heat pump, you'll envision family get-togethers and holidays spent with loved ones in this cozy space.
C$559900

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58 Onyx Crescent, Halifax, NS B3P 0H6
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$559900

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16 Corey Drive, Bible Hill, NS B2N 6G7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
1,370Sqft
Royal LePage Truro Real Estate
C$439000

Residential For Sale

16 Corey Drive, Bible Hill, NS B2N 6G7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,370Sqft
Royal LePage Truro Real Estate
This beautifully maintained three-bedroom, two-bathroom home in Bible Hill is the perfect blend of comfort, style, and convenience. Designed for today's lifestyle, it features a fabulous open-concept layout-ideal for entertaining or keeping an eye on the children at play. The kitchen has been refreshed with new Corian countertop and backsplash, offering both durability and modern appeal.
C$439000

Residential For Sale

16 Corey Drive, Bible Hill, NS B2N 6G7
Royal LePage Truro Real Estate
3Bedroom(s)
2Bathroom(s)
C$439000

Residential For Sale

165 Holgers Lane, Cleveland, NS B0E 1J0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
42Picture(s)
1,456Sqft
Cape Breton Realty
C$399000

Residential For Sale

165 Holgers Lane, Cleveland, NS B0E 1J0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,456Sqft
Cape Breton Realty
Location, location - private and peaceful! Just 15 minutes from Port Hawkesbury and 10 minutes from the hospital, this inviting freshwater lakefront home offers three to four bedrooms and one bath, with potential for a second. Enjoy year-round comfort with heat pumps and a cozy wood stove.
C$399000

Residential For Sale

165 Holgers Lane, Cleveland, NS B0E 1J0
Cape Breton Realty
3Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

83 Red Fern Terrace, Halifax, NS B3S 1K9

4Bedroom(s)
4Bathroom(s)
ConcreteParking(s)
50Picture(s)
2,413Sqft
RE/MAX Nova (Halifax)
C$725000

Residential For Sale

83 Red Fern Terrace, Halifax, NS B3S 1K9
4Bedroom(s)
4Bathroom(s)
ConcreteParking(s)
2,413Sqft
RE/MAX Nova (Halifax)
Charming 3-Bedroom Home with In-Law Suite & Pond Views – 83 Red Fern Terrace, Clayton Park West Welcome to this beautifully maintained detached 3-bedroom home, perfectly positioned to overlook the scenic Belchers Marsh Park. Offering both comfort and investment potential, this property features a fully self-contained 1-bedroom in-law suite with its own entrance and full kitchen.
C$725000

Residential For Sale

83 Red Fern Terrace, Halifax, NS B3S 1K9
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$725000

Residential For Sale

6106 Highway 4 Highway, Linacy, NS B2H 5C4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
31Picture(s)
1,200Sqft
Blinkhorn Real Estate Ltd.
C$349900

Residential For Sale

6106 Highway 4 Highway, Linacy, NS B2H 5C4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,200Sqft
Blinkhorn Real Estate Ltd.
Just 2 years old this spacious 1200 sq. ft. mini home sits on nearly an acre of land set back from the road for privacy. Designed with accessibility in mind, it features a ramp and wheelchair friendly layout. The open-concept main living area is filled with natural light and has an abundance of storage space.
C$349900

Residential For Sale

6106 Highway 4 Highway, Linacy, NS B2H 5C4
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

44 Montague Street, Lunenburg, NS B0J 2C0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
38Picture(s)
2,200Sqft
Sutton Group Professional Realty
C$795000

Residential For Sale

44 Montague Street, Lunenburg, NS B0J 2C0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,200Sqft
Sutton Group Professional Realty
Ideally situated in the heart of the thriving Lunenburg waterfront, and overlooking the world-famous Fisheries Museum of the Atlantic. Old Town Lunenburg is one of only two urban communities to be designated as a UNESCO World Heritage site. The hustle and bustle extends from the working harbour to the vibrant waterfront and downtown. This unique property has many possibilities.
C$795000

Residential For Sale

44 Montague Street, Lunenburg, NS B0J 2C0
Sutton Group Professional Realty
3Bedroom(s)
3Bathroom(s)
C$795000

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103-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
50Picture(s)
1,476Sqft
Keller Williams Select Realty
C$624900

Residential For Sale

103-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,476Sqft
Keller Williams Select Realty
Welcome to Morris Lake Vistas, a spacious corner-unit suite offering 3 bedrooms, 2 full baths, a thoughtful floor plan, and TWO PARKING SPACES (one underground and one exterior). Large windows fill the home with natural light and treed views, with Morris Lake only steps away for swimming, paddling, or simply enjoying the peaceful setting.
C$624900

Residential For Sale

103-89 Pebblecreek Crescent, Dartmouth, NS B2W 0K6
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

515 Highway 360, Somerset, NS B0P 1E0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
1,509Sqft
Exit Realty Town & Country
C$498900

Residential For Sale

515 Highway 360, Somerset, NS B0P 1E0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,509Sqft
Exit Realty Town & Country
Charming Somerset bungalow 3+1 bedrooms 1.5 baths on 1.1 acres. Welcome to this inviting bungalow located in the quaint community of Somerset, directly across from Somerset School. Set on a generous 1.1 acre lot, this home offers the perfect balance of comfort, convenience, and country living. Inside you’ll find 3+1 bedrooms ( one presently a being used as a den)and 1.
C$498900

Residential For Sale

515 Highway 360, Somerset, NS B0P 1E0
Exit Realty Town & Country
4Bedroom(s)
2Bathroom(s)
C$498900

Residential For Sale

129 William Borrett Terrace, Bedford South, NS B4A 0G6

5Bedroom(s)
6Bathroom(s)
AttachedParking(s)
50Picture(s)
5,927Sqft
Exit Realty Metro
C$1577000

Residential For Sale

129 William Borrett Terrace, Bedford South, NS B4A 0G6
5Bedroom(s)
6Bathroom(s)
AttachedParking(s)
5,927Sqft
Exit Realty Metro
Welcome to this high-quality, custom-designed home in one of the most beloved family neighborhoods in Bedford South. This beautiful home is sure to impress you when step inside.
C$1577000

Residential For Sale

129 William Borrett Terrace, Bedford South, NS B4A 0G6
Exit Realty Metro
5Bedroom(s)
6Bathroom(s)
C$1577000

Residential For Sale

8671 Highway 2, Great Village, NS B0M 1L0

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,124Sqft
Keller Williams Select Realty (Truro)
C$399000

Residential For Sale

8671 Highway 2, Great Village, NS B0M 1L0
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,124Sqft
Keller Williams Select Realty (Truro)
Nestled in the picturesque community of Great Village, Nova Scotia, this stunning home showcases a perfect blend of historic charm and modern comforts. With meticulous attention to detail, the property has been lovingly restored to its original beauty, featuring numerous upgrades that enhance its appeal and functionality.
C$399000

Residential For Sale

8671 Highway 2, Great Village, NS B0M 1L0
Keller Williams Select Realty (Truro)
5Bedroom(s)
3Bathroom(s)
C$399000

Residential For Sale

81 Hansen Drive, West Pugwash, NS B0K 1L0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
47Picture(s)
2,784Sqft
Keller Williams Select Realty (Truro)
C$829000

Residential For Sale

81 Hansen Drive, West Pugwash, NS B0K 1L0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,784Sqft
Keller Williams Select Realty (Truro)
**Craftsman-Style Waterfront Home in Pugwash** Welcome to 81 Hanson Dr., Pugwash! This brand-new craftsman-style home spans 2,784 square feet on a beautifully landscaped 2.72 - acre lot with 257 feet of pristine waterfront. Nestled in a low-tide area with zero erosion, it faces the Pugwash Basin and allows for a dock in your backyard.
C$829000

Residential For Sale

81 Hansen Drive, West Pugwash, NS B0K 1L0
Keller Williams Select Realty (Truro)
3Bedroom(s)
3Bathroom(s)
C$829000
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