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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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8979 Peggys Cove Rd Road, Indian Harbour, NS B3Z 3P2

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,808Sqft
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C$615000

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8979 Peggys Cove Rd Road, Indian Harbour, NS B3Z 3P2
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,808Sqft
Keller Williams Select Realty
Nestled on a secluded 1.5-acre lot in Indian Harbour, this inviting home with a detached double garage blends historic charm with thoughtful modern upgrades. Originally one of the area’s first dwellings, it has been carefully expanded and renovated to offer both character and comfort.
C$615000

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2Bedroom(s)
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3Bathroom(s)
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50Picture(s)
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C$819900

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242 Zaffre Drive Lot 5011, Middle Sackville, NS B4E 0W8
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,332Sqft
Royal LePage Atlantic
COME SEE US HERE EVERY SATURDAY & SUNDAY FROM 2-4PM. Amara Developments is introducing “The Whistler” in the newest phase of Indigo Shores in Middle Sackville, Nova Scotia. "The Whistler" exemplifies modern craftsman design and is a popular choice in this sought-after suburban community of Halifax.
C$819900

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Royal LePage Atlantic
4Bedroom(s)
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7 Karen Drive, Westphal, NS B2W 3T1

5Bedroom(s)
2Bathroom(s)
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44Picture(s)
2,261Sqft
Keller Williams Select Realty
C$569900

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7 Karen Drive, Westphal, NS B2W 3T1
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,261Sqft
Keller Williams Select Realty
Welcome to 7 Karen drive. This half vacant two unit is ready for new ownership. Over 1100sqft per floor. Upstairs is a large 3 bedroom 1 bath with a bright Living room, kitchen and dining area. It is heated with oil hot water baseboards and has a wood insert fireplace (as is where is, never been used by current owners).
C$569900

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7 Karen Drive, Westphal, NS B2W 3T1
Keller Williams Select Realty
5Bedroom(s)
2Bathroom(s)
C$569900

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228 Falmouth Back Road, Falmouth, NS B0P 1P0

4Bedroom(s)
2Bathroom(s)
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31Picture(s)
1,472Sqft
RE/MAX NOVA (Windsor)
C$429900

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228 Falmouth Back Road, Falmouth, NS B0P 1P0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,472Sqft
RE/MAX NOVA (Windsor)
Welcome to this well-kept split-entry home in the desirable Falmouth school district. Offering 2+2 bedrooms, 1.5 baths, and a wired and heated detached garage on a generous lot, this home is designed for comfort and convenience.
C$429900

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228 Falmouth Back Road, Falmouth, NS B0P 1P0
RE/MAX NOVA (Windsor)
4Bedroom(s)
2Bathroom(s)
C$429900

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5Bedroom(s)
3Bathroom(s)
GravelParking(s)
38Picture(s)
1,680Sqft
Cape Breton Realty (Port Hawkesbury)
C$565000

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2952 Hwy 395, East Lake Ainslie, NS B0E 3M0
5Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,680Sqft
Cape Breton Realty (Port Hawkesbury)
With sweeping views of beautiful Lake Ainslie, this unique property offers three fully renovated and updated dwellings on a single PID.Two residences comfortably accommodate up to 6 guests each, while the third sleeps 4. Each unit is self-contained with heat pumps, and electric heat, providing comfortable three-season living.
C$565000

Residential For Sale

2952 Hwy 395, East Lake Ainslie, NS B0E 3M0
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7 Lions Club Road, Fox Point, NS B0J 1T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
23Picture(s)
1,093Sqft
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7 Lions Club Road, Fox Point, NS B0J 1T0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,093Sqft
Easy List Realty Ltd.
For more information, please click the "More Information" button. Discover seaside living in the heart of Hubbards - just steps from the beach - in this unique, newly built Nova Scotia–styled home that blends classic maritime character with modern comfort, making it an ideal retreat, year-round residence, or investment opportunity.
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3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
41Picture(s)
1,783Sqft
Modern Realty
C$259999

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3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,783Sqft
Modern Realty
Imagine waking up every day in a home where sunlight pours into a spacious kitchen designed for gathering - wether it's a quiet breakfast or a lively family celebration. With abundant cupboard space, generous rooms that flow effortlessly into one another, and views of the harbour, 1192 Highway 335 is more then a house-it's the place where memories are waiting to be made.
C$259999

Residential For Sale

1192 Highway 335 Highway, Middle West Pubnico, NS B0W 2M0
Modern Realty
3Bedroom(s)
2Bathroom(s)
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2Bedroom(s)
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38Picture(s)
1,220Sqft
Royal LePage Atlantic - Valley(Windsor)
C$599900

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2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,220Sqft
Royal LePage Atlantic - Valley(Windsor)
Charming Custom-Built Bungalow in the Heart of Falmouth Nestled on a beautifully landscaped 1.2-acre lot, this custom-built 2-bedroom bungalow offers the perfect blend of comfort, efficiency, and convenience.
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Royal LePage Atlantic - Valley(Windsor)
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4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
3,321Sqft
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52 Innsbrook Way, Bedford, NS B4B 0X6
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,321Sqft
Sutton Group Professional Realty
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52 Innsbrook Way, Bedford, NS B4B 0X6
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
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2925 Highway 7, Lake Echo, NS B3E 1A4

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
1,400Sqft
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C$389900

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2925 Highway 7, Lake Echo, NS B3E 1A4
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,400Sqft
Assist-2-Sell Homeworks Realty
This warm, multi-level level welcoming 2-bedroom plus den, 2-full-bath home, located in beautiful Lake Echo, is ready for a new owner to make it their home. The main living area features a spacious, updated kitchen with appliances included, a large dining room that opens to the rear patio, and a large private backyard that boasts a 16 x 12 storage shed for added convenience.
C$389900

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2925 Highway 7, Lake Echo, NS B3E 1A4
Assist-2-Sell Homeworks Realty
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2Bathroom(s)
C$389900

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89 Cairnstone Lane, Bedford, NS B4B 2G5

5Bedroom(s)
6Bathroom(s)
TripleParking(s)
50Picture(s)
4,048Sqft
Verve Realty Group
C$1799000

Residential For Sale

89 Cairnstone Lane, Bedford, NS B4B 2G5
5Bedroom(s)
6Bathroom(s)
TripleParking(s)
4,048Sqft
Verve Realty Group
Welcome to 89 Cairnstone Lane, located in the sought-after serene neighbourhood of West Bedford. This five bedroom, six bathroom property will impress you the moment you walk in. This luxury home has outstanding craftsmanship in every detail. The open-concept living space featuring stunning countertops, beautiful finishes, appliances and quality building materials.
C$1799000

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89 Cairnstone Lane, Bedford, NS B4B 2G5
Verve Realty Group
5Bedroom(s)
6Bathroom(s)
C$1799000

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206 Shore Road, Merigomish, NS B0K 1G0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,112Sqft
Blinkhorn Real Estate Ltd.
C$784000

Residential For Sale

206 Shore Road, Merigomish, NS B0K 1G0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,112Sqft
Blinkhorn Real Estate Ltd.
This extraordinary 11-year-old home offers the perfect blend of luxury, comfort, and function—all on one level. Designed with ease of living in mind, the home is equipped with a full-home generator, in-floor heating, and ductless heat pumps throughout.
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Residential For Sale

206 Shore Road, Merigomish, NS B0K 1G0
Blinkhorn Real Estate Ltd.
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3Bathroom(s)
C$784000
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