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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

119 South Street, Donkin, NS B1A 6T6

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
18Picture(s)
834Sqft
Cape Breton Realty
C$52900

Residential For Sale

119 South Street, Donkin, NS B1A 6T6
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
834Sqft
Cape Breton Realty
Opportunity awaits in Donkin. This property is being sold “as is, where is.” Home measurements are not available due to the interior condition. Buyers are encouraged to complete their own due diligence. The home is a two-storey layout with 3 bedrooms and 1 bathroom, approximately 1,248 sq ft, situated on a 5,550 sq ft lot. Located near local amenities and a short drive to Glace Bay.
C$52900

Residential For Sale

119 South Street, Donkin, NS B1A 6T6
Cape Breton Realty
2Bedroom(s)
1Bathroom(s)
C$52900

Residential For Sale

18 Highland Street, Glace Bay, NS B1A 2T5

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
13Picture(s)
748Sqft
Century 21 Optimum Realty
C$149900

Residential For Sale

18 Highland Street, Glace Bay, NS B1A 2T5
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
748Sqft
Century 21 Optimum Realty
Welcome to this charming family home in the heart of Glace Bay, where years of love and laughter have made this house truly special. This bright, move-in-ready home offers cozy living space, perfect for first-time homebuyers looking to put down roots or investors seeking a solid rental opportunity.
C$149900

Residential For Sale

18 Highland Street, Glace Bay, NS B1A 2T5
Century 21 Optimum Realty
3Bedroom(s)
1Bathroom(s)
C$149900

Residential For Sale

41 Neptune Lane, Ponds, NS B0K 1G0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
15Picture(s)
1,446Sqft
J.F. MacIvor Properties
C$299000

Residential For Sale

41 Neptune Lane, Ponds, NS B0K 1G0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,446Sqft
J.F. MacIvor Properties
A rare opportunity awaits at 41 Neptune Lane in the Ponds, Nova Scotia - a waterfront cottage overlooking a pristine sandy beach and the expansive Northumberland Strait. Set on three parcels of land totaling approximately four acres, this property offers exceptional value and endless potential for future development.
C$299000

Residential For Sale

41 Neptune Lane, Ponds, NS B0K 1G0
J.F. MacIvor Properties
2Bedroom(s)
2Bathroom(s)
C$299000

Residential For Sale

105-40 Regency Park Drive, Halifax, NS B3S 1L4

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
29Picture(s)
1,583Sqft
One Percent Realty East Inc.
C$479900

Residential For Sale

105-40 Regency Park Drive, Halifax, NS B3S 1L4
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,583Sqft
One Percent Realty East Inc.
Location, Location, Location! Welcome to the prestigious Regency Park in the heart of Clayton Park, where this 3-bed 2-bath corner condo offers an impressive 1,583 sq. ft. of bright, open-concept living. Perfectly positioned on the side of the building, this unit is flooded with natural light & showcases pride of ownership throughout.
C$479900

Residential For Sale

105-40 Regency Park Drive, Halifax, NS B3S 1L4
One Percent Realty East Inc.
3Bedroom(s)
2Bathroom(s)
C$479900

Residential For Sale

6451 Highway 3, Eel Brook, NS B0W 2X0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
46Picture(s)
1,515Sqft
Engel & Volkers (Yarmouth)
C$450000

Residential For Sale

6451 Highway 3, Eel Brook, NS B0W 2X0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,515Sqft
Engel & Volkers (Yarmouth)
Nestled along the pristine shores of Salt Bay, 6451 Highway 3 offers an unparalleled opportunity to own a breathtaking waterfront retreat. Situated on a sprawling 7-acre parcel, this property epitomizes the essence of coastal living, combining natural beauty with modern comfort. Step inside to discover the thoughtfully designed kitchen which blends style and functionality seamlessly.
C$450000

Residential For Sale

6451 Highway 3, Eel Brook, NS B0W 2X0
Engel & Volkers (Yarmouth)
2Bedroom(s)
1Bathroom(s)
C$450000

Residential For Sale

56 Kelmere Drive, Sydney, NS B1R 1P8

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
36Picture(s)
2,128Sqft
Coldwell Banker Boardwalk Realty
C$379900

Residential For Sale

56 Kelmere Drive, Sydney, NS B1R 1P8
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,128Sqft
Coldwell Banker Boardwalk Realty
Welcome Home! This beautiful 4 bedroom, 2 bathroom bungalow has everything you need and more in one of the area's most desirable neighborhoods. Step inside and be greeted by a spacious living room, perfect for relaxing evenings with the family. The kitchen boasts stainless steel appliances and flows seamlessly into the dining room, making it ideal for hosting.
C$379900

Residential For Sale

56 Kelmere Drive, Sydney, NS B1R 1P8
Coldwell Banker Boardwalk Realty
4Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

62 Bucheron Crescent, Middle Sackville, NS B4E 3H1

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
33Picture(s)
1,916Sqft
Century 21 Trident Realty Ltd.
C$554900

Residential For Sale

62 Bucheron Crescent, Middle Sackville, NS B4E 3H1
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,916Sqft
Century 21 Trident Realty Ltd.
Welcome to this beautifully maintained bungalow in the heart of Middle Sackville, a community known for its family-friendly atmosphere and excellent schools. Designed for comfortable living, this turnkey home offers everything a growing family needs, from great curb appeal to a thoughtfully finished interior.
C$554900

Residential For Sale

62 Bucheron Crescent, Middle Sackville, NS B4E 3H1
Century 21 Trident Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$554900

Residential For Sale

8252 Highway 1, Ardoise, NS B0N 1L0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
30Picture(s)
935Sqft
Royal LePage Atlantic - Valley(Windsor)
C$249900

Residential For Sale

8252 Highway 1, Ardoise, NS B0N 1L0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
935Sqft
Royal LePage Atlantic - Valley(Windsor)
Affordable and full of potential, this mobile home is an excellent opportunity for first-time buyers or savvy investors. The property features a spacious detached wired and heated garage, perfect for vehicles, storage, or a workshop. With room to add your personal touches, this home offers a great way to start building equity without breaking the budget.
C$249900

Residential For Sale

8252 Highway 1, Ardoise, NS B0N 1L0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

11 Lions Club Road, Fox Point, NS B0J 1T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
19Picture(s)
1,093Sqft
Easy List Realty Ltd.
C$418900

Residential For Sale

11 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 at 11 Lions Club Rd, just steps from the beach. This unique, newly built Nova Scotia–styled home blends classic maritime character with modern comfort - ideal as a year-round residence, weekend retreat, or potential investment property.
C$418900

Residential For Sale

11 Lions Club Road, Fox Point, NS B0J 1T0
Easy List Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$418900

Residential For Sale

9 Laurie Drive, Lower Sackville, NS B4E 1G1

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
34Picture(s)
1,697Sqft
Sotheby's International Realty Canada
C$525000

Residential For Sale

9 Laurie Drive, Lower Sackville, NS B4E 1G1
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,697Sqft
Sotheby's International Realty Canada
Welcome to 9 Laurie Dr- this charming bungalow offering the perfect blend of convenience and comfort. Tucked away on a private, quiet street, this home is just minutes from shopping, schools, and major highways, making daily life simple and stress-free. The property features a spacious and sun-filled layout with 4 bedrooms and 2 full baths, ideal for families or those looking for extra room.
C$525000

Residential For Sale

9 Laurie Drive, Lower Sackville, NS B4E 1G1
Sotheby's International Realty Canada
4Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

1174 Belmont Road, Belmont, NS B0M 1C0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
23Picture(s)
1,825Sqft
RE/MAX Fairlane Realty
C$149000

Residential For Sale

1174 Belmont Road, Belmont, NS B0M 1C0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,825Sqft
RE/MAX Fairlane Realty
Spacious 3-Bedroom Home on Belmont Road – River Frontage & Incredible Potential. Looking for your next project? This 3-bedroom, 2-bath home offers plenty of space with a large kitchen, family room, and living room, all set on a beautiful property with river frontage. Yes, it needs a full renovation, but that’s where the opportunity lies.
C$149000

Residential For Sale

1174 Belmont Road, Belmont, NS B0M 1C0
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$149000

Residential For Sale

9 Lions Club Road, Fox Point, NS B0J 1T0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
22Picture(s)
1,093Sqft
Easy List Realty Ltd.
C$399900

Residential For Sale

9 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 - ideal as a retreat, year-round residence, or investment property.
C$399900

Residential For Sale

9 Lions Club Road, Fox Point, NS B0J 1T0
Easy List Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$399900
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