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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

92 Victoria Street, Springhill, NS B0M 1X0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
24Picture(s)
1,750Sqft
Keller Williams Select Realty (Truro)
C$169900

Residential For Sale

92 Victoria Street, Springhill, NS B0M 1X0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,750Sqft
Keller Williams Select Realty (Truro)
Welcome to affordable family living in the charming community of Springhill! Situated within walking distance to all amenities, thisdelightful home is nestled in a quiet neighborhood, offering the perfect blend of convenience and tranquility. As you approach, you'll begreeted by a well-maintained home, complete with a paved driveway, exuding a sense of pride of ownership.
C$169900

Residential For Sale

92 Victoria Street, Springhill, NS B0M 1X0
Keller Williams Select Realty (Truro)
3Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

74-25 Dove Court, Vaughan, NS B0N 2T0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
826Sqft
RE/MAX NOVA (Windsor)
C$418800

Residential For Sale

74-25 Dove Court, Vaughan, NS B0N 2T0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
826Sqft
RE/MAX NOVA (Windsor)
Experience Modern Lakeside Living at Falls Lake Resort! Welcome to your brand-new, 2024-built retreat in the peaceful and highly sought-after Falls Lake Resort community.
C$418800

Residential For Sale

74-25 Dove Court, Vaughan, NS B0N 2T0
RE/MAX NOVA (Windsor)
2Bedroom(s)
1Bathroom(s)
C$418800

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
44Picture(s)
864Sqft
Keller Williams Select Realty
C$399999

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
864Sqft
Keller Williams Select Realty
Charming Seaside Cottage with Bunkie and Garage Welcome to this delightful seaside get-away offering breathtaking ocean views and the soothing sound of waves right from your doorstep. Featuring 2 cozy bedrooms and a full bathroom, this cottage is the perfect coastal retreat. Enjoy the fenced backyard, ideal for pets, children, or summer gatherings under the salty breeze.
C$399999

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$399999

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
39Picture(s)
864Sqft
Keller Williams Select Realty
C$399999

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
864Sqft
Keller Williams Select Realty
Charming Seaside Home with Bunkie and Garage Welcome to this delightful seaside home offering breathtaking ocean views and the soothing sound of waves right from your doorstep. Featuring 2 cozy bedrooms and a full bathroom, this home is the perfect coastal retreat. Enjoy the fenced backyard, ideal for pets, children, or summer gatherings under the salty breeze.
C$399999

Residential For Sale

9009 St Margarets Bay Road, Queensland, NS B0J 1T0
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$399999

Residential For Sale

1711 Ketch Harbour Road, Sambro, NS B3V 1L5

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
36Picture(s)
936Sqft
Engel & Volkers
C$129900

Residential For Sale

1711 Ketch Harbour Road, Sambro, NS B3V 1L5
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
936Sqft
Engel & Volkers
Rare & Affordable Opportunity in Scenic Sambro! Perfect for investors, flippers, first-time buyers, or anyone dreaming of a year-round seaside retreat. This charming 2-bedroom bungalow offers breathtaking ocean views and sunsets, nestled in the picturesque fishing village of Sambro - just 5 minutes from the iconic Crystal Crescent Beach.
C$129900

Residential For Sale

1711 Ketch Harbour Road, Sambro, NS B3V 1L5
Engel & Volkers
2Bedroom(s)
1Bathroom(s)
C$129900

Residential For Sale

301-89 Waterfront Drive, Bedford, NS B4A 4K4

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
33Picture(s)
1,461Sqft
Royal LePage Atlantic
C$625000

Residential For Sale

301-89 Waterfront Drive, Bedford, NS B4A 4K4
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,461Sqft
Royal LePage Atlantic
Discover this beautifully renovated 2-bedroom plus den corner condo in the highly sought-after Bedford Waterfront community! This sunlit unit boasts plenty of windows and a balcony overlooking the courtyard and social pavilion. Enjoy resort-style living with a heated pool, fountains, and stunning landscaping, just steps from DeWolf Park and the 3KM boardwalk.
C$625000

Residential For Sale

301-89 Waterfront Drive, Bedford, NS B4A 4K4
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$625000

Residential For Sale

14 Belmont Drive, Bridgewater, NS B4V 4E5

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
29Picture(s)
1,072Sqft
EXIT Realty Inter Lake
C$234900

Residential For Sale

14 Belmont Drive, Bridgewater, NS B4V 4E5
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,072Sqft
EXIT Realty Inter Lake
Welcome to this well-maintained and move-in ready mobile home located in a quiet, safe park community in Bridgewater, Nova Scotia. Offering 3 comfortable bedrooms and a spacious, updated full bathroom, this home is ideal for anyone seeking affordable, low-maintenance living in a convenient location.
C$234900

Residential For Sale

14 Belmont Drive, Bridgewater, NS B4V 4E5
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$234900

Residential For Sale

7819 West Dalhousie Road, Albany Cross, NS B0S 1P0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
50Picture(s)
1,560Sqft
Engel & Volkers (Liverpool)
C$675000

Residential For Sale

7819 West Dalhousie Road, Albany Cross, NS B0S 1P0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,560Sqft
Engel & Volkers (Liverpool)
This beautiful peaceful retreat is being offered, for the first time since the early 1900's. Originally built as a hunting and fishing lodge, character abounds in this wonderful home. The property offers over 9 1/2 acres with an expansive 780 linear feet of lakefront and easy access steps to the stone deck and waterfront.
C$675000

Residential For Sale

7819 West Dalhousie Road, Albany Cross, NS B0S 1P0
Engel & Volkers (Liverpool)
4Bedroom(s)
3Bathroom(s)
C$675000

Residential For Sale

317 Nichols Avenue, North Kentville, NS B4N 3V7

2Bedroom(s)
1Bathroom(s)
ConcreteParking(s)
14Picture(s)
952Sqft
PG Direct Realty Ltd.
C$346800

Residential For Sale

317 Nichols Avenue, North Kentville, NS B4N 3V7
2Bedroom(s)
1Bathroom(s)
ConcreteParking(s)
952Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Brand-new semi-detached home by EcoStar Homes, a builder known for superior craftsmanship & exceptional energy efficiency. This 2-bed, plus den, 1-bath design features an open-concept kitchen & living area, stainless steel appliances, pantry for extra storage, & a separate laundry room with stackable washer/dryer.
C$346800

Residential For Sale

317 Nichols Avenue, North Kentville, NS B4N 3V7
PG Direct Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$346800

Residential For Sale

292 Bear Cove Road, St. Alphonse, NS B0W 2J0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
38Picture(s)
1,116Sqft
Engel & Volkers (Yarmouth)
C$289000

Residential For Sale

292 Bear Cove Road, St. Alphonse, NS B0W 2J0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,116Sqft
Engel & Volkers (Yarmouth)
Tucked away in a quiet fishing community, this bright and practical 3-bedroom, 1-bath home sits on 3.44 acres of peaceful land. Recently re-shingled and well maintained, the home offers plenty of storage and a simple, functional layout—ideal for year-round living or a seasonal getaway.
C$289000

Residential For Sale

292 Bear Cove Road, St. Alphonse, NS B0W 2J0
Engel & Volkers (Yarmouth)
3Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

17 Loon Lane, Aylesford Lake, NS B0P 1C0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,120Sqft
Exit Realty Town & Country
C$439900

Residential For Sale

17 Loon Lane, Aylesford Lake, NS B0P 1C0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,120Sqft
Exit Realty Town & Country
Beautiful Bungalow with Deeded Lake Access Aylescott Village Welcome to this stunning 3-bedroom, 1-bath bungalow in the highly desirable lakeside community of Aylescott Village. This new ICF construction offers open-concept living with a spacious kitchen, dining, and living area featuring a stylish vaulted ceiling and large windows that fill the space with natural light.
C$439900

Residential For Sale

17 Loon Lane, Aylesford Lake, NS B0P 1C0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$439900

Residential For Sale

451 Highway 1, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
49Picture(s)
1,003Sqft
RE/MAX Nova (Halifax)
C$349900

Residential For Sale

451 Highway 1, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,003Sqft
RE/MAX Nova (Halifax)
Welcome to 451 Highway 1 in Mount Uniacke — a charming detached home offering incredible value. This 3-bedroom, 1-bathroom property is perfect for first-time buyers, downsizers, or anyone looking to enjoy peaceful living without sacrificing convenience. With a fully fenced backyard, there’s plenty of room for kids, pets, or weekend barbecues.
C$349900

Residential For Sale

451 Highway 1, Mount Uniacke, NS B0N 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
1Bathroom(s)
C$349900
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