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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

5096 Shore Road, North East Harbour, NS B0W 2E0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
2,465Sqft
Keller Williams Select Realty
C$579900

Residential For Sale

5096 Shore Road, North East Harbour, NS B0W 2E0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,465Sqft
Keller Williams Select Realty
5096 Shore Rd, North East Harbour 3 Bed - 2 Bath - 23 Acres - Private Beach with partial vender financing option. Welcome to this rare coastal gem, a beautifully preserved 1860 estate set on 23 private acres with its own white sand beach in North East Harbour. This 3-bedroom, 2-bath home offers timeless character, modern updates, and the serenity of oceanfront living.
C$579900

Residential For Sale

5096 Shore Road, North East Harbour, NS B0W 2E0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$579900

Residential For Sale

150 Evans Avenue, Halifax, NS B3M 1E1

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
38Picture(s)
2,112Sqft
RE/MAX Nova (Halifax)
C$544900

Residential For Sale

150 Evans Avenue, Halifax, NS B3M 1E1
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,112Sqft
RE/MAX Nova (Halifax)
Welcome to 150 Evans Avenue – A Home of Light, Character, and Thoughtful Renewal. Set on a generous 7,000 sq. ft. SW corner lot in Fairview, this beautifully updated residence blends mid-century features with contemporary design. The main floor is anchored by a sunlit living room where an original wood-burning fireplace (as is) adds warmth and authenticity.
C$544900

Residential For Sale

150 Evans Avenue, Halifax, NS B3M 1E1
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$544900

Residential For Sale

31 Mckenzie Settlement Road, Upper North River, NS B6L 6L7

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
27Picture(s)
1,464Sqft
Coldwell Banker Open Door Realty Ltd.
C$349900

Residential For Sale

31 Mckenzie Settlement Road, Upper North River, NS B6L 6L7
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,464Sqft
Coldwell Banker Open Door Realty Ltd.
Charming 3 bedroom bungalow on 2 acres - peaceful country living. Enjoy the best of country living with this well maintained 3 bedroom, l bathroom bungalow set on a beautiful 2 acre lot offering space, privacy, and tranquility. This cozy home features an open concept layout with a functional kitchen, perfect for everyday living and entertaining.
C$349900

Residential For Sale

31 Mckenzie Settlement Road, Upper North River, NS B6L 6L7
Coldwell Banker Open Door Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

148 Brunello Boulevard Lot 49, Timberlea, NS B3T 0J4

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
4Picture(s)
2,423Sqft
Engel & Volkers
C$769900

Residential For Sale

148 Brunello Boulevard Lot 49, Timberlea, NS B3T 0J4
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,423Sqft
Engel & Volkers
The Brighton by Ramar Homes, a stylish, spacious gem nestled in the Brunello Golf Community. With over 2,400 sq. ft. of finished living space, 3 bedrooms, and 3.5 bathrooms, this home is designed for living your best life, whether you're hosting game night or unwinding after a long day. Step inside and be wowed by 9-foot ceilings on the main floor that give the space an open, airy feel.
C$769900

Residential For Sale

148 Brunello Boulevard Lot 49, Timberlea, NS B3T 0J4
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$769900

Residential For Sale

140 Brunello Boulevard Lot 47, Timberlea, NS B3T 0J4

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2Picture(s)
2,866Sqft
Engel & Volkers
C$899900

Residential For Sale

140 Brunello Boulevard Lot 47, Timberlea, NS B3T 0J4
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,866Sqft
Engel & Volkers
“The Weybridge” by Ramar Homesoffers luxury living in the heart of the Brunello Golf Community. This thoughtfully designed 3 bedroom, 3.5 bath home offers 2,866 sq. ft. of refined living space, with 9-foot ceilings on the main floor and 10-foot ceilings in the walkout basement, creating a bright, open feel throughout.
C$899900

Residential For Sale

140 Brunello Boulevard Lot 47, Timberlea, NS B3T 0J4
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$899900

Residential For Sale

33 Ryland Avenue, Bible Hill, NS B2N 2V5

5Bedroom(s)
2Bathroom(s)
SingleParking(s)
39Picture(s)
2,179Sqft
RE/MAX Fairlane Realty
C$394900

Residential For Sale

33 Ryland Avenue, Bible Hill, NS B2N 2V5
5Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,179Sqft
RE/MAX Fairlane Realty
Your country home within town limits! 33 Ryland Avenue is filled with so much of its original character but with all of the modern conveniences and upgrades. So many bedrooms that it will easily fit a large family, or you could use some of the rooms as office space or family/games areas.
C$394900

Residential For Sale

33 Ryland Avenue, Bible Hill, NS B2N 2V5
RE/MAX Fairlane Realty
5Bedroom(s)
2Bathroom(s)
C$394900

Residential For Sale

605 Frenchvale Road, Balls Creek, NS B2A 4N4

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
14Picture(s)
930Sqft
VALMAC REALTY LTD. - 16139
C$159900

Residential For Sale

605 Frenchvale Road, Balls Creek, NS B2A 4N4
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
930Sqft
VALMAC REALTY LTD. - 16139
If you are looking for country living with peace and privacy , check out 605 Frenchvale Road . This cozy bungalow sits on 2.3 acre lot surrounded with mature trees is a short drive to all amenities in North Sydney and Sydney River . The house features 2 bedrooms , kitchen , living room with a wood stove and a heat pump . 4 piece bath .
C$159900

Residential For Sale

605 Frenchvale Road, Balls Creek, NS B2A 4N4
VALMAC REALTY LTD. - 16139
2Bedroom(s)
1Bathroom(s)
C$159900

Residential For Sale

3189 Clementsvale Road, Clementsvale, NS B0S 1G0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
49Picture(s)
1,522Sqft
Royal LePage Atlantic (New Minas)
C$299000

Residential For Sale

3189 Clementsvale Road, Clementsvale, NS B0S 1G0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,522Sqft
Royal LePage Atlantic (New Minas)
A Fresh Take on Country Living in Clementsvale - Set on 3.3 peaceful acres in the heart of Clementsvale, this beautifully upgraded 2-bedroom, 1-bath bungalow offers the perfect blend of modern comfort and rural charm. Enjoy sunrise views from the covered front veranda, where rolling hills and quiet mornings set the tone for a slower pace of life. Inside, you'll find over 1,500sqft.
C$299000

Residential For Sale

3189 Clementsvale Road, Clementsvale, NS B0S 1G0
Royal LePage Atlantic (New Minas)
2Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

13297 Highway 6, Wallace Bridge, NS B0K 1Y0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,260Sqft
Century 21 Trident Realty Ltd.
C$399000

Residential For Sale

13297 Highway 6, Wallace Bridge, NS B0K 1Y0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,260Sqft
Century 21 Trident Realty Ltd.
Discover a truly unique living experience in this magnificent church conversion that boasts breathtaking bay waterfront views. This one-of-a-kind property features a spacious two-bedroom layout with a charming bunk loft, perfect for family or guests.
C$399000

Residential For Sale

13297 Highway 6, Wallace Bridge, NS B0K 1Y0
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

373 Bear Point Road, Bear Point, NS B0W 3B0

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
9Picture(s)
1,034Sqft
Keller Williams Select Realty (Barrington Passage)
C$270000

Residential For Sale

373 Bear Point Road, Bear Point, NS B0W 3B0
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
1,034Sqft
Keller Williams Select Realty (Barrington Passage)
3 Bedroom, 1 1/2 storey home situated on 1.087 acres land with ocean frontage in the fishing village of Bear Point on Nova Scotia's South Western Shore. Full basement with previous living spaces still petitioned off.
C$270000

Residential For Sale

373 Bear Point Road, Bear Point, NS B0W 3B0
Keller Williams Select Realty (Barrington Passage)
3Bedroom(s)
1Bathroom(s)
C$270000

Residential For Sale

Highway 331, Voglers Cove, NS B0J 2H0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
45Picture(s)
900Sqft
EXIT Realty Inter Lake
C$500000

Residential For Sale

Highway 331, Voglers Cove, NS B0J 2H0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
900Sqft
EXIT Realty Inter Lake
Oceanfront Acreage with Island~This rare 6.8-acre oceanfront property in Voglers Cove blends natural beauty, community charm, and ready-to-go infrastructure. With 900 feet of shoreline, a private 1-acre island (Little Island), and sweeping water views, this property is the ultimate canvas for your South Shore dream.
C$500000

Residential For Sale

Highway 331, Voglers Cove, NS B0J 2H0
EXIT Realty Inter Lake
1Bedroom(s)
1Bathroom(s)
C$500000

Residential For Sale

1143 Upper River John Road, Middleton, NS B0K 1V0

5Bedroom(s)
3Bathroom(s)
OtherParking(s)
50Picture(s)
4,044Sqft
Coldwell Banker Open Door Realty Ltd.
C$870000

Residential For Sale

1143 Upper River John Road, Middleton, NS B0K 1V0
5Bedroom(s)
3Bathroom(s)
OtherParking(s)
4,044Sqft
Coldwell Banker Open Door Realty Ltd.
Agricultural Enthusiasts pay Attention! In a Picturesque setting you'll find 75-80 plus minus acres; 45 acres of pasture, 5 plus acres conservation land (DU leased) remainder is treed and bush. Outbuildings consisting of a workshop, machinery storage, horse stalls, and an open face beef barn with a 50x100 concrete manure pad.
C$870000

Residential For Sale

1143 Upper River John Road, Middleton, NS B0K 1V0
Coldwell Banker Open Door Realty Ltd.
5Bedroom(s)
3Bathroom(s)
C$870000
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