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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

482 Townsend Street, Sydney, NS B1P 5G6

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
28Picture(s)
1,056Sqft
3% Realty Nova Scotia
C$255000

Residential For Sale

482 Townsend Street, Sydney, NS B1P 5G6
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,056Sqft
3% Realty Nova Scotia
Discover this beautiful 2 storey 3 bedroom home nestled in the heart of Sydney. Built in the 1950s, this charming home reflects character combined with modern updates. The spacious kitchen offers ample cupboards for storage and plenty of prep areas for cooking. Adjacent to the kitchen, the cozy dining room provides a great space for family meals.
C$255000

Residential For Sale

482 Townsend Street, Sydney, NS B1P 5G6
3% Realty Nova Scotia
3Bedroom(s)
1Bathroom(s)
C$255000

Residential For Sale

18 Archibald Drive, Fall River, NS B2T 1E8

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,296Sqft
RE/MAX Nova (Halifax)
C$589800

Residential For Sale

18 Archibald Drive, Fall River, NS B2T 1E8
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,296Sqft
RE/MAX Nova (Halifax)
Welcome to 18 Archibald Drive, Fall River! This beautiful bungalow sits on a level 50,000 sq. ft. lot, offering privacy, space, and plenty of potential—including room to build a double car garage. Some rooms have been freshly painted, and the lower level has been completely redone, featuring a spacious family room and a brand new 3 piece bathroom.
C$589800

Residential For Sale

18 Archibald Drive, Fall River, NS B2T 1E8
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$589800

Residential For Sale

14 Hamshaw Drive, Halifax, NS B3M 2G8

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
45Picture(s)
1,461Sqft
Press Realty Inc.
C$724900

Residential For Sale

14 Hamshaw Drive, Halifax, NS B3M 2G8
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,461Sqft
Press Realty Inc.
Welcome to your new home on beautiful Kearney Lake, where cottage country charm meets city convenience. This one-of-a-kind property offers two PIDs, giving you the unique opportunity to enjoy your privacy or even explore future development.
C$724900

Residential For Sale

14 Hamshaw Drive, Halifax, NS B3M 2G8
Press Realty Inc.
4Bedroom(s)
2Bathroom(s)
C$724900

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

35 Hector Street, Port Maitland, NS B5A 5R8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
41Picture(s)
1,777Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$325000

Residential For Sale

35 Hector Street, Port Maitland, NS B5A 5R8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,777Sqft
RE/MAX Banner Real Estate(Yarmouth)
Set on a quiet, private lot with views of Churchills Lake, this solidly built and recently upgraded bungalow offers the best of peaceful coastal living-just 15 minutes from Yarmouth and a short drive to Port Maitland Beach. Surrounded by mature landscaping, open fields, and wildlife, the setting is calm and serene.
C$325000

Residential For Sale

35 Hector Street, Port Maitland, NS B5A 5R8
RE/MAX Banner Real Estate(Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$325000

Residential For Sale

562 Messenger Road, Tremont, NS B0P 1R0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
27Picture(s)
1,075Sqft
RE/MAX Banner Real Estate
C$234900

Residential For Sale

562 Messenger Road, Tremont, NS B0P 1R0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,075Sqft
RE/MAX Banner Real Estate
Nestled on a picturesque 22-acre lot, this 1.5 storey home offers a peaceful country setting with endless potential. The main level features two bedrooms and a traditional layout, while the upper level is mostly finished and ready for your finishing touches.
C$234900

Residential For Sale

562 Messenger Road, Tremont, NS B0P 1R0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$234900

Residential For Sale

17 Kissock Court, Bedford, NS B4A 3X9

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,872Sqft
RE/MAX Nova (Halifax)
C$1229000

Residential For Sale

17 Kissock Court, Bedford, NS B4A 3X9
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,872Sqft
RE/MAX Nova (Halifax)
Beautifully maintained and move-in ready, this spacious 5-bedroom, 3.5-bath Bedford home with a heated pool, hot tub, and in-law suite is perfectly situated on a quiet cul-de-sac near schools and Papermill Lake.
C$1229000

Residential For Sale

17 Kissock Court, Bedford, NS B4A 3X9
RE/MAX Nova (Halifax)
5Bedroom(s)
4Bathroom(s)
C$1229000

Residential For Sale

8/8a David Street, Dartmouth, NS B2X 1P6

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
49Picture(s)
1,020Sqft
RE/MAX Nova
C$649900

Residential For Sale

8/8a David Street, Dartmouth, NS B2X 1P6
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,020Sqft
RE/MAX Nova
Looking for an Owner occupied home with built-in income, or a straight up investment property, 8/8A David Street may be just what you are looking for. Top of the hill, amid the trees bordering watershed lands for quiet and privacy, this lovely duplex was built and owned by the same family since 1963. From the moment you walk in it is obvious this home has been well cared for and maintained.
C$649900

Residential For Sale

8/8a David Street, Dartmouth, NS B2X 1P6
RE/MAX Nova
3Bedroom(s)
1Bathroom(s)
C$649900

Residential For Sale

76 Darner Street, Beaver Bank, NS B4B 0E2

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3Picture(s)
2,403Sqft
RE/MAX Nova
C$725000

Residential For Sale

76 Darner Street, Beaver Bank, NS B4B 0E2
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,403Sqft
RE/MAX Nova
Looking for a legal self-contained secondary suite? Welcome to another Savvy Home build! This stunning new construction home in the heart of Carriagewood Estates offers modern elegance, spacious living, and ultimate convenience. With over 2,400 sq. ft.
C$725000

Residential For Sale

76 Darner Street, Beaver Bank, NS B4B 0E2
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$725000

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
48Picture(s)
1,861Sqft
RE/MAX Nova (Halifax)
C$699900

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,861Sqft
RE/MAX Nova (Halifax)
Welcome to your move-in ready lakefront retreat! This beautifully renovated 3-bedroom, 3-bathroom home is nestled on 120 feet of direct lake frontage on the shores of Pentz Lake, one of the few motorized lakes in Nova Scotia. Swim, kayak, or boat right from your backyard and embrace the ultimate waterfront lifestyle.
C$699900

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
48Picture(s)
1,861Sqft
RE/MAX Nova (Halifax)
C$699900

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,861Sqft
RE/MAX Nova (Halifax)
Welcome to your move-in ready lakefront retreat! This beautifully renovated 3-bedroom, 3-bathroom home is nestled on 120 feet of direct lake frontage on the shores of Pentz Lake, one of the few motorized lakes in Nova Scotia. Swim, kayak, or boat right from your backyard and embrace the ultimate waterfront lifestyle.
C$699900

Residential For Sale

63 Pentz Lake Drive, Mount Uniacke, NS B0N 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
16Picture(s)
1,170Sqft
Century 21 Trident Realty Ltd.
C$434900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,170Sqft
Century 21 Trident Realty Ltd.
Introducing the Magnolia – Under Construction (Photos of previously built Model Home)-a modern bungalow designed for effortless one-level living. Spanning 1,170 sq ft, this thoughtfully crafted new construction property promises comfort and style.
C$434900

Residential For Sale

Lot 13 Rubys Way, Stewiacke, NS B0N 2J0
Century 21 Trident Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$434900
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