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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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1 Spring Crescent, Bridgewater, NS B4V 3G3

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
18Picture(s)
896Sqft
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1 Spring Crescent, Bridgewater, NS B4V 3G3
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
896Sqft
EXIT Realty Inter Lake
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35Picture(s)
2,278Sqft
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8 Quartz Drive, Halifax, NS B3P 0E4
3Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,278Sqft
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Welcome to 8 Quartz Drive in sought-after Governors Brook! This modern, move-in-ready 3-bedroom home is beautifully finished on all three levels with beautiful neutral colours.
C$579900

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3Bedroom(s)
4Bathroom(s)
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44 Bissett Lake Road, Cole Harbour, NS B2V 2T3

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
27Picture(s)
2,028Sqft
Century 21 Trident Realty Ltd.
C$377500

Residential For Sale

44 Bissett Lake Road, Cole Harbour, NS B2V 2T3
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
2,028Sqft
Century 21 Trident Realty Ltd.
Welcome to 44 Bissett Lake Road. This home is set on an impressive half-acre+ lot, offering space and convenience! The main level features an eat-in kitchen, three comfortable bedrooms, a full bathroom, living room and a versatile den, perfect for a home office or playroom.
C$377500

Residential For Sale

44 Bissett Lake Road, Cole Harbour, NS B2V 2T3
Century 21 Trident Realty Ltd.
3Bedroom(s)
1Bathroom(s)
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4 Gill Court, Pictou, NS B0K 1H0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
49Picture(s)
1,614Sqft
Viewpoint Realty Services Inc. (Pictou)
C$449000

Residential For Sale

4 Gill Court, Pictou, NS B0K 1H0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,614Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to 4 Gill Court – A Hidden Gem in the Heart of Pictou Tucked away on a quiet cul-de-sac, 4 Gill Court offers the perfect blend of comfort, privacy, and everyday convenience. This well-maintained 3-bedroom split entry home is move-in ready and ideal for those seeking a peaceful lifestyle in a friendly, established neighborhood.
C$449000

Residential For Sale

4 Gill Court, Pictou, NS B0K 1H0
Viewpoint Realty Services Inc. (Pictou)
3Bedroom(s)
1Bathroom(s)
C$449000

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170 Waterwheel Crescent, Middle Sackville, NS B4E 2L2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
48Picture(s)
1,848Sqft
RE/MAX Nova
C$389900

Residential For Sale

170 Waterwheel Crescent, Middle Sackville, NS B4E 2L2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,848Sqft
RE/MAX Nova
Welcome to your new home! Tucked away on a quiet side street and just a short walk to schools, this charming home is perfect for families. Inside, you’ll find a bright living room with hardwood floors and a custom built-in entertainment unit with LED lighting.
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170 Waterwheel Crescent, Middle Sackville, NS B4E 2L2
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$389900

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90 Shannonvale Court, Hammonds Plains, NS B4B 1Y5

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
2,572Sqft
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C$776500

Residential For Sale

90 Shannonvale Court, Hammonds Plains, NS B4B 1Y5
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,572Sqft
One Percent Realty East Inc.
Tucked away on a peaceful cul-de-sac, this beautiful 4-bedroom, 3.5-bathroom home offers the perfect blend of classic charm and modern living on a 1.89-acre lot. With plenty of space inside and out, this property is ideal for growing families or those who value privacy, comfort, and timeless design.
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Residential For Sale

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One Percent Realty East Inc.
4Bedroom(s)
4Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
35Picture(s)
1,904Sqft
RE/MAX Fairlane Realty
C$929000

Residential For Sale

100 Lake Shore Drive, Great Village, NS B0M 1L0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,904Sqft
RE/MAX Fairlane Realty
Paddle your own canoe, kayak or use your paddle board on the tranquil waters of Little Dyke Lake or perhaps go fishing, swimming or skating in the winter months, your choices are endless. With 59.4' of lake frontage & your own dock, access to the lake is a breeze.
C$929000

Residential For Sale

100 Lake Shore Drive, Great Village, NS B0M 1L0
RE/MAX Fairlane Realty
2Bedroom(s)
2Bathroom(s)
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49 Leeside Drive, Coxheath, NS B1R 1S5

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
24Picture(s)
1,288Sqft
Viewpoint Realty Services Inc. (Sydney)
C$229000

Residential For Sale

49 Leeside Drive, Coxheath, NS B1R 1S5
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,288Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to this charming semi-detached home, fully constructed from solid concrete, offering unmatched durability and peace of mind. Featuring three spacious bedrooms and one full bathroom, this property combines comfort, functionality , and long term value. Located in a highly sought after neighborhood in Coxheath, this home boasts a beautifully landscaped yard and thoughtful outdoor additions.
C$229000

Residential For Sale

49 Leeside Drive, Coxheath, NS B1R 1S5
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
1Bathroom(s)
C$229000

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78 Meadowsweet Road, Middle Sackville, NS B4E 3J7

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
35Picture(s)
1,290Sqft
BORDEN REAL ESTATE LIMITED - A586
C$499999

Residential For Sale

78 Meadowsweet Road, Middle Sackville, NS B4E 3J7
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,290Sqft
BORDEN REAL ESTATE LIMITED - A586
Here we are folks... New to the market... Located in Berry Hill Subdivision, Middle Sackville. Two bedrooms on the main floor. Room for a third with window on lower level. Already a full bath on lower level. Outside entrance to back yard. This is a very private lot with lots of trees around . Has a 12 x 16 Shed. Electric heat with two ETS units. Plus Ductless heatpump installed 2021..
C$499999

Residential For Sale

78 Meadowsweet Road, Middle Sackville, NS B4E 3J7
BORDEN REAL ESTATE LIMITED - A586
2Bedroom(s)
2Bathroom(s)
C$499999

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1373 Victoria Road, Sydney, NS B1N 2W9

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
856Sqft
Coldwell Banker Boardwalk Realty
C$159000

Residential For Sale

1373 Victoria Road, Sydney, NS B1N 2W9
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
856Sqft
Coldwell Banker Boardwalk Realty
Charming 3 Bedroom Home with Recent Upgrades! This 1903 built home is located close to main bussing routes in the heart of Whitney Pier. Walk in to an inviting eat-in Kitchen, the Living room is bright and spacious. Upstairs you have the 3 bedrooms and the bathroom. Upgrades include shingles, electrical and driveway.
C$159000

Residential For Sale

1373 Victoria Road, Sydney, NS B1N 2W9
Coldwell Banker Boardwalk Realty
3Bedroom(s)
1Bathroom(s)
C$159000

Residential For Sale

39 Rogers Avenue, Amherst, NS B4H 2J7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
34Picture(s)
2,200Sqft
RE/MAX County Line Realty Ltd.
C$184900

Residential For Sale

39 Rogers Avenue, Amherst, NS B4H 2J7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,200Sqft
RE/MAX County Line Realty Ltd.
Charming Family Bungalow in the Heart of Amherst, NS Welcome to this three-bedroom, two-bathroom bungalow located on a quiet, family-friendly street in the heart of Amherst, Nova Scotia. This home offers the perfect blend of comfort, functionality, and convenience — just steps from all local schools, downtown amenities, and the Amherst Golf Club.
C$184900

Residential For Sale

39 Rogers Avenue, Amherst, NS B4H 2J7
RE/MAX County Line Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$184900

Residential For Sale

7 Baron Court, Cole Harbour, NS B2W 5L4

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
49Picture(s)
1,947Sqft
Royal LePage Atlantic
C$464000

Residential For Sale

7 Baron Court, Cole Harbour, NS B2W 5L4
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,947Sqft
Royal LePage Atlantic
Welcome home to 7 Baron Court, a beautifully updated townhouse tucked away on a quiet cul-de-sac in the heart of the Forest Hills community in Dartmouth.
C$464000

Residential For Sale

7 Baron Court, Cole Harbour, NS B2W 5L4
Royal LePage Atlantic
4Bedroom(s)
2Bathroom(s)
C$464000
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