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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

3419 Claremont Street, Halifax, NS B3L 3L6

3Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
36Picture(s)
1,935Sqft
Keller Williams Select Realty
C$699900

Residential For Sale

3419 Claremont Street, Halifax, NS B3L 3L6
3Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
1,935Sqft
Keller Williams Select Realty
Welcome to 3419 Claremont Street! This delightful 3-bedroom, 2-bathroom home is nestled on a quiet, tree-lined street in Halifax’s established West End.
C$699900

Residential For Sale

3419 Claremont Street, Halifax, NS B3L 3L6
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

3066 Canaan Road, Canaan, NS B0M 1W0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
20Picture(s)
1,148Sqft
Royal LePage Cumberland Realty Ltd.
C$179900

Residential For Sale

3066 Canaan Road, Canaan, NS B0M 1W0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,148Sqft
Royal LePage Cumberland Realty Ltd.
Introducing 3066 Canaan Road in Canaan NS! This quaint bungalow is located in a quiet country setting boasting 5 acres of land including a large pond on the property.
C$179900

Residential For Sale

3066 Canaan Road, Canaan, NS B0M 1W0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$179900

Residential For Sale

18 Coronet Ave, Halifax, NS B3N 1L5

1Bedroom(s)
1Bathroom(s)
SingleParking(s)
11Picture(s)
897Sqft
Keller Williams Select Realty
C$299900

Residential For Sale

18 Coronet Ave, Halifax, NS B3N 1L5
1Bedroom(s)
1Bathroom(s)
SingleParking(s)
897Sqft
Keller Williams Select Realty
Exceptional redevelopment opportunity situated on a quiet tree-lined street in the Armdale neighbourhood of Halifax. This rare lot holds an existing house that is ready for demolition and the owner has plans for a 4-unit build. The plans have received development permit approval from HRM subject to completing subdivision approval of the lot.
C$299900

Residential For Sale

18 Coronet Ave, Halifax, NS B3N 1L5
Keller Williams Select Realty
1Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

11 Maple Avenue, Hantsport, NS B0P 1P0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
35Picture(s)
1,795Sqft
Royal LePage Atlantic - Valley(Windsor)
C$499000

Residential For Sale

11 Maple Avenue, Hantsport, NS B0P 1P0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,795Sqft
Royal LePage Atlantic - Valley(Windsor)
Bring the whole family or explore rental potential with this rare opportunity in Hantsport?: 2 well-maintained homes on ?1 lot, just 45 minutes to Halifax or the airport.? The ?1?st home, built in 2006, is a bright and accessible 1-bedroom, 1-bath bungalow with a cathedral-ceiling living room, sunny kitchen, in-floor heating, a heat pump, and in-unit laundry.
C$499000

Residential For Sale

11 Maple Avenue, Hantsport, NS B0P 1P0
Royal LePage Atlantic - Valley(Windsor)
4Bedroom(s)
3Bathroom(s)
C$499000

Residential For Sale

5-19 Old Guysborough Road, Goffs, NS B2T 0N2

1Bathroom(s)
AttachedParking(s)
22Picture(s)
730Sqft
Sutton Group Professional Realty
C$149900

Residential For Sale

5-19 Old Guysborough Road, Goffs, NS B2T 0N2
1Bathroom(s)
AttachedParking(s)
730Sqft
Sutton Group Professional Realty
This single unit in the building, is part of an exclusive 9/10-unit garage and storage complex offering overnight accommodations for owners or guests. Ideally located just two minutes from the airport, the facility is designed for convenience, security, and flexibility.
C$149900

Residential For Sale

5-19 Old Guysborough Road, Goffs, NS B2T 0N2
Sutton Group Professional Realty
1Bathroom(s)
C$149900

Residential For Sale

266 Green Street, Lunenburg, NS B0J 2C0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
2,436Sqft
EXIT Realty Inter Lake
C$499000

Residential For Sale

266 Green Street, Lunenburg, NS B0J 2C0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,436Sqft
EXIT Realty Inter Lake
This beauty—she’s a total classic. Think: the charming house in a location straight out of a Hallmark movie, where the main character starts a new chapter and everything clicks. Yep, that one. Except this time, it’s real—and it’s right here in the historic (and totally vibrant) Town of Lunenburg. Everything you need is on one level in this 3-bedroom, 1.
C$499000

Residential For Sale

266 Green Street, Lunenburg, NS B0J 2C0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

901-1650 Granville Street, Halifax, NS B3J 1X1

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
48Picture(s)
619Sqft
Royal LePage Atlantic
C$649900

Residential For Sale

901-1650 Granville Street, Halifax, NS B3J 1X1
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
619Sqft
Royal LePage Atlantic
Live the life of luxury, service and world-class ambience in your 619 square foot 1 bed 1 bath condo with 125 square foot balcony in the heart of downtown Halifax. This building features 22 floors, 24 hour concierge service, rooftop lounge with fireplace and dining room on the 8th floor, fitness room, sauna as well a pool.
C$649900

Residential For Sale

901-1650 Granville Street, Halifax, NS B3J 1X1
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$649900

Residential For Sale

226 Clementsport Road, Clementsport, NS B0S 1E0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
40Picture(s)
1,543Sqft
Royal LePage Atlantic - Valley(Windsor)
C$359000

Residential For Sale

226 Clementsport Road, Clementsport, NS B0S 1E0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,543Sqft
Royal LePage Atlantic - Valley(Windsor)
Discover your new charming home, perfect for birdwatching from the front balcony. This well-maintained home that has been in the same family since its construction offers peace and tranquility. It features 2 bedrooms, 2 full bathrooms, and numerous recent upgrades, including newer heat pumps, a metal roof, some updated flooring, and a recently built 24 x 28 heated garage.
C$359000

Residential For Sale

226 Clementsport Road, Clementsport, NS B0S 1E0
Royal LePage Atlantic - Valley(Windsor)
2Bedroom(s)
2Bathroom(s)
C$359000

Residential For Sale

377 Cloverdale Road, Birch Hill, NS B0N 2J0

1Bedroom(s)
1Bathroom(s)
OtherParking(s)
48Picture(s)
1,024Sqft
Royal LePage Atlantic (Enfield)
C$284900

Residential For Sale

377 Cloverdale Road, Birch Hill, NS B0N 2J0
1Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,024Sqft
Royal LePage Atlantic (Enfield)
Welcome to 377 Cloverdale Rd. Beautifully renovated 1-bed, 1-bath cottage has been transformed into a cozy and charming home, perfect for modern living. The open-concept design creates a spacious and inviting atmosphere, perfect for relaxed living. The spacious primary bedroom offers a touch of luxury with its walk-in closet and direct access to a well-appointed bathroom.
C$284900

Residential For Sale

377 Cloverdale Road, Birch Hill, NS B0N 2J0
Royal LePage Atlantic (Enfield)
1Bedroom(s)
1Bathroom(s)
C$284900

Residential For Sale

3030 Connolly Street, Halifax, NS B3L 3N9

4Bedroom(s)
2Bathroom(s)
PavedParking(s)
26Picture(s)
1,699Sqft
Red Door Realty
C$749900

Residential For Sale

3030 Connolly Street, Halifax, NS B3L 3N9
4Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,699Sqft
Red Door Realty
The first time to market in over 30 years - lived in by the same owners, welcome to 3030 Connolly! A quiet street in a fantastic location, it is the perfect friendly neighbourhood. Four bedrooms and two full 4-piece bathrooms, this home is ideal for a growing family or those looking to downsize searching for main-level living.
C$749900

Residential For Sale

3030 Connolly Street, Halifax, NS B3L 3N9
Red Door Realty
4Bedroom(s)
2Bathroom(s)
C$749900

Residential For Sale

Cabot Trail, Ingonish, NS B0C 1L0

2Bedroom(s)
1Bathroom(s)
CarportParking(s)
44Picture(s)
1,288Sqft
Viewpoint Realty Services Inc. (Sydney)
C$850000

Residential For Sale

Cabot Trail, Ingonish, NS B0C 1L0
2Bedroom(s)
1Bathroom(s)
CarportParking(s)
1,288Sqft
Viewpoint Realty Services Inc. (Sydney)
Ingonish, well known as a place to connect with the great outdoors, offers up this one of a kind property which was created keeping the great outdoors in mind with room for all the toys, no matter what season.
C$850000

Residential For Sale

Cabot Trail, Ingonish, NS B0C 1L0
Viewpoint Realty Services Inc. (Sydney)
2Bedroom(s)
1Bathroom(s)
C$850000

Residential For Sale

72 Empire Loop, Truro, NS B2N 7B5

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
21Picture(s)
1,152Sqft
Royal LePage Atlantic (Enfield)
C$279900

Residential For Sale

72 Empire Loop, Truro, NS B2N 7B5
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,152Sqft
Royal LePage Atlantic (Enfield)
Not all mini homes are created equal. Especially when you consider 72 Empire Loop in Truro. This home has more than 1,100 sqft of finished space and what space it is. Well lit rooms with neutrally painted walls and beautiful laminate floors. There are 2 baths in this home to match the two bedrooms. Laundry is nicely tucked away in a hall closet and the kitchen actually has a dining area.
C$279900

Residential For Sale

72 Empire Loop, Truro, NS B2N 7B5
Royal LePage Atlantic (Enfield)
2Bedroom(s)
2Bathroom(s)
C$279900
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