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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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5147 19 Highway, Judique, NS B0E 1P0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
912Sqft
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5147 19 Highway, Judique, NS B0E 1P0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
912Sqft
3% Realty Nova Scotia
Coastal Living at Its Finest 5147 Highway 19, Judique, NS Welcome to 5147 Highway 19, a charming 3-bedroom, 1-bathroom bungalow nestled in the heart of Judique along Cape Breton’s stunning western coastline.
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3Bedroom(s)
2Bathroom(s)
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1,455Sqft
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Welcome to 3605 Highway 1, St. Bernard - a charming three-bedroom, two-bath home that offers comfort, style, and picturesque views of St. Mary’s Bay. The main floor boasts a spacious and seamless flow between the kitchen, dining room, and living room, perfect for family life and entertaining. A three-season sunroom provides a cozy retreat, while the living room offers views of the bay.
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3Bedroom(s)
2Bathroom(s)
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27Picture(s)
1,056Sqft
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C$182000

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1 Wilson Avenue, Dartmouth, NS B2Y 2B2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,056Sqft
Royal LePage Atlantic
Welcome to 1 Wilson Avenue, a fantastic opportunity for first-time homebuyers or those looking to downsize in Dartmouth! This charming mini home offers comfortable and efficient living, boasting 3 bedrooms and 2 bathrooms. Step inside and discover a functional layout designed for modern living.
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3Bedroom(s)
2Bathroom(s)
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5171 Highway 316, Charlos Cove, NS B0H 1T0

2Bedroom(s)
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SingleParking(s)
47Picture(s)
818Sqft
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5171 Highway 316, Charlos Cove, NS B0H 1T0
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
818Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Purchased at the end of 2024, this fully renovated home is move-in ready and located in the peaceful community of Charlos Cove. Updates include a new roof, modernized plumbing and electrical, a new heat pump, and new roofs on all outbuildings. The property offers a beautiful view of the cove and wharf, where you can hear the boats coming and going during fishing season.
C$209000

Residential For Sale

5171 Highway 316, Charlos Cove, NS B0H 1T0
Keller Williams Select Realty(Sydney,Townsend St.)
2Bedroom(s)
2Bathroom(s)
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667 Wyvern Road, Collingwood Corner, NS B0M 1E0

SingleParking(s)
12Picture(s)
740Sqft
Viewpoint Realty Services Inc. (Pictou)
C$39900

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667 Wyvern Road, Collingwood Corner, NS B0M 1E0
SingleParking(s)
740Sqft
Viewpoint Realty Services Inc. (Pictou)
This delightful 1.5-story off-grid camp is situated on a leased lot in the scenic Cumberland County. Measuring 22 x 24, this inviting retreat boasts an open-concept main floor with a cozy wood stove and a spacious upper loft that accommodates multiple sleeping areas.
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667 Wyvern Road, Collingwood Corner, NS B0M 1E0
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3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
40Picture(s)
1,564Sqft
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C$244900

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3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,564Sqft
Coldwell Banker Performance Realty
Nestled in a quiet residential neighbourhood, 10 Minto Street shines as a delightful single detached family home. Entering from the back patio is a bright family room, two-piece bathroom with laundry and a convenient wood storage closet with exterior pass through. A large kitchen, dining room and living room all centered around an economical wood stove.
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30Picture(s)
1,100Sqft
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2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,100Sqft
Royal LePage Atlantic
Welcome to 99 Wilderness Drive, your perfect balance of one level living new construction that’s all about luxury and ultimate privacy in a woodland setting. This 2 bed 2 bath one story slab on grade home is located on 5 acres of land in Avalon Park, a gated community in beautiful Portuguese Cove.
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Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
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49Picture(s)
1,334Sqft
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1Bathroom(s)
SingleParking(s)
1,334Sqft
Coldwell Banker Maritime Realty
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4Bedroom(s)
4Bathroom(s)
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38Picture(s)
2,416Sqft
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C$649900

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8/10 Bailey Drive, Garlands Crossing, NS B0N 2T0
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,416Sqft
RE/MAX NOVA (Windsor)
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RE/MAX NOVA (Windsor)
4Bedroom(s)
4Bathroom(s)
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4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
1,644Sqft
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451 Highway 1, Comeauville, NS B0W 2Z2
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,644Sqft
RE/MAX Banner Real Estate
Nova Scotia, Oceanfront. This classic 3 bedroom 2 bath home offers bright open rooms, a feel of a period home, as well as a lovely lawn leading to the sea. Set on St.Mary's Bay, the home offers a bright living/dining area with French doors to the massive back deck. The main floor offers a bright living space, an eat-in kitchen, great pantry, a front facing sun room, as well as a full bath.
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RE/MAX Banner Real Estate
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2Bathroom(s)
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3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,856Sqft
Keller Williams Select Realty
C$674900

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5 Sandy Point Road, Porters Lake, NS B3E 1M9
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,856Sqft
Keller Williams Select Realty
Welcome to a stunning Cape Cod gem where pride of ownership shines through every corner. Lovingly cared for by one family and thoughtfully updated over the years, keeping this home feeling young, fresh, and ready for your next chapter. Step inside to gleaming hardwood and tile floors that lead you through a bright, open layout.
C$674900

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Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
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25 Champlain Avenue, Middle Sackville, NS B4E 3B2

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1Bathroom(s)
DoubleParking(s)
34Picture(s)
784Sqft
Royal LePage Atlantic (Enfield)
C$249900

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25 Champlain Avenue, Middle Sackville, NS B4E 3B2
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
784Sqft
Royal LePage Atlantic (Enfield)
Welcome to 25 Champlain Avenue! Situated on a spacious, private corner lot, this property offers a well-maintained and updated home. Featuring 2 bedrooms and 1 bathroom, the interior boasts laminate flooring throughout, creating a seamless and modern feel. Fresh paint complements the recently updated kitchen and bathroom.
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Royal LePage Atlantic (Enfield)
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