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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

30-187 Gardenia Way, Dartmouth, NS B2X 0C8

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1Picture(s)
3,116Sqft
Royal LePage Atlantic
C$899900

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30-187 Gardenia Way, Dartmouth, NS B2X 0C8
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,116Sqft
Royal LePage Atlantic
Meet "Morgan" – A Stunning 2-Storey Home in The Parks of Lake Charles! Rooftight Homes presents the Morgan, a beautifully designed 4-bedroom, 3.5-bathroom home that blends modern elegance with functional living on Gardenia Way. There are two facade choices for this model and colours for exterior are customizable.
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30-187 Gardenia Way, Dartmouth, NS B2X 0C8
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
29Picture(s)
1,050Sqft
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2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,050Sqft
EXP Realty of Canada Inc.
Sought-After End Unit in Riverwood – 55+ Community in Bible Hill Welcome to easy living in this highly desirable end unit located in the vibrant 55+ community of Riverwood in Bible Hill. Just steps from all amenities, walking trails, and beautiful parks, this home offers both comfort and convenience.
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EXP Realty of Canada Inc.
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3Bedroom(s)
2Bathroom(s)
SingleParking(s)
32Picture(s)
1,736Sqft
RE/MAX Fairlane Realty
C$535000

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17 Broad Street, Truro, NS B2N 3G1
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,736Sqft
RE/MAX Fairlane Realty
Now offering 17 Broad Street for your consideration - a beautifully updated Victorian home located in the highly sought after west end of Truro. This spacious property blends timeless character with modern updates, making it perfect for growing families, professionals or anyone looking for classic charm with move in ready convenience.
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17 Broad Street, Truro, NS B2N 3G1
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$535000

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13-92 Gardenia Way, Dartmouth, NS B2X 0C8

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2Picture(s)
3,116Sqft
Royal LePage Atlantic
C$921900

Residential For Sale

13-92 Gardenia Way, Dartmouth, NS B2X 0C8
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,116Sqft
Royal LePage Atlantic
Meet "Morgan" – A Stunning 2-Storey Home in The Parks of Lake Charles. Rooftight Homes presents the Morgan, a beautifully designed 4-bedroom, 3.5-bathroom home that blends modern elegance with functional living on Gardenia Way. This home starts at $899,900 and is being shown as an option for this premium lot (+$22,000).
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13-92 Gardenia Way, Dartmouth, NS B2X 0C8
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$921900

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188 Fitch Road, Lawrencetown, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
36Picture(s)
1,444Sqft
RE/MAX Banner Real Estate
C$799000

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188 Fitch Road, Lawrencetown, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,444Sqft
RE/MAX Banner Real Estate
Private oasis nestled on approximately 25 acres of peaceful woodland with a beautiful brook, offering the perfect blend of privacy, comfort, and rural charm. Set well back from the road with generous frontage and subdivision potential, this serene property is ideal for those seeking space and seclusion.
C$799000

Residential For Sale

188 Fitch Road, Lawrencetown, NS B0S 1M0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$799000

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157 Freeman Lake Lane, Caledonia, NS B0T 1B0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
47Picture(s)
1,650Sqft
EXIT Realty Inter Lake Liverpool
C$395000

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157 Freeman Lake Lane, Caledonia, NS B0T 1B0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,650Sqft
EXIT Realty Inter Lake Liverpool
Get ready for the ultimate lakefront lifestyle! This stunning 2 1/2 acre, two bedroom home, nestled on the shores of the crystal clear Freeman Lake, near Kejimkujik National Park, offers everything you need to live the lifestyle you have always longed for.
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EXIT Realty Inter Lake Liverpool
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1Bathroom(s)
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3Bedroom(s)
1Bathroom(s)
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26Picture(s)
896Sqft
Royal LePage Atlantic
C$234900

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7701 Highway 3, Martins River, NS B0J 2E0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
896Sqft
Royal LePage Atlantic
Welcome to this beautifully maintained 3 bedroom, 1 bathroom mini home set on a spacious, level landscaped lot with lovely gardens. Perfect for relaxing, entertaining, or even starting your own vegetable garden! This home features a durable metal roof, cozy wood stove, and a ductless heat pump for year-round comfort.
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7701 Highway 3, Martins River, NS B0J 2E0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
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211 Old Trunk 3, Chester, NS B0J 1J0

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1Bathroom(s)
GravelParking(s)
2Picture(s)
634Sqft
Engel & Volkers (Chester)
C$189000

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211 Old Trunk 3, Chester, NS B0J 1J0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
634Sqft
Engel & Volkers (Chester)
HOME SWEET HOME - Currently being rented, this property is a good income property. Looking for an affordable home close to all that Chester offers - golf, curling, live theatre, schools, shopping, restaurants? The current seller has done numerous improvements including a new drilled well, metal roof (in progress), new ductless heat pump, new electrical panel, added a washer and dryer...
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Engel & Volkers (Chester)
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1Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
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27Picture(s)
1,049Sqft
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C$489900

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29 Club Road, Hatchet Lake, NS B3T 1P8
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,049Sqft
Engel & Volkers
Modern Comfort Meets Small-Community Charm in Hatchet Lake! Welcome to this nearly new, detached single-family home in the heart of Hatchet Lake — a perfect blend of modern efficiency and relaxed coastal living. Built just two years ago, this 2-bedroom, 1.
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29 Club Road, Hatchet Lake, NS B3T 1P8
Engel & Volkers
2Bedroom(s)
2Bathroom(s)
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63 Elm Street, Bridgewater, NS B4V 2V5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
30Picture(s)
1,517Sqft
Royal LePage Atlantic (New Minas)
C$249900

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63 Elm Street, Bridgewater, NS B4V 2V5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,517Sqft
Royal LePage Atlantic (New Minas)
Conveniently located downtown Bridgewater. This 4 bedroom home with 2 baths is waiting for someone to make it their own. A house of character and design that could offer a family a nice home. With the right buyer, a little imagination, someone who loves restoration this could be a great investment. This is not a driveby, it's a home waiting for you.
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Residential For Sale

63 Elm Street, Bridgewater, NS B4V 2V5
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$249900

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293 Gorman Road, Afton, NS B0H 1A0

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
26Picture(s)
845Sqft
Royal LePage Atlantic
C$99900

Residential For Sale

293 Gorman Road, Afton, NS B0H 1A0
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
845Sqft
Royal LePage Atlantic
Welcome home! This 3 bedroom, 1 bathroom mini-home is ready for its new owners. This home is situated on a private lot, has new flooring, and a 4 year old roof. As you enter the home, you'll notice that the bright and airy kitchen is the heartbeat of the home. You'll love hosting family gatherings where everyone can gather in the open concept kitchen, dining room and living room.
C$99900

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293 Gorman Road, Afton, NS B0H 1A0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$99900

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406-6369 Coburg Road, Halifax, NS B3H 4J7

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
30Picture(s)
1,490Sqft
Domus Realty Limited
C$595000

Residential For Sale

406-6369 Coburg Road, Halifax, NS B3H 4J7
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,490Sqft
Domus Realty Limited
Welcome to one of the most unique and thoughtfully designed units in Coburg Place! Located directly across from Dalhousie University and just a short walk to the shops, restaurants, and amenities of Quinpool Road and Spring Garden Road, this beautifully renovated 3-bedroom, 2-bath condo offers nearly 1,500 sq. ft. of stylish, functional living space, in a coveted school district.
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Residential For Sale

406-6369 Coburg Road, Halifax, NS B3H 4J7
Domus Realty Limited
3Bedroom(s)
2Bathroom(s)
C$595000
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