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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

193 Lincolnshire Drive, Fall River, NS B2T 1P8

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
3,887Sqft
Keller Williams Select Realty
C$899000

Residential For Sale

193 Lincolnshire Drive, Fall River, NS B2T 1P8
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,887Sqft
Keller Williams Select Realty
This beautiful 2 storey is situated on over an acre lot with lake frontage in Fall River. Enjoy the tranquility of lakefront living on Perry Lake great for swimming, skating and kayaking. This home has been recently updated with modern finishes. You'll love the custom kitchen with quartz countertops and spacious island that is open to the dining area and family room.
C$899000

Residential For Sale

193 Lincolnshire Drive, Fall River, NS B2T 1P8
Keller Williams Select Realty
5Bedroom(s)
4Bathroom(s)
C$899000

Residential For Sale

115 Fishing Point Road, Pugwash, NS B0K 1L0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
47Picture(s)
689Sqft
Coldwell Banker Performance Realty
C$324900

Residential For Sale

115 Fishing Point Road, Pugwash, NS B0K 1L0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
689Sqft
Coldwell Banker Performance Realty
Oceanfront cottage, furnished and immediately available for your summer at the shore! Welcome to 115 Fishing Point Road, Pugwash NS where your golfing, beaching, and boating dreams can come true.
C$324900

Residential For Sale

115 Fishing Point Road, Pugwash, NS B0K 1L0
Coldwell Banker Performance Realty
2Bedroom(s)
1Bathroom(s)
C$324900

Residential For Sale

20 Indian Point Road, Glen Haven, NS B3Z 2V1

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
49Picture(s)
1,716Sqft
RE/MAX Nova (Halifax)
C$699900

Residential For Sale

20 Indian Point Road, Glen Haven, NS B3Z 2V1
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,716Sqft
RE/MAX Nova (Halifax)
Welcome to 20 Indian Point Road! This fully updated century home boasts over 200 feet of direct ocean frontage. Nestled on a beautiful landscaped lot, this property is paradise for outdoor enthusiasts. Enjoy boating, kayaking, canoeing and swimming right from your own back yard. A stunning waterfront home that combines elegance and comfort.
C$699900

Residential For Sale

20 Indian Point Road, Glen Haven, NS B3Z 2V1
RE/MAX Nova (Halifax)
2Bedroom(s)
1Bathroom(s)
C$699900

Residential For Sale

151 Blainedale Drive, Salmon River, NS B2N 6M3

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
25Picture(s)
1,276Sqft
INNOVATIVE REAL ESTATE LTD - A507
C$399900

Residential For Sale

151 Blainedale Drive, Salmon River, NS B2N 6M3
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,276Sqft
INNOVATIVE REAL ESTATE LTD - A507
One level 3 bedroom, 2 bath semi-detached with attached garage just mins from Truro. Enjoy quiet living on a cul-de-sac with a fenced, treed backyard complete with 8’x14’ rear concrete patio and 10’x15’ insulated shed. With an ICF demising wall and great layout, this home is designed for quiet and comfort.
C$399900

Residential For Sale

151 Blainedale Drive, Salmon River, NS B2N 6M3
INNOVATIVE REAL ESTATE LTD - A507
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

03-166 Brunello Boulevard, Timberlea, NS B3T 0J4

5Bedroom(s)
4Bathroom(s)
GarageParking(s)
7Picture(s)
2,916Sqft
Sutton Group Professional Realty
C$889900

Residential For Sale

03-166 Brunello Boulevard, Timberlea, NS B3T 0J4
5Bedroom(s)
4Bathroom(s)
GarageParking(s)
2,916Sqft
Sutton Group Professional Realty
The "ASHFORD" -FH Development Group proudly presents this well thought 5 bedroom, 4 bathroom spacious floor plan in the newest phase of Brunello Estates! The Links at Brunello is not only for the golf enthusiasts, this lifestyle community offers tennis/pickle ball, mountain biking, cross country skiing/snow shoeing with rentals available at the Brunello Club House! Enjoy a hot meal and a cold beve
C$889900

Residential For Sale

03-166 Brunello Boulevard, Timberlea, NS B3T 0J4
Sutton Group Professional Realty
5Bedroom(s)
4Bathroom(s)
C$889900

Residential For Sale

35 Chemin Tour Des Buttes, Amiraults Hill, NS B0W 3M0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,899Sqft
The Real Estate Store
C$359900

Residential For Sale

35 Chemin Tour Des Buttes, Amiraults Hill, NS B0W 3M0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,899Sqft
The Real Estate Store
Just outside of Tusket in Amirault's Hill sits 35 Chemin Tour des Buttes. This 4-bedroom home has old home charm quality. Set on 2 acres of land with access close by to amenities this home may be just what you are looking for. Additionally, it has an attached living suite with more bedrooms. This can function as a rental potential or extended family living.
C$359900

Residential For Sale

35 Chemin Tour Des Buttes, Amiraults Hill, NS B0W 3M0
The Real Estate Store
5Bedroom(s)
2Bathroom(s)
C$359900

Residential For Sale

5966 Hwy #3, Shag Harbour, NS B0W 3B0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
36Picture(s)
2,720Sqft
East Bay Realty Ltd.
C$579000

Residential For Sale

5966 Hwy #3, Shag Harbour, NS B0W 3B0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,720Sqft
East Bay Realty Ltd.
This large family home located in Shag Harbour is just perfect for the growing family. The home offers 4 bedrooms, 2 full baths with potential of additional living space in the basement. The home boasts high ceilings through out. The kitchen has custom built cupboards and island. Large patio on 2nd level looks out over the Shag Harbour Sound.
C$579000

Residential For Sale

5966 Hwy #3, Shag Harbour, NS B0W 3B0
East Bay Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$579000

Residential For Sale

4186 Highway 2, Wellington, NS B2T 1A3

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
28Picture(s)
1,659Sqft
Royal LePage Atlantic
C$409900

Residential For Sale

4186 Highway 2, Wellington, NS B2T 1A3
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,659Sqft
Royal LePage Atlantic
Solid bungalow in the beautiful and sought-after community of Wellington, just steps from Lake Fletcher! Owned by the same family for over 40 years, this home is ready for new owners to refresh, renovate, and make it their own. Enjoy 3 bedrooms, a spacious living room with a cozy fireplace, and a lower level featuring a family room, den, ample storage, and additional space to finish and enjoy.
C$409900

Residential For Sale

4186 Highway 2, Wellington, NS B2T 1A3
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$409900

Residential For Sale

2461 Granville Road, Karsdale, NS B0S 1A0

2Bedroom(s)
1Bathroom(s)
TripleParking(s)
50Picture(s)
2,804Sqft
Royal LePage Atlantic (Greenwood)
C$899000

Residential For Sale

2461 Granville Road, Karsdale, NS B0S 1A0
2Bedroom(s)
1Bathroom(s)
TripleParking(s)
2,804Sqft
Royal LePage Atlantic (Greenwood)
Step into a world of refined luxury with this meticulously renovated and professionally designed retreat, thoughtfully crafted for the discerning buyer. Fully furnished (excluding select personal items and art pieces), this exceptional property spans over 16.5 acres and exudes the charm and tranquility of a private resort.
C$899000

Residential For Sale

2461 Granville Road, Karsdale, NS B0S 1A0
Royal LePage Atlantic (Greenwood)
2Bedroom(s)
1Bathroom(s)
C$899000

Residential For Sale

386 West Street, Milton, NS B0T 1P0

5Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,290Sqft
EXIT Realty Inter Lake Liverpool
C$459500

Residential For Sale

386 West Street, Milton, NS B0T 1P0
5Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,290Sqft
EXIT Realty Inter Lake Liverpool
Stunning 4+1 bedroom, 1.5-bath, 2-story home perched on almost a full acre of lush park-like lawns, gardens and mature trees. The back yard is absolutely delightful with its pathways, flowers and garden shed. The interior is just as impressive; with thoughtful and tasteful décor throughout, and immediate evidence of a well-cared-for family home.
C$459500

Residential For Sale

386 West Street, Milton, NS B0T 1P0
EXIT Realty Inter Lake Liverpool
5Bedroom(s)
2Bathroom(s)
C$459500

Residential For Sale

26 Highway 336, Newton Mills, NS B0N 2P0

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
39Picture(s)
560Sqft
Royal LePage Truro Real Estate
C$109500

Residential For Sale

26 Highway 336, Newton Mills, NS B0N 2P0
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
560Sqft
Royal LePage Truro Real Estate
Escape to this cozy country cottage set on over an acre of peaceful, private land. Perfect for nature lovers or those seeking a quiet getaway, this property offers space, charm and flexibility. Cottage: ready for finishing touches. Land: over an acre of open and treed space, plenty of room for gardens, pets, hobby farm or future development.
C$109500

Residential For Sale

26 Highway 336, Newton Mills, NS B0N 2P0
Royal LePage Truro Real Estate
1Bedroom(s)
1Bathroom(s)
C$109500

Residential For Sale

72 Fenerty Road, Middle Sackville, NS B4E 3B1

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,692Sqft
Sutton Group Professional Realty
C$950000

Residential For Sale

72 Fenerty Road, Middle Sackville, NS B4E 3B1
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,692Sqft
Sutton Group Professional Realty
Welcome to 72 Fenerty Road — a stunning, two-year-young home that has been lovingly cared for by its original owners, who poured heart and soul into every detail. From the thoughtfully designed floor plan to the high-end finishes, every inch of this property exudes warmth and quality. Set on a private 3.
C$950000

Residential For Sale

72 Fenerty Road, Middle Sackville, NS B4E 3B1
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$950000
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