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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

102 Pheasant Road, North Grand Pre, NS B0P 1M0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
1,440Sqft
MacKay Real Estate Ltd.
C$819000

Residential For Sale

102 Pheasant Road, North Grand Pre, NS B0P 1M0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,440Sqft
MacKay Real Estate Ltd.
Welcome to 102 Pheasant Lane, a cozy year round residence perfectly situated on the shores of Evangeline Beach and the waters of the Minas Basin, home of the world's highest tides! This 3 bedroom, 2 bath home showcases absolutely stunning vistas of Cape Blomidon and features 132 ft+/- of direct ocean frontage.
C$819000

Residential For Sale

102 Pheasant Road, North Grand Pre, NS B0P 1M0
MacKay Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$819000

Residential For Sale

73 Daley Road, New Victoria, NS B1H 4Z7

10Bedroom(s)
5Bathroom(s)
GravelParking(s)
22Picture(s)
3,400Sqft
Viewpoint Realty Services Inc. (Sydney)
C$399000

Residential For Sale

73 Daley Road, New Victoria, NS B1H 4Z7
10Bedroom(s)
5Bathroom(s)
GravelParking(s)
3,400Sqft
Viewpoint Realty Services Inc. (Sydney)
Investment opportunity in a quiet neighborhood of New Waterford. This is a solid 10-bedroom, 3-full bathrooms, 2-half baths, 3-storey home. The current use of the property is a CBU Student rental. The transit system stops just steps away providing transportation to and from CBU and throughout the CBRM. Large foyer welcomes you as you enter the main floor.
C$399000

Residential For Sale

73 Daley Road, New Victoria, NS B1H 4Z7
Viewpoint Realty Services Inc. (Sydney)
10Bedroom(s)
5Bathroom(s)
C$399000

Residential For Sale

2141 Highway 2, Milford, NS B0N 1Y0

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,595Sqft
East Coast Realty Ltd.
C$599000

Residential For Sale

2141 Highway 2, Milford, NS B0N 1Y0
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,595Sqft
East Coast Realty Ltd.
Step into the timeless charm of the Manse House — a beautiful home in the heart of Milford, Nova Scotia. Rich in history, this century home has been lovingly maintained and thoughtfully updated, offering a rare blend of elegance, comfort, and classic East Coast character.
C$599000

Residential For Sale

2141 Highway 2, Milford, NS B0N 1Y0
East Coast Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

200 Darner Drive, Beaver Bank, NS B4G 1C1

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
48Picture(s)
2,600Sqft
RE/MAX Nova
C$694900

Residential For Sale

200 Darner Drive, Beaver Bank, NS B4G 1C1
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,600Sqft
RE/MAX Nova
Discover modern living in the sought-after Carriagewood subdivision of Beaver Bank with these exceptional new builds by Orkid Homes. Each home offers 4 bedrooms, 3.5 bathrooms, an attached garage, a walkout basement, quartz countertops, high-end kitchen cabinetry, and durable, carpet-free flooring.
C$694900

Residential For Sale

200 Darner Drive, Beaver Bank, NS B4G 1C1
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$694900

Residential For Sale

152 Jordantown Road, Jordantown, NS B0V 1A0

3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
30Picture(s)
1,260Sqft
EXP Realty of Canada Inc.
C$295000

Residential For Sale

152 Jordantown Road, Jordantown, NS B0V 1A0
3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,260Sqft
EXP Realty of Canada Inc.
Looking for a quiet place to rest your head at night? A large yard to lay back in and watch the stars, free from all the usual light & noise pollution? Well, Here’s Your Chance! Located just outside the Town Of Digby, this beautiful 3 bedroom home is waiting for you! With natural light filling the house through the large front windows, the vibrance will capture your attention as soon as you walk
C$295000

Residential For Sale

152 Jordantown Road, Jordantown, NS B0V 1A0
EXP Realty of Canada Inc.
3Bedroom(s)
2Bathroom(s)
C$295000

Residential For Sale

780 St. George Street Street, Annapolis Royal, NS B0S 1A0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
28Picture(s)
1,960Sqft
RE/MAX Banner Real Estate
C$775000

Residential For Sale

780 St. George Street Street, Annapolis Royal, NS B0S 1A0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,960Sqft
RE/MAX Banner Real Estate
Once-in-a-lifetime opportunity to own a fully renovated heritage property in historic Annapolis Royal. Finished to a new build standard - this extensive renovation went over the top to ensure quality, heritage preservation, and efficiency (better than most new homes!).
C$775000

Residential For Sale

780 St. George Street Street, Annapolis Royal, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
3Bathroom(s)
C$775000

Residential For Sale

43 Deer Haven Drive, Kentville, NS B4N 0B8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,075Sqft
RE/MAX Nova (Enfield)
C$549900

Residential For Sale

43 Deer Haven Drive, Kentville, NS B4N 0B8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,075Sqft
RE/MAX Nova (Enfield)
Ready for easy living in the beautiful Annapolis Valley? Embrace it right here at 43 Deer Haven Drive in Kentville. This beautifully maintained bungalow serves up three spacious bedrooms and two full baths, an open concept living/dining room area, a sweet breakfast nook and a sun porch guaranteed to make your green thumb weep with joy.
C$549900

Residential For Sale

43 Deer Haven Drive, Kentville, NS B4N 0B8
RE/MAX Nova (Enfield)
3Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

1621 Maclellans Brook Road, Greenwood, NS B2H 5C7

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,452Sqft
J.F. MacIvor Properties
C$950000

Residential For Sale

1621 Maclellans Brook Road, Greenwood, NS B2H 5C7
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,452Sqft
J.F. MacIvor Properties
Custom built executive home located just minutes from town, This bungalow offer features too numerous to list but offers the Buyer a three bedroom, three bathroom layout and design on the interior, perfect for a family or a retirement home. Over 2 acres of well manicured and landscaped land, paved driveway and a walkout entrance for the basement level at the rear of the property.
C$950000

Residential For Sale

1621 Maclellans Brook Road, Greenwood, NS B2H 5C7
J.F. MacIvor Properties
3Bedroom(s)
3Bathroom(s)
C$950000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
47Picture(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
What a spectacular property! This 4 bedroom 2 bath home is sitting on 16 acres of private land and has 670’ of water frontage. The access to the water front is an ease slope with no steep banks to deal with, and the vast shore line is pebbly. The updated kitchen has granite countertops and newer appliances, this is open to the dining room, which is open to the living room.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
2Bathroom(s)
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
47Picture(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,442Sqft
Sunrise Brokerage & Sales Ltd.
What a spectacular property! This 4 bedroom 2 bath home is sitting on 16 acres of private land and has 670’ of water frontage. The access to the water front is an ease slope with no steep banks to deal with, and the vast shore line is pebbly. The updated kitchen has granite countertops and newer appliances, this is open to the dining room, which is open to the living room.
C$875000

Residential For Sale

2517 Shore Road, Lower Barneys River, NS B0K 1G0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
2Bathroom(s)
C$875000

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
40Picture(s)
1,598Sqft
RE/MAX Nova (Halifax)
C$599900

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,598Sqft
RE/MAX Nova (Halifax)
Great investment potential with Village Core zoning! This three bedroom two bath split entry home is located in the heart of Mount Uniacke on a 1.68 acre lot. The main floor offers two bedrooms, a full bath, a bright & sunny living room with ductless heat pump, and a large eat in kitchen with walk out to back deck leading to an above ground pool ideal for entertaining.
C$599900

Residential For Sale

579 Highway 1, Mount Uniacke, NS B0N 1Z0
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
28Picture(s)
816Sqft
Viewpoint Realty Services Inc. (Pictou)
C$250000

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
816Sqft
Viewpoint Realty Services Inc. (Pictou)
Welcome to this charming renovated 2-bedroom cottage or year-round home in peaceful Goldboro NS. Stripped back to the studs in most rooms and thoughtfully updated, this home blends character with some modern comforts. Nestled on 30 acres of wooded and treed land, it offers privacy, natural beauty, and stunning views of Isaacs Harbour. Included in the sale is a separate 5,800 sq. ft.
C$250000

Residential For Sale

13208 Highway 316, Goldboro, NS B0H 1L0
Viewpoint Realty Services Inc. (Pictou)
2Bedroom(s)
1Bathroom(s)
C$250000
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