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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

55 Penney Road South Side, South Side Ns B0t 1w0

3Bedroom(s)
1Bathroom(s)
20Picture(s)
1,538Sqft
Coldwell Banker Tri-Key Realty
C$349000

Residential For Sale

55 Penney Road South Side, South Side Ns B0t 1w0
3Bedroom(s)
1Bathroom(s)
1,538Sqft
Coldwell Banker Tri-Key Realty
This immaculate 3 bedroom split level home is located on quite street with school bus pickup an mail delivery at the driveway,shed,12x16 deck walkout basement,4 appliances,This home has had extra insulation added and includes a heat pump and is very economical to heat. well maintained lot has hedges on two sides.Move in ready.
C$349000

Residential For Sale

55 Penney Road South Side, South Side Ns B0t 1w0
Coldwell Banker Tri-Key Realty
3Bedroom(s)
1Bathroom(s)
C$349000

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4763 Little Harbour Road, Little Harbour Ns B2h 5c4

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
48Picture(s)
3,200Sqft
Blinkhorn Real Estate Ltd.
C$574900

Residential For Sale

4763 Little Harbour Road, Little Harbour Ns B2h 5c4
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,200Sqft
Blinkhorn Real Estate Ltd.
Family Living at its Finest! A SPACIOUS retreat where every detail is designed for your comfort and convenience. SUPERSIZE bungalow with a NEWER massive paved driveway and a double car garage nestled in a serene setting just minutes to New Glasgow. The charm of county taxes and the allure of an ideal location on the way to the renowned Melmerby Beach.
C$574900

Residential For Sale

4763 Little Harbour Road, Little Harbour Ns B2h 5c4
Blinkhorn Real Estate Ltd.
5Bedroom(s)
4Bathroom(s)
C$574900

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2608 Highway 1, Grosses Coques Ns B0w 1m0

4Bedroom(s)
1Bathroom(s)
47Picture(s)
2,270Sqft
RE/MAX Banner Real Estate
C$185000

Residential For Sale

2608 Highway 1, Grosses Coques Ns B0w 1m0
4Bedroom(s)
1Bathroom(s)
2,270Sqft
RE/MAX Banner Real Estate
Welcome to 2608 Highway 1, Grosses Coques, NS. This well built 4 bedroom home sits walking distance to the ocean and only 5 minutes from University Saint Anne. On the main level you will find a spacious kitchen and living space, as well as the primary bedroom, full bathroom and laundry room. Upstairs are three large additional bedrooms, and the perfect location to add a half bath.
C$185000

Residential For Sale

2608 Highway 1, Grosses Coques Ns B0w 1m0
RE/MAX Banner Real Estate
4Bedroom(s)
1Bathroom(s)
C$185000

Residential For Sale

6759 221 Highway, Lakeville Ns B4n 3v7

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
49Picture(s)
1,624Sqft
MacKay Real Estate Ltd.
C$374900

Residential For Sale

6759 221 Highway, Lakeville Ns B4n 3v7
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,624Sqft
MacKay Real Estate Ltd.
Charming, updated, and perfectly located! Welcome to 6759 Highway 221 in Lakeville. This well-maintained, 1.5-storey gem is just minutes from the Town of Kentville and directly across from picturesque Silver Lake, a year-round haven for kayaking, fishing, and skating.
C$374900

Residential For Sale

6759 221 Highway, Lakeville Ns B4n 3v7
MacKay Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$374900

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1205-72 Seapoint Road, Dartmouth Ns B3b 0r8

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
1,200Sqft
Royal LePage Atlantic
C$668000

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1205-72 Seapoint Road, Dartmouth Ns B3b 0r8
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,200Sqft
Royal LePage Atlantic
Get ready to embrace the upcoming boating season in your favourite sailing attire! Welcome to Seapoint Condominiums, nestled at the edge of the shimmering waters of the Bedford Basin. This corner unit spans just over 1,200 square feet and boasts impressive floor-to-ceiling windows that bathe your home in the warm light of each sunrise.
C$668000

Residential For Sale

1205-72 Seapoint Road, Dartmouth Ns B3b 0r8
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$668000

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Kara Anne Court Lot 12b, New Minas Ns B4n 0h6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
3Picture(s)
1,574Sqft
Royal LePage Atlantic (New Minas)
C$439000

Residential For Sale

Kara Anne Court Lot 12b, New Minas Ns B4n 0h6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,574Sqft
Royal LePage Atlantic (New Minas)
Go ahead & get excited! This brand new, three bedroom, 1.5 bath family home is now under construction. These quality built homes are conveniently located on the bus route.
C$439000

Residential For Sale

Kara Anne Court Lot 12b, New Minas Ns B4n 0h6
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$439000

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5148 Boars Back Road, River Hebert Ns B0l 1g0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
1,966Sqft
Royal LePage Cumberland Realty Ltd.
C$199900

Residential For Sale

5148 Boars Back Road, River Hebert Ns B0l 1g0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,966Sqft
Royal LePage Cumberland Realty Ltd.
Charming and Spacious 4-Bedroom Family Home in River Hebert Welcome to this well cared for beautiful family home, ideally located in the peaceful community of River Hebert. Just a short 7-minute drive to the world-famous Joggins Fossil Cliffs and breathtaking coastal beaches, and only 20 minutes to Amherst,offering a full range of shopping, dining, and essential services.
C$199900

Residential For Sale

5148 Boars Back Road, River Hebert Ns B0l 1g0
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$199900

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11494 Highway 215, Urbania Ns B0n 2h0

2Bedroom(s)
1Bathroom(s)
PavedParking(s)
42Picture(s)
1,841Sqft
Hants Realty Ltd.
C$359900

Residential For Sale

11494 Highway 215, Urbania Ns B0n 2h0
2Bedroom(s)
1Bathroom(s)
PavedParking(s)
1,841Sqft
Hants Realty Ltd.
Welcome to 11494 Hwy 215 Urbania, a beautifully maintained 2 bedroom, 1 bath home nestled on 4 +/- acres of peaceful, picturesque land. Bursting with potential, this solid home is move-in ready and simply awaiting your personal touch.
C$359900

Residential For Sale

11494 Highway 215, Urbania Ns B0n 2h0
Hants Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$359900

Residential For Sale

82 Bells Cove Extension, Dublin Shore Ns B0r 1c0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,880Sqft
Royal Lepage Atlantic (Mahone Bay)
C$899900

Residential For Sale

82 Bells Cove Extension, Dublin Shore Ns B0r 1c0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,880Sqft
Royal Lepage Atlantic (Mahone Bay)
Tranquillity with breathtaking ocean views. The waters at Dublin Shore are sheltered by several small islands, providing ideal conditions for water sports. Incredible views, sunrises that are spectacular to behold, and the moonlit sea are the perfect backdrop for an evening on the deck. The home boasts two stories plus a fully finished walkout with direct access to the garden.
C$899900

Residential For Sale

82 Bells Cove Extension, Dublin Shore Ns B0r 1c0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
3Bathroom(s)
C$899900

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56 Townsend Avenue, New Glasgow Ns B2h 4a6

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
25Picture(s)
1,140Sqft
Blinkhorn Real Estate Ltd.
C$210000

Residential For Sale

56 Townsend Avenue, New Glasgow Ns B2h 4a6
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,140Sqft
Blinkhorn Real Estate Ltd.
Welcome to this inviting 3-bedroom, 1-bathroom home nestled in a family-friendly neighborhood close to all amenities in the town of New Glasgow. Boasting a spacious layout, the main floor features a large eat-in kitchen—perfect for gatherings—alongside a cozy living room and a separate family room, offering plenty of space to relax and entertain.
C$210000

Residential For Sale

56 Townsend Avenue, New Glasgow Ns B2h 4a6
Blinkhorn Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$210000

Residential For Sale

1017 Long Cove Road, Port Medway Ns B0j 2t0

3Bedroom(s)
5Bathroom(s)
DoubleParking(s)
50Picture(s)
3,064Sqft
Duckworth Real Estate(Chester)
C$1749000

Residential For Sale

1017 Long Cove Road, Port Medway Ns B0j 2t0
3Bedroom(s)
5Bathroom(s)
DoubleParking(s)
3,064Sqft
Duckworth Real Estate(Chester)
This sprawling estate is situated on 643 feet of classic Nova Scotian granite shore and features a bold, dramatic ocean coastline. Originally constructed by an architect for his family, this home is a masterpiece of post and beam design. Wake up to the warm light of the sunrise, breaking surf, and refreshing ocean breezes. The unique lot features Peggy’s-Cove-like wild ocean frontage on 4.
C$1749000

Residential For Sale

1017 Long Cove Road, Port Medway Ns B0j 2t0
Duckworth Real Estate(Chester)
3Bedroom(s)
5Bathroom(s)
C$1749000

Residential For Sale

8585 Highway 1, Meteghan Centre Ns B0w 2k0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,920Sqft
RE/MAX Banner Real Estate
C$289000

Residential For Sale

8585 Highway 1, Meteghan Centre Ns B0w 2k0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,920Sqft
RE/MAX Banner Real Estate
Experience spacious living with stunning sunset views at 8585 Highway 1, Meteghan Centre. This charming 3-bedroom bungalow offers comfort, potential, and breathtaking scenery. The home also features a partially undeveloped basement, perfect for adding extra bedrooms, a bathroom, or creating a personalized living space to suit your needs.
C$289000

Residential For Sale

8585 Highway 1, Meteghan Centre Ns B0w 2k0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$289000
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