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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

36 Anderson Boulevard, Kentville, NS B4N 5H2

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
46Picture(s)
5,003Sqft
Sotheby's International Realty Canada
C$1299000

Residential For Sale

36 Anderson Boulevard, Kentville, NS B4N 5H2
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
5,003Sqft
Sotheby's International Realty Canada
Perched in the highly sought-after community of Bonavista Estates, home to many of Kentville’s finest properties, this exceptionally well-maintained, 3-storey, 5-bedroom estate offers unmatched privacy, space, and sophistication. Set on a sprawling 2.
C$1299000

Residential For Sale

36 Anderson Boulevard, Kentville, NS B4N 5H2
Sotheby's International Realty Canada
5Bedroom(s)
3Bathroom(s)
C$1299000

Residential For Sale

Lot Jc2 Highway 215, Lower Burlington, NS B0N 2A0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
47Picture(s)
1,600Sqft
Viewpoint Realty Services Inc.
C$510000

Residential For Sale

Lot Jc2 Highway 215, Lower Burlington, NS B0N 2A0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,600Sqft
Viewpoint Realty Services Inc.
Brand new construction! One level living at its finest, this brand new 1600 sq ft, 3-bedroom home with slab on grade foundation has the space & style you’ve been searching for! The home was professionally designed and features an open concept floor plan that is ideal for entertaining! The kitchen is a chef’s dream boasting central island and a $5000 appliance allowance.
C$510000

Residential For Sale

Lot Jc2 Highway 215, Lower Burlington, NS B0N 2A0
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$510000

Residential For Sale

9369 Commercial Street, New Minas, NS B4N 3G3

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
46Picture(s)
1,812Sqft
Exit Realty Town & Country
C$409900

Residential For Sale

9369 Commercial Street, New Minas, NS B4N 3G3
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,812Sqft
Exit Realty Town & Country
Fully Renovated 4-Bedroom 2 bath home with In-Law Suite & Excellent Investment Potential in the Heart of New Minas Large lot with aprox 260 ft of road frontage can be subdivided into 50ft C1 Zoning lots -the possibilities are endless. Property is just steps from Evangeline Middle School and within easy walking distance to shopping, restaurants, and everyday amenities.
C$409900

Residential For Sale

9369 Commercial Street, New Minas, NS B4N 3G3
Exit Realty Town & Country
4Bedroom(s)
2Bathroom(s)
C$409900

Residential For Sale

35 Viscaya Place, Dartmouth, NS B2X 3J2

4Bedroom(s)
2Bathroom(s)
19Picture(s)
1,895Sqft
BORDEN REAL ESTATE LIMITED - A586
C$429900

Residential For Sale

35 Viscaya Place, Dartmouth, NS B2X 3J2
4Bedroom(s)
2Bathroom(s)
1,895Sqft
BORDEN REAL ESTATE LIMITED - A586
Discover the perfect place to call home in the delightful Montebello area. Located on a quiet cul-de-sac, this four bedroom, one and one half bath residence offers an excellent and affordable opportunity for comfortable living.
C$429900

Residential For Sale

35 Viscaya Place, Dartmouth, NS B2X 3J2
BORDEN REAL ESTATE LIMITED - A586
4Bedroom(s)
2Bathroom(s)
C$429900

Residential For Sale

230 Arsenaults Hill Road, Margaree, NS B0E 2B0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
48Picture(s)
1,140Sqft
Cape Breton Realty (Port Hawkesbury)
C$374900

Residential For Sale

230 Arsenaults Hill Road, Margaree, NS B0E 2B0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,140Sqft
Cape Breton Realty (Port Hawkesbury)
Perched on a quiet dead-end road in beautiful Margaree, this charming Cape Breton-style home offers a peaceful, private retreat on 45 mostly undeveloped acres. Enjoy distant ocean views and the nearby Margaree River, perfect for hours of fly fishing. The thoughtfully updated 3-bedroom, 1-bath home features a cozy sunroom with a wood stove, blending character and comfort.
C$374900

Residential For Sale

230 Arsenaults Hill Road, Margaree, NS B0E 2B0
Cape Breton Realty (Port Hawkesbury)
3Bedroom(s)
1Bathroom(s)
C$374900

Residential For Sale

Loon Point Trail, East Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
8Picture(s)
1,534Sqft
RE/MAX Nova
C$599900

Residential For Sale

Loon Point Trail, East Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,534Sqft
RE/MAX Nova
The Villages of Long Lake is a Bare Land Condominium Corporation located in East Uniacke, Nova Scotia. The Loon Point community offers 300 spacious private lots, three lake access points with docks, a boat launch, kayak and canoe storage racks, scenic hiking trails, and generous parkland. Plus, it's just a short and easy commute to the city and the international airport.
C$599900

Residential For Sale

Loon Point Trail, East Uniacke, NS B0N 1Z0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

84 5308 Road, St. Joseph Du Moine, NS B0E 3A0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
38Picture(s)
1,170Sqft
Cape Breton Realty (Port Hawkesbury)
C$284500

Residential For Sale

84 5308 Road, St. Joseph Du Moine, NS B0E 3A0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,170Sqft
Cape Breton Realty (Port Hawkesbury)
This absolutely charming property is a true hidden gem, offering a private retreat on 16.9 acres of natural beauty. Breathtaking mountain views will leave you speechless, especially in the fall when the vibrant colors create a spectacular display. You'll also enjoy watching cows grazing in the surrounding pastures, a scene straight out of a storybook.
C$284500

Residential For Sale

84 5308 Road, St. Joseph Du Moine, NS B0E 3A0
Cape Breton Realty (Port Hawkesbury)
3Bedroom(s)
2Bathroom(s)
C$284500

Residential For Sale

Lot 6 41 Brule Shore Road, Barrachois, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
6Picture(s)
736Sqft
Royal LePage Atlantic(Stellarton)
C$305260

Residential For Sale

Lot 6 41 Brule Shore Road, Barrachois, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
736Sqft
Royal LePage Atlantic(Stellarton)
Fresh Start by the Water? Yes, Please! Imagine waking up to peaceful water views and stepping into a brand-new, move-in-ready home.
C$305260

Residential For Sale

Lot 6 41 Brule Shore Road, Barrachois, NS B0K 1V0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$305260

Residential For Sale

48 Laura Lee Lane, Lower Sackville, NS B4C 4E3

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
2,367Sqft
Viewpoint Realty Services Inc.
C$749000

Residential For Sale

48 Laura Lee Lane, Lower Sackville, NS B4C 4E3
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,367Sqft
Viewpoint Realty Services Inc.
Welcome to 48 Laura Lee Lane, a beautifully maintained two-storey home nestled in the desirable Stonemount subdivision. Set on a private, treed lot with stunning gardens and landscaping, this home offers both tranquility and curb appeal.
C$749000

Residential For Sale

48 Laura Lee Lane, Lower Sackville, NS B4C 4E3
Viewpoint Realty Services Inc.
4Bedroom(s)
3Bathroom(s)
C$749000

Residential For Sale

14 Mcdougall Street, Glace Bay, NS B1A 3E7

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
23Picture(s)
1,281Sqft
RE/MAX Park Place Inc.
C$124900

Residential For Sale

14 Mcdougall Street, Glace Bay, NS B1A 3E7
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,281Sqft
RE/MAX Park Place Inc.
Welcome to 14 McDougall street, a 4-bedroom, 1 and 1/2 bathroom home located in Glace Bay — an ideal opportunity for a starter home or investment property! On the main level, you’ll find a bright living and dining area, a functional kitchen, and two bedrooms, offering convenience and flexibility.
C$124900

Residential For Sale

14 Mcdougall Street, Glace Bay, NS B1A 3E7
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$124900

Residential For Sale

54 Parker Lane, Porters Lake, NS B3E 1E5

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
31Picture(s)
1,834Sqft
Century 21 Optimum Realty
C$484900

Residential For Sale

54 Parker Lane, Porters Lake, NS B3E 1E5
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,834Sqft
Century 21 Optimum Realty
Look no further than 54 Parker Lane located in the sought after community of Porters Lake NS! This great property has 2.23 acres of solitude and eye-catching curb appeal. Adorned with established trees, perennials and shrubs it is a gardener's delight. Take control of your power bills and advantage of huge savings with the BONUS solar panels. This home has 4 bedrooms all on the main level, 1.
C$484900

Residential For Sale

54 Parker Lane, Porters Lake, NS B3E 1E5
Century 21 Optimum Realty
4Bedroom(s)
2Bathroom(s)
C$484900

Residential For Sale

10230 Highway 3, Arcadia, NS B0W 1B0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
26Picture(s)
1,410Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$279900

Residential For Sale

10230 Highway 3, Arcadia, NS B0W 1B0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,410Sqft
Viewpoint Realty Services Inc. (Shelburne)
10230 Highway 3, Arcadia – Classic Charm Minutes from Town Set on a spacious, private lot framed by mature trees and an expansive lawn, this inviting three-bedroom, one-bath home in Arcadia blends classic East Coast character with thoughtful updates for comfortable living—all just minutes from the amenities of Yarmouth.
C$279900

Residential For Sale

10230 Highway 3, Arcadia, NS B0W 1B0
Viewpoint Realty Services Inc. (Shelburne)
3Bedroom(s)
1Bathroom(s)
C$279900
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