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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

117 River Street, Stellarton Ns B0k 1s0

4Bedroom(s)
1Bathroom(s)
SingleParking(s)
43Picture(s)
1,900Sqft
The Agency Real Estate Brokerage
C$289900

Residential For Sale

117 River Street, Stellarton Ns B0k 1s0
4Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,900Sqft
The Agency Real Estate Brokerage
Welcome to 117 River Street, Stellarton — where timeless charm meets family living. Lovingly cared for by the same family for nearly 30 years, this beautifully preserved century home is a shining example of Stellarton’s rich heritage. From the moment you arrive, the home’s curb appeal and warm character draw you in.
C$289900

Residential For Sale

117 River Street, Stellarton Ns B0k 1s0
The Agency Real Estate Brokerage
4Bedroom(s)
1Bathroom(s)
C$289900

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10471 Hwy 16, Guysborough Ns B0h 1n0

2Bedroom(s)
3Bathroom(s)
GravelParking(s)
32Picture(s)
1,615Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
C$529000

Residential For Sale

10471 Hwy 16, Guysborough Ns B0h 1n0
2Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,615Sqft
SCELES REALTY LIMITED - ANTIGONISH - D0090
Discover coastal living at its finest in this meticulously maintained 2/3-bedroom, 3-bathroom home. Built in 2018, this turn-key residence offers panoramic views of Guysborough Harbour and is just minutes from the village's amenities hospital, gym, performance center, grocery store, bank, cafe and more.
C$529000

Residential For Sale

10471 Hwy 16, Guysborough Ns B0h 1n0
SCELES REALTY LIMITED - ANTIGONISH - D0090
2Bedroom(s)
3Bathroom(s)
C$529000

Residential For Sale

632 Oakland Road, Indian Point Ns B0j 2e0

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
42Picture(s)
1,215Sqft
Engel & Volkers (Lunenburg)
C$550000

Residential For Sale

632 Oakland Road, Indian Point Ns B0j 2e0
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,215Sqft
Engel & Volkers (Lunenburg)
This mid-20th century home has a quiet location and is nestled in what was once an active fishing village, Indian Point. The house overlooks a small bridge and a sheltered cove and beyond to the islands of greater Mahone Bay.
C$550000

Residential For Sale

632 Oakland Road, Indian Point Ns B0j 2e0
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$550000

Residential For Sale

45 Alma Street, Yarmouth Ns B5a 3g7

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
22Picture(s)
2,739Sqft
Modern Realty
C$347900

Residential For Sale

45 Alma Street, Yarmouth Ns B5a 3g7
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,739Sqft
Modern Realty
Welcome to 45 Alma Street, a beautifully preserved Italianate-style home nestled in the heart of Yarmouth. Built circa 1887, this charming two-storey residence offers over 2,400 sq. ft. of living space, rich with historic detail and thoughtfully updated for modern comfort.
C$347900

Residential For Sale

45 Alma Street, Yarmouth Ns B5a 3g7
Modern Realty
4Bedroom(s)
2Bathroom(s)
C$347900

Residential For Sale

63 Carters Beach Road, Port Mouton Ns B0t 1t0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
46Picture(s)
1,175Sqft
Engel & Volkers (Lunenburg)
C$469000

Residential For Sale

63 Carters Beach Road, Port Mouton Ns B0t 1t0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,175Sqft
Engel & Volkers (Lunenburg)
In 1604 Samuel de Champlain moored off Port Mouton. A sheep on deck, after the long journey from France across a vast Atlantic, excited to see land, jumped overboard and swam to shore. On that providential day, this wise creature left its moniker to the new land. Nova Scotia has many such stories.
C$469000

Residential For Sale

63 Carters Beach Road, Port Mouton Ns B0t 1t0
Engel & Volkers (Lunenburg)
3Bedroom(s)
1Bathroom(s)
C$469000

Residential For Sale

21 John Street, Lockeport Ns B0t 1l0

9Bedroom(s)
3Bathroom(s)
DetachedParking(s)
42Picture(s)
3,192Sqft
Engel & Volkers (Liverpool)
C$399900

Residential For Sale

21 John Street, Lockeport Ns B0t 1l0
9Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,192Sqft
Engel & Volkers (Liverpool)
Historic Beachfront Retreat. Step back in time with this beautiful 3-storey Victorian masterpiece. Built in the mid 1800s, this home is one of the oldest in the seaside town of Lockeport. The west-facing house is situated on a ¼ acre lot with water views. A 1.
C$399900

Residential For Sale

21 John Street, Lockeport Ns B0t 1l0
Engel & Volkers (Liverpool)
9Bedroom(s)
3Bathroom(s)
C$399900

Residential For Sale

191 Lower Road, Pictou Landing Ns B0k 1x0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
15Picture(s)
1,184Sqft
J.F. MacIvor Properties
C$349000

Residential For Sale

191 Lower Road, Pictou Landing Ns B0k 1x0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,184Sqft
J.F. MacIvor Properties
2015 mini home on a stunning waterfront lot with over 100ft of ocean-access frontage. This open concept 3-bedroom, 2-bathroom gem at 191 Lower Road, Pictou Landing offers year-round comfort with electric heat and a ductless heat pump for efficient heating and cooling.
C$349000

Residential For Sale

191 Lower Road, Pictou Landing Ns B0k 1x0
J.F. MacIvor Properties
3Bedroom(s)
2Bathroom(s)
C$349000

Residential For Sale

867 Gray Road, Debert Ns B0m 1g0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
12Picture(s)
1,444Sqft
PG Direct Realty Ltd.
C$529900

Residential For Sale

867 Gray Road, Debert Ns B0m 1g0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,444Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. This thoughtfully designed 3-bedroom, 2-bath custom home sits on a spacious 0.87-acre lot in a desirable new development. The open-concept living area features beautiful wood beam accents and an electric fireplace, creating a warm and welcoming space.
C$529900

Residential For Sale

867 Gray Road, Debert Ns B0m 1g0
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$529900

Residential For Sale

133 Brianna Drive Lot A, Lantz Ns B2s 0k4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
6Picture(s)
2,756Sqft
RE/MAX Nova (Halifax)
C$749900

Residential For Sale

133 Brianna Drive Lot A, Lantz Ns B2s 0k4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,756Sqft
RE/MAX Nova (Halifax)
Why settle for anything less, when you can have top-quality new construction, with enough space for the entire family, in the beautiful and mega-popular community of Lantz? Introducing this stunning NEW PLAN on Brianna Drive, brought to you by Beirut Homes.
C$749900

Residential For Sale

133 Brianna Drive Lot A, Lantz Ns B2s 0k4
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$749900

Residential For Sale

721 Indian Road, Upper Nine Mile River Ns B2s 3e4

4Bedroom(s)
3Bathroom(s)
OtherParking(s)
50Picture(s)
2,850Sqft
Viewpoint Realty Services Inc.
C$749000

Residential For Sale

721 Indian Road, Upper Nine Mile River Ns B2s 3e4
4Bedroom(s)
3Bathroom(s)
OtherParking(s)
2,850Sqft
Viewpoint Realty Services Inc.
Attention horse lovers and hobby farmers! You deserve to love where you live and still be an easy commute to HRM, the airport, Truro or wherever your “day job” is. This exceptionally well built 4 bedroom, 3 bathroom home offers 2800 square feet of living space. You will love the large rooms, bright country kitchen and the finished basement with rec room and walk-out.
C$749000

Residential For Sale

721 Indian Road, Upper Nine Mile River Ns B2s 3e4
Viewpoint Realty Services Inc.
4Bedroom(s)
3Bathroom(s)
C$749000

Residential For Sale

41 Alexandra Avenue, Bridgewater Ns B4v 1h2

4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
12Picture(s)
3,580Sqft
PG Direct Realty Ltd.
C$689900

Residential For Sale

41 Alexandra Avenue, Bridgewater Ns B4v 1h2
4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
3,580Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Beautifully maintained 3-bedroom, 2.5-bath character home with a separately metered 1-bedroom apartment, set on a corner lot in one of Bridgewater’s most beloved neighborhoods. Rich in history, this stately property was once the home and office of the well-known Dr. Fraser, a name still fondly remembered in the community.
C$689900

Residential For Sale

41 Alexandra Avenue, Bridgewater Ns B4v 1h2
PG Direct Realty Ltd.
4Bedroom(s)
4Bathroom(s)
C$689900

Residential For Sale

32 Hopkins Drive, Bridgewater Ns B4v 3z6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
12Picture(s)
2,143Sqft
PG Direct Realty Ltd.
C$539900

Residential For Sale

32 Hopkins Drive, Bridgewater Ns B4v 3z6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,143Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Timeless gem in Bridgewater’s sought-after Glen Allan subdivision — a quiet, walkable neighborhood close to trails, shopping, and HB Studios Sports Centre. Warmth and character shine through from the moment you enter.
C$539900

Residential For Sale

32 Hopkins Drive, Bridgewater Ns B4v 3z6
PG Direct Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$539900
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