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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

5658 Duffus Street, Halifax, NS B3K 2M6

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
42Picture(s)
1,475Sqft
Royal LePage Atlantic
C$599900

Residential For Sale

5658 Duffus Street, Halifax, NS B3K 2M6
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,475Sqft
Royal LePage Atlantic
Charming three-bedroom, one-bathroom home located in Halifax's sought-after North End. Step through the sunny front porch into a bright and welcoming living room which opens seamlessly into the dining room - perfect for entertaining. The spacious kitchen offers plenty of room for cooking and gatherings. A main floor bedroom provides flexible space and also works well as a home office.
C$599900

Residential For Sale

5658 Duffus Street, Halifax, NS B3K 2M6
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$599900

Residential For Sale

259 Bill Berry Road, Princedale, NS B0S 1G0

1Bedroom(s)
GravelParking(s)
50Picture(s)
46Acre
Royal LePage Atlantic (Greenwood)
C$199000

Residential For Sale

259 Bill Berry Road, Princedale, NS B0S 1G0
1Bedroom(s)
GravelParking(s)
46Acre
Royal LePage Atlantic (Greenwood)
Escape to nature with this solid and rustic off-grid cottage nestled on the serene shores of Skull Lake. Boasting an incredible 1,143 feet of pristine lakefront and set on a fully surveyed 46-acre lot, this property offers unmatched privacy and tranquility. Surrounded by mature, harvestable trees and abundant wildlife, it’s a haven for outdoor enthusiasts, hunters, and anglers alike.
C$199000

Residential For Sale

259 Bill Berry Road, Princedale, NS B0S 1G0
Royal LePage Atlantic (Greenwood)
1Bedroom(s)
C$199000

Residential For Sale

1582 John Brackett Drive, Herring Cove, NS B3V 1G8

4Bedroom(s)
3Bathroom(s)
35Picture(s)
2,142Sqft
Sotheby's International Realty Canada
C$849900

Residential For Sale

1582 John Brackett Drive, Herring Cove, NS B3V 1G8
4Bedroom(s)
3Bathroom(s)
2,142Sqft
Sotheby's International Realty Canada
1582 John Brackett Drive is an exceptional oceanfront property on an oversized lot with municipal water and sewer services, offering great value whether you choose to move in immediately or explore the potential for subdivision or future development, to be confirmed by the buyer through the municipality.
C$849900

Residential For Sale

1582 John Brackett Drive, Herring Cove, NS B3V 1G8
Sotheby's International Realty Canada
4Bedroom(s)
3Bathroom(s)
C$849900

Residential For Sale

31 Thompson Drive, Bridgewater, NS B4V 4E1

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
37Picture(s)
1,152Sqft
EXIT Realty Inter Lake
C$269000

Residential For Sale

31 Thompson Drive, Bridgewater, NS B4V 4E1
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,152Sqft
EXIT Realty Inter Lake
Charming 3-Bedroom Mini Home on Quiet Street in Prime Location. Welcome to this beautifully maintained 3-bedroom, 2-bathroom mini home that blends comfort, functionality, and convenience. Flooded with natural light, this bright and airy space offers a warm and welcoming atmosphere from the moment you step inside.
C$269000

Residential For Sale

31 Thompson Drive, Bridgewater, NS B4V 4E1
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$269000

Residential For Sale

10 Bezanson Drive Drive, Berwick, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
2,443Sqft
Royal LePage Atlantic (Greenwood)
C$438000

Residential For Sale

10 Bezanson Drive Drive, Berwick, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,443Sqft
Royal LePage Atlantic (Greenwood)
Charming and well-maintained 3-bedroom, 2-bath bungalow located in a desirable Berwick neighbourhood! Featuring an open-concept eat-in kitchen, with all appliances included, offering excellent storage solutions and featuring a built-in pantry and abundant cabinetry, perfect for keeping everything organized and within reach.
C$438000

Residential For Sale

10 Bezanson Drive Drive, Berwick, NS B0P 1E0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$438000

Residential For Sale

381 Glen Allan Drive, Bridgewater, NS B4V 0A7

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
19Picture(s)
1,535Sqft
Holm Realty Limited
C$579000

Residential For Sale

381 Glen Allan Drive, Bridgewater, NS B4V 0A7
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,535Sqft
Holm Realty Limited
New (under construction) 3 bedroom 2 bath 1535 sqft living area + 297 sqft heated garage.
C$579000

Residential For Sale

381 Glen Allan Drive, Bridgewater, NS B4V 0A7
Holm Realty Limited
3Bedroom(s)
2Bathroom(s)
C$579000

Residential For Sale

576 Lakeview Avenue, Middle Sackville, NS B4E 3B8

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,274Sqft
Exit Realty Metro
C$599900

Residential For Sale

576 Lakeview Avenue, Middle Sackville, NS B4E 3B8
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,274Sqft
Exit Realty Metro
Welcome to 576 Lakeview Ave. This beautiful and well maintained 4 level side split has it all. As you walk in the front door there is a bedroom, oversized laundry room, nice sitting area as well as a 2 piece bath. When you look down the stairs you will see a large rec room with a den and utility room.
C$599900

Residential For Sale

576 Lakeview Avenue, Middle Sackville, NS B4E 3B8
Exit Realty Metro
4Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

336 West Street, Milton, NS B0T 1P0

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
43Picture(s)
2,439Sqft
EXIT Realty Inter Lake Liverpool
C$689900

Residential For Sale

336 West Street, Milton, NS B0T 1P0
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,439Sqft
EXIT Realty Inter Lake Liverpool
Nestled in the heart of beautiful Milton and overlooking the tranquil Mersey River, this unique property offers the perfect blend of character, modern comfort, and endless potential. Whether you're looking for a spacious family home, a multi-unit investment property, or a place that offers flexible living arrangements, this home has it all.
C$689900

Residential For Sale

336 West Street, Milton, NS B0T 1P0
EXIT Realty Inter Lake Liverpool
4Bedroom(s)
4Bathroom(s)
C$689900

Residential For Sale

6519 Chester Avenue, Halifax, NS B3L 2P5

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
7Picture(s)
816Sqft
Engel & Volkers
C$469000

Residential For Sale

6519 Chester Avenue, Halifax, NS B3L 2P5
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
816Sqft
Engel & Volkers
Opportunity for development on the Peninsula! Highly sought-after West End location with walking distance to St. Catherine’s Elementary School and Halifax Independent School. This home will likely need to be taken back to the studs or torn down completely. The property is being sold as is, where is.
C$469000

Residential For Sale

6519 Chester Avenue, Halifax, NS B3L 2P5
Engel & Volkers
2Bedroom(s)
1Bathroom(s)
C$469000

Residential For Sale

30 Woodcrest Avenue, Halifax, NS B3R 1C4

5Bedroom(s)
3Bathroom(s)
GravelParking(s)
37Picture(s)
1,900Sqft
Royal LePage Atlantic
C$599900

Residential For Sale

30 Woodcrest Avenue, Halifax, NS B3R 1C4
5Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,900Sqft
Royal LePage Atlantic
Welcome to 30 Woodcrest Avenue, a well-kept bungalow in a mature and family-friendly neighbourhood just off Herring Cove Road. The main floor offers a bright living room, a partially renovated kitchen with a breakfast bar, and a dining area that opens to a solid back deck—great for outdoor living. There are four spacious bedrooms, one of which can easily be used as a home office or flex space.
C$599900

Residential For Sale

30 Woodcrest Avenue, Halifax, NS B3R 1C4
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

1487 Sandy Point Road, Sandy Point, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,081Sqft
Royal Lepage Atlantic (Mahone Bay)
C$425000

Residential For Sale

1487 Sandy Point Road, Sandy Point, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,081Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 1487 Sandy Point Road, where breathtaking harbour views and timeless charm meet modern convenience. Set on nearly 22 acres, this beautifully updated 4-bedroom, 2-bath home offers plenty of space, character, and potential. The main level features a bright and airy open-concept kitchen, dining, and living area - perfect for gathering with family and friends.
C$425000

Residential For Sale

1487 Sandy Point Road, Sandy Point, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
2Bathroom(s)
C$425000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
718Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$110000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
718Sqft
RE/MAX Banner Real Estate(Yarmouth)
Tucked away in a lovely spot, this 1 bedroom 1 bathroom affordable single-wide trailer with 2 large additions is perfect for minimalistic living; it has everything you need and nothing you don't. Sitting on over 2 acres of secluded high ground, your retreat awaits. A cozy wood stove keeps the whole house warm in chilly weather. Rustic finishes add to the charm.
C$110000

Residential For Sale

20 Charlie Mullen Corner Road, Norwood, NS B5A 5L7
RE/MAX Banner Real Estate(Yarmouth)
1Bedroom(s)
1Bathroom(s)
C$110000
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