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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

5 Pero Street, Sydney Mines Ns B1v 2w6

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
45Picture(s)
2,370Sqft
W. Black & Son Real Estate Ltd.
C$395000

Residential For Sale

5 Pero Street, Sydney Mines Ns B1v 2w6
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,370Sqft
W. Black & Son Real Estate Ltd.
WELCOME TO 5 PERO STREET. This home is in move in condition with many new renos . This wonderful Home is being sold fully furnished on 3 levels. Basement is currently being used as a AIR B&B but can be used for many different options. lovely lg rooms with open concept kitchen. Sit back relax and BBQ on your large deck. "OH "and dont forget to have a splash in the relaxing hot tub.
C$395000

Residential For Sale

5 Pero Street, Sydney Mines Ns B1v 2w6
W. Black & Son Real Estate Ltd.
5Bedroom(s)
3Bathroom(s)
C$395000

Residential For Sale

48 Point Aconi Road, Point Aconi Ns B1y 2m8

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
21Picture(s)
800Sqft
RE/MAX Park Place Inc.
C$215000

Residential For Sale

48 Point Aconi Road, Point Aconi Ns B1y 2m8
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
800Sqft
RE/MAX Park Place Inc.
A very special piece of land located along Bras D'or Lake4 on Point Aconi Rd. If you were looking for a property with a sizable piece of waterfront with stairs leading down to a dock to put a boat or any type of watercraft then this may be for you. The home itself is in need of work, however, the property is one of a kind.
C$215000

Residential For Sale

48 Point Aconi Road, Point Aconi Ns B1y 2m8
RE/MAX Park Place Inc.
2Bedroom(s)
1Bathroom(s)
C$215000

Residential For Sale

115 Connaught Avenue, Glace Bay Ns B1a 4r4

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
17Picture(s)
1,008Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$129900

Residential For Sale

115 Connaught Avenue, Glace Bay Ns B1a 4r4
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,008Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Located on a corner lot on Connaught and Woodward, this home is ready for a new family. The eat-in kitchen is spacious and flows over to the comfortable living room. The main floor is rounded out by 2 bedrooms, a 4pc bath and laundry area.
C$129900

Residential For Sale

115 Connaught Avenue, Glace Bay Ns B1a 4r4
Keller Williams Select Realty(Sydney,Townsend St.)
2Bedroom(s)
1Bathroom(s)
C$129900

Residential For Sale

729 Greenwood Road, East Tremont Ns B0p 1r0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
2,326Sqft
Exit Realty Town & Country
C$399000

Residential For Sale

729 Greenwood Road, East Tremont Ns B0p 1r0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
2,326Sqft
Exit Realty Town & Country
Welcome to this well maintained home nestled in the trees on 1.55 acres, 5 minutes from Greenwood NS. First time on the market this 3 bedroom 1 bathroom home is perfect for families , first time homebuyers or anyone seeking a quiet serene space with room to garden. Step inside to find a large inviting living room ideal for relaxing and entertaining.
C$399000

Residential For Sale

729 Greenwood Road, East Tremont Ns B0p 1r0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$399000

Residential For Sale

109 Old Trunk 1, Deep Brook Ns B0s 1j0

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
49Picture(s)
3,500Sqft
Exit Realty Town & Country
C$619000

Residential For Sale

109 Old Trunk 1, Deep Brook Ns B0s 1j0
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,500Sqft
Exit Realty Town & Country
Escape city bustle and awaken to gentle seasonal vistas across your fully landscaped 1.97-acre retreat overlooking the Annapolis Basin. This turnkey haven marries modern conveniences with original character—oak doors, hardwood floors and custom built-ins throughout.
C$619000

Residential For Sale

109 Old Trunk 1, Deep Brook Ns B0s 1j0
Exit Realty Town & Country
4Bedroom(s)
4Bathroom(s)
C$619000

Residential For Sale

78 Ridgecrest Drive, Bridgewater Ns B4v 3v8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
22Picture(s)
1,800Sqft
Holm Realty Limited
C$704950

Residential For Sale

78 Ridgecrest Drive, Bridgewater Ns B4v 3v8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,800Sqft
Holm Realty Limited
Welcome to 78 Ridgecrest Drive, a high-quality home on a quiet street in Bridgewater. This 1,800 sqft home sits on a 12,000 sqft lot and features 3 bedrooms, 2 baths, and a heated 2-car garage with attic storage. Enjoy 9' ceilings, quartz countertops throughout, a custom kitchen with full-height cabinets, a large island, and under-cabinet lighting. The great room opens to a 20' x 16' deck.
C$704950

Residential For Sale

78 Ridgecrest Drive, Bridgewater Ns B4v 3v8
Holm Realty Limited
3Bedroom(s)
2Bathroom(s)
C$704950

Residential For Sale

127 Grandview Avenue, Trenton Ns B0k 1x0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
762Sqft
Blinkhorn Real Estate Ltd.
C$110000

Residential For Sale

127 Grandview Avenue, Trenton Ns B0k 1x0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
762Sqft
Blinkhorn Real Estate Ltd.
Welcome to this bright and inviting 2-bedroom, 1-bath mini home nestled in the friendly community of Grandview Park in Trenton. Perfect as a starter home or for those looking to enjoy the ease of one-level living, this home offers comfort, convenience, and excellent value. Step inside to a well-maintained space filled with natural light.
C$110000

Residential For Sale

127 Grandview Avenue, Trenton Ns B0k 1x0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$110000

Residential For Sale

13691 Highway 1, Hants Border Ns B0p 1p0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
1,688Sqft
Viewpoint Realty Services Inc.
C$597000

Residential For Sale

13691 Highway 1, Hants Border Ns B0p 1p0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,688Sqft
Viewpoint Realty Services Inc.
Introducing your new home at 13691 Highway 1 in Hants Border! Tastefully designed and decorated you will fall in love with this 1-year-old split-entry charmer! Through the front door you are welcomed by a spacious & sunny foyer. Step up to the open concept main floor where you will feel at home in the cozy living room that offers tons of natural sunlight and a gorgeous tray ceiling.
C$597000

Residential For Sale

13691 Highway 1, Hants Border Ns B0p 1p0
Viewpoint Realty Services Inc.
3Bedroom(s)
3Bathroom(s)
C$597000

Residential For Sale

119 Everetts Way, Hunts Point Ns B0t 1g0

3Bedroom(s)
3Bathroom(s)
GravelParking(s)
47Picture(s)
2,352Sqft
Sotheby's International Realty Canada
C$659000

Residential For Sale

119 Everetts Way, Hunts Point Ns B0t 1g0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,352Sqft
Sotheby's International Realty Canada
Towering above the trees, panoramic 270 degree ocean views await you from this spectacular 3-level new build! At the end of a private road in the seaside community of Hunts Point, the ‘Tower House’ offers over 2300 square feet of finished living space between a two-storey construction and a finished basement, with 3 bedrooms and 3 full bathrooms.
C$659000

Residential For Sale

119 Everetts Way, Hunts Point Ns B0t 1g0
Sotheby's International Realty Canada
3Bedroom(s)
3Bathroom(s)
C$659000

Residential For Sale

51 Everetts Way, Hunts Point Ns B0t 1g0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
47Picture(s)
1,960Sqft
Sotheby's International Realty Canada
C$559000

Residential For Sale

51 Everetts Way, Hunts Point Ns B0t 1g0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,960Sqft
Sotheby's International Realty Canada
Aptly coined the ‘Gatehouse’, in the stunning seaside community of Hunts Point, this new construction home is thoughtfully and tastefully designed with an emphasis on high quality materials, finishes, and functionality.
C$559000

Residential For Sale

51 Everetts Way, Hunts Point Ns B0t 1g0
Sotheby's International Realty Canada
3Bedroom(s)
2Bathroom(s)
C$559000

Residential For Sale

12 Misty Bay Lane, Morris Island Ns B0w 1w0

1Bedroom(s)
1Bathroom(s)
Multiple DrivewaysParking(s)
27Picture(s)
314Sqft
Sotheby's International Realty Canada
C$199000

Residential For Sale

12 Misty Bay Lane, Morris Island Ns B0w 1w0
1Bedroom(s)
1Bathroom(s)
Multiple DrivewaysParking(s)
314Sqft
Sotheby's International Realty Canada
If you've been looking for an oceanfront getaway and potential investment opportunity, look no further than 12 Misty Bay Lane. Located on the picturesque Morris Island, under 30 minutes to Yarmouth, you can immediately tell that a great deal of creativity and passion has gone in to maximizing the spectacular ocean frontage of this lot.
C$199000

Residential For Sale

12 Misty Bay Lane, Morris Island Ns B0w 1w0
Sotheby's International Realty Canada
1Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

821 6 Highway, Marshville Ns B0k 1n0

5Bedroom(s)
2Bathroom(s)
OtherParking(s)
49Picture(s)
2,287Sqft
Sunrise Brokerage & Sales Ltd.
C$495000

Residential For Sale

821 6 Highway, Marshville Ns B0k 1n0
5Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,287Sqft
Sunrise Brokerage & Sales Ltd.
Situated 200m from Rushton Provincial Park Beach, this 5.1 acre property is a gardener’s dream. The sturdy 1.5 storey home boasts 5 bedrooms, 1.5 bathrooms, and a large country kitchen with electric range and old fashion wood burning oven with water jacket. Adjacent to the kitchen is a large and very functional pantry.
C$495000

Residential For Sale

821 6 Highway, Marshville Ns B0k 1n0
Sunrise Brokerage & Sales Ltd.
5Bedroom(s)
2Bathroom(s)
C$495000
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