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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

3781 Highway 332, Riverport, NS B0J 2W0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,872Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$525000

Residential For Sale

3781 Highway 332, Riverport, NS B0J 2W0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,872Sqft
RE/MAX Banner Real Estate (Bridgewater)
Seaside, living at its finest. This stunning 5 bedroom 1895 Captain's House boasts breathtaking ocean views at the mouth of the LaHave River and charming double Lunenburg bumps. The beautifully updated interior features a gorgeous eat in kitchen with copper ceilings and a cozy breakfast nook plus stunning hardwood floors throughout the entire home.
C$525000

Residential For Sale

3781 Highway 332, Riverport, NS B0J 2W0
RE/MAX Banner Real Estate (Bridgewater)
5Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

110 Oakridge Road, Mill Road, NS B0J 2M0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
40Picture(s)
1,907Sqft
Sutton Group Professional Realty
C$797000

Residential For Sale

110 Oakridge Road, Mill Road, NS B0J 2M0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,907Sqft
Sutton Group Professional Realty
Your Dream Lakeside Escape on Wallaback Lake Awaits! Welcome to your very own slice of paradise, where every day feels like a vacation! This incredible year-round home offers 170 feet of private frontage on the stunning Wallaback Lake.
C$797000

Residential For Sale

110 Oakridge Road, Mill Road, NS B0J 2M0
Sutton Group Professional Realty
2Bedroom(s)
2Bathroom(s)
C$797000

Residential For Sale

510 Tom Wallace Road, Morganville, NS B0S 1B0

2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
45Picture(s)
1,170Sqft
Exit Realty Town & Country
C$175000

Residential For Sale

510 Tom Wallace Road, Morganville, NS B0S 1B0
2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,170Sqft
Exit Realty Town & Country
Tucked away in serene surroundings, this is the getaway that truly lets you get away. Perfectly perched on an elevated lot with views of the West Branch Bear River, this peaceful off-grid retreat offers privacy, serenity and a deep connection to nature.
C$175000

Residential For Sale

510 Tom Wallace Road, Morganville, NS B0S 1B0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$175000

Residential For Sale

102 Maple Boulevard, Bible Hill, NS B2N 4N3

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
30Picture(s)
3,012Sqft
Viewpoint Realty Services Inc.
C$675000

Residential For Sale

102 Maple Boulevard, Bible Hill, NS B2N 4N3
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,012Sqft
Viewpoint Realty Services Inc.
This just might be one of the nicest homes available in Bible Hill today. Offering a total of 5 bedrooms and 3 full bathrooms, this property features a fully-furnished lower level with 3 bedrooms, large rec. room, a full bathroom, kitchenette, and a separate entrance – perfect for guests, extended family or rental opportunities.
C$675000

Residential For Sale

102 Maple Boulevard, Bible Hill, NS B2N 4N3
Viewpoint Realty Services Inc.
5Bedroom(s)
3Bathroom(s)
C$675000

Residential For Sale

192 Amesbury Gate, Bedford, NS B4B 1H6

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
3,329Sqft
Parachute Realty
C$1099900

Residential For Sale

192 Amesbury Gate, Bedford, NS B4B 1H6
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,329Sqft
Parachute Realty
There's a certain kind of home that instantly puts you at ease. The kind where light pours in, the energy feels right, and everything just flows. In a world that moves fast, coming home should feel like a reset. 192 Amesbury Gate does just that. From the moment you enter, this meticulously maintained home invites you to relax.
C$1099900

Residential For Sale

192 Amesbury Gate, Bedford, NS B4B 1H6
Parachute Realty
5Bedroom(s)
4Bathroom(s)
C$1099900

Residential For Sale

134 Malagawatch Cemetery Road, River Denys, NS B0E 2Y0

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
33Picture(s)
936Sqft
RE/MAX Nova (Enfield)
C$489900

Residential For Sale

134 Malagawatch Cemetery Road, River Denys, NS B0E 2Y0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
936Sqft
RE/MAX Nova (Enfield)
Tucked away on a breathtaking 3.58 acre lot with 485 feet of panoramic frontage on the Bras D'Or Lake, this brand new custom home is a beautiful blend of modern comfort and quality, timeless craftsmanship.
C$489900

Residential For Sale

134 Malagawatch Cemetery Road, River Denys, NS B0E 2Y0
RE/MAX Nova (Enfield)
3Bedroom(s)
1Bathroom(s)
C$489900

Residential For Sale

414 Canoe Crescent, Hammonds Plains, NS B4B 2P5

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
3,814Sqft
RE/MAX Nova (Halifax)
C$1199900

Residential For Sale

414 Canoe Crescent, Hammonds Plains, NS B4B 2P5
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,814Sqft
RE/MAX Nova (Halifax)
If brand-new construction with a 7-year warranty in prestigious Voyageur Lakes is on your wishlist, welcome to 414 Canoe Crescent. This thoughtfully designed home is tailored for modern family living, offering 4 bedrooms, 4.5 bathrooms, a dedicated home office, and nearly 2 acres of land to call your own.
C$1199900

Residential For Sale

414 Canoe Crescent, Hammonds Plains, NS B4B 2P5
RE/MAX Nova (Halifax)
4Bedroom(s)
5Bathroom(s)
C$1199900

Residential For Sale

28 Roupen Crt Court, Hammonds Plains, NS B4B 1L2

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
39Picture(s)
1,969Sqft
Royal LePage Atlantic
C$675000

Residential For Sale

28 Roupen Crt Court, Hammonds Plains, NS B4B 1L2
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,969Sqft
Royal LePage Atlantic
Welcome to 28 Roupen Court—an immaculate split-entry home nestled at the end of a quiet cul-de-sac in the desirable Kingswood neighbourhood. Surrounded by nature and offering exceptional privacy, this property combines modern comfort with serene living. The main level features an open-concept kitchen, dining, and living area, perfect for entertaining.
C$675000

Residential For Sale

28 Roupen Crt Court, Hammonds Plains, NS B4B 1L2
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$675000

Residential For Sale

1006-1650 Granville Street, Halifax, NS B3J 0E1

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
38Picture(s)
743Sqft
Domus Realty Limited
C$699900

Residential For Sale

1006-1650 Granville Street, Halifax, NS B3J 0E1
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
743Sqft
Domus Realty Limited
Experience an elevated living experience of classic grandeur and modern comfort in the heart of Halifax. The iconic design by Page + Steele IBI Group and Union 31 reinvigorates one of downtown Halifax's landmark buildings. The Roy is the perfect balance of aesthetic and practical considerations. Enjoy floor to ceiling windows that flood the room with sun and dynamic views of our beautiful city.
C$699900

Residential For Sale

1006-1650 Granville Street, Halifax, NS B3J 0E1
Domus Realty Limited
2Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

331 Masons Point Road, Head Of St. Margarets Bay, NS B3Z 1Z1

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
4,193Sqft
Royal LePage Atlantic
C$998000

Residential For Sale

331 Masons Point Road, Head Of St. Margarets Bay, NS B3Z 1Z1
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,193Sqft
Royal LePage Atlantic
Welcome to 331 Masons Point Road in the Head of St. Margarets Bay—where the showings are plentiful, the compliments flow, and apparently... it's too big! Imagine prepping the house, fluffing the pillows, sweeping every last pine needle off the deck, only to hear: “Wow. It’s just… a lot of house.” (Insert dramatic eye roll.
C$998000

Residential For Sale

331 Masons Point Road, Head Of St. Margarets Bay, NS B3Z 1Z1
Royal LePage Atlantic
5Bedroom(s)
4Bathroom(s)
C$998000

Residential For Sale

42 Victoria Street, Springhill, NS B0M 1X0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
26Picture(s)
672Sqft
Coldwell Banker Performance Realty
C$50000

Residential For Sale

42 Victoria Street, Springhill, NS B0M 1X0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
672Sqft
Coldwell Banker Performance Realty
Looking for a reno project to call your own? 42 Victoria Street, Springhill may be the right property for you. With a heat pump having been installed, new electrical wires run but hydro is not hooked up, 2 new doors installed and many of the windows having been replaced. The interior is to the studs with the bathroom plumbed, insulation in place and the building was raised and leveled last year.
C$50000

Residential For Sale

42 Victoria Street, Springhill, NS B0M 1X0
Coldwell Banker Performance Realty
1Bedroom(s)
1Bathroom(s)
C$50000

Residential For Sale

873 Loch Broom Loop Road, Loch Broom, NS B0K 2A0

2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
41Picture(s)
768Sqft
RE/MAX County Line Realty Ltd.
C$347500

Residential For Sale

873 Loch Broom Loop Road, Loch Broom, NS B0K 2A0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
768Sqft
RE/MAX County Line Realty Ltd.
One level living on a quiet, private and peaceful 2.66 acres in Loch Broom (westville area) has arrived. (And On a slab) Only 7 minutes from the highway, this 7 year old energy efficient and cozy home is ready for new ownership. A 24x28 double attached, heated, cooled, and wired with Gener-Link hook up garage makes carrying the groceries right into your kitchen nice and easy.
C$347500

Residential For Sale

873 Loch Broom Loop Road, Loch Broom, NS B0K 2A0
RE/MAX County Line Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$347500
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