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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

1396 Beaver Bank Road, Beaver Bank, NS B4G 1E8

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
38Picture(s)
1,451Sqft
Press Realty Inc.
C$559900

Residential For Sale

1396 Beaver Bank Road, Beaver Bank, NS B4G 1E8
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,451Sqft
Press Realty Inc.
Fully renovated in 2019, this charming lakefront home offers a rare opportunity to own a piece of paradise on beautiful and quiet Tucker Lake in Beaver Bank. Bright and thoughtfully designed, the open-concept layout seamlessly connects the kitchen, living, and dining areas-perfect for entertaining or relaxing with family.
C$559900

Residential For Sale

1396 Beaver Bank Road, Beaver Bank, NS B4G 1E8
Press Realty Inc.
3Bedroom(s)
1Bathroom(s)
C$559900

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4 York Redoubt Crescent, Fergusons Cove, NS B3V 1L7

4Bedroom(s)
5Bathroom(s)
DoubleParking(s)
46Picture(s)
3,036Sqft
Royal LePage Anchor Realty
C$2150000

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4 York Redoubt Crescent, Fergusons Cove, NS B3V 1L7
4Bedroom(s)
5Bathroom(s)
DoubleParking(s)
3,036Sqft
Royal LePage Anchor Realty
Perched above Halifax Harbour in the heart of Fergusons Cove, 4 York Redoubt Crescent is a one-of-a-kind coastal retreat where timeless heritage meets inspired modern design. Originally built in 1846 as the Stella Maris Chapel, this designated heritage property has been reimagined into a breathtaking home, offering panoramic views of McNabs Island, the open ocean, and the city skyline.
C$2150000

Residential For Sale

4 York Redoubt Crescent, Fergusons Cove, NS B3V 1L7
Royal LePage Anchor Realty
4Bedroom(s)
5Bathroom(s)
C$2150000

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523 Chebucto Street, Baddeck, NS B0E 1B0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
2,300Sqft
RE/MAX Park Place Inc.
C$539000

Residential For Sale

523 Chebucto Street, Baddeck, NS B0E 1B0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,300Sqft
RE/MAX Park Place Inc.
Step into the historic charm of this former Manse, nestled centrally yet privately on the Main Street of the quaint village of Baddeck. Originally constructed in 1902 for Knox Presbyterian, this stately residence boasts a solid build with intricate details. Situated on 0.
C$539000

Residential For Sale

523 Chebucto Street, Baddeck, NS B0E 1B0
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$539000

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1349 Georges River Road, Georges River, NS B1Y 3J7

2Bedroom(s)
1Bathroom(s)
26Picture(s)
920Sqft
RE/MAX Park Place Inc.
C$259900

Residential For Sale

1349 Georges River Road, Georges River, NS B1Y 3J7
2Bedroom(s)
1Bathroom(s)
920Sqft
RE/MAX Park Place Inc.
Welcome to peaceful country living in the beautiful Georges River! Nestled on 8 acres of land, this charming 1.5-storey home offers space, privacy, and comfort. The main level features a bright and open-concept kitchen, dining, and living area, perfect for entertaining or cozy nights in. You'll also find a welcoming porch, convenient laundry room, and plenty of natural light throughout.
C$259900

Residential For Sale

1349 Georges River Road, Georges River, NS B1Y 3J7
RE/MAX Park Place Inc.
2Bedroom(s)
1Bathroom(s)
C$259900

Residential For Sale

1435 Highway 329, Mill Cove, NS B0J 1T0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,507Sqft
Royal LePage Atlantic
C$629900

Residential For Sale

1435 Highway 329, Mill Cove, NS B0J 1T0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,507Sqft
Royal LePage Atlantic
Coastal Privacy with Stunning Bay Views. Set on over an acre of beautifully treed land with 240 feet of unobstructed view of the Bay, this open and bright two-bedroom, one-bath bungalow offers the perfect blend of privacy, scenery, and year-round comfort. From the moment you arrive, you’ll be drawn to the sweeping views over St.
C$629900

Residential For Sale

1435 Highway 329, Mill Cove, NS B0J 1T0
Royal LePage Atlantic
2Bedroom(s)
1Bathroom(s)
C$629900

Residential For Sale

439 Johnson Road, Georges River, NS B1Y 3B7

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
41Picture(s)
3,067Sqft
VALMAC REALTY LTD. - 16139
C$699900

Residential For Sale

439 Johnson Road, Georges River, NS B1Y 3B7
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,067Sqft
VALMAC REALTY LTD. - 16139
Built in the late 1800’s, this Grand Victorian home sitting on over 6 acres with a beautiful tree lined driveway and a large detached garage, has maintained much of its original character and charm. The foyer, with its magnificent staircase is truly something to behold. The hardwood floors, high ceilings and crown mouldings have been well preserved. The home features 5 bedrooms and 2.
C$699900

Residential For Sale

439 Johnson Road, Georges River, NS B1Y 3B7
VALMAC REALTY LTD. - 16139
5Bedroom(s)
3Bathroom(s)
C$699900

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59 Oakland Drive, Lower Onslow, NS B6L 5J6

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
40Picture(s)
3,484Sqft
Keller Williams Select Realty (Truro)
C$739900

Residential For Sale

59 Oakland Drive, Lower Onslow, NS B6L 5J6
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,484Sqft
Keller Williams Select Realty (Truro)
This remarkable 6.3-acre property, located just a short drive from Truro, features a Cape Cod-style home with 4 - 5 bedrooms and 3.5 bathrooms, as well as a three-car garage and a lovely veranda overlooking the grounds. The open-concept design of the kitchen, dining area, and living room creates an ideal setting for entertaining and social gatherings.
C$739900

Residential For Sale

59 Oakland Drive, Lower Onslow, NS B6L 5J6
Keller Williams Select Realty (Truro)
4Bedroom(s)
4Bathroom(s)
C$739900

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489 Salmon River Road, Valley, NS B6L 4E7

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,705Sqft
RE/MAX Fairlane Realty
C$498600

Residential For Sale

489 Salmon River Road, Valley, NS B6L 4E7
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,705Sqft
RE/MAX Fairlane Realty
Finally - space for everyone & room to grow. Whether you're a big family or just looking for a home that fits your lifestyle, this Valley property offers country charm with all the benefits of community living. Nestled on a tree lined drive with a classic tire swing & a covered verandah, it feels like your own private retreat.
C$498600

Residential For Sale

489 Salmon River Road, Valley, NS B6L 4E7
RE/MAX Fairlane Realty
4Bedroom(s)
2Bathroom(s)
C$498600

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1506 Sweetland Road, Sweetland, NS B0J 1E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
1,288Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$849900

Residential For Sale

1506 Sweetland Road, Sweetland, NS B0J 1E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,288Sqft
RE/MAX Banner Real Estate (Bridgewater)
Charming Lakefront Bungalow on Big MushaMush Lake. Live the lakeside lifestyle in this charming 3-bedroom, 1-bath bungalow, perfectly positioned on the tranquil shores of Big MushaMush Lake with an impressive 180 feet of direct waterfront in an attractive cove.
C$849900

Residential For Sale

1506 Sweetland Road, Sweetland, NS B0J 1E0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
1Bathroom(s)
C$849900

Residential For Sale

1506 Sweetland Road, Sweetland, NS B0J 1E0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
1,288Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$849900

Residential For Sale

1506 Sweetland Road, Sweetland, NS B0J 1E0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,288Sqft
RE/MAX Banner Real Estate (Bridgewater)
Charming Lakefront Bungalow on Big MushaMush Lake. Live the lakeside lifestyle in this charming 3-bedroom, 1-bath bungalow, perfectly positioned on the tranquil shores of Big MushaMush Lake with an impressive 180 feet of direct waterfront in an attractive cove.
C$849900

Residential For Sale

1506 Sweetland Road, Sweetland, NS B0J 1E0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
1Bathroom(s)
C$849900

Residential For Sale

1570 John Brackett Drive, Herring Cove, NS B3V 1G8

No GarageParking(s)
24Picture(s)
400Sqft
Exit Realty Metro
C$399900

Residential For Sale

1570 John Brackett Drive, Herring Cove, NS B3V 1G8
No GarageParking(s)
400Sqft
Exit Realty Metro
Historic Fish Shed in Herring Cove! This is a unique Waterfront Property with Deep Roots in Maritime Heritage! Step into a piece of history with this 150-year-old fish shed located in the heart of the vibrant fishing community of Herring Cove. Rich in character and maritime charm, this property offers a rare opportunity to own a slice of Nova Scotia’s coastal legacy.
C$399900

Residential For Sale

1570 John Brackett Drive, Herring Cove, NS B3V 1G8
Exit Realty Metro
C$399900

Residential For Sale

39-65 Gardenia Way, Dartmouth, NS B2X 0C7

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2Picture(s)
2,173Sqft
Royal LePage Atlantic
C$782400

Residential For Sale

39-65 Gardenia Way, Dartmouth, NS B2X 0C7
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,173Sqft
Royal LePage Atlantic
Meet "Aliya" – A Stunning New Model in The Parks of Lake Charles starting at just $769,900 this beautifully designed three-bedroom, two-level home raises the bar on functionality & versatility.
C$782400

Residential For Sale

39-65 Gardenia Way, Dartmouth, NS B2X 0C7
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$782400
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