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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

8838 Highway 1, Meteghan River Ns B0w 2l0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,571Sqft
EXP Realty of Canada Inc.
C$325000

Residential For Sale

8838 Highway 1, Meteghan River Ns B0w 2l0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,571Sqft
EXP Realty of Canada Inc.
Nestled in the heart of Meteghan River, this solid and well-maintained Victorian home sits on an impressive 2.
C$325000

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8838 Highway 1, Meteghan River Ns B0w 2l0
EXP Realty of Canada Inc.
4Bedroom(s)
2Bathroom(s)
C$325000

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40 Hornes Road, Eastern Passage Ns B3g 1a5

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
34Picture(s)
1,460Sqft
RE/MAX Nova (Halifax)
C$459900

Residential For Sale

40 Hornes Road, Eastern Passage Ns B3g 1a5
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,460Sqft
RE/MAX Nova (Halifax)
Rare Find in Nova Scotia – All Bedrooms Above Ground! At 40 Hornes Road, Halifax, Nova Scotia you won’t find any dark, damp basement bedrooms, instead, enjoy the rare luxury of full-size, above-ground bedrooms, filled with natural light and fresh air.
C$459900

Residential For Sale

40 Hornes Road, Eastern Passage Ns B3g 1a5
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$459900

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2 Lakeshire Crescent, Colby Ns B2v 2p3

5Bedroom(s)
4Bathroom(s)
SingleParking(s)
35Picture(s)
3,668Sqft
Viewpoint Realty Services Inc.
C$715000

Residential For Sale

2 Lakeshire Crescent, Colby Ns B2v 2p3
5Bedroom(s)
4Bathroom(s)
SingleParking(s)
3,668Sqft
Viewpoint Realty Services Inc.
Looking for a large family home in a great location? Look no further. This home sits in the family oriented neighbourhood of Colby Village. The kids can walk to school and come home for lunch. Nearby sits Astral Drive Elementary and Astral Drive Junior High which both offer early French Immersion.
C$715000

Residential For Sale

2 Lakeshire Crescent, Colby Ns B2v 2p3
Viewpoint Realty Services Inc.
5Bedroom(s)
4Bathroom(s)
C$715000

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1 Hillside Boularderie Road, Groves Point Ns B1y 2x4

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
22Picture(s)
1,116Sqft
Century 21 Trident Realty Limited (Sydney)
C$250000

Residential For Sale

1 Hillside Boularderie Road, Groves Point Ns B1y 2x4
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,116Sqft
Century 21 Trident Realty Limited (Sydney)
Welcome to 1 Hillside Boularderie Road, a picturesque waterfront property set along the stunning shores of the Bras d'Or Lakes in Groves Point, Nova Scotia. Situated on a generous 12,000 sqft lot with approximately 300 feet of private water frontage, this property offers a rare chance to enjoy the peace and natural beauty of one of Cape Breton’s most iconic and cherished lakes. The 1.
C$250000

Residential For Sale

1 Hillside Boularderie Road, Groves Point Ns B1y 2x4
Century 21 Trident Realty Limited (Sydney)
4Bedroom(s)
1Bathroom(s)
C$250000

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33 First Street, Howie Centre Ns B1l 1c9

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
16Picture(s)
914Sqft
Roger Burns Real Estate Ltd.
C$129900

Residential For Sale

33 First Street, Howie Centre Ns B1l 1c9
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
914Sqft
Roger Burns Real Estate Ltd.
THIS MOBILE HAS BEEN COMPLETELY REDONE NEWER FLOORING , BATHROOM , PLUMBING , ROOF , NEWER SIDING , WHEELCHAIR RAMP , SHED , FRESHLY PAINTED , VINAL WINDOWS MANY HI TECH FEATURES.10 USB OUTLETS A WATERFALL BATHROOM,ABOVE COUNTERTOP SINK, KITCHEN EXHAUST HAS LED LIGHTS , DEEP BLACK STAINLESS STEEL SINKIN KITCHEN,ALL INTERIOR DOORS HAVE FRENCH BRASS HANDLES.
C$129900

Residential For Sale

33 First Street, Howie Centre Ns B1l 1c9
Roger Burns Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$129900

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126 Strum Island Way, Oakland Ns B0j 2e0

10Bedroom(s)
12Bathroom(s)
DoubleParking(s)
50Picture(s)
12,000Sqft
Royal Lepage Atlantic (Mahone Bay)
C$11850000

Residential For Sale

126 Strum Island Way, Oakland Ns B0j 2e0
10Bedroom(s)
12Bathroom(s)
DoubleParking(s)
12,000Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to Strum Island, an ultra-rare 10-acre private island designed with luxury, seclusion, security, and self-sustainability in mind.
C$11850000

Residential For Sale

126 Strum Island Way, Oakland Ns B0j 2e0
Royal Lepage Atlantic (Mahone Bay)
10Bedroom(s)
12Bathroom(s)
C$11850000

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8 Nichols Avenue, North Kentville Ns B4n 3v7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
14Picture(s)
1,076Sqft
PG Direct Realty Ltd.
C$416000

Residential For Sale

8 Nichols Avenue, North Kentville Ns B4n 3v7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,076Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information.EcoStar homes has earned an amazing reputation for compact, top quality, highly energy efficient new homes in their Nichols Ave, Kentville development. This fully approved detached 2 bed/1 bath home includes a self-contained 1 bed/1 bath garden suite with it's own entrance—ideal for lowering living costs with rental income or in law suite.
C$416000

Residential For Sale

8 Nichols Avenue, North Kentville Ns B4n 3v7
PG Direct Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$416000

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8831 St. Croix Cove Road, St Croix Cove Ns B0s 1l0

6Bedroom(s)
6Bathroom(s)
DetachedParking(s)
49Picture(s)
4,284Sqft
RE/MAX Banner Real Estate
C$960000

Residential For Sale

8831 St. Croix Cove Road, St Croix Cove Ns B0s 1l0
6Bedroom(s)
6Bathroom(s)
DetachedParking(s)
4,284Sqft
RE/MAX Banner Real Estate
Sweeping ocean vistas spread across 37 acres of private land, gently cascading to 450 feet of direct ocean frontage. An exquisite saltwater country estate: this cherished retreat for generation beckons with its timeless charm and ample living spaces. Upon entry, a grand foyer sets the stage, yet all attention is captured by the mesmerizing ocean panorama.
C$960000

Residential For Sale

8831 St. Croix Cove Road, St Croix Cove Ns B0s 1l0
RE/MAX Banner Real Estate
6Bedroom(s)
6Bathroom(s)
C$960000

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95 Birch Hill Run, Upper Sackville Ns B4e 3g8

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
33Picture(s)
2,573Sqft
RE/MAX Nova
C$669900

Residential For Sale

95 Birch Hill Run, Upper Sackville Ns B4e 3g8
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,573Sqft
RE/MAX Nova
Private Bungalow Retreat on Over an Acre This well-maintained bungalow is a private sanctuary nestled on over an acre, surrounded by beautifully landscaped gardens, multiple decks, a beautiful hot tub, and even a peaceful pond. Thoughtfully designed and lovingly cared for, the home blends comfort with functionality.
C$669900

Residential For Sale

95 Birch Hill Run, Upper Sackville Ns B4e 3g8
RE/MAX Nova
5Bedroom(s)
3Bathroom(s)
C$669900

Residential For Sale

93 Tidnish Head Lane, Tidnish Cross Roads Ns B4h 3k9

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
1,461Sqft
RE/MAX County Line Realty Ltd.
C$439900

Residential For Sale

93 Tidnish Head Lane, Tidnish Cross Roads Ns B4h 3k9
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,461Sqft
RE/MAX County Line Realty Ltd.
Stunning property with absolute beautiful views, sitting on 2.79 acres with 106 Ft of waterfront of three Northumberland Strait. A this property provides a paved driveway, single detached garage(24 x 22) shed and dog kennel! Walking up to your covered porch, you’ll find a cozy space opening into your 3-season sunroom, large eat-in kitchen which offers a functional island and full breakfast nook.
C$439900

Residential For Sale

93 Tidnish Head Lane, Tidnish Cross Roads Ns B4h 3k9
RE/MAX County Line Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$439900

Residential For Sale

10539 Upper Clyde Road, Welshtown Ns B0t 1w0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
1,188Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$320000

Residential For Sale

10539 Upper Clyde Road, Welshtown Ns B0t 1w0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,188Sqft
RE/MAX Banner Real Estate (Bridgewater)
Let your worries evaporate on the wonderful 3.46 acres of river frontage on the RoseWay River only minutes drive to Town of Shelburne! 590 ft of river frontage offering lots of privacy and room to garden! Listen to the soothing year round sounds of the flowing Roseway River over boulders and outcroppings. Catch a fish, watch the bald eagles soar and the blue herons hunt for food.
C$320000

Residential For Sale

10539 Upper Clyde Road, Welshtown Ns B0t 1w0
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
2Bathroom(s)
C$320000

Residential For Sale

140 Maple Avenue, New Glasgow Ns B2h 2b6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,659Sqft
RE/MAX Nova (Halifax)
C$354900

Residential For Sale

140 Maple Avenue, New Glasgow Ns B2h 2b6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,659Sqft
RE/MAX Nova (Halifax)
This charming home located in the heart of New Glasgow offers the rare combination of unbeatable convenience alongside a very well-maintained spacious property, this home is brimming with potential and character.
C$354900

Residential For Sale

140 Maple Avenue, New Glasgow Ns B2h 2b6
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$354900
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