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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

15 Kearne Avenue, Kingston, NS B0P 1R0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
2,100Sqft
Sotheby's International Realty Canada
C$689900

Residential For Sale

15 Kearne Avenue, Kingston, NS B0P 1R0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,100Sqft
Sotheby's International Realty Canada
The simple life awaits you at 15 Kearne Avenue. This brand-new construction is situated on the newest street of Kingston's most desired neighbourhood. Enjoy the ease of single-level living, without compromising on space or storage. Between the walk-in pantry, walk-in closets in every room, and 5 additional storage spaces, you won't have trouble ensuring that every item has it's spot.
C$689900

Residential For Sale

15 Kearne Avenue, Kingston, NS B0P 1R0
Sotheby's International Realty Canada
4Bedroom(s)
2Bathroom(s)
C$689900

Residential For Sale

5985 Highway 337, Cape George, NS B2G 2L2

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
15Picture(s)
768Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$299000

Residential For Sale

5985 Highway 337, Cape George, NS B2G 2L2
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
768Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
A place to watch stunning sun/moon rises over the waters of St. George's Bay. This furnished 3 bedroom one level cottage is move-in ready - Main level has open concept with wide glass entries to capture the views from the interior. Galley kitchen, dining nook, living space leading to front deck. 3 bedrooms, full bathroom, laundry closet and storage area. Foundation is frost wall.
C$299000

Residential For Sale

5985 Highway 337, Cape George, NS B2G 2L2
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
3Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

7455 Highway 1, Upper Granville, NS B0S 1A0

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
39Picture(s)
2,628Sqft
RE/MAX Banner Real Estate
C$599000

Residential For Sale

7455 Highway 1, Upper Granville, NS B0S 1A0
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,628Sqft
RE/MAX Banner Real Estate
On the market for the first time in modern history is the historic Beau Soleil homestead property. Originally built in the mid-1700s, this property still retains foundations of the original Acadian settlement. Nestled in the heart of the Annapolis Valley on approximately 85 acres of fertile fields & mature woodland. An amazing mix of natural beauty and practical potential.
C$599000

Residential For Sale

7455 Highway 1, Upper Granville, NS B0S 1A0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

1070 Cow Bay Road, Cow Bay, NS B3G 1L5

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
2,352Sqft
Air Realty Limited
C$564999

Residential For Sale

1070 Cow Bay Road, Cow Bay, NS B3G 1L5
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,352Sqft
Air Realty Limited
Pride in Home Ownership – 4 Bed / 2 Bath in Cow Bay Welcome to 1070 Cow Bay Road, where pride of ownership shines through in every detail. This spacious 4-bedroom, 2-bath home has been thoughtfully updated over the years, offering both comfort and functionality.
C$564999

Residential For Sale

1070 Cow Bay Road, Cow Bay, NS B3G 1L5
Air Realty Limited
4Bedroom(s)
2Bathroom(s)
C$564999

Residential For Sale

315 Lefort Road, Point Cross, NS B0E 1H0

2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
23Picture(s)
840Sqft
Cape Breton Realty (Port Hawkesbury)
C$256900

Residential For Sale

315 Lefort Road, Point Cross, NS B0E 1H0
2Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
840Sqft
Cape Breton Realty (Port Hawkesbury)
This delightful 2-bedroom, 1-bathroom one-level home offers modern comforts with glimpses of ocean views and stunning sunsets. Currently operating as a successful short-term rental, this property presents a versatile opportunity for buyers.
C$256900

Residential For Sale

315 Lefort Road, Point Cross, NS B0E 1H0
Cape Breton Realty (Port Hawkesbury)
2Bedroom(s)
1Bathroom(s)
C$256900

Residential For Sale

271 Montague Street, Lunenburg, NS B0J 2C0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
37Picture(s)
1,400Sqft
Keller Williams Select Realty (Lunenburg)
C$695000

Residential For Sale

271 Montague Street, Lunenburg, NS B0J 2C0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,400Sqft
Keller Williams Select Realty (Lunenburg)
Nestled in the heart of picturesque Lunenburg a UNESCO World Heritage town, this warm and welcoming home is perfect ! If you are seeking a home steeped in culture and history and want to enjoy the convenience of wonderful restaurants, shops and galleries, all within walking distance this rare gem delivers it all in a truly special setting.
C$695000

Residential For Sale

271 Montague Street, Lunenburg, NS B0J 2C0
Keller Williams Select Realty (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$695000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
49Picture(s)
1,240Sqft
Blinkhorn Real Estate Ltd.
C$485000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,240Sqft
Blinkhorn Real Estate Ltd.
*Welcome to your oceanfront escape on beautiful Caribou Island!** This charming one-and-a-half-storey home is nestled on a private half-acre lot with breathtaking views of the Northumberland Strait, Pictou Island, and Prince Edward Island.
C$485000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$485000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
49Picture(s)
1,240Sqft
Blinkhorn Real Estate Ltd.
C$485000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,240Sqft
Blinkhorn Real Estate Ltd.
*Welcome to your oceanfront escape on beautiful Caribou Island!** This charming one-and-a-half-storey home is nestled on a private half-acre lot with breathtaking views of the Northumberland Strait, Pictou Island, and Prince Edward Island.
C$485000

Residential For Sale

523 Caribou Island Road, Caribou Island, NS B0K 1H0
Blinkhorn Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$485000

Residential For Sale

11635 Peggys Cove Road, Seabright, NS B3Z 2Y1

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
1,047Sqft
Exit Realty Metro
C$535000

Residential For Sale

11635 Peggys Cove Road, Seabright, NS B3Z 2Y1
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,047Sqft
Exit Realty Metro
Nova Scotia's coastal living is waiting for you in this unique 1.5 storey home with incredible views of St. Margaret's Bay. Not only do you have the views from atop the wrap around deck and outside the 16 foot window span from the living room but you also have a private stairway and sitting dock across the road directly on the water.......
C$535000

Residential For Sale

11635 Peggys Cove Road, Seabright, NS B3Z 2Y1
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$535000

Residential For Sale

910-1650 Granville Street, Halifax, NS B3J 0E1

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
43Picture(s)
1,000Sqft
Verve Realty Group
C$814900

Residential For Sale

910-1650 Granville Street, Halifax, NS B3J 0E1
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,000Sqft
Verve Realty Group
The Roy - Live your best life in downtown! This 2 bedroom plus den condo gives you breath taking city views from the 335 sq foot wrap around terrace where you can relax on a warm summer evening with friends and family and enjoy the hustle and bustle of the city energy. The Roy offers the highest level of service, amenities, fitness and convenience.
C$814900

Residential For Sale

910-1650 Granville Street, Halifax, NS B3J 0E1
Verve Realty Group
2Bedroom(s)
2Bathroom(s)
C$814900

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
42Picture(s)
1,658Sqft
Engel & Volkers
C$699900

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,658Sqft
Engel & Volkers
Discover luxury living in Bretton Woods Estates. This stunning new construction 3-bedroom, 2-bathroom bungalow showcases 1,658 square feet of exceptional craftsmanship on a private 1.97-acre lot backing onto a serene greenbelt.
C$699900

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

102 Dyke Road, Noel, NS B0N 1C0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
30Picture(s)
1,020Sqft
RE/MAX Nova (Halifax)
C$199000

Residential For Sale

102 Dyke Road, Noel, NS B0N 1C0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,020Sqft
RE/MAX Nova (Halifax)
Tucked away near the end of a dead end road is where you'll find this little four season cottage. The space is open and functional; the yard is quiet and quaint. If waking up to the smell of fresh ocean air each morning isn't on your bucket list it really should be. Located just steps away from Cobequid Bay you can spend lazy mornings or peaceful evenings watching the highest tides in the world.
C$199000

Residential For Sale

102 Dyke Road, Noel, NS B0N 1C0
RE/MAX Nova (Halifax)
2Bedroom(s)
1Bathroom(s)
C$199000
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