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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

519-1048 Wellington Street, Halifax, NS B3H 2Z8

2Bedroom(s)
2Bathroom(s)
NoneParking(s)
25Picture(s)
683Sqft
Keller Williams Select Realty
C$574900

Residential For Sale

519-1048 Wellington Street, Halifax, NS B3H 2Z8
2Bedroom(s)
2Bathroom(s)
NoneParking(s)
683Sqft
Keller Williams Select Realty
Welcome to Unit 519 – 1048 Wellington Street, a bright and modern 2-bedroom condo located in the heart ofHalifax’s South End. Featuring a spacious open-concept layout, floor-to-ceiling windows, energy-efficientcentral air conditioning, in-unit laundry, and a private balcony with beautiful views of Gorsebrook Park,this unit offers both style and comfort.
C$574900

Residential For Sale

519-1048 Wellington Street, Halifax, NS B3H 2Z8
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$574900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
C$349900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,615Sqft
Royal LePage Atlantic(Stellarton)
Centrally located in the Town of New Glasgow, Walking distance to Downtown shops, Riverfront, New Glasgow Academy School and everyday amenities. This family home has been extensively renovated from the ground up. Offering a convenient from entry, spacious living room with hardwood flooring, beautiful eat in kitchen with quartz countertop and backsplash and large square porcelain flooring.
C$349900

Residential For Sale

221 Maclean Street, New Glasgow, NS B2H 4M8
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

89 Petpeswick Drive, Gaetz Brook, NS B0J 2L0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,100Sqft
Century 21 Trident Realty Ltd.
C$599900

Residential For Sale

89 Petpeswick Drive, Gaetz Brook, NS B0J 2L0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,100Sqft
Century 21 Trident Realty Ltd.
This immaculately maintained lakeside home is ready for new owners! Experience lake life at its best with this 15 year young home OR cottage! Just 20 minutes East of Dartmouth and situated on a very private lot experience the serenity of nature with the convenience of a short commute to metro.
C$599900

Residential For Sale

89 Petpeswick Drive, Gaetz Brook, NS B0J 2L0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
2,958Sqft
Engel & Volkers
C$699900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,958Sqft
Engel & Volkers
Rare opportunity to live in a large updated 3 bedroom home and have an amazing, versatile separate work space; each with their own entrance, separate heat and power with mixed use zoning. The main house is surrounded by a large beautiful deck overlooking the waters of Terence Bay. With an addition built 7 years ago doubling the size of the house.
C$699900

Residential For Sale

735 Terence Bay Road, Terence Bay, NS B3T 1X2
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
1,021Sqft
Royal LePage Atlantic(Stellarton)
C$299900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,021Sqft
Royal LePage Atlantic(Stellarton)
Start the car!!!Ideal starter home or single level living for your retirement.So much potential, with a beautiful large lot to build a garage,start a business or add on for your growing family.This 2 bed 1bath bungalow has everything you need.Newer roof,new deck,new hot water heater,heat pump,new baseboard heaters,new bedroom and bathroom flooring, and the perfect location in Downtown Lyons Brook.
C$299900

Residential For Sale

2431 Highway 376, Lyons Brook, NS B0K 1H0
Royal LePage Atlantic(Stellarton)
2Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

591 Lorne Street, New Glasgow, NS B2H 4L4

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
31Picture(s)
1,147Sqft
Royal LePage Atlantic
C$300000

Residential For Sale

591 Lorne Street, New Glasgow, NS B2H 4L4
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
1,147Sqft
Royal LePage Atlantic
Welcome to 591 Lorne Street, a beautifully renovated home in the heart of vibrant New Glasgow. Nestled on 1.75 acres in a quiet, tree-lined, family-friendly neighbourhood, this property offers a rare blend of space, privacy, and proximity—just minutes from downtown.
C$300000

Residential For Sale

591 Lorne Street, New Glasgow, NS B2H 4L4
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$300000

Residential For Sale

123 Paisley Avenue, Berwick, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
46Picture(s)
2,010Sqft
MacKay Real Estate Ltd.
C$369000

Residential For Sale

123 Paisley Avenue, Berwick, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,010Sqft
MacKay Real Estate Ltd.
Tucked on a quiet cul-de-sac just a short walk to the restaurants and shops of downtown Berwick, this well-kept home offers a great combination of convenience and comfort. The eat-in kitchen, updated with quality Decoste cabinets during a 1996 renovation and addition, opens through patio doors to a spacious multi-level deck — perfect for entertaining or relaxing in the private backyard.
C$369000

Residential For Sale

123 Paisley Avenue, Berwick, NS B0P 1E0
MacKay Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$369000

Residential For Sale

1042 Coxheath Road, Coxheath, NS B1L 1B2

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
27Picture(s)
2,200Sqft
Viewpoint Realty Services Inc. (Sydney)
C$438000

Residential For Sale

1042 Coxheath Road, Coxheath, NS B1L 1B2
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,200Sqft
Viewpoint Realty Services Inc. (Sydney)
Situated with the Coxheath Mountain as a backdrop, it frames the picturesque spectacular 14 year old home. A spacious entry hall on the ground floor provides plenty of closet space for coats and boots with a full washroom. There are two bedrooms and an office that the new owner can adapt the needs of new owners.
C$438000

Residential For Sale

1042 Coxheath Road, Coxheath, NS B1L 1B2
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
2Bathroom(s)
C$438000

Residential For Sale

83 Talisman Drive, Fall River, NS B2T 1E8

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,398Sqft
Keller Williams Select Realty
C$819900

Residential For Sale

83 Talisman Drive, Fall River, NS B2T 1E8
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,398Sqft
Keller Williams Select Realty
Prepare to fall in love from the moment you step into this custom built split entry situated on a private two acre lot in Fall River. The kitchen is bright with white cabinets, quartz countertops with white backsplash, spacious island and pantry and is open to the dining room and living room with electric fireplace and vaulted ceiling.
C$819900

Residential For Sale

83 Talisman Drive, Fall River, NS B2T 1E8
Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
C$819900

Residential For Sale

51 Nature Dream Boulevard, Roberta, NS B0E 3K0

2Bedroom(s)
2Bathroom(s)
36Picture(s)
1,400Sqft
Engel & Volkers
C$295000

Residential For Sale

51 Nature Dream Boulevard, Roberta, NS B0E 3K0
2Bedroom(s)
2Bathroom(s)
1,400Sqft
Engel & Volkers
Nestled on 2.4 acres in the peaceful lakeside community of Roberta, this charming 2-bedroom, 2-bathroom home offers the perfect blend of comfort, character, and convenience. Whether you're seeking a fully equipped seasonal getaway or a low-maintenance year-round residence, this thoughtfully maintained property checks all the boxes.
C$295000

Residential For Sale

51 Nature Dream Boulevard, Roberta, NS B0E 3K0
Engel & Volkers
2Bedroom(s)
2Bathroom(s)
C$295000

Residential For Sale

21 Summer Hill Place, Upper Onslow, NS B6L 0G9

AttachedParking(s)
11Picture(s)
1,050Sqft
RE/MAX Fairlane Realty
C$249900

Residential For Sale

21 Summer Hill Place, Upper Onslow, NS B6L 0G9
AttachedParking(s)
1,050Sqft
RE/MAX Fairlane Realty
POTENTIAL, POTENTIAL, POTENTIAL! Take a look at this semi-detached property in a sought after, quiet & peaceful neighbourhood, Summer Hill Place. This subdivision is at the beginning of a great development & you have the opportunity to be a part of it! Are you looking for your future retirement spot to downsize.
C$249900

Residential For Sale

21 Summer Hill Place, Upper Onslow, NS B6L 0G9
RE/MAX Fairlane Realty
C$249900

Residential For Sale

22 Brigadier Court, Halifax, NS B3M 4Y5

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
2,150Sqft
RE/MAX Nova (Halifax)
C$599900

Residential For Sale

22 Brigadier Court, Halifax, NS B3M 4Y5
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,150Sqft
RE/MAX Nova (Halifax)
Welcome to modern living in Royal Hemlock, Halifax! This clean, bright, and freshly painted townhouse offers convenience and comfort. As you step inside, you'll immediately notice how well-maintained this home is. The welcoming entrance leads you to the main floor, featuring open-concept living spaces with hardwood floors throughout.
C$599900

Residential For Sale

22 Brigadier Court, Halifax, NS B3M 4Y5
RE/MAX Nova (Halifax)
3Bedroom(s)
4Bathroom(s)
C$599900
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