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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

13 Arthur Lismer Court, Bedford, NS B4A 4B4

3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
48Picture(s)
2,389Sqft
Royal LePage Atlantic
C$939900

Residential For Sale

13 Arthur Lismer Court, Bedford, NS B4A 4B4
3Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,389Sqft
Royal LePage Atlantic
Enjoy coffee each morning on your balcony with unobstructed basin views. Not only that but a fenced in yard perfect for BBQ's and family get togethers to watch the summer harbour activities. Inside this spacious townhouse which is just shy of 2400 square feet of elegant living space you will find 3 bedrooms, 2 full baths and 2 half baths.
C$939900

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13 Arthur Lismer Court, Bedford, NS B4A 4B4
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$939900

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2Bedroom(s)
2Bathroom(s)
CarportParking(s)
49Picture(s)
1,498Sqft
Exit Realty Town & Country
C$599000

Residential For Sale

463 Fort Point Road, Weymouth North, NS B0W 3T0
2Bedroom(s)
2Bathroom(s)
CarportParking(s)
1,498Sqft
Exit Realty Town & Country
Prepare to fall in love with this absolute Maritime treasure—an exceptional seaside haven nestled on 3 acres along the picturesque shores of St. Mary’s Bay.
C$599000

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463 Fort Point Road, Weymouth North, NS B0W 3T0
Exit Realty Town & Country
2Bedroom(s)
2Bathroom(s)
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103 Canoe Crescent, Hammonds Plains, NS B4B 2P6

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
31Picture(s)
4,660Sqft
RE/MAX Nova (Halifax)
C$2395000

Residential For Sale

103 Canoe Crescent, Hammonds Plains, NS B4B 2P6
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,660Sqft
RE/MAX Nova (Halifax)
Lakefront living is at your doorsteps at 103 Canoe Crescent, located in the sought-after Voyageur Lakes- where privacy and natural beauty converge. Perfectly positioned on 1.9 acres with an impressive 200 feet if pristine waterfront on the tranquil Baptizing Lake. This home features 4 bedrooms and 2/2 bathrooms with 4660 sqft of living space.
C$2395000

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103 Canoe Crescent, Hammonds Plains, NS B4B 2P6
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$2395000

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51 Albert Street, Bridgewater, NS B4V 1G7

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
2,084Sqft
Royal Lepage Atlantic (Mahone Bay)
C$465000

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51 Albert Street, Bridgewater, NS B4V 1G7
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,084Sqft
Royal Lepage Atlantic (Mahone Bay)
This solid bungalow sits proudly on an extra-large lot in one of the quietest areas of town—offering space, privacy, and peace of mind. With all the major updates already taken care of, this home is as practical as it is welcoming.
C$465000

Residential For Sale

51 Albert Street, Bridgewater, NS B4V 1G7
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
2Bathroom(s)
C$465000

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141 Commercial Street, Berwick, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
47Picture(s)
1,790Sqft
Exit Realty Town & Country
C$449900

Residential For Sale

141 Commercial Street, Berwick, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,790Sqft
Exit Realty Town & Country
A masterclass example of tasteful century home restoration, this impressive property has been meticulously updated with an exceptional degree of craftsmanship from top to bottom.
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141 Commercial Street, Berwick, NS B0P 1E0
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$449900

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13 Erncliffe Street, Amherst, NS B4H 1A7

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
15Picture(s)
1,790Sqft
Coldwell Banker Performance Realty
C$89900

Residential For Sale

13 Erncliffe Street, Amherst, NS B4H 1A7
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,790Sqft
Coldwell Banker Performance Realty
Large fixer upper close to downtown. The exterior, roof shingles and siding as well as the property are in fine shape. The interior of the home will require extensive renovation. Time to show off your skills and bring this family home back to life. The furnace looks ok and it has a fiberglass oil tank as well. The rooms are large and the property has a shed. Being sold as is.
C$89900

Residential For Sale

13 Erncliffe Street, Amherst, NS B4H 1A7
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$89900

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8779 Highway 101, Brighton, NS B0V 1A0

4Bedroom(s)
2Bathroom(s)
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35Picture(s)
1,731Sqft
Exit Realty Town & Country
C$419200

Residential For Sale

8779 Highway 101, Brighton, NS B0V 1A0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,731Sqft
Exit Realty Town & Country
Welcome to Your Own Slice of Paradise on St. Mary's Bay! Nestled on over an acre of land overlooking the breathtaking St. Mary's Bay, just steps from the iconic Bay of Fundy, this 4-bedroom, 2-bath home offers the perfect blend of coastal charm and modern comfort.
C$419200

Residential For Sale

8779 Highway 101, Brighton, NS B0V 1A0
Exit Realty Town & Country
4Bedroom(s)
2Bathroom(s)
C$419200

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911 Central Port Mouton Road, South West Port Mouton, NS B0T 1T0

3Bedroom(s)
1Bathroom(s)
25Picture(s)
1,145Sqft
Red Door Realty(20036)
C$329000

Residential For Sale

911 Central Port Mouton Road, South West Port Mouton, NS B0T 1T0
3Bedroom(s)
1Bathroom(s)
1,145Sqft
Red Door Realty(20036)
Three bedroom one bathroom with new heat pump. Ocean and Port Mouton Island views. Close to spectacular beaches including Carters Beach Provincial Park and the equally beautiful but far less visited Little Port Joli Beach. Primary bedroom has a deck for morning coffee while watching the sun rise. The west side of the house has a deck for evening BBQ's and gathering with friends and family.
C$329000

Residential For Sale

911 Central Port Mouton Road, South West Port Mouton, NS B0T 1T0
Red Door Realty(20036)
3Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

133 Pleasant Street, Mahone Bay, NS B0J 2E0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
12Picture(s)
1,532Sqft
PG Direct Realty Ltd.
C$599000

Residential For Sale

133 Pleasant Street, Mahone Bay, NS B0J 2E0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,532Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Step into history with this timeless two-and-a-half-story "four square" home, built in 1923 by Clary Burgoyne, a master mariner and proud Bluenose I crew member. Lovingly maintained for over a century, the home blends original charm with thoughtful modern upgrades.
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Residential For Sale

133 Pleasant Street, Mahone Bay, NS B0J 2E0
PG Direct Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
18Picture(s)
1,344Sqft
Exit Realty Town & Country
C$242000

Residential For Sale

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,344Sqft
Exit Realty Town & Country
Escape to nature with this charming 3-bedroom, 1-bath chalet-style cottage, perfectly nestled on beautiful Murphy Lake Drive, with year-round access. The main floor offers a spacious living room, separate dining area, and large kitchen ideal for weekend getaways or full-time living. Upstairs features three bedrooms, including a primary with a private balcony overlooking the lake.
C$242000

Residential For Sale

268 Murphy Lake Drive, Murphy Lake, NS B4N 3V8
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$242000

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,156Sqft
Cape Breton Realty
C$349900

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,156Sqft
Cape Breton Realty
Welcome to 60 Westside Grand River. This almost new two bedroom bungalow overlooking the Grand River, is very well built, and move in ready. Looking for a place to have a couple of animals, a good size garden, a green house, a garage or shed, you have it all here. It is a very nice spot in a beautiful part of Cape Breton. Watch the eagles fishing in the River, the deer in the field.
C$349900

Residential For Sale

60 West Side Grand River Road, Grand River, NS B0E 1M0
Cape Breton Realty
2Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
38Picture(s)
3,910Sqft
Air Realty Limited
C$1995000

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,910Sqft
Air Realty Limited
On coveted McCabe Lake, you will find this immaculate paradise ready for you to enjoy luxury living in Indigo Shores. Enter the courtyard driveway with full privacy from the road, where double entry doors invite you to an exceptionally well-maintained and modern living space spread over 3 levels.
C$1995000

Residential For Sale

692 Mccabe Lake Drive, Middle Sackville, NS B4E 0N6
Air Realty Limited
4Bedroom(s)
4Bathroom(s)
C$1995000
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