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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

500 Mader's Cove Road, Maders Cove, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
38Picture(s)
1,239Sqft
Engel & Volkers (Chester)
C$515000

Residential For Sale

500 Mader's Cove Road, Maders Cove, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,239Sqft
Engel & Volkers (Chester)
MADER'S COVE. Beautiful lot in a sought after location and a sunny four season home or cottage. Move as is or ready for a new owner's imagination to make this home sparkle. Ideal location 10 minutes from both Mahone Bay and Lunenburg, minutes from the Lunenburg Yacht Club and a ten minute walk to Westhaver's Beach along a picturesque road.
C$515000

Residential For Sale

500 Mader's Cove Road, Maders Cove, NS B0J 2E0
Engel & Volkers (Chester)
3Bedroom(s)
2Bathroom(s)
C$515000

Residential For Sale

1746 South Side River Denys Rd, South Side River Denys, NS B0E 2Y0

2Bedroom(s)
1Bathroom(s)
49Picture(s)
804Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$297500

Residential For Sale

1746 South Side River Denys Rd, South Side River Denys, NS B0E 2Y0
2Bedroom(s)
1Bathroom(s)
804Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
This 150 acre parcel is located on Southside River Denys road in River Denys. Over 600 ft of lake frontage on River Denys. Ideal for fishing, kayaking and swimming. Kennedy Brook cuts through the back of the property. The two bedroom cottage is wired and plumbed (with the exception of the kitchen) complete with oak cupboards, fridge, stove and open concept kitchen dining. Septic is required.
C$297500

Residential For Sale

1746 South Side River Denys Rd, South Side River Denys, NS B0E 2Y0
RE/MAX Park Place Inc. (Port Hawkesbury)
2Bedroom(s)
1Bathroom(s)
C$297500

Residential For Sale

151 Second Brook Road, Western Shore, NS B0J 3M0

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
38Picture(s)
1,020Sqft
Royal LePage Anchor Realty
C$244900

Residential For Sale

151 Second Brook Road, Western Shore, NS B0J 3M0
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,020Sqft
Royal LePage Anchor Realty
Attention Buyers are you looking for a lovely 2 bedroom private cottage with riverfront located on the south shore and just behind the Western shore with 24 Acres of total bliss. Enjoy listening to the river from all windows.
C$244900

Residential For Sale

151 Second Brook Road, Western Shore, NS B0J 3M0
Royal LePage Anchor Realty
2Bedroom(s)
1Bathroom(s)
C$244900

Residential For Sale

39 Blomidon View Lane, Bramber, NS B0N 2A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
912Sqft
RE/MAX Nova
C$391000

Residential For Sale

39 Blomidon View Lane, Bramber, NS B0N 2A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
912Sqft
RE/MAX Nova
Welcome to your perfect getaway! This versatile property offers the best of both worlds—an ideal cottage retreat or a cozy year-round home. Situated on a generous double lot totaling 0.43 acres, you’ll enjoy expansive views of the Minas Basin.
C$391000

Residential For Sale

39 Blomidon View Lane, Bramber, NS B0N 2A0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$391000

Residential For Sale

94 Cutter Drive, Halifax, NS B3M 4W5

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,483Sqft
Royal LePage Atlantic
C$739900

Residential For Sale

94 Cutter Drive, Halifax, NS B3M 4W5
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,483Sqft
Royal LePage Atlantic
Welcome to 94 Cutter Drive - a deceptively spacious 3-bedroom, 4-bathroom detached home located in the highly sought-after Royal Hemlocks neighborhood of Halifax. This well-maintained property offers an expansive main floor with hardwood throughout the living room, which is filled with natural light.
C$739900

Residential For Sale

94 Cutter Drive, Halifax, NS B3M 4W5
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$739900

Residential For Sale

67 Water Street, Chester, NS B0J 1J0

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
4,718Sqft
Engel & Volkers (Chester)
C$4200000

Residential For Sale

67 Water Street, Chester, NS B0J 1J0
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,718Sqft
Engel & Volkers (Chester)
67 Water Street's classic gable facade sits elegantly on the front harbour in the idyllic seaside village of Chester, Nova Scotia. Surrounded by beautiful gardens and a view to the boats at the docks and nearby moorings, life here moves to the rhythm of the tide.
C$4200000

Residential For Sale

67 Water Street, Chester, NS B0J 1J0
Engel & Volkers (Chester)
3Bedroom(s)
4Bathroom(s)
C$4200000

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
28Picture(s)
576Sqft
Coldwell Banker Performance Realty
C$165900

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
576Sqft
Coldwell Banker Performance Realty
Welcome to 1168 West Bay Road! Situated on 0.4 acres, it has a great view across the Bay of Fundy to Cape Split! It is less than 15 minutes away from the seaside town of Parrsboro, where you can find shops, live theatre, restaurants and a golf course. This sweet cottage is well laid out, with a large, sun-filled deck with sliding glass doors into the open concept living room and kitchen.
C$165900

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0
Coldwell Banker Performance Realty
1Bedroom(s)
1Bathroom(s)
C$165900

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
28Picture(s)
576Sqft
Coldwell Banker Performance Realty
C$165900

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
576Sqft
Coldwell Banker Performance Realty
Welcome to 1168 West Bay Road! Situated on 0.4 acres, it has a great view across the Bay of Fundy to Cape Split! It is less than 15 minutes away from the seaside town of Parrsboro, where you can find shops, live theatre, restaurants and a golf course. This sweet cottage is well laid out, with a large, sun-filled deck with sliding glass doors into the open concept living room and kitchen.
C$165900

Residential For Sale

1168 West Bay Road, West Bay, NS B0M 1S0
Coldwell Banker Performance Realty
1Bedroom(s)
1Bathroom(s)
C$165900

Residential For Sale

3111 Gairloch Road, Rocklin, NS B0K 2A0

1Bathroom(s)
DoubleParking(s)
8Picture(s)
600Sqft
Results Realty Atlantic Inc.
C$119900

Residential For Sale

3111 Gairloch Road, Rocklin, NS B0K 2A0
1Bathroom(s)
DoubleParking(s)
600Sqft
Results Realty Atlantic Inc.
What a great spot to call this your home, minutes from the highway and towns, great neighbourhood. The house is waiting for you to design your own layout the plumbing, electrical, water and sewer is already there, great one level living for someone starting out or downsizing and if you want to have your own space this is the one.
C$119900

Residential For Sale

3111 Gairloch Road, Rocklin, NS B0K 2A0
Results Realty Atlantic Inc.
1Bathroom(s)
C$119900

Residential For Sale

19 Cove Road, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
942Sqft
Royal LePage Atlantic
C$449900

Residential For Sale

19 Cove Road, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
942Sqft
Royal LePage Atlantic
Welcome to 19 Cove Road – a beautifully updated lakefront retreat on the coveted shores of Lewis Lake, known for its exceptional fishing, serene paddling, and year-round recreation. Whether you're searching for a peaceful weekend getaway or a full-time residence, this 3-bedroom home strikes the perfect balance between thoughtful renovations and the opportunity to add your personal touch.
C$449900

Residential For Sale

19 Cove Road, Mount Uniacke, NS B0N 1Z0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$449900

Residential For Sale

144 Mitchell Street, New Glasgow, NS B2H 1H5

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
1,700Sqft
Blinkhorn Real Estate Ltd.
C$349999

Residential For Sale

144 Mitchell Street, New Glasgow, NS B2H 1H5
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,700Sqft
Blinkhorn Real Estate Ltd.
Experience the timeless charm of this exquisite 3-4 bedroom, 2-bath brick house, where luxury meets heritage. Step into a world of elegance spread across two spacious levels and a walkout basement. Nestled on a sprawling property, this home is a masterpiece of character, featuring a propane fireplace insert and grand radiators powered by a high-efficiency boiler.
C$349999

Residential For Sale

144 Mitchell Street, New Glasgow, NS B2H 1H5
Blinkhorn Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$349999

Residential For Sale

37 Oakvale Court, Timberlea, NS B3T 1K7

5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
42Picture(s)
2,040Sqft
RE/MAX Nova (Halifax)
C$469900

Residential For Sale

37 Oakvale Court, Timberlea, NS B3T 1K7
5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
2,040Sqft
RE/MAX Nova (Halifax)
**Back on the market due to buyer financing not coming through — no fault of the seller.** Welcome to 37 Oakvale Court, Timberlea – Spacious,PRE-INSPECTED and Move in ready Home. Nestled on a quiet cul-de-sac in the sought-after Greenwood Heights community of Timberlea, 37 Oakvale Court is a beautifully maintained 5-bedroom, 2.
C$469900

Residential For Sale

37 Oakvale Court, Timberlea, NS B3T 1K7
RE/MAX Nova (Halifax)
5Bedroom(s)
3Bathroom(s)
C$469900
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