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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

49 Crownridge Drive, West Bedford, NS B4B 0X4

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
4,679Sqft
Keller Williams Select Realty
C$1598800

Residential For Sale

49 Crownridge Drive, West Bedford, NS B4B 0X4
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
4,679Sqft
Keller Williams Select Realty
Inviting spaces abound with the perfect blend of modern upscale finishes & welcoming spaces to host family & friends both inside and out! The "tall wall" of expansive windows add character & immerse your space with light while overlooking your resort like back yard complete with in-ground salt water pool with waterfall, surrounded by sensational stone patio, hot tub, gas fireplace, gracious lawn a
C$1598800

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49 Crownridge Drive, West Bedford, NS B4B 0X4
Keller Williams Select Realty
5Bedroom(s)
4Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
39Picture(s)
1,035Sqft
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2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,035Sqft
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The views from this top floor unit are jaw dropping. Imagine looking out through the wall of floor to ceiling windows and seeing nothing but lakes and wilderness with commanding views of sunsets through every season.
C$465000

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Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
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317 Bear Point Road, Bear Point, NS B0W 3B0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,357Sqft
RE/MAX Banner Real Estate
C$399000

Residential For Sale

317 Bear Point Road, Bear Point, NS B0W 3B0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,357Sqft
RE/MAX Banner Real Estate
Welcome to this beautifully maintained and versatile home offering 4 to 5 bedrooms and 2.5 baths, perfectly situated in a quiet, friendly neighborhood with stunning ocean views. Designed with family living in mind, this home features a spacious layout, an attached garage, and a double, paved driveway for added convenience.
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Residential For Sale

317 Bear Point Road, Bear Point, NS B0W 3B0
RE/MAX Banner Real Estate
4Bedroom(s)
3Bathroom(s)
C$399000

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1591 Newburne Road, Newburne, NS B0R 1A0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
6,040Sqft
EXIT Realty Inter Lake
C$1450000

Residential For Sale

1591 Newburne Road, Newburne, NS B0R 1A0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
6,040Sqft
EXIT Realty Inter Lake
Dreams do come true! Follow the winding driveway to your own private retreat where you will hear nothing by the sounds of nature and waterfalls. This 5.
C$1450000

Residential For Sale

1591 Newburne Road, Newburne, NS B0R 1A0
EXIT Realty Inter Lake
4Bedroom(s)
4Bathroom(s)
C$1450000

Residential For Sale

1591 Newburne Road, Newburne, NS B0R 1A0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
6,040Sqft
EXIT Realty Inter Lake
C$1450000

Residential For Sale

1591 Newburne Road, Newburne, NS B0R 1A0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
6,040Sqft
EXIT Realty Inter Lake
Dreams do come true! Follow the winding driveway to your own private retreat where you will hear nothing by the sounds of nature and waterfalls. This 5.
C$1450000

Residential For Sale

1591 Newburne Road, Newburne, NS B0R 1A0
EXIT Realty Inter Lake
4Bedroom(s)
4Bathroom(s)
C$1450000

Residential For Sale

2163 Labelle Road, Molega, NS B0T 1X0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
29Picture(s)
880Sqft
EXIT Realty Inter Lake
C$179900

Residential For Sale

2163 Labelle Road, Molega, NS B0T 1X0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
880Sqft
EXIT Realty Inter Lake
Truly nature at its best. This side split has lots of great features, but the true beauty is the surroundings. Peaceful, quiet ,and natural are what best describes it. You are a good distance from the one neighbour so it’s like you're all alone.
C$179900

Residential For Sale

2163 Labelle Road, Molega, NS B0T 1X0
EXIT Realty Inter Lake
2Bedroom(s)
1Bathroom(s)
C$179900

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21 Long Hill Road, Mahone Bay, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
19Picture(s)
1,924Sqft
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C$599000

Residential For Sale

21 Long Hill Road, Mahone Bay, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,924Sqft
RE/MAX Banner Real Estate (Bridgewater)
21 Long Hill Road in Mahone Bay, Nova Scotia, is a thoughtfully designed, energy-efficient home that combines modern comfort with environmental consciousness. Featuring 3 bedrooms and 2 bathrooms, outside workshop and gardens make it ideal for families or those seeking a spacious, sustainable living space.
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21 Long Hill Road, Mahone Bay, NS B0J 2E0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$599000

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28 Ridge Avenue, Stewiacke, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
1,406Sqft
RE/MAX Fairlane Realty
C$489900

Residential For Sale

28 Ridge Avenue, Stewiacke, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,406Sqft
RE/MAX Fairlane Realty
Located in the subdivision of Stewiacke River Crossing, this 4-year-old home offers a practical layout and quality features in a convenient location. The community is within walking distance to a doctor’s office, physio/chiropractor/massage services, dental clinic, public library, grocery and liquor stores, and a variety of local shops and restaurants.
C$489900

Residential For Sale

28 Ridge Avenue, Stewiacke, NS B0N 2J0
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$489900

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4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
43Picture(s)
1,391Sqft
EXIT Realty Inter Lake
C$359900

Residential For Sale

500 Northwest Road, Lilydale, NS B0J 2C0
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,391Sqft
EXIT Realty Inter Lake
Perfect Location, Move-in Ready, and beautifully updated Home! This stunning property, located just on the outskirts of Lunenburg, is 7.98 acres with a circular driveway, gorgeous level yard, large Shed/workshop, and direct access to picturesque Trails that Nova Scotia has been blessed with! Wake up to distant water views of the lake and ocean, offering a peaceful backdrop to your daily life.
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500 Northwest Road, Lilydale, NS B0J 2C0
EXIT Realty Inter Lake
4Bedroom(s)
2Bathroom(s)
C$359900

Residential For Sale

78 Pleasant Street, Mahone Bay, NS B0J 2E0

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
3,600Sqft
Exit Realty Metro
C$824900

Residential For Sale

78 Pleasant Street, Mahone Bay, NS B0J 2E0
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
3,600Sqft
Exit Realty Metro
Amazing value featuring a large double lot and a detached double car garage! Timeless Elegance in the Heart of Mahone Bay. Introducing "The Grey Lady," a distinguished Queen Anne-style home offering a graceful balance of historic beauty and thoughtful updates.
C$824900

Residential For Sale

78 Pleasant Street, Mahone Bay, NS B0J 2E0
Exit Realty Metro
5Bedroom(s)
2Bathroom(s)
C$824900

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8472 West Bay Road, Sampsonville, NS B0E 3B0

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
39Picture(s)
2,464Sqft
The Agency Real Estate Brokerage
C$474900

Residential For Sale

8472 West Bay Road, Sampsonville, NS B0E 3B0
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,464Sqft
The Agency Real Estate Brokerage
A rare find in Sampsonville, St. Peters—this beautifully maintained home blends comfort, lifestyle, and flexibility on over 1.2 acres of peaceful land. The fully finished lower level offers income potential—whether you choose to rent it out or use it as an in-law suite for a growing family.
C$474900

Residential For Sale

8472 West Bay Road, Sampsonville, NS B0E 3B0
The Agency Real Estate Brokerage
5Bedroom(s)
2Bathroom(s)
C$474900

Residential For Sale

147 Shore Road, Mersey Point, NS B0T 1K0

4Bedroom(s)
3Bathroom(s)
CarportParking(s)
37Picture(s)
2,580Sqft
Engel & Volkers (Liverpool)
C$409900

Residential For Sale

147 Shore Road, Mersey Point, NS B0T 1K0
4Bedroom(s)
3Bathroom(s)
CarportParking(s)
2,580Sqft
Engel & Volkers (Liverpool)
Need a mortgage helper or perhaps an in-law suite? Or maybe just extra room for extended family? This well maintained two storey home is ideal for either. Minutes from the Liverpool hospital, the Liverpool Regional High School as well as surfing at Western Head Beach.
C$409900

Residential For Sale

147 Shore Road, Mersey Point, NS B0T 1K0
Engel & Volkers (Liverpool)
4Bedroom(s)
3Bathroom(s)
C$409900
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