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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

145 North Range Cross Road, Barton, NS B0W 1H0

3Bedroom(s)
No GarageParking(s)
10Picture(s)
1,300Sqft
RE/MAX Banner Real Estate
C$65000

Residential For Sale

145 North Range Cross Road, Barton, NS B0W 1H0
3Bedroom(s)
No GarageParking(s)
1,300Sqft
RE/MAX Banner Real Estate
Beautiful acreage with fruit trees, shrubs and a frontage on a large pond. The older 3 bedroom home has been gutted and could be brought back to its former glory. From the home there are views of St. Mary's Bay and the ponds on either side of the land. The current owner has begun construction of a sturdy 16 x 16 shed and has a NS Power entrance in place. There is a dug well.
C$65000

Residential For Sale

145 North Range Cross Road, Barton, NS B0W 1H0
RE/MAX Banner Real Estate
3Bedroom(s)
C$65000

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200 Harbourside Drive, Fox Harbour, NS B0K 1Y0

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
4,017Sqft
Coldwell Banker Maritime Realty
C$2799900

Residential For Sale

200 Harbourside Drive, Fox Harbour, NS B0K 1Y0
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
4,017Sqft
Coldwell Banker Maritime Realty
Welcome to Harb’rStone Village, where refined coastal living meets the exceptional amenities of Fox Harb’r Resort. This fully furnished, custom-built home offers five spacious bedrooms—each with a private ensuite featuring in-floor radiant heating—across two thoughtfully designed levels.
C$2799900

Residential For Sale

200 Harbourside Drive, Fox Harbour, NS B0K 1Y0
Coldwell Banker Maritime Realty
5Bedroom(s)
5Bathroom(s)
C$2799900

Residential For Sale

60 Quail Ridge, Beaver Bank, NS B4G 0C8

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
7Picture(s)
1,646Sqft
Keller Williams Select Realty
C$674900

Residential For Sale

60 Quail Ridge, Beaver Bank, NS B4G 0C8
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,646Sqft
Keller Williams Select Realty
Welcome to your dream home! This stunning new construction boasts high-end finishes and an open-concept design that seamlessly blends luxury and comfort. Enjoy the convenience of one-level living, complete with an exquisite ensuite bathroom that adds a touch of privacy and elegance. Experience the warmth of in-floor radiant heat throughout, ensuring cozy evenings in every season.
C$674900

Residential For Sale

60 Quail Ridge, Beaver Bank, NS B4G 0C8
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$674900

Residential For Sale

26 Spinnaker Run, Fox Harbour, NS B0K 1Y0

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
24Picture(s)
3,012Sqft
Coldwell Banker Maritime Realty
C$1553250

Residential For Sale

26 Spinnaker Run, Fox Harbour, NS B0K 1Y0
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,012Sqft
Coldwell Banker Maritime Realty
Punctuated by heritage, character and culture, Harb’rStone Village at Fox Harb’r Resort features 18 spacious 3,000 sq. ft. two-story townhomes. Artisanal design as well as modern and elegant detailing underscore every aspect of these beautifully imagined spaces, inspired by Nova Scotia’s maritime history.
C$1553250

Residential For Sale

26 Spinnaker Run, Fox Harbour, NS B0K 1Y0
Coldwell Banker Maritime Realty
4Bedroom(s)
5Bathroom(s)
C$1553250

Residential For Sale

14 Spinnaker Run, Fox Harbour, NS B0N 1Z0

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
24Picture(s)
3,012Sqft
Coldwell Banker Maritime Realty
C$1701450

Residential For Sale

14 Spinnaker Run, Fox Harbour, NS B0N 1Z0
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,012Sqft
Coldwell Banker Maritime Realty
Punctuated by heritage, character and culture, Harb’rStone Village at Fox Harb’r Resort features 18 spacious 3,000 sq. ft. two-story townhomes. Artisanal design as well as modern and elegant detailing underscore every aspect of these beautifully imagined spaces, inspired by Nova Scotia’s maritime history.
C$1701450

Residential For Sale

14 Spinnaker Run, Fox Harbour, NS B0N 1Z0
Coldwell Banker Maritime Realty
4Bedroom(s)
5Bathroom(s)
C$1701450

Residential For Sale

446 Kingsburg Road, Lower Rose Bay, NS B0J 2X0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
49Picture(s)
1,502Sqft
Engel & Volkers (Chester)
C$625000

Residential For Sale

446 Kingsburg Road, Lower Rose Bay, NS B0J 2X0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,502Sqft
Engel & Volkers (Chester)
Just two minutes from Hirtles Beach, this classic 1.5 storey cape is perched on a hill taking in panoramic ocean views and all day sun from sunrise to sunset. The curb appeal is magnificent with freshly painted red wood siding and a re-shingled roof. With 1.
C$625000

Residential For Sale

446 Kingsburg Road, Lower Rose Bay, NS B0J 2X0
Engel & Volkers (Chester)
2Bedroom(s)
2Bathroom(s)
C$625000

Residential For Sale

23159 Highway 7, Watt Section, NS B0J 3B0

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
42Picture(s)
2,466Sqft
Keller Williams Select Realty
C$379900

Residential For Sale

23159 Highway 7, Watt Section, NS B0J 3B0
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,466Sqft
Keller Williams Select Realty
Welcome to this large Waterfront 5-bedroom,2 bathroom home, perfectly nestled on over 3 acres just outside the friendly and vibrant town of Sheet Harbour. Enjoy your own personal water access to Sheet Harbour from your private and separate waterfront lot.
C$379900

Residential For Sale

23159 Highway 7, Watt Section, NS B0J 3B0
Keller Williams Select Realty
5Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

17 Broad Street, Truro, NS B2N 3G1

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
32Picture(s)
1,736Sqft
RE/MAX Fairlane Realty
C$499900

Residential For Sale

17 Broad Street, Truro, NS B2N 3G1
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,736Sqft
RE/MAX Fairlane Realty
Now offering 17 Broad Street for your consideration - a beautifully updated Victorian home located in the highly sought after west end of Truro. This spacious property blends timeless character with modern updates, making it perfect for growing families, professionals or anyone looking for classic charm with move in ready convenience.
C$499900

Residential For Sale

17 Broad Street, Truro, NS B2N 3G1
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

188 Fitch Road, Lawrencetown, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
36Picture(s)
1,444Sqft
RE/MAX Banner Real Estate
C$699000

Residential For Sale

188 Fitch Road, Lawrencetown, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,444Sqft
RE/MAX Banner Real Estate
Private oasis nestled on approximately 25 acres of peaceful woodland with a beautiful brook, offering the perfect blend of privacy, comfort, and rural charm. Set well back from the road with generous frontage and subdivision potential, this serene property is ideal for those seeking space and seclusion.
C$699000

Residential For Sale

188 Fitch Road, Lawrencetown, NS B0S 1M0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$699000

Residential For Sale

29 Club Road, Hatchet Lake, NS B3T 1P8

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
27Picture(s)
1,049Sqft
Engel & Volkers
C$489900

Residential For Sale

29 Club Road, Hatchet Lake, NS B3T 1P8
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,049Sqft
Engel & Volkers
Modern Comfort Meets Small-Community Charm in Hatchet Lake! Welcome to this nearly new, detached single-family home in the heart of Hatchet Lake — a perfect blend of modern efficiency and relaxed coastal living. Built just two years ago, this 2-bedroom, 1.
C$489900

Residential For Sale

29 Club Road, Hatchet Lake, NS B3T 1P8
Engel & Volkers
2Bedroom(s)
2Bathroom(s)
C$489900

Residential For Sale

63 Elm Street, Bridgewater, NS B4V 2V5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
30Picture(s)
1,517Sqft
Royal LePage Atlantic (New Minas)
C$249900

Residential For Sale

63 Elm Street, Bridgewater, NS B4V 2V5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,517Sqft
Royal LePage Atlantic (New Minas)
Conveniently located downtown Bridgewater. This 4 bedroom home with 2 baths is waiting for someone to make it their own. A house of character and design that could offer a family a nice home. With the right buyer, a little imagination, someone who loves restoration this could be a great investment. This is not a driveby, it's a home waiting for you.
C$249900

Residential For Sale

63 Elm Street, Bridgewater, NS B4V 2V5
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$249900

Residential For Sale

293 Gorman Road, Afton, NS B0H 1A0

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
26Picture(s)
845Sqft
Royal LePage Atlantic
C$89900

Residential For Sale

293 Gorman Road, Afton, NS B0H 1A0
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
845Sqft
Royal LePage Atlantic
Welcome home! This 3 bedroom, 1 bathroom mini-home is ready for its new owners. This home is situated on a private lot, has new flooring, and a 4 year old roof. As you enter the home, you'll notice that the bright and airy kitchen is the heartbeat of the home. You'll love hosting family gatherings where everyone can gather in the open concept kitchen, dining room and living room.
C$89900

Residential For Sale

293 Gorman Road, Afton, NS B0H 1A0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$89900
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