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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

136 Middle Village Road, West Dover, NS B3Z 3T3

4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
47Picture(s)
2,808Sqft
Assist-2-Sell Homeworks Realty
C$624900

Residential For Sale

136 Middle Village Road, West Dover, NS B3Z 3T3
4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
2,808Sqft
Assist-2-Sell Homeworks Realty
This 2+ acre property with a stunning 1-year-old 4-bedroom home, with a recently completed detached wired 24 x 24 garage, is just 30 minutes outside Halifax in the quaint village of West Dover. This beautifully crafted 4-bedroom, 4-bath home combines contemporary design with practical luxury.
C$624900

Residential For Sale

136 Middle Village Road, West Dover, NS B3Z 3T3
Assist-2-Sell Homeworks Realty
4Bedroom(s)
4Bathroom(s)
C$624900

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4

2Bedroom(s)
1Bathroom(s)
DirtParking(s)
44Picture(s)
960Sqft
3% Realty Nova Scotia
C$361000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
2Bedroom(s)
1Bathroom(s)
DirtParking(s)
960Sqft
3% Realty Nova Scotia
Discover this beautiful single-level home nestled on 4 tranquil acres at 99 Blaze Road. Built in 2022, this modern 2-bedroom residence offers an open-concept living area filled with natural light, perfect for comfortable living and entertaining. The cozy wood stove adds warmth and charm, while the sunroom provides a serene space to relax and enjoy the surroundings.
C$361000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
3% Realty Nova Scotia
2Bedroom(s)
1Bathroom(s)
C$361000

Residential For Sale

11 Durley Street, Amherst, NS B4H 2B2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
1,400Sqft
RE/MAX County Line Realty Ltd.
C$295900

Residential For Sale

11 Durley Street, Amherst, NS B4H 2B2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,400Sqft
RE/MAX County Line Realty Ltd.
THREE BEDROOM, two story home with GARAGE, IN THE HEART OF AMHERST! This well constructed home sits on a large mature lot located on a desirable street, minutes from downtown Amherst, walking distance to all schools. The main floor of this home offers a eat in kitchen, dining room space, living room, master bedroom, full bath. The upper level provides buyers with two guest rooms and a guest bath.
C$295900

Residential For Sale

11 Durley Street, Amherst, NS B4H 2B2
RE/MAX County Line Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$295900

Residential For Sale

2151 Highway 1, Auburn, NS B0P 1A0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
47Picture(s)
2,200Sqft
RE/MAX Banner Real Estate
C$799000

Residential For Sale

2151 Highway 1, Auburn, NS B0P 1A0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,200Sqft
RE/MAX Banner Real Estate
A home that feels like it was plucked straight from the pages of a storybook and set gently down in the heart of Nova Scotia's vibrant Annapolis Valley. This immaculate century home is beloved by the local community and has earned its reputation as one of the finest properties in the area. Sitting proudly on a surveyed 1.
C$799000

Residential For Sale

2151 Highway 1, Auburn, NS B0P 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
3Bathroom(s)
C$799000

Residential For Sale

2 Hillcrest Drive, Port Hawkesbury, NS B9A 1Z9

8Bedroom(s)
3Bathroom(s)
AttachedParking(s)
19Picture(s)
3,003Sqft
Harvey Realties Limited (St.Peters)
C$499000

Residential For Sale

2 Hillcrest Drive, Port Hawkesbury, NS B9A 1Z9
8Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,003Sqft
Harvey Realties Limited (St.Peters)
An incredible home with over 3000 square feet of finished space over the two floors, plus a 2 car finished attached garage. Nice size rear deck off the kitchen and a small veranda deck on the front of the home with roof over at the entrance. The front entry is open to the gorgeous living room and dining room. Vaulted ceilings and nice windows make for a warm and inviting space.
C$499000

Residential For Sale

2 Hillcrest Drive, Port Hawkesbury, NS B9A 1Z9
Harvey Realties Limited (St.Peters)
8Bedroom(s)
3Bathroom(s)
C$499000

Residential For Sale

983 Windgate Drive, Beaver Bank, NS B4G 0A7

5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
41Picture(s)
2,937Sqft
RE/MAX Nova
C$694900

Residential For Sale

983 Windgate Drive, Beaver Bank, NS B4G 0A7
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,937Sqft
RE/MAX Nova
Modern Designed Five-Bedroom Home boasts Abundant Natural Light and Income Potential! This elevated, contemporary styled home blends comfort, functionality and entertaining with five spacious bedrooms and four bathrooms in nearly 3,000 sq ft living space. The southern exposure with windows galore, creates a bright welcoming atmosphere throughout.
C$694900

Residential For Sale

983 Windgate Drive, Beaver Bank, NS B4G 0A7
RE/MAX Nova
5Bedroom(s)
4Bathroom(s)
C$694900

Residential For Sale

538 Bondi Drive Lot 5103, Middle Sackville, NS B4E 0P5

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1Picture(s)
3,411Sqft
Royal LePage Atlantic
C$899900

Residential For Sale

538 Bondi Drive Lot 5103, Middle Sackville, NS B4E 0P5
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,411Sqft
Royal LePage Atlantic
COME AND SEE US AT OUR MODEL HOME AT 242 Zaffre Drive EVERY SATURDAY & SUNDAY FROM 2-4 PM. Welcome to The Hemlock—a thoughtfully designed bungalow model with a full basement from Amara Developments. The Hemlock offers an exceptional blend of contemporary style and function in sought-after Indigo Shores.
C$899900

Residential For Sale

538 Bondi Drive Lot 5103, Middle Sackville, NS B4E 0P5
Royal LePage Atlantic
4Bedroom(s)
2Bathroom(s)
C$899900

Residential For Sale

16547 316 Highway, Country Harbour, NS B0H 1J0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
15Picture(s)
760Sqft
Royal LePage Atlantic (Enfield)
C$189900

Residential For Sale

16547 316 Highway, Country Harbour, NS B0H 1J0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
760Sqft
Royal LePage Atlantic (Enfield)
Nestled in the peaceful community of County Harbour, a cozy 3- bedroom, 1- bathroom home perfect for first -time home buyers, downsizing, or a summer retreat. A functional kitchen layout, with a cozy breakfast nook, ideal for morning coffees or casual meals. A back deck perfect for entertaining, or simply enjoying this charming property. Just a short distance from Country Harbour River.
C$189900

Residential For Sale

16547 316 Highway, Country Harbour, NS B0H 1J0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
1Bathroom(s)
C$189900

Residential For Sale

418 Zaffre Drive Lot 5019, Middle Sackville, NS B4E 3C6

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1Picture(s)
1,852Sqft
Royal LePage Atlantic
C$799900

Residential For Sale

418 Zaffre Drive Lot 5019, Middle Sackville, NS B4E 3C6
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,852Sqft
Royal LePage Atlantic
Welcome to “The Ridgewood” in Indigo Shores by Amara Developments- a modern, open-concept bungalow offering one-level living at its finest. With 1,852 square feet of thoughtfully designed space, this home delivers contemporary luxury and functionality in equal measure. Step inside to a bright, airy layout where clean lines and sleek finishes set the tone.
C$799900

Residential For Sale

418 Zaffre Drive Lot 5019, Middle Sackville, NS B4E 3C6
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$799900

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,451Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$1225000

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,451Sqft
ViewPoint Realty Services Inc.(Lunenburg)
This marvelous property sits predominately overlooking the activity of Lunenburg`s waterfront yet has tons of privacy and some of the best outdoor space in town.
C$1225000

Residential For Sale

56 Montague Street, Lunenburg, NS B0J 2C0
ViewPoint Realty Services Inc.(Lunenburg)
4Bedroom(s)
3Bathroom(s)
C$1225000

Residential For Sale

38 Lerues Lane, Lardoise, NS B0E 1S0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,100Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$149900

Residential For Sale

38 Lerues Lane, Lardoise, NS B0E 1S0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,100Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Nestled in a beautiful Maritime community on 3.45 acres, this quaint Century home offers the perfect cottage setting, "pretty as a picture" with distant ocean views from the upper bedroom windows. The home is beautifully maintained, featuring vinyl windows, forced air oil heating, and a fully furnished interior that exudes charm.
C$149900

Residential For Sale

38 Lerues Lane, Lardoise, NS B0E 1S0
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
1Bathroom(s)
C$149900

Residential For Sale

473 Highway 204, Brookdale, NS B4H 3Y1

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,667Sqft
RE/MAX County Line Realty Ltd.
C$434900

Residential For Sale

473 Highway 204, Brookdale, NS B4H 3Y1
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,667Sqft
RE/MAX County Line Realty Ltd.
EXECUTIVE STEEL BEAM CONSTRUCTION BUILT HOME, strategically placed on this lot, complete with landscaped property and paved driveway! This custom-built 1975 home is located in one of the nicest areas of Amherst, situated on the county line, it provides buyers with quick access to all downtown amenities, the Amherst Golf Course and offers county taxes! Through the front door you enter the foyer and
C$434900

Residential For Sale

473 Highway 204, Brookdale, NS B4H 3Y1
RE/MAX County Line Realty Ltd.
4Bedroom(s)
3Bathroom(s)
C$434900
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