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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

39170 Cabot Trail Road, Ingonish, NS B0C 1L0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
47Picture(s)
1,500Sqft
RE/MAX Park Place Inc.
C$599900

Residential For Sale

39170 Cabot Trail Road, Ingonish, NS B0C 1L0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,500Sqft
RE/MAX Park Place Inc.
Executive Style Home overlooking breathtaking views of Ingonish Harbour, towards Middle Head Peninsula. Built in 2018, there were no features overlooked in this beautiful home design. High ceilings, custom cabinets, quartz counter tops & hardwood floors. This home boasts a QUALITY build with high end finishings.
C$599900

Residential For Sale

39170 Cabot Trail Road, Ingonish, NS B0C 1L0
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

569 Long Cove Road, Port Medway, NS B0J 2T0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
36Picture(s)
1,070Sqft
Engel & Volkers (Liverpool)
C$649999

Residential For Sale

569 Long Cove Road, Port Medway, NS B0J 2T0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,070Sqft
Engel & Volkers (Liverpool)
Architecturally designed 2 bedroom chalet featuring stunning ocean views with 230 ft of bold tidal oceanfront.
C$649999

Residential For Sale

569 Long Cove Road, Port Medway, NS B0J 2T0
Engel & Volkers (Liverpool)
2Bedroom(s)
1Bathroom(s)
C$649999

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,232Sqft
Coldwell Banker Performance Realty
C$499900

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,232Sqft
Coldwell Banker Performance Realty
This four bedroom, waterfront home has much to offer & enjoy! From the moment you see the ocean backdrop, you may never want to leave this idyllic setting.
C$499900

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0
Coldwell Banker Performance Realty
4Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,232Sqft
Coldwell Banker Performance Realty
C$499900

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,232Sqft
Coldwell Banker Performance Realty
This four bedroom, waterfront home has much to offer & enjoy! From the moment you see the ocean backdrop, you may never want to leave this idyllic setting.
C$499900

Residential For Sale

13291 Highway 6, Wallace Bridge, NS B0K 1Y0
Coldwell Banker Performance Realty
4Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

8394 Highway 3, Port Mouton, NS B0T 1T0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
42Picture(s)
1,200Sqft
EXIT Realty Inter Lake (Liverpool)
C$299000

Residential For Sale

8394 Highway 3, Port Mouton, NS B0T 1T0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,200Sqft
EXIT Realty Inter Lake (Liverpool)
Ocean-view 3-bedroom home perched on 3 PIDs totaling over 1.3 acres that back onto the provincial walking trail system in picturesque Port Mouton on the South Shore of Nova Scotia. Two bedrooms up and the primary bedroom and bath on the main floor.
C$299000

Residential For Sale

8394 Highway 3, Port Mouton, NS B0T 1T0
EXIT Realty Inter Lake (Liverpool)
3Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

8627 311 Highway, Balfron, NS B0K 1V0

11Bedroom(s)
11Bathroom(s)
DoubleParking(s)
46Picture(s)
4,737Sqft
Sunrise Brokerage & Sales Ltd.
C$990000

Residential For Sale

8627 311 Highway, Balfron, NS B0K 1V0
11Bedroom(s)
11Bathroom(s)
DoubleParking(s)
4,737Sqft
Sunrise Brokerage & Sales Ltd.
This beautiful country property has a lot to offer! A large home with eight bedrooms and nine baths. On the main floor there is a formal dining room, large kitchen, three bedrooms, two full bathrooms and two half bathrooms. On the second floor there are five bedrooms and 4 bathrooms, most bedrooms have their own ensuite.
C$990000

Residential For Sale

8627 311 Highway, Balfron, NS B0K 1V0
Sunrise Brokerage & Sales Ltd.
11Bedroom(s)
11Bathroom(s)
C$990000

Residential For Sale

98 Wood Street, Truro, NS B2N 4T5

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
42Picture(s)
1,246Sqft
Keller Williams Select Realty (Truro)
C$249900

Residential For Sale

98 Wood Street, Truro, NS B2N 4T5
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,246Sqft
Keller Williams Select Realty (Truro)
Your dream home awaits at 98 Wood Street! Set on a landscaped 7,500 sq. ft. lot, this charming property offers space, mature trees, and easy upkeep. Step inside through the front mudroom, perfect for coats and boots. The bright living room features a large front-facing window, while the functional kitchen connects seamlessly to a formal dining area.
C$249900

Residential For Sale

98 Wood Street, Truro, NS B2N 4T5
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

432 Hwy 2, Lower Five Islands, NS B0M 1N0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
803Sqft
Royal LePage Atlantic (Enfield)
C$144900

Residential For Sale

432 Hwy 2, Lower Five Islands, NS B0M 1N0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
803Sqft
Royal LePage Atlantic (Enfield)
Welcome to 432 Highway 2, your perfect family retreat in the heart of Lower Five Islands, Nova Scotia. Nestled along the breathtaking Bay of Fundy, this well-kept and charming cottage offers a peaceful escape with salty ocean air, and some of the most amazing bass fishing in the region right at your doorstep. Inside, you'll find a cozy, light-filled interior that exudes classic East Coast warmth.
C$144900

Residential For Sale

432 Hwy 2, Lower Five Islands, NS B0M 1N0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
1Bathroom(s)
C$144900

Residential For Sale

20 Oakley Avenue, Halifax, NS B3M 3G5

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
47Picture(s)
4,485Sqft
Royal LePage Atlantic
C$1595000

Residential For Sale

20 Oakley Avenue, Halifax, NS B3M 3G5
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
4,485Sqft
Royal LePage Atlantic
This stunning home sits on a 33,800 sq ft park like lot tucked away on a quiet cul de sac in the city. The privacy and serenity that this property offers doesn't come along often while still being so close to all amenities. Once inside you will be treated with Cherrywood floors, dramatic architecture with lots of openness and high ceilings.
C$1595000

Residential For Sale

20 Oakley Avenue, Halifax, NS B3M 3G5
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$1595000

Residential For Sale

18 Happy Drive, Lake Echo, NS B3E 1C4

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
21Picture(s)
907Sqft
Royal LePage Atlantic (Dartmouth)
C$199900

Residential For Sale

18 Happy Drive, Lake Echo, NS B3E 1C4
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
907Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to Happy Drive—yes, it’s as cheerful as it sounds! Nestled in a sought-after and well run park in Lake Echo, this lovely and well-maintained mini home offers the perfect blend of comfort, style, and community. Step inside to a bright, open-concept layout where the living room, dining area, and kitchen flow seamlessly together—ideal for both relaxing and entertaining.
C$199900

Residential For Sale

18 Happy Drive, Lake Echo, NS B3E 1C4
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$199900

Residential For Sale

15498 Highway 3 Highway, Hebbville, NS B4V 6X6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
40Picture(s)
1,172Sqft
Keller Williams Select Realty (Bridgewater)
C$465000

Residential For Sale

15498 Highway 3 Highway, Hebbville, NS B4V 6X6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,172Sqft
Keller Williams Select Realty (Bridgewater)
This beautifully updated 1.5-storey home in the desirable Hebbville community blends comfort, practicality, and value. Featuring 3 bedrooms and 1.5 bathrooms, the property has been thoughtfully renovated with new plumbing, hot water heater, a water treatment system, and modern heat pumps on every level.
C$465000

Residential For Sale

15498 Highway 3 Highway, Hebbville, NS B4V 6X6
Keller Williams Select Realty (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$465000

Residential For Sale

59 Fox Island Main Road, Fox Island Main, NS B0H 1H0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
27Picture(s)
1,185Sqft
Re/Max Park Place Inc. (Antigonish)
C$189000

Residential For Sale

59 Fox Island Main Road, Fox Island Main, NS B0H 1H0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,185Sqft
Re/Max Park Place Inc. (Antigonish)
Nestled behind the trees and not visible from Fox Island Main Road sits this well-cared for little gem. This great starter home sits on 2.04 acres (partially landscaped, partially wooded) with its own drilled well and one site sewage system. Being out on the back deck you can hear the waives crushing and have a view overlooking Chedabucto Bay. Clearing a few more trees the view would be fantastic.
C$189000

Residential For Sale

59 Fox Island Main Road, Fox Island Main, NS B0H 1H0
Re/Max Park Place Inc. (Antigonish)
3Bedroom(s)
2Bathroom(s)
C$189000
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