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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

79 Matador Court, Lower Sackville, NS B4C 3G9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
1,680Sqft
RE/MAX Nova
C$379900

Residential For Sale

79 Matador Court, Lower Sackville, NS B4C 3G9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,680Sqft
RE/MAX Nova
Welcome to 79 Matador Court! This is a charming end-unit townhouse, located on a cul-de-sac in the heart of Lower Sackville, just minutes from all major amenities and public transit. The main floor offers a warm and inviting layout, featuring a functional kitchen, designated dining area, and a spacious living room with beautiful exposed wooden beams that add character and charm.
C$379900

Residential For Sale

79 Matador Court, Lower Sackville, NS B4C 3G9
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

3095 Macleod Avenue, River Ryan, NS B1H 1J6

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1Picture(s)
1,490Sqft
Royal Lepage Anchor Realty(North Sydney)
C$264900

Residential For Sale

3095 Macleod Avenue, River Ryan, NS B1H 1J6
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,490Sqft
Royal Lepage Anchor Realty(North Sydney)
Welcome to this ideally located and beautifully kept 1-bedroom bungalow, perfect for first-time buyers, downsizers, or investors. This inviting home offers a functional and thoughtfully laid-out main floor, featuring 1-bedroom, a versatile bonus room (perfect for a home office, nursery, or guest space), a 4-piece bathroom, kitchen, dinning and living room.
C$264900

Residential For Sale

3095 Macleod Avenue, River Ryan, NS B1H 1J6
Royal Lepage Anchor Realty(North Sydney)
3Bedroom(s)
2Bathroom(s)
C$264900

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56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
33Picture(s)
1,516Sqft
Keller Williams Select Realty
C$539900

Residential For Sale

56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,516Sqft
Keller Williams Select Realty
This spacious and well maintained 5 bed, 2 bath bungalow in the heart of Eastern Passage has a newly installed propane heating system & solar panels—a smart, sustainable upgrade that lets you enjoy year-round comfort & energy savings! Step inside to discover a bright and welcoming layout with generous-sized living spaces.
C$539900

Residential For Sale

56 Samuel Danial Drive, Eastern Passage, NS B3G 1P7
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$539900

Residential For Sale

416 Vale Road, New Glasgow, NS B2H 4W8

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
23Picture(s)
632Sqft
RE/MAX Fairlane Realty
C$192500

Residential For Sale

416 Vale Road, New Glasgow, NS B2H 4W8
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
632Sqft
RE/MAX Fairlane Realty
Looking for one level living, a detached garage & nearly half an acre just minutes from town? This cozy 1 Bed, 1 Bath bungalow offers the perfect blend of convenience and peaceful living on the edge of New Glasgow. Gorgeous Sunsets can be enjoyed from here. With just over 600 sq ft of well planned space, this home is ideal for a first time buyer, downsizer or retiree.
C$192500

Residential For Sale

416 Vale Road, New Glasgow, NS B2H 4W8
RE/MAX Fairlane Realty
1Bedroom(s)
1Bathroom(s)
C$192500

Residential For Sale

10815 Highway 2, Masstown, NS B0M 1G0

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
25Picture(s)
1,420Sqft
Royal LePage Truro Real Estate
C$321900

Residential For Sale

10815 Highway 2, Masstown, NS B0M 1G0
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
1,420Sqft
Royal LePage Truro Real Estate
This 4-5 bedrooms 1.5 bath home is move in ready and awaiting new owners to take possession of this fine property that is situated on a large country lot (1 acre) with fruit trees a pergola, hard top gazebo and a ideal lot for gardening. Very close to the poplar Masstown Market destination center and highway 104.
C$321900

Residential For Sale

10815 Highway 2, Masstown, NS B0M 1G0
Royal LePage Truro Real Estate
4Bedroom(s)
2Bathroom(s)
C$321900

Residential For Sale

2989 And 2091 Lovett Road, Coldbrook, NS B0P 1J0

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
45Picture(s)
2,835Sqft
Keller Williams Select Realty (Kentville)
C$699900

Residential For Sale

2989 And 2091 Lovett Road, Coldbrook, NS B0P 1J0
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,835Sqft
Keller Williams Select Realty (Kentville)
A rare offering along the Cornwallis River—this stylish, side-by-side duplex built in 2008 offers exceptional versatility, comfort, and built-in income. Situated on a generous lot with 61 feet of river frontage, the property features two distinct units, each with its own entrance and private patio area, divided by a privacy wall for peaceful enjoyment.
C$699900

Residential For Sale

2989 And 2091 Lovett Road, Coldbrook, NS B0P 1J0
Keller Williams Select Realty (Kentville)
4Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

303 Marketway Lane, Timberlea, NS B3T 0K9

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,156Sqft
Royal LePage Atlantic
C$799900

Residential For Sale

303 Marketway Lane, Timberlea, NS B3T 0K9
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,156Sqft
Royal LePage Atlantic
Tee-rific less than 2 year young home on an award winning golf course built by quality Signature Homes builder! Nestled perfectly in the sought-after Brunello Estates subdivision backing onto the 16th hole. Gorgeous aesthetics await you with easy breezy living just minutes to the highway to take you in either direction.
C$799900

Residential For Sale

303 Marketway Lane, Timberlea, NS B3T 0K9
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$799900

Residential For Sale

16498 Highway 103, Hebbs Cross, NS B4V 0Y9

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
26Picture(s)
665Sqft
Exit Realty Town & Country
C$159900

Residential For Sale

16498 Highway 103, Hebbs Cross, NS B4V 0Y9
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
665Sqft
Exit Realty Town & Country
Looking for an affordable home for the price of rent? This cozy 1 bedroom (potential for 2), 1 bath home is an affordable opportunity just minutes outside of Bridgewater and a short drive to beaches, lakes and trails. This sweet property is primed for you to make it your own or add it to your investment portfolio. Sitting on a sweet, partially treed and partially landscaped, 1.
C$159900

Residential For Sale

16498 Highway 103, Hebbs Cross, NS B4V 0Y9
Exit Realty Town & Country
1Bedroom(s)
1Bathroom(s)
C$159900

Residential For Sale

55 Community Way, Garlands Crossing, NS B0N 2T0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
33Picture(s)
1,300Sqft
Steve Ingram Realty Ltd.
C$669000

Residential For Sale

55 Community Way, Garlands Crossing, NS B0N 2T0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,300Sqft
Steve Ingram Realty Ltd.
Impressive ! Pride in Ownership throughout in this spacious one level living in desirable Garlands Crossing. A lovely open layout boasts a gourmet kitchen with high end appliances, quartz hardtop, 9 foot island and a butlers pantry. Bright living and dining rooms, nicely accented with pot lights, leading to a wonderful screened sun room and adjacent patio deck.
C$669000

Residential For Sale

55 Community Way, Garlands Crossing, NS B0N 2T0
Steve Ingram Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$669000

Residential For Sale

2993 Lovett Road, Coldbrook, NS B0P 1J0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
35Picture(s)
1,512Sqft
Keller Williams Select Realty (Kentville)
C$575000

Residential For Sale

2993 Lovett Road, Coldbrook, NS B0P 1J0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,512Sqft
Keller Williams Select Realty (Kentville)
A rare opportunity to own a cleverly designed over/under duplex with 1,316 feet of frontage on the scenic Cornwallis River. Built in 2010 and set on six acres of land, this property offers a unique blend of income potential, lifestyle flexibility, and space to grow. The main level unit is currently rented for $1,650/month (heat and lights included), offering immediate revenue.
C$575000

Residential For Sale

2993 Lovett Road, Coldbrook, NS B0P 1J0
Keller Williams Select Realty (Kentville)
2Bedroom(s)
2Bathroom(s)
C$575000

Residential For Sale

435 Leonard Road, Central Clarence, NS B0S 1C0

5Bedroom(s)
1Bathroom(s)
AttachedParking(s)
44Picture(s)
2,786Sqft
Royal LePage Atlantic (Greenwood)
C$285000

Residential For Sale

435 Leonard Road, Central Clarence, NS B0S 1C0
5Bedroom(s)
1Bathroom(s)
AttachedParking(s)
2,786Sqft
Royal LePage Atlantic (Greenwood)
Welcome to this charming and private farmhouse, brimming with original character and timeless warmth. Nestled off the road on 4.1 acres, this peaceful property is surrounded by nature and features its very own apple orchard—perfect for those seeking a slower pace and a touch of country living.
C$285000

Residential For Sale

435 Leonard Road, Central Clarence, NS B0S 1C0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
1Bathroom(s)
C$285000

Residential For Sale

126 Seneca Street, Centreville, NS B0P 1J0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
8Picture(s)
1,910Sqft
Exit Realty Town & Country
C$664900

Residential For Sale

126 Seneca Street, Centreville, NS B0P 1J0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,910Sqft
Exit Realty Town & Country
Looking for an elegant, professionally designed home in a wonderful, family-friendly and desired location? Look no further, this upcoming bungalow will be sure to impress. Built with functionality in mind, this home will offer an open-concept main living area, with a spacious kitchen, quartz countertops, stylish electric fireplace, and efficient heat pump.
C$664900

Residential For Sale

126 Seneca Street, Centreville, NS B0P 1J0
Exit Realty Town & Country
4Bedroom(s)
2Bathroom(s)
C$664900
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