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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

247 Westmount Road, Westmount, NS B1R 1A3

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
28Picture(s)
1,985Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$375000

Residential For Sale

247 Westmount Road, Westmount, NS B1R 1A3
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,985Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Westmount Living at its Best!!! You will not grow tired of the spectacular harbour view from 247 Westmount Road!!! This 4 bedroom bi-level home with attached 2 car garage offers a charming & spacious living space.
C$375000

Residential For Sale

247 Westmount Road, Westmount, NS B1R 1A3
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
3Bathroom(s)
C$375000

Residential For Sale

2 Hemlock Drive, Elmsdale, NS B2S 1B7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
35Picture(s)
1,352Sqft
Royal LePage Atlantic
C$409000

Residential For Sale

2 Hemlock Drive, Elmsdale, NS B2S 1B7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,352Sqft
Royal LePage Atlantic
Hard to find, easy to love—this updated corner-lot home in Elmwood Subdivision has all the right ingredients for a smart first move.
C$409000

Residential For Sale

2 Hemlock Drive, Elmsdale, NS B2S 1B7
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$409000

Residential For Sale

615 Gavel Road, Gavelton, NS B0W 3M0

5Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
1,671Sqft
Modern Realty
C$329000

Residential For Sale

615 Gavel Road, Gavelton, NS B0W 3M0
5Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,671Sqft
Modern Realty
Convenience meets comfort in this home, just a minute from schools,Tusket amenities, and effortless highway access. This charming 3-bedroom side split is an ideal place for raising a family. Step inside the porch to discover a quaint den, complete with a wood stove, perfect for creating a cozy reading spot.
C$329000

Residential For Sale

615 Gavel Road, Gavelton, NS B0W 3M0
Modern Realty
5Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
12Picture(s)
2,878Sqft
PG Direct Realty Ltd.
C$450000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,878Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Nestled in historic Pictou, this stately 1880 home blends timeless charm with modern comfort. Thoughtfully updated, it features a newer roof, powered garage with loft, and a poured concrete foundation. Inside, enjoy a warm sitting room, cozy den, formal dining room, and sunny eat-in kitchen.
C$450000

Residential For Sale

15 Prince Street, Pictou, NS B0K 1H0
PG Direct Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$450000

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
1,288Sqft
RE/MAX Park Place Inc.
C$699900

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,288Sqft
RE/MAX Park Place Inc.
Nestled on the shores of North Bay Beach, this contemporary coastal haven seamlessly blends with the beauty of its surroundings. The open concept design captures panoramic views of the Atlantic Ocean and Ingonish Island, creating a serene atmosphere accentuated by a gas fireplace.
C$699900

Residential For Sale

36785 Cabot Trail, Ingonish, NS B0K 1K0
RE/MAX Park Place Inc.
2Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

234 Tobin Road, Sydney Mines, NS B2A 3K5

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
29Picture(s)
1,152Sqft
VALMAC REALTY LTD. - 16139
C$169000

Residential For Sale

234 Tobin Road, Sydney Mines, NS B2A 3K5
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,152Sqft
VALMAC REALTY LTD. - 16139
Modern Mini Home on a Private, Tree-Lined Lot – Sydney Mines Side of Tobin Road Welcome to this 16' x 72' Supreme Homes mini home, manufactured in 2012 and situated on a spacious, tree-encompassed lot that offers privacy and room to grow. Whether you're starting out or looking to downsize, this three-bedroom, two-bath property is an ideal choice.
C$169000

Residential For Sale

234 Tobin Road, Sydney Mines, NS B2A 3K5
VALMAC REALTY LTD. - 16139
3Bedroom(s)
2Bathroom(s)
C$169000

Residential For Sale

Helmsley Crescent Lot 406, Elmsdale, NS B2S 0H4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1Picture(s)
1,200Sqft
Keller Williams Select Realty
C$329900

Residential For Sale

Helmsley Crescent Lot 406, Elmsdale, NS B2S 0H4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,200Sqft
Keller Williams Select Realty
Welcome to The Brackley—a brand new thoughtfully designed 3-bedroom, 2-bath open concept home located in thedesirable Castle Grove community, 4 minutes to all amenities. This beautifully crafted home features a bright andairy layout, with natural light flowing through spacious living and dining areas, perfect for both everyday livingand entertaining.
C$329900

Residential For Sale

Helmsley Crescent Lot 406, Elmsdale, NS B2S 0H4
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$329900

Residential For Sale

12 Sinclair Street, Dartmouth, NS B2Y 1R8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
1,456Sqft
RE/MAX Nova (Halifax)
C$699900

Residential For Sale

12 Sinclair Street, Dartmouth, NS B2Y 1R8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,456Sqft
RE/MAX Nova (Halifax)
Welcome to 12 Sinclair, a charming two-storey home tucked away on a quiet street in one of Downtown Dartmouth’s most desirable neighbourhoods. A short walk to the shops and restaurants of the downtown core, it’s also within the coveted Hawthorn school district — an ideal family-friendly location.
C$699900

Residential For Sale

12 Sinclair Street, Dartmouth, NS B2Y 1R8
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

37 Bridget Avenue, Halifax, NS B3R 1H8

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
680Sqft
Royal LePage Atlantic
C$199000

Residential For Sale

37 Bridget Avenue, Halifax, NS B3R 1H8
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
680Sqft
Royal LePage Atlantic
Welcome to 37 Bridget Avenue, Halifax — a well-kept and thoughtfully updated 3-bedroom, 1-bath mini home located in the growing community of Spryfield, just 15 minutes from downtown. Situated in one of the most affordable parks in HRM, with lot fees under $300/month, this home is a great opportunity to own in Halifax for under $200,000.
C$199000

Residential For Sale

37 Bridget Avenue, Halifax, NS B3R 1H8
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

931 King Street, Windsor, NS B0N 2T0

5Bedroom(s)
4Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
3,807Sqft
Royal LePage Atlantic - Valley(Windsor)
C$649900

Residential For Sale

931 King Street, Windsor, NS B0N 2T0
5Bedroom(s)
4Bathroom(s)
Circular DrivewayParking(s)
3,807Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to this beautifully appointed 5-bedroom, 4-bath executive home, nestled on a large, private lot surrounded by mature trees. This impressive property offers the perfect blend of elegance, comfort, and functionality - ideal for today’s modern family. Step inside to a spacious layout featuring a large eat-in kitchen with granite countertops, ample cabinetry, and room for family gatherings.
C$649900

Residential For Sale

931 King Street, Windsor, NS B0N 2T0
Royal LePage Atlantic - Valley(Windsor)
5Bedroom(s)
4Bathroom(s)
C$649900

Residential For Sale

7 Duff Court, Bedford, NS B4B 2P1

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
1Picture(s)
2,772Sqft
Royal LePage Atlantic
C$884900

Residential For Sale

7 Duff Court, Bedford, NS B4B 2P1
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,772Sqft
Royal LePage Atlantic
Cul de sac living with this 4-bedroom Shaughnessy-built home that is both beautiful and functional. With 3 bedrooms up and 1 on the lower level, this property has room for everyone. Enter into your foyer with coat closet and then up a few stairs to a convenient office (or separate sitting room/playroom) and through to your open kitchen/dining/living room.
C$884900

Residential For Sale

7 Duff Court, Bedford, NS B4B 2P1
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$884900

Residential For Sale

143 Millers Head Road, West Lahave, NS B0R 1G0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
41Picture(s)
1,880Sqft
Sotheby's International Realty Canada
C$985000

Residential For Sale

143 Millers Head Road, West Lahave, NS B0R 1G0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,880Sqft
Sotheby's International Realty Canada
Perched at the end of a quiet lane in picturesque West LaHave, 143 Millers Head Road is a captivating coastal retreat that redefines relaxed seaside living. This charming bungalow is an ideal sanctuary for down-sizers yearning for life by the ocean, where every day feels like a getaway.
C$985000

Residential For Sale

143 Millers Head Road, West Lahave, NS B0R 1G0
Sotheby's International Realty Canada
2Bedroom(s)
2Bathroom(s)
C$985000
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