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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

Lot 16 +cabin Bridge Street, Sherbrooke Lake Ns B0j 3c0

17Picture(s)
256Sqft
RE/MAX Advantage
C$225000

Residential For Sale

Lot 16 +cabin Bridge Street, Sherbrooke Lake Ns B0j 3c0
256Sqft
RE/MAX Advantage
This lake front paradise is waiting for you to create your own paradise. Situated in a covenant protected community this lovely bunkie style cottage us ready for you to expand your seasonal or future year round location. Well known for your sense of community this location is a short drive to the Annapolis Valley, South Shore region and New Ross.
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Lot 16 +cabin Bridge Street, Sherbrooke Lake Ns B0j 3c0
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40Picture(s)
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C$250000

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14962 Cabot Trail, Chéticamp Ns B0e 1h0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
724Sqft
Cape Breton Realty (Port Hawkesbury)
Unbeatable Location! This captivating property is the perfect blend of a serene summer escape/rental or a charming year-round residence, with an up-close and panoramic view of Cheticamp Harbour. Nestled on the renowned Cabot Trail, it's just a short walk from the heart of the vibrant Acadian village of Cheticamp, where you'll find everything you need, restaurants, and cultural experiences.
C$250000

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1Bathroom(s)
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3Bedroom(s)
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50Picture(s)
1,406Sqft
Viewpoint Realty Services Inc. (Shelburne)
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210 Highway 1, Smiths Cove Ns B0s 1s0
3Bedroom(s)
2Bathroom(s)
1,406Sqft
Viewpoint Realty Services Inc. (Shelburne)
Charming Country Home with Bay of Fundy Views in Smith's Cove Welcome to your dream country retreat in scenic Smith’s Cove! Nestled on 6.32 serene acres, this beautifully maintained 3-bedroom, 2-bathroom home boasts incredible views of the Bay of Fundy and combines rustic charm with modern upgrades for ultimate comfort.
C$314900

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Viewpoint Realty Services Inc. (Shelburne)
3Bedroom(s)
2Bathroom(s)
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2639 Cabot Trail, Middle River Ns B0e 1b0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,748Sqft
Royal LePage Atlantic (Dartmouth)
C$949900

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2639 Cabot Trail, Middle River Ns B0e 1b0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,748Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to this charming 4-bedroom, 2-bath hobby farm, a true gem nestled on 54 acres in beautiful Cape Breton. Offering a peaceful country lifestyle with modern conveniences, this property provides the perfect escape while keeping you close to essential amenities.
C$949900

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Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
2Bathroom(s)
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4Bedroom(s)
4Bathroom(s)
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4Picture(s)
3,546Sqft
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C$1149900

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4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,546Sqft
Royal LePage Atlantic
Cresco's newest 2-storey masterpiece sets the standard for luxury living on Terradore Lane in the Parks of West Bedford. Purchase now and collaborate directly with Cresco's design team to choose all your selections on this 3,546 sqft, 4-bed, 3.5-bath double car garage home with walkout basement.
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27-101 Terradore Lane, Bedford Ns B4b 1s7
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
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2Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
768Sqft
RE/MAX County Line Realty Ltd.
C$210000

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40 Jacksons Point Road, Tidnish Bridge Ns B4h 3x9
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
768Sqft
RE/MAX County Line Realty Ltd.
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40 Jacksons Point Road, Tidnish Bridge Ns B4h 3x9
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2Bedroom(s)
1Bathroom(s)
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8Bedroom(s)
8Bathroom(s)
GravelParking(s)
49Picture(s)
4,225Sqft
Exit Realty Town & Country
C$450000

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387 Church Hill Road, Sandy Cove Ns B0v 1e0
8Bedroom(s)
8Bathroom(s)
GravelParking(s)
4,225Sqft
Exit Realty Town & Country
Nestled on the charming Church Hill Road in the picturesque village of Sandy Cove, this grand century home offers endless possibilities and immense potential. Hosting views of Sandy Cove Harbour and St. Mary's Bay, this substantial property presents a unique opportunity for those seeking an exceptional residence or an entrepreneurial venture, such as a bed and breakfast.
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Residential For Sale

387 Church Hill Road, Sandy Cove Ns B0v 1e0
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8Bedroom(s)
8Bathroom(s)
C$450000

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893 Two Islands Road, Parrsboro Ns B0m 1s0

2Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
1,421Sqft
RE/MAX County Line Realty Ltd.
C$549900

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893 Two Islands Road, Parrsboro Ns B0m 1s0
2Bedroom(s)
4Bathroom(s)
DoubleParking(s)
1,421Sqft
RE/MAX County Line Realty Ltd.
CUSTOM HOME WITH A VIEW! Welcome to 893 Two Islands Road in Parrsboro where you are only a short distance from town, theatre and a golf course, and of course, beaches!! Elegance and custom is what you see from when you first pull in and see the large paved driveway, the stone wall, a separate garage and those huge decks.
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Residential For Sale

893 Two Islands Road, Parrsboro Ns B0m 1s0
RE/MAX County Line Realty Ltd.
2Bedroom(s)
4Bathroom(s)
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5767 Highway 340, Forest Glen Ns B5a 5r1

4Bedroom(s)
1Bathroom(s)
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30Picture(s)
1,600Sqft
The Real Estate Store
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5767 Highway 340, Forest Glen Ns B5a 5r1
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,600Sqft
The Real Estate Store
Welcome to 5767 Highway 340 Forest Glen. The property consists of 24 acres all combined. There is land on both sides of the road with frontage on Parr Lake. Multiple options exist here. The home has a full concrete undeveloped basement with a large walkout. On the main level there is good open living space and one bedroom and laundry. On the second level there are an additional 2 bedrooms.
C$399900

Residential For Sale

5767 Highway 340, Forest Glen Ns B5a 5r1
The Real Estate Store
4Bedroom(s)
1Bathroom(s)
C$399900

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26 Silver Court, Cow Bay, NS B3G 1K1

1Bathroom(s)
GravelParking(s)
6Picture(s)
864Sqft
RE/MAX Nova
C$159900

Residential For Sale

26 Silver Court, Cow Bay, NS B3G 1K1
1Bathroom(s)
GravelParking(s)
864Sqft
RE/MAX Nova
This spacious, residential-zoned lot is a rare find, ready for you to build the home of your dreams in picturesque Cow Bay. Enjoy distant ocean views from this private, treed lot, complete with established drilled well and septic system. Currently featuring a gutted to the studs Mini Home, this property offers endless possibilities.
C$159900

Residential For Sale

26 Silver Court, Cow Bay, NS B3G 1K1
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1Bathroom(s)
C$159900

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63 Frank Road, Italy Cross Ns B4v 0m6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,270Sqft
The Agency Real Estate Brokerage
C$999900

Residential For Sale

63 Frank Road, Italy Cross Ns B4v 0m6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,270Sqft
The Agency Real Estate Brokerage
Welcome to an extraordinary opportunity in Lunenburg County, where 140.8 acres of natural beauty and 7,610 feet of pristine lakefront await your vision. This vast property offers limitless potential, whether you're looking to create a private luxury estate with sweeping lake views, an eco-friendly resort, or a tranquil wellness retreat.
C$999900

Residential For Sale

63 Frank Road, Italy Cross Ns B4v 0m6
The Agency Real Estate Brokerage
3Bedroom(s)
2Bathroom(s)
C$999900

Residential For Sale

63 Frank Road, Italy Cross Ns B4v 0m6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
1,270Sqft
The Agency Real Estate Brokerage
C$640000

Residential For Sale

63 Frank Road, Italy Cross Ns B4v 0m6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,270Sqft
The Agency Real Estate Brokerage
Discover the ultimate countryside retreat with this stunning 83-acre lakefront property, boasting 3,410 feet of pristine waterfront. An adjacent property (MLS 202424774) with 57.6 acres and an additional 4,200 feet of lakefront is also available. Both properties are listed together combining for a remarkable 140.8 acres and 7,610 feet of waterfront (MLS 202424785).
C$640000

Residential For Sale

63 Frank Road, Italy Cross Ns B4v 0m6
The Agency Real Estate Brokerage
3Bedroom(s)
2Bathroom(s)
C$640000
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