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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

30 Shady Vista Drive, Hatchet Lake, NS B3T 1V4

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
41Picture(s)
2,572Sqft
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30 Shady Vista Drive, Hatchet Lake, NS B3T 1V4
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,572Sqft
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Just in time for summer, your backyard oasis awaits! Enjoy the warm weather in style with an 18'x33' oval above-ground pool, fully fenced and surrounded by an expansive wraparound deck, perfect for entertaining guests or relaxing with family. Step inside to a stunning cherry wood chef’s kitchen featuring a spacious center island, ideal for meal prep and casual dining.
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1Bathroom(s)
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3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
968Sqft
Viewpoint Realty Services Inc.
This 3 bedroom, 1 bathroom home is nestled in the heart of North End Dartmouth on a quiet street. This is an up and coming area with many new developments. The main floor features an eat-in kitchen, primary bedroom, two additional bedrooms, and a bathroom. Downstairs features a rec room, utility room, storage room, and a walk out basement.
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3Bedroom(s)
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1Bedroom(s)
1Bathroom(s)
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34Picture(s)
636Sqft
RE/MAX Nova (Enfield)
C$225000

Residential For Sale

148 Warren Macphee Road, Upper Nine Mile River, NS B2S 3E8
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
636Sqft
RE/MAX Nova (Enfield)
Unique Property on 1 Acre – Tiny Home + Camper! Originally the Rawdon Post Office, this charming structure is over 100 years old and now sits on a solid poured concrete foundation. Nestled on a private 1-acre lot at the end of a quiet gravel road, the setting feels like your own personal campground. The tiny home offers a 3-piece bath, kitchen, living area, and a cozy attic bedroom.
C$225000

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148 Warren Macphee Road, Upper Nine Mile River, NS B2S 3E8
RE/MAX Nova (Enfield)
1Bedroom(s)
1Bathroom(s)
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209 Main Street, Guysborough, NS B0H 1N0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
18Picture(s)
1,938Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$315000

Residential For Sale

209 Main Street, Guysborough, NS B0H 1N0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,938Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
Unique home located along the scenic Route 16 with a water view. This ranch style modern home has been built with quality materials and workmanship. So many extras including level entry into the home, no stairs to navigate, spacious rooms and wide doorways all for easy access to the homeowner. One of the best heating systems, in-floor hot water heating powered by electricity.
C$315000

Residential For Sale

209 Main Street, Guysborough, NS B0H 1N0
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
2Bedroom(s)
2Bathroom(s)
C$315000

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148 Warren Macphee Road, Upper Nine Mile River, NS B2S 3E8

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
636Sqft
RE/MAX Nova (Enfield)
C$225000

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148 Warren Macphee Road, Upper Nine Mile River, NS B2S 3E8
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
636Sqft
RE/MAX Nova (Enfield)
Unique Property on 1 Acre – Tiny Home + Camper! Originally the Rawdon Post Office, this charming structure is over 100 years old and now sits on a solid poured concrete foundation. Nestled on a private 1-acre lot at the end of a quiet gravel road, the setting feels like your own personal campground. The tiny home offers a 3-piece bath, kitchen, living area, and a cozy attic bedroom.
C$225000

Residential For Sale

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RE/MAX Nova (Enfield)
1Bedroom(s)
1Bathroom(s)
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100 Highway 224, Shubenacadie, NS B0N 2H0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
44Picture(s)
2,700Sqft
RE/MAX Nova
C$674900

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100 Highway 224, Shubenacadie, NS B0N 2H0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,700Sqft
RE/MAX Nova
Welcome to your dream home, a beautiful 3-bedroom, 2.5-bathroom bungalow that boasts stunning views of the Shubenacadie River. As you enter, you are greeted by a bright and spacious kitchen that is sure to delight any home chef. This inviting space comes equipped with new kitchen appliances and flows seamlessly into an open-concept dining area, making it ideal for entertaining family and friends.
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100 Highway 224, Shubenacadie, NS B0N 2H0
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$674900

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2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
43Picture(s)
1,540Sqft
Hants Realty Ltd.
C$849999

Residential For Sale

788 Stewiacke River Park Road, Mackay Siding, NS B0N 2J0
2Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,540Sqft
Hants Realty Ltd.
Welcome to Rustic River Hollow Where Your Dream Escape Awaits! Established in 2011, Rustic River Hollow offers the perfect blend of comfort, nature, and privacy. Nestled on a serene private road within a gated park community, this stunning 2.79 acre property boasts approximately 311 feet of pristine river frontage.
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Hants Realty Ltd.
2Bedroom(s)
1Bathroom(s)
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5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
39Picture(s)
1,680Sqft
EXIT Realty Inter Lake Liverpool
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5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,680Sqft
EXIT Realty Inter Lake Liverpool
Early 1900s home spanning 3 PIDs for over 1.37 acres in the coastal community of Brooklyn. In addition to the unmistakable and quintessential South Shore Nova Scotia architecture, this property offers an array of options and opportunities for a new owner.
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163 Hillside Road, Brooklyn, NS B0J 1H0
EXIT Realty Inter Lake Liverpool
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4Bathroom(s)
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30Picture(s)
2,051Sqft
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Residential For Sale

46 Titanium Crescent, Halifax, NS B3P 0J3
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,051Sqft
Royal LePage Atlantic
Welcome to 46 Titanium Crescent, located in the heart of Governor’s Brook—one of HRM’s most sought-after newer communities. Just 15 minutes from downtown Halifax, this family-friendly neighborhood offers the perfect balance of nature and convenience, with nearby walking trails, schools, and all essential amenities.
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Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
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1Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
7Picture(s)
1,248Sqft
Hants Realty Ltd.
C$279900

Residential For Sale

15 Milford White Road, Noel Road, NS B0N 1T0
1Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,248Sqft
Hants Realty Ltd.
Set on a beautiful 2-acre corner lot, this unique property features a partially renovated mini home with a spacious 24x26 addition and a C2 raised septic system (installed in 2015). Currently a 1 bedroom, the layout offers easy potential to convert into 2 or more bedrooms to suit your needs. Heated and cooled with a heat pump, plus an older furnace for backup.
C$279900

Residential For Sale

15 Milford White Road, Noel Road, NS B0N 1T0
Hants Realty Ltd.
1Bedroom(s)
1Bathroom(s)
C$279900

Residential For Sale

78 Fostertown Road, Port Medway, NS B0J 2T0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,574Sqft
EXIT Realty Inter Lake
C$925000

Residential For Sale

78 Fostertown Road, Port Medway, NS B0J 2T0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,574Sqft
EXIT Realty Inter Lake
Nestled on a quiet, safe street, is this beautifully landscaped 1.3-acre waterfront property offering privacy, tranquility, and breathtaking ocean views. It is located in the charming coastal village of Port Medway. The grounds are truly exceptional, adorned with mature trees, vibrant shrubs, and perennial flower beds that add colour and charm throughout the seasons.
C$925000

Residential For Sale

78 Fostertown Road, Port Medway, NS B0J 2T0
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$925000

Residential For Sale

1207-3471 Dutch Village Road, Halifax, NS B3N 0C7

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
32Picture(s)
814Sqft
Red Door Realty
C$434900

Residential For Sale

1207-3471 Dutch Village Road, Halifax, NS B3N 0C7
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
814Sqft
Red Door Realty
St. Lawrence Place, located in the revitalized bustling community of Fairview, the heart of the city with lots of amenities within walking distance. Just 13 years old this building offers an easy commute to downtown Halifax, Bayer’s Lake, out to the airport, and everything else in between.
C$434900

Residential For Sale

1207-3471 Dutch Village Road, Halifax, NS B3N 0C7
Red Door Realty
1Bedroom(s)
1Bathroom(s)
C$434900
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