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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

337 Secret Road, Digby, NS B0W 2Y0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
20Picture(s)
520Sqft
Royal Lepage Atlantic (Mahone Bay)
C$249900

Residential For Sale

337 Secret Road, Digby, NS B0W 2Y0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
520Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to your lakeside escape on Secret Road, tucked along the calm and coveted shoreline of Briar Lake. With just over three acres of land and 159 feet of direct lake frontage, this two-bedroom, one-bathroom cottage offers a perfect mix of privacy, comfort, and potential.
C$249900

Residential For Sale

337 Secret Road, Digby, NS B0W 2Y0
Royal Lepage Atlantic (Mahone Bay)
2Bedroom(s)
1Bathroom(s)
C$249900

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Peggy's Cove Road Lot 100, French Village, NS B3Z 2V1

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
5Picture(s)
3,230Sqft
Engel & Volkers
C$999900

Residential For Sale

Peggy's Cove Road Lot 100, French Village, NS B3Z 2V1
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,230Sqft
Engel & Volkers
Nestled in the new development, Off the Peggys Cove Road, this luxurious home offers the best of both worlds - a peaceful retreat surrounded by nature and a serene view of the ocean, while still being within easy reach of all the amenities. Ramar Homes is proud to present the Juniper, a bungalow with open concept main floor living.
C$999900

Residential For Sale

Peggy's Cove Road Lot 100, French Village, NS B3Z 2V1
Engel & Volkers
5Bedroom(s)
3Bathroom(s)
C$999900

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11 Heather Street, Spryfield, NS B3R 1M3

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
50Picture(s)
1,980Sqft
RE/MAX Nova (Halifax)
C$584900

Residential For Sale

11 Heather Street, Spryfield, NS B3R 1M3
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,980Sqft
RE/MAX Nova (Halifax)
Welcome to Urban Rural Living - feel like you are in the country, while sitting right in the middle of the city! Walking paths directly accessed from the fenced backyard lead to Captain William Spry Community Centre and to the Urban Farm. Enjoy wildlife! Deer, birds, gophers in this dog friendly neighbourhood.
C$584900

Residential For Sale

11 Heather Street, Spryfield, NS B3R 1M3
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$584900

Residential For Sale

608 Granville Road, Victoria Beach, NS B0S 1A0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,680Sqft
Royal LePage Atlantic (Greenwood)
C$739000

Residential For Sale

608 Granville Road, Victoria Beach, NS B0S 1A0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,680Sqft
Royal LePage Atlantic (Greenwood)
Perched high above the iconic Bay of Fundy, this extraordinary century home with impressive upgrades offers breathtaking westerly views of Point Prim Lighthouse and the ever-changing tides below. Brimming with coastal charm, the main residence is complemented by a beautifully constructed garage (new construction just 2.
C$739000

Residential For Sale

608 Granville Road, Victoria Beach, NS B0S 1A0
Royal LePage Atlantic (Greenwood)
4Bedroom(s)
3Bathroom(s)
C$739000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
46Picture(s)
696Sqft
Royal LePage Atlantic (Dartmouth)
C$349000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
696Sqft
Royal LePage Atlantic (Dartmouth)
This beautiful Chalet style home sits on a large private 39,000 square foot lot with 109 feet of waterfront on Beaver Dam Lake, perfect for a summer getaway or a year-round residence. The main floor consists of open concept Living Rm with wood stove, Kitchen and Dining Rm and completed with a main floor Bedroom and 4-piece Bathroom.
C$349000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$349000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
46Picture(s)
696Sqft
Royal LePage Atlantic (Dartmouth)
C$349000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
696Sqft
Royal LePage Atlantic (Dartmouth)
This beautiful Chalet style home sits on a large private 39,000 square foot lot with 109 feet of waterfront on Beaver Dam Lake, perfect for a summer getaway or a year-round residence. The main floor consists of open concept Living Rm with wood stove, Kitchen and Dining Rm and completed with a main floor Bedroom and 4-piece Bathroom.
C$349000

Residential For Sale

170 Tri Lake Drive, Labelle, NS B0T 1E0
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$349000

Residential For Sale

82 High Street, Baddeck, NS B0E 1B0

3Bedroom(s)
1Bathroom(s)
17Picture(s)
1,410Sqft
Harvey Realties Limited
C$355900

Residential For Sale

82 High Street, Baddeck, NS B0E 1B0
3Bedroom(s)
1Bathroom(s)
1,410Sqft
Harvey Realties Limited
Lovely three bedroom, one bath home with additional living space in the basement Gorgeous view of the lake. Walking distance to all amenities. Oil heat, municipal sewer and water. Close to hospital and school.
C$355900

Residential For Sale

82 High Street, Baddeck, NS B0E 1B0
Harvey Realties Limited
3Bedroom(s)
1Bathroom(s)
C$355900

Residential For Sale

408 West Lawrencetown Road, Lawrencetown, NS B2Z 1S6

2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
37Picture(s)
1,113Sqft
RE/MAX Nova
C$599900

Residential For Sale

408 West Lawrencetown Road, Lawrencetown, NS B2Z 1S6
2Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,113Sqft
RE/MAX Nova
If you’ve been dreaming of peace and tranquility by the ocean, this charming home is ready to make that dream a reality. Imagine waking up and enjoying your morning coffee while watching spectacular sunrises over the water from your private Juliette balcony off the primary bedroom. Set on a beautifully level and landscaped 1.
C$599900

Residential For Sale

408 West Lawrencetown Road, Lawrencetown, NS B2Z 1S6
RE/MAX Nova
2Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

5 Corrie Lane, West Porters Lake, NS B3E 1L1

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
16Picture(s)
1,248Sqft
RE/MAX Nova
C$575000

Residential For Sale

5 Corrie Lane, West Porters Lake, NS B3E 1L1
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,248Sqft
RE/MAX Nova
Architecturally inspired and surrounded by nature, this bright and inviting home sits on a private 1.15-acre lot at the end of a quiet laneway. Designed to embrace natural light, the main living space features soaring vaulted ceilings, expansive windows, and a warm, open layout that feels both spacious and serene.
C$575000

Residential For Sale

5 Corrie Lane, West Porters Lake, NS B3E 1L1
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$575000

Residential For Sale

3064 201 Highway, Tupperville, NS B0P 1T0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
48Picture(s)
1,176Sqft
RE/MAX Banner Real Estate
C$250000

Residential For Sale

3064 201 Highway, Tupperville, NS B0P 1T0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,176Sqft
RE/MAX Banner Real Estate
Situated on nearly an acre of peaceful countryside, this delightful 2 bedroom 1 bath home offers the perfect blend of comfort, space and natural beauty. Located in Tupperville on Highway 201, this property has sweeping unobstructed views of the majestic North Mountain, an ever changing backdrop that brings the seasons to life right outside your window.
C$250000

Residential For Sale

3064 201 Highway, Tupperville, NS B0P 1T0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$250000

Residential For Sale

80 Hideaway Drive, Judique North, NS B0E 1P0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
29Picture(s)
1,120Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$387500

Residential For Sale

80 Hideaway Drive, Judique North, NS B0E 1P0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,120Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Welcome to 80 Hideaway Drive, located off the popular Shore Rd in Judique North, Cape Breton Island. Gorgeous views of St Georges Bay, and just 7 minutes to the many sandy beaches in Port Hood and all your daily amenities. This 16x70 3 BDRM, 2 BATH mini home is in excellent condition and only 13 years old.
C$387500

Residential For Sale

80 Hideaway Drive, Judique North, NS B0E 1P0
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
2Bathroom(s)
C$387500

Residential For Sale

7040 Highway 7, Gaetz Brook, NS B0J 1N0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,907Sqft
RE/MAX Nova
C$499900

Residential For Sale

7040 Highway 7, Gaetz Brook, NS B0J 1N0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,907Sqft
RE/MAX Nova
Welcome to this beautifully maintained split-entry home nestled in the heart of Nova Scotia’s scenic Eastern Shore. Built in 2002 and thoughtfully updated, this 3-bedroom, 2-bathroom home offers approximately 1,900 sq. ft. of functional living space on a private, family-friendly lot.
C$499900

Residential For Sale

7040 Highway 7, Gaetz Brook, NS B0J 1N0
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$499900
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