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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

12272 Highway 105, Bucklaw Ns B0e 3m0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
22Picture(s)
1,128Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$85000

Residential For Sale

12272 Highway 105, Bucklaw Ns B0e 3m0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,128Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Situated on 0.48 acres, this fixer-upper with a solid structure and a roof installed 10 years ago is brimming with potential. With a bit of imagination and effort, this property could be transformed into a charming and unique home.
C$85000

Residential For Sale

12272 Highway 105, Bucklaw Ns B0e 3m0
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
1Bathroom(s)
C$85000

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16 John Street, Shelburne, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,866Sqft
Keller Williams Select Realty (Shelburne)
C$389000

Residential For Sale

16 John Street, Shelburne, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,866Sqft
Keller Williams Select Realty (Shelburne)
*Most interior walls have been newly painted*Historic Victorian Duplex in Shelburne’s Historic District. Nestled in the heart of Shelburne’s historic district, this magnificent three-story Victorian home, dating back to circa 1848, exudes timeless charm and elegance.
C$389000

Residential For Sale

16 John Street, Shelburne, NS B0T 1W0
Keller Williams Select Realty (Shelburne)
4Bedroom(s)
2Bathroom(s)
C$389000

Residential For Sale

188 Curtis Drive Lot 11, Truro Ns B2n 0h1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3Picture(s)
2,688Sqft
Sutton Group Professional Realty
C$599900

Residential For Sale

188 Curtis Drive Lot 11, Truro Ns B2n 0h1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,688Sqft
Sutton Group Professional Realty
Model home to start soon, by Marchand Homes. This finely crafted 2 storey home will feature elegant contemporary curb appeal.
C$599900

Residential For Sale

188 Curtis Drive Lot 11, Truro Ns B2n 0h1
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$599900

Residential For Sale

3138 Highway 320, D'escousse Ns B0e 1k0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
35Picture(s)
704Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$89900

Residential For Sale

3138 Highway 320, D'escousse Ns B0e 1k0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
704Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Generous 2 acre lot + lake frontage (374 ft) + picturesque maritime community. Discover the potential of this unique real estate opportunity. This property features an unfinished project awaiting your personal touch—customize your home to your liking and enjoy the added benefit of a short walk to the Lake Langlois at the rear of the property.
C$89900

Residential For Sale

3138 Highway 320, D'escousse Ns B0e 1k0
RE/MAX Park Place Inc. (Port Hawkesbury)
2Bedroom(s)
1Bathroom(s)
C$89900

Residential For Sale

74 6101 Rd (leo’s Lane), Roberta, NS B0E 2K0

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
1,610Sqft
Cape Breton Realty
C$549000

Residential For Sale

74 6101 Rd (leo’s Lane), Roberta, NS B0E 2K0
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,610Sqft
Cape Breton Realty
Welcome to your Cape Breton retreat with deeded access to the sparkling waters of the Bras d'Or Lake! This beautifully crafted 3-bedroom, 2-bath home combines comfort, quality, and charm - complete with captivating lake views and just steps from a quiet gravel beach.
C$549000

Residential For Sale

74 6101 Rd (leo’s Lane), Roberta, NS B0E 2K0
Cape Breton Realty
3Bedroom(s)
3Bathroom(s)
C$549000

Residential For Sale

242 Rodney Drive, Malagawatch Ns B0e 2y0

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
31Picture(s)
3,003Sqft
Cape Breton Realty
C$799000

Residential For Sale

242 Rodney Drive, Malagawatch Ns B0e 2y0
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,003Sqft
Cape Breton Realty
This stunning 4-bedroom, 5-bathroom residence offers unparalleled luxury and convenience in a pristine location by Bras d’Or Lake. The property is meticulously maintained and thoughtfully designed to accommodate a variety of family needs.
C$799000

Residential For Sale

242 Rodney Drive, Malagawatch Ns B0e 2y0
Cape Breton Realty
4Bedroom(s)
5Bathroom(s)
C$799000

Residential For Sale

1155 Grand Pre Road, Wallbrook Ns B4p 2r3

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
6,726Sqft
MacKay Real Estate Ltd.
C$3950000

Residential For Sale

1155 Grand Pre Road, Wallbrook Ns B4p 2r3
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
6,726Sqft
MacKay Real Estate Ltd.
This incredible, one-of-a-kind flagship home is situated with spectacular views of Blomidon and the Minas Basin on 175 acres of land, ideal for multiple agricultural applications.
C$3950000

Residential For Sale

1155 Grand Pre Road, Wallbrook Ns B4p 2r3
MacKay Real Estate Ltd.
5Bedroom(s)
5Bathroom(s)
C$3950000

Residential For Sale

89 Lake George Road, South Ohio Ns B5a 5m9

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
48Picture(s)
3,264Sqft
The Real Estate Store
C$599900

Residential For Sale

89 Lake George Road, South Ohio Ns B5a 5m9
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,264Sqft
The Real Estate Store
Are you looking for a well built home in a great location just north of Yarmouth? 89 Lake George Road may be your next home. Sitting on 5.8 acres this large home with 3 bedrooms and 3 bathrooms featuring in excess of 3000 square feet of space to reside in.
C$599900

Residential For Sale

89 Lake George Road, South Ohio Ns B5a 5m9
The Real Estate Store
3Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

3713 Granville Road, Port Royal Ns B0s 1a0

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
43Picture(s)
2,325Sqft
RE/MAX Banner Real Estate
C$599000

Residential For Sale

3713 Granville Road, Port Royal Ns B0s 1a0
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
2,325Sqft
RE/MAX Banner Real Estate
Unique property in the beautiful Annapolis Valley, just a stone's throw from the historic Port Royal Habitation, on 2.3 acres consisting of three dwellings. Main house - a stately Cape Cod style home greets you with its covered deck flanking the eye-catching entrance on both sides extending around the corner to side door.
C$599000

Residential For Sale

3713 Granville Road, Port Royal Ns B0s 1a0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

2656 Highway 376, Lyons Brook Ns B0k 1h0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
36Picture(s)
2,540Sqft
RE/MAX Fairlane Realty
C$550000

Residential For Sale

2656 Highway 376, Lyons Brook Ns B0k 1h0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,540Sqft
RE/MAX Fairlane Realty
This property is situated in a boater's paradise, where the West River meets the salty waters of the warm Northumberland Strait - and has all the possibilities for either a successful boating-based business, day spa, or a scenic waterfront home. Formerly a high-end restaurant, it's zoned commercial and houses a gorgeous apartment in the walk-out basement overlooking the water.
C$550000

Residential For Sale

2656 Highway 376, Lyons Brook Ns B0k 1h0
RE/MAX Fairlane Realty
2Bedroom(s)
2Bathroom(s)
C$550000

Residential For Sale

51 Ballou Crest Road, Labelle Ns B0t 1e0

3Bedroom(s)
5Bathroom(s)
AttachedParking(s)
33Picture(s)
2,344Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$649900

Residential For Sale

51 Ballou Crest Road, Labelle Ns B0t 1e0
3Bedroom(s)
5Bathroom(s)
AttachedParking(s)
2,344Sqft
RE/MAX Banner Real Estate (Bridgewater)
A very private oasis nestled on 1.1 acres, this home with over 2300 sq ft of living space offers multiple views of Ponhook Lake with your exposure facing southwest for those evening sunsets.
C$649900

Residential For Sale

51 Ballou Crest Road, Labelle Ns B0t 1e0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
5Bathroom(s)
C$649900

Residential For Sale

10451 Highway 217, Rossway Ns B0v 1a0

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
37Picture(s)
1,060Sqft
Exit Realty Town & Country
C$135000

Residential For Sale

10451 Highway 217, Rossway Ns B0v 1a0
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,060Sqft
Exit Realty Town & Country
Welcome to 10451 Highway 217, Rossway, a property offering stunning views of St. Marys Bay and located approximately 10 minutes from the town of Digby. This home is priced to fit within your budget, providing an excellent opportunity for renovations and updates as needed and desired. The spacious lot includes a paved driveway and an attached garage, perfect for storing lawn tools and toys.
C$135000

Residential For Sale

10451 Highway 217, Rossway Ns B0v 1a0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$135000
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