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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

13573 Highway 6, Wallace Bridge, NS B0K 1Y0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
3,430Sqft
Parachute Realty
C$1125000

Residential For Sale

13573 Highway 6, Wallace Bridge, NS B0K 1Y0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
3,430Sqft
Parachute Realty
Escape to the serene beauty of Wallace Bay, where this expansive chalet-style home blends luxury with natural tranquility. Set on a sprawling lot with 400 feet of private waterfront, this A-frame retreat offers breathtaking views of the Northumberland Strait, stunning sunrises and sunsets, and a thoughtfully designed interior that seamlessly balances modern upgrades with timeless charm.
C$1125000

Residential For Sale

13573 Highway 6, Wallace Bridge, NS B0K 1Y0
Parachute Realty
4Bedroom(s)
2Bathroom(s)
C$1125000

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314-24 Harbourside Drive, Wolfville, NS B4P 2C1

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
48Picture(s)
1,550Sqft
MacKay Real Estate Ltd.
C$620000

Residential For Sale

314-24 Harbourside Drive, Wolfville, NS B4P 2C1
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,550Sqft
MacKay Real Estate Ltd.
Executive Living in the Heart of Wolfville. This stylish 2-bed, 2-bath condo at Harbourside Drive, is located in the centre of Wolfville's vibrant downtown. Just steps from the Waterfront Park and the town's beloved walking and cycling trails, this residence offers the perfect balance of convenience and leisure.
C$620000

Residential For Sale

314-24 Harbourside Drive, Wolfville, NS B4P 2C1
MacKay Real Estate Ltd.
2Bedroom(s)
2Bathroom(s)
C$620000

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7041 Pearson Drive, Halifax, NS B3L 2K7

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
28Picture(s)
1,809Sqft
Keller Williams Select Realty
C$679900

Residential For Sale

7041 Pearson Drive, Halifax, NS B3L 2K7
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,809Sqft
Keller Williams Select Realty
This home offers a wonderful blend of charm, comfort and convenience. With thoughtful updates throughout, it provides modern living in a desirable west end neighbourhood. The main floor offers a spacious warm living room, cozy dining room directly off the well appointed kitchen and convenient walkout to nice size deck and landscaped back yard.
C$679900

Residential For Sale

7041 Pearson Drive, Halifax, NS B3L 2K7
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$679900

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369 Mount Hanley Road, North Williamston, NS B0S 1M0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
965Sqft
RE/MAX Banner Real Estate
C$329900

Residential For Sale

369 Mount Hanley Road, North Williamston, NS B0S 1M0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
965Sqft
RE/MAX Banner Real Estate
No need to look any further. This charming one level bungalow offers peaceful living on nearly 3 acres in the scenic Annapolis Valley. Situated on a quiet country road, the property features a spacious open-concept kitchen and dining area, perfect for easy single level living.
C$329900

Residential For Sale

369 Mount Hanley Road, North Williamston, NS B0S 1M0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

426 Renfrew Street, Dartmouth, NS B2Y 2M5

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
7Picture(s)
620Sqft
Royal LePage Atlantic (Dartmouth)
C$349900

Residential For Sale

426 Renfrew Street, Dartmouth, NS B2Y 2M5
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
620Sqft
Royal LePage Atlantic (Dartmouth)
VACANT, CLEAN AS A WHISTLE AND READY TO MOVE IN JUST "UP THE HILL" FROM COMMUNITY COLLEGE AND DARTMOUTH GENERAL HOSPITAL. A VERY PRACTIVAL THREE BEDROOM TOWNHOUSE IN THE CENTRE OF TOWN. ALL NEW LAMINATE FLOORS THROUGHOUT, FRESHLY PAINTED AND A NEW PATIO DECK. WE'VE PRICED THIS GREAT STARTER HOME TO SELL FAST SO GET ON IT! SHOWING TIMES WIDE OPEN AS PROPERTY IS VACANT.
C$349900

Residential For Sale

426 Renfrew Street, Dartmouth, NS B2Y 2M5
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
C$349900

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3 Eagle Lane, Vaughan, NS B0N 2T0

2Bedroom(s)
1Bathroom(s)
CarportParking(s)
49Picture(s)
1,032Sqft
RE/MAX Nova
C$599900

Residential For Sale

3 Eagle Lane, Vaughan, NS B0N 2T0
2Bedroom(s)
1Bathroom(s)
CarportParking(s)
1,032Sqft
RE/MAX Nova
Absolute heaven, nature abounds on your LAKEFRONT home, cottage or investment, on a little cove on Falls Lake. Tucked into the trees you'll find all the privacy you'd like but remain a short drive to amenities.
C$599900

Residential For Sale

3 Eagle Lane, Vaughan, NS B0N 2T0
RE/MAX Nova
2Bedroom(s)
1Bathroom(s)
C$599900

Residential For Sale

220 Port Latour Road, Port Clyde, NS B0W 2S0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
1,195Sqft
Royal Lepage Atlantic (Mahone Bay)
C$299900

Residential For Sale

220 Port Latour Road, Port Clyde, NS B0W 2S0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,195Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 220 Port LaTour Road! Resting on three acres, this 3-bedroom, 2-bath home might be the perfect family property you’ve been waiting for. Step inside through the spacious porch, complete with a large double closet-plenty of room to tuck away coats, boots, and everyday essentials.
C$299900

Residential For Sale

220 Port Latour Road, Port Clyde, NS B0W 2S0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

29 Roost Street, Glace Bay, NS B1A 5K1

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
15Picture(s)
1,620Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$249900

Residential For Sale

29 Roost Street, Glace Bay, NS B1A 5K1
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,620Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Great opportunity in Glace Bay, just minutes from Sterling Mall and close to all local amenities. This versatile home is perfect for investors or homeowners looking to generate rental income. The property features two self-contained units, each with 2 bedrooms, a 4-piece bathroom, kitchen, and nice living room. There’s also a spacious backyard, perfect for outdoor enjoyment.
C$249900

Residential For Sale

29 Roost Street, Glace Bay, NS B1A 5K1
Keller Williams Select Realty(Sydney,Townsend St.)
4Bedroom(s)
2Bathroom(s)
C$249900

Residential For Sale

298 Granville Street E, Bridgetown, NS B0S 1C0

2Bedroom(s)
6Bathroom(s)
GravelParking(s)
50Picture(s)
6,900Sqft
RE/MAX Nova
C$1990000

Residential For Sale

298 Granville Street E, Bridgetown, NS B0S 1C0
2Bedroom(s)
6Bathroom(s)
GravelParking(s)
6,900Sqft
RE/MAX Nova
A Divine Opportunity in Bridgetown, NS- Own a Church, Create Your Sanctuary. This stunning former church, presently used as a primary residence with a home based art gallery and gift shop, is brimming with historic character, modern potential, and possibilities as endless as its soaring ceilings. From the moment you step inside, you’ll be struck by the majesty of the space.
C$1990000

Residential For Sale

298 Granville Street E, Bridgetown, NS B0S 1C0
RE/MAX Nova
2Bedroom(s)
6Bathroom(s)
C$1990000

Residential For Sale

369 Sambro Creek Road, Sambro Creek, NS B3V 1E9

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
2,491Sqft
Royal LePage Atlantic
C$570000

Residential For Sale

369 Sambro Creek Road, Sambro Creek, NS B3V 1E9
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,491Sqft
Royal LePage Atlantic
Welcome to this charming 4-level side split home nestled in the peaceful community of Sambro Creek. Set on a spacious and private 28,576 sq ft lot, this well-cared-for family home offers 3 bedrooms, 2 bathrooms, and 4 levels fully finished, providing plenty of space for comfortable everyday living.
C$570000

Residential For Sale

369 Sambro Creek Road, Sambro Creek, NS B3V 1E9
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$570000

Residential For Sale

579 Main Street, Lawrencetown, NS B0S 1M0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
29Picture(s)
1,716Sqft
RE/MAX Banner Real Estate
C$485000

Residential For Sale

579 Main Street, Lawrencetown, NS B0S 1M0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,716Sqft
RE/MAX Banner Real Estate
Here is your chance to own a rare treasure in the fertile Annapolis Valley, a historic church that has been completely reinvented for modern living while keeping every ounce of its charm. Within the last few years this beloved structure was carefully taken back to the studs and reimagined with brand new systems, finishes, and thoughtful details, leaving nothing to chance.
C$485000

Residential For Sale

579 Main Street, Lawrencetown, NS B0S 1M0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$485000

Residential For Sale

52 Crousetown Road, Conquerall Mills, NS B4V 2W3

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
31Picture(s)
1,310Sqft
EXIT Realty Inter Lake
C$339000

Residential For Sale

52 Crousetown Road, Conquerall Mills, NS B4V 2W3
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,310Sqft
EXIT Realty Inter Lake
"Welcome to 52 Crousetown Road, also known as Glory Hill Cottage. Not to be mistaken as a cottage, this is a 3 bedroom / 2 bath home that is now waiting for its new owners. The home does have a cottage feel with softwood floors throughout, pine ceilings in a number of rooms, and a cozy wood stove in the living room. Outside you will appreciate the private yard with lots of trees for shade.
C$339000

Residential For Sale

52 Crousetown Road, Conquerall Mills, NS B4V 2W3
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$339000
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