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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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123 Sarah Ingraham Drive, Williamswood, NS B3V 1N9

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
3,394Sqft
Royal LePage Anchor Realty (Spryfield)
C$1100000

Residential For Sale

123 Sarah Ingraham Drive, Williamswood, NS B3V 1N9
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,394Sqft
Royal LePage Anchor Realty (Spryfield)
What if your everyday life felt like a weekend at the lake? Welcome to your Moody Lake retreat — where mornings begin with mist rising off the water and evenings fade into sunsets that paint the sky. This stunning 3,300+ sq. ft. walk-out bungalow sits on 1.2 private acres with 175 ft of lake frontage, complete with two docks — one for swimming, one for your boat.
C$1100000

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123 Sarah Ingraham Drive, Williamswood, NS B3V 1N9
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4Bedroom(s)
3Bathroom(s)
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914Sqft
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3Bedroom(s)
4Bathroom(s)
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33Picture(s)
1,950Sqft
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C$569900

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5 Brigadier Court, Halifax, NS B3M 4Y4
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1,950Sqft
Royal LePage Atlantic
Welcome to 5 Brigadier Court in Larry Uteck! This beautifully maintained three-bedroom townhome offers a functional layout ideal for family living, perfectly situated near schools, parks, and a variety of amenities. Filled with natural light throughout, the spacious living room flows seamlessly into the updated white kitchen.
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5 Brigadier Court, Halifax, NS B3M 4Y4
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
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4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
20Picture(s)
1,770Sqft
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C$449000

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19 Motts Drive, East Chezzetcook, NS B0J 2L0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,770Sqft
Royal LePage Atlantic
Welcome to your dream home at 19 Motts Drive! This stunning 4-bedroom, 2-bath gem combines spacious living with modern convenience. Enjoy the luxury of having a main-level bedroom, perfect for guests or as a home office, while three additional bedrooms await you upstairs, providing ample space for the whole family.
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Residential For Sale

19 Motts Drive, East Chezzetcook, NS B0J 2L0
Royal LePage Atlantic
4Bedroom(s)
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4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
28Picture(s)
3,042Sqft
Viewpoint Realty Services Inc. (Sydney)
C$299900

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3097 Lynwood Avenue, New Waterford, NS B1H 4V7
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
3,042Sqft
Viewpoint Realty Services Inc. (Sydney)
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C$299900

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Viewpoint Realty Services Inc. (Sydney)
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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
24Picture(s)
720Sqft
Viewpoint Realty Services Inc. (Pictou)
C$159900

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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
720Sqft
Viewpoint Realty Services Inc. (Pictou)
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Viewpoint Realty Services Inc. (Pictou)
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DoubleParking(s)
31Picture(s)
2,223Sqft
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8921 221 Highway, Sheffield Mills, NS B0P 1H0
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,223Sqft
Keller Williams Select Realty (Kentville)
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Residential For Sale

8921 221 Highway, Sheffield Mills, NS B0P 1H0
Keller Williams Select Realty (Kentville)
5Bedroom(s)
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C$399900

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3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1Picture(s)
2,121Sqft
Parachute Realty
C$609900

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B-41 Brianna Drive, Lantz, NS B2S 0K3
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,121Sqft
Parachute Realty
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Parachute Realty
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3Bathroom(s)
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34 Club Road, Pinkneys Point, NS B0W 1B0

2Bedroom(s)
1Bathroom(s)
11Picture(s)
760Sqft
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34 Club Road, Pinkneys Point, NS B0W 1B0
2Bedroom(s)
1Bathroom(s)
760Sqft
RE/MAX Nova
Affordable ocean-view getaway — just 20 minutes from Yarmouth! Wake up to the Ocean air in this cozy two-bedroom, one-bath home overlooking the water. Perfect for year-round living or a weekend retreat. Brand new metal roof was installed just weeks ago, adding extra peace of mind for the years to come.
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2Bedroom(s)
1Bathroom(s)
SingleParking(s)
36Picture(s)
1,070Sqft
MacKay Real Estate Ltd.
C$220000

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246 West Brooklyn Road, West Brooklyn, NS B4P 2R3
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,070Sqft
MacKay Real Estate Ltd.
Welcome home to this 1070 sq.ft., 1.5-storey gem sitting on .86 of an acre - the perfect mix of privacy and convenience. This 2-bedroom, 1-bath home is brimming with character - from exposed beams and brick accent wall to newer windows that fill the space with plenty of natural light. Beautiful new laundry room and some fresh paint make this home shine.
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246 West Brooklyn Road, West Brooklyn, NS B4P 2R3
MacKay Real Estate Ltd.
2Bedroom(s)
1Bathroom(s)
C$220000

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75 Sailors Trail, Eastern Passage, NS B3G 0A2

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
36Picture(s)
1,548Sqft
Royal LePage Atlantic (Dartmouth)
C$449900

Residential For Sale

75 Sailors Trail, Eastern Passage, NS B3G 0A2
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,548Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to carefree community living you didn’t know you were missing! This beautifully maintained end-unit townhome condo in the sought-after Fisherman’s Cove neighbourhood offers style, comfort, and thoughtful upgrades throughout. Step inside to find a bright, open-concept main level with modern lighting, fresh professional paint, and new flooring in the primary suite and closets.
C$449900

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75 Sailors Trail, Eastern Passage, NS B3G 0A2
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
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8 Pebble Lane, West St. Andrews, NS B0N 2J0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1Picture(s)
1,184Sqft
Royal LePage Atlantic (Dartmouth)
C$348900

Residential For Sale

8 Pebble Lane, West St. Andrews, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,184Sqft
Royal LePage Atlantic (Dartmouth)
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Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
2Bathroom(s)
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