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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

6 Pebble Lane, West St. Andrews, NS B0N 2J0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1Picture(s)
1,024Sqft
Royal LePage Atlantic (Dartmouth)
C$315900

Residential For Sale

6 Pebble Lane, West St. Andrews, NS B0N 2J0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,024Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 6 Pebble Lane in Stonegate — modern living made easy. Stonegate is a brand-new land lease community in West St. Andrews, just outside Stewiacke. Surrounded by woodlands yet only 40 minutes from Dartmouth and 20 minutes from Halifax Stanfield Airport, this thoughtfully planned neighbourhood offers comfort, convenience, and affordability in one.
C$315900

Residential For Sale

6 Pebble Lane, West St. Andrews, NS B0N 2J0
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
1Bathroom(s)
C$315900

Residential For Sale

4 Pebble Lane, West St. Andrews, NS B0N 2J0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1Picture(s)
896Sqft
Royal LePage Atlantic (Dartmouth)
C$289000

Residential For Sale

4 Pebble Lane, West St. Andrews, NS B0N 2J0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
896Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 4 Pebble Lane in Stonegate — modern living made easy. Stonegate is a brand-new land lease community in West St. Andrews, just outside Stewiacke. Surrounded by woodlands yet only 40 minutes from Dartmouth and 20 minutes from Halifax Stanfield Airport, this thoughtfully planned neighbourhood offers comfort, convenience, and affordability in one.
C$289000

Residential For Sale

4 Pebble Lane, West St. Andrews, NS B0N 2J0
Royal LePage Atlantic (Dartmouth)
2Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

1 Pebble Lane, West St. Andrews, NS B0N 2J0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1Picture(s)
576Sqft
Royal LePage Atlantic (Dartmouth)
C$249900

Residential For Sale

1 Pebble Lane, West St. Andrews, NS B0N 2J0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
576Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 1 Pebble Lane in Stonegate — modern living made easy. Stonegate is a brand-new land lease community in West St. Andrews, just outside Stewiacke. Surrounded by woodlands yet only 40 minutes from Dartmouth and 20 minutes from Halifax Stanfield Airport, this thoughtfully planned neighbourhood offers comfort, convenience, and affordability in one.
C$249900

Residential For Sale

1 Pebble Lane, West St. Andrews, NS B0N 2J0
Royal LePage Atlantic (Dartmouth)
1Bedroom(s)
1Bathroom(s)
C$249900

Residential For Sale

210-210 Southgate Terrace, Bedford, NS B4A 0B1

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
36Picture(s)
1,478Sqft
Royal LePage Atlantic
C$559900

Residential For Sale

210-210 Southgate Terrace, Bedford, NS B4A 0B1
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,478Sqft
Royal LePage Atlantic
Welcome to The Ravines, one of Bedford’s most sought-after condo addresses! This fantastic corner unit offers nearly 1,500 sq. ft. of bright, open living space with an abundance of windows, a 2-bedroom plus den layout, and central heating and cooling for year-round comfort.
C$559900

Residential For Sale

210-210 Southgate Terrace, Bedford, NS B4A 0B1
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$559900

Residential For Sale

70 Portland Estates Boulevard, Dartmouth, NS B2W 6E5

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
19Picture(s)
1,973Sqft
Keller Williams Select Realty
C$649900

Residential For Sale

70 Portland Estates Boulevard, Dartmouth, NS B2W 6E5
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,973Sqft
Keller Williams Select Realty
This beautiful home is now waiting for it's new family. Original owners had obviously loved and cared for this property and it's evident in every detail. It may be 30 years old but shows like new. Generous living spaces. Elegant dinners in the formal dining room... or cosy family dinners in the eat in kitchen. Ooooo. The backyard.
C$649900

Residential For Sale

70 Portland Estates Boulevard, Dartmouth, NS B2W 6E5
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$649900

Residential For Sale

210 Martins Point Road, Martins Point, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
28Picture(s)
1,397Sqft
Engel & Volkers (Chester)
C$329900

Residential For Sale

210 Martins Point Road, Martins Point, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,397Sqft
Engel & Volkers (Chester)
SUNSHINE COTTAGE. A view from every room! Enjoy beautiful sunrises over the ocean from this vintage, light filled, character 3 bedroom home or cottage. Deeded ocean access across the road. The seller added dormers upstairs to give two bedrooms elevated ocean views and create more useable space. The property includes a pond and marsh area for bird life and westerly views over the ocean.
C$329900

Residential For Sale

210 Martins Point Road, Martins Point, NS B0J 2E0
Engel & Volkers (Chester)
3Bedroom(s)
2Bathroom(s)
C$329900

Residential For Sale

199 Sylvester Road, Sylvester, NS B0K 2A0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
2,730Sqft
Blinkhorn Real Estate Ltd.
C$535000

Residential For Sale

199 Sylvester Road, Sylvester, NS B0K 2A0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,730Sqft
Blinkhorn Real Estate Ltd.
Welcome home to this charming and spacious executive style bungalow, nestled in a private tree-lined 3.2 acre lot. You will be awed by the curb appeal and attention to detail which defines this property. Enjoy the ease of one-level living with 3 generous sized bedrooms, 2 full baths and an open concept layout ideal for entertaining and everyday living.
C$535000

Residential For Sale

199 Sylvester Road, Sylvester, NS B0K 2A0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$535000

Residential For Sale

205 Brodies Rd., Descousse, NS B0E 1K0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
31Picture(s)
784Sqft
iLand Realty Inc.
C$469000

Residential For Sale

205 Brodies Rd., Descousse, NS B0E 1K0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
784Sqft
iLand Realty Inc.
Discover the perfect blend of relaxation and functionality with this two bedroom, one bath mini home perched above 500 feet of pristine waterfront on Grand Lake. Enjoy panoramic water views and direct access to the lake with a floating dock for your powerboat, plus a separate launch area ideal for kayaks and canoes.
C$469000

Residential For Sale

205 Brodies Rd., Descousse, NS B0E 1K0
iLand Realty Inc.
2Bedroom(s)
1Bathroom(s)
C$469000

Residential For Sale

215 Otter Lake Lane, East Dalhousie, NS B0R 1H0

2Bedroom(s)
SingleParking(s)
48Picture(s)
704Sqft
RE/MAX Nova (Halifax)
C$249900

Residential For Sale

215 Otter Lake Lane, East Dalhousie, NS B0R 1H0
2Bedroom(s)
SingleParking(s)
704Sqft
RE/MAX Nova (Halifax)
Introducing a spectacular off-grid lakehouse nestled in the serene heart of Nova Scotia, overlooking the pristine waters of Spectacle Lake. This completely renovated retreat boasts a new metal roof, insulation, and stunning new flooring, creating a modern yet rustic atmosphere perfect for those seeking an escape from urban life.
C$249900

Residential For Sale

215 Otter Lake Lane, East Dalhousie, NS B0R 1H0
RE/MAX Nova (Halifax)
2Bedroom(s)
C$249900

Residential For Sale

2149 Highway 203, Kemptville, NS B5A 5P4

5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
21Picture(s)
2,214Sqft
PG Direct Realty Ltd.
C$488000

Residential For Sale

2149 Highway 203, Kemptville, NS B5A 5P4
5Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,214Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Brimming with character and charm, this spacious home features large, open rooms that offer ample space for family living, entertaining, or creative renovation projects. Comfort meets efficiency with multiple heating options: a cozy wood stove, a modern oil stove, and a newly installed heat pump to keep things comfortable year-round.
C$488000

Residential For Sale

2149 Highway 203, Kemptville, NS B5A 5P4
PG Direct Realty Ltd.
5Bedroom(s)
2Bathroom(s)
C$488000

Residential For Sale

6 Second Street, Northside East Bay, NS B1J 1B4

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
36Picture(s)
938Sqft
3% Realty Nova Scotia
C$115000

Residential For Sale

6 Second Street, Northside East Bay, NS B1J 1B4
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
938Sqft
3% Realty Nova Scotia
Welcome to 6 Second Street, Northside East Bay located in Channelview Estates. Built in 1990, This home features 3 bedrooms, a 4 piece bath, with heat pump and metal roof upgrades for efficiency and convenience. The spacious living and dining area offers comfortable flow for entertaining and preparing family meals. Outside, you will find a fenced backyard, large deck and 2 storage sheds.
C$115000

Residential For Sale

6 Second Street, Northside East Bay, NS B1J 1B4
3% Realty Nova Scotia
3Bedroom(s)
1Bathroom(s)
C$115000

Residential For Sale

111 Parkside Drive, Valley, NS B6L 4A6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
37Picture(s)
2,838Sqft
RE/MAX Fairlane Realty
C$580000

Residential For Sale

111 Parkside Drive, Valley, NS B6L 4A6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,838Sqft
RE/MAX Fairlane Realty
Welcome to this beautifully maintained one-owner bungalow in Valley, offering comfort, space, and thoughtful design inside and out. The open concept main level features a bright kitchen, living, and dining area with patio doors leading to a screened-in sunroom, perfect for three season enjoyment and easily removed during the winter months.
C$580000

Residential For Sale

111 Parkside Drive, Valley, NS B6L 4A6
RE/MAX Fairlane Realty
4Bedroom(s)
3Bathroom(s)
C$580000
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