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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

58 Tillock Drive, Lower Sackville, NS B4C 1K7

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
33Picture(s)
1,909Sqft
Keller Williams Select Realty
C$429900

Residential For Sale

58 Tillock Drive, Lower Sackville, NS B4C 1K7
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,909Sqft
Keller Williams Select Realty
Welcome to 58 Tillock Drive - where comfort, practicality, and peace of mind come together in the heart of Lower Sackville! This well-maintained semi-detached home offers 3 bedrooms on the main floor plus a 4th bedroom in the fully finished basement, providing flexibility for family living, guests, or a home office.
C$429900

Residential For Sale

58 Tillock Drive, Lower Sackville, NS B4C 1K7
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$429900

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5523 Sebastian Pl, Halifax, NS B3K 2K5

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,385Sqft
Keller Williams Select Realty
C$675000

Residential For Sale

5523 Sebastian Pl, Halifax, NS B3K 2K5
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,385Sqft
Keller Williams Select Realty
Tucked along one of the most coveted streets in the Hydrostone, this exceptional 3-bedroom, 1½-bath home masterfully blends historic architecture with refined modern living. The warmth of Douglas fir floors and the glow of original woodwork set the tone for a home that feels both classic and contemporary.
C$675000

Residential For Sale

5523 Sebastian Pl, Halifax, NS B3K 2K5
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$675000

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269 Oakdene Avenue, Kentville, NS B4N 2C5

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
944Sqft
Royal LePage Atlantic (New Minas)
C$299000

Residential For Sale

269 Oakdene Avenue, Kentville, NS B4N 2C5
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
944Sqft
Royal LePage Atlantic (New Minas)
TBD
C$299000

Residential For Sale

269 Oakdene Avenue, Kentville, NS B4N 2C5
Royal LePage Atlantic (New Minas)
2Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
1,920Sqft
Sutton Group Professional Realty
C$529900

Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,920Sqft
Sutton Group Professional Realty
Right of way over neighbouring property to access the waters of Herring Cove. Situated on a mature, well-treed lot with seasonal views of Herring Cove sits this lovely, owner-built, custom home. This well-built, traditional, two-story home is as attractive as it is sturdy and has embraced one family for nearly 60 years.
C$529900

Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$529900

Residential For Sale

166 Darner Drive, Beaver Bank, NS B4G 1C1

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
1Picture(s)
2,600Sqft
RE/MAX Nova
C$674900

Residential For Sale

166 Darner Drive, Beaver Bank, NS B4G 1C1
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,600Sqft
RE/MAX Nova
Discover modern living in the sought-after Carriagewood subdivision of Beaver Bank with these exceptional new builds by Orkid Homes. Each home offers 4 bedrooms, 3.5 bathrooms, an attached garage, a walkout basement, quartz countertops, high-end kitchen cabinetry, and durable, carpet-free flooring.
C$674900

Residential For Sale

166 Darner Drive, Beaver Bank, NS B4G 1C1
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$674900

Residential For Sale

37 Peachtree Hill, Dartmouth, NS B2W 0H9

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
38Picture(s)
2,219Sqft
RE/MAX Nova
C$769000

Residential For Sale

37 Peachtree Hill, Dartmouth, NS B2W 0H9
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,219Sqft
RE/MAX Nova
This gorgeous custom-built split-entry home is nestled in the highly sought-after community of Russell Lake West—where modern convenience meets natural beauty. Thoughtfully designed and impeccably maintained, this move-in-ready residence offers 4 bedrooms and 3 full bathrooms, perfectly suited for today’s growing family.
C$769000

Residential For Sale

37 Peachtree Hill, Dartmouth, NS B2W 0H9
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$769000

Residential For Sale

9-4 Rose Way, Dartmouth, NS B2Y 4L9

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
25Picture(s)
946Sqft
Keller Williams Select Realty
C$350000

Residential For Sale

9-4 Rose Way, Dartmouth, NS B2Y 4L9
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
946Sqft
Keller Williams Select Realty
Welcome to Suite 9 at 4 Rose Way, a bright and inviting two-bedroom plus loft condo that offers comfort and convenience. With its own private entrance, this unit provides a sense of privacy and independence not often found in condo living. Inside, you'll find vaulted ceilings, fresh paint, and beautifully refinished hardwood floors that create an open, airy atmosphere filled with natural light.
C$350000

Residential For Sale

9-4 Rose Way, Dartmouth, NS B2Y 4L9
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$350000

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
43Picture(s)
1,312Sqft
Century 21 Optimum Realty
C$1277000

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,312Sqft
Century 21 Optimum Realty
Discover one of Nova Scotia’s best-kept secrets in the charming seaside village of Port Mouton. This rustic beach house retreat offers over 1 acre of oceanfront land with 150 feet of private sandy beach frontage — a rare opportunity to own your very own piece of paradise.
C$1277000

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0
Century 21 Optimum Realty
4Bedroom(s)
1Bathroom(s)
C$1277000

Residential For Sale

5551 Sullivan Street, Halifax, NS B3K 1X6

2Bedroom(s)
3Bathroom(s)
GravelParking(s)
40Picture(s)
1,190Sqft
Engel & Volkers
C$879900

Residential For Sale

5551 Sullivan Street, Halifax, NS B3K 1X6
2Bedroom(s)
3Bathroom(s)
GravelParking(s)
1,190Sqft
Engel & Volkers
The classic craftsmanship of this 100 year old home has been perfectly maintained in this custom renovation.
C$879900

Residential For Sale

5551 Sullivan Street, Halifax, NS B3K 1X6
Engel & Volkers
2Bedroom(s)
3Bathroom(s)
C$879900

Residential For Sale

57 Porter Street, Yarmouth, NS B5A 2Y8

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
26Picture(s)
1,530Sqft
Engel & Volkers (Yarmouth)
C$369000

Residential For Sale

57 Porter Street, Yarmouth, NS B5A 2Y8
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,530Sqft
Engel & Volkers (Yarmouth)
Welcome to 57 Porter Street, a thoughtfully designed one-level home crafted by renowned local designer Robert Chipman. This inviting 2-bedroom residence blends practicality and comfort in a desirable Yarmouth neighbourhood within the Yarmouth Elementary School district.
C$369000

Residential For Sale

57 Porter Street, Yarmouth, NS B5A 2Y8
Engel & Volkers (Yarmouth)
2Bedroom(s)
2Bathroom(s)
C$369000

Residential For Sale

142 Mowatt Street, Shelburne, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
5Picture(s)
1,725Sqft
Royal Lepage Atlantic (Mahone Bay)
C$230000

Residential For Sale

142 Mowatt Street, Shelburne, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,725Sqft
Royal Lepage Atlantic (Mahone Bay)
Located in the heart of town, this charming home is just a luxury stroll away from the waterfront and a variety of amenities. Step inside to discover a bright sunroom that seamlessly flows into a spacious living room, featuring brand new windows that invite an abundance of natural light.
C$230000

Residential For Sale

142 Mowatt Street, Shelburne, NS B0T 1W0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
2Bathroom(s)
C$230000

Residential For Sale

3 East Uniacke Road, East Uniacke, NS B0N 1Z0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3Picture(s)
1,988Sqft
Engel & Volkers
C$559900

Residential For Sale

3 East Uniacke Road, East Uniacke, NS B0N 1Z0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,988Sqft
Engel & Volkers
Introducing the "Silverwood" by Ramar Homes — a contemporary bungalow that perfectly combines affordability, comfort, and modern style. Boasting nearly 2,000 square feet of thoughtfully designed living space, this 3-bedroom, 2.5-bath home offers exceptional value and flexibility.
C$559900

Residential For Sale

3 East Uniacke Road, East Uniacke, NS B0N 1Z0
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$559900
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