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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

161 Welton Street, Sydney, NS B1P 5R9

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
8Picture(s)
656Sqft
VALMAC REALTY LTD. - 16139
C$289000

Residential For Sale

161 Welton Street, Sydney, NS B1P 5R9
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
656Sqft
VALMAC REALTY LTD. - 16139
Consisting of three lots and totalling over half an acre with approximately 120 feet of road frontage and 200 feet deep in a busy commercial zone, there is also a home on the property that would require some updating. Value is in the land.
C$289000

Residential For Sale

161 Welton Street, Sydney, NS B1P 5R9
VALMAC REALTY LTD. - 16139
2Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

49 Second Court, Valley, NS B6L 2T6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
31Picture(s)
1,921Sqft
Royal LePage Truro Real Estate
C$465000

Residential For Sale

49 Second Court, Valley, NS B6L 2T6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,921Sqft
Royal LePage Truro Real Estate
This well kept family home is located in a mature Valley subdivision at the end of a cul-de-sac. There is plenty of room inside and out, with three bedrooms, 1.5 baths and a spacious family room in the basement with a woodstove. The kitchen is very roomy and is partially open to the living room. The lot is approximately half an acre with a portion of it fenced.
C$465000

Residential For Sale

49 Second Court, Valley, NS B6L 2T6
Royal LePage Truro Real Estate
3Bedroom(s)
2Bathroom(s)
C$465000

Residential For Sale

74 Duke Street, Truro, NS B2N 2A6

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
40Picture(s)
1,838Sqft
Keller Williams Select Realty
C$325000

Residential For Sale

74 Duke Street, Truro, NS B2N 2A6
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,838Sqft
Keller Williams Select Realty
74 Duke Street—Heritage Charm, Fully Updated Nestled in Truro’s Heritage District, 74 Duke Street is a beautifully restored home that seamlessly blends historic character with modern upgrades. From the new front porch to the freshly painted exterior, every detail has been thoughtfully addressed.
C$325000

Residential For Sale

74 Duke Street, Truro, NS B2N 2A6
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$325000

Residential For Sale

8513 Highway 1, Upper Granville, NS B0S 1A0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
33Picture(s)
1,565Sqft
Exit Realty Town & Country
C$284999

Residential For Sale

8513 Highway 1, Upper Granville, NS B0S 1A0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,565Sqft
Exit Realty Town & Country
Timeless charm meets modern living. This gorgeous redesigned home offers a fresh take on living. Fresh clean neutral walls, sleek contemporary flooring, and modern finsihes create a blank canvas ready for your personal touch. Set on a beautiful country lot with a spacious deck ideal for entertaining, morning coffee, or an evening wine while soaking in the beautiful views.
C$284999

Residential For Sale

8513 Highway 1, Upper Granville, NS B0S 1A0
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$284999

Residential For Sale

26 Steeves Court, Lower Sackville, NS B4C 1K4

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,204Sqft
RE/MAX Nova
C$389900

Residential For Sale

26 Steeves Court, Lower Sackville, NS B4C 1K4
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,204Sqft
RE/MAX Nova
Welcome to 26 Steeves Court, a charming three-bedroom, two-bathroom home nestled in a tranquil cul-de-sac within the desirable Lower Sackville community. This two-story residence beautifully combines comfort and modern living, making it an ideal choice for families and outdoor enthusiasts alike. The well-maintained home boasts several significant upgrades that enhance its appeal and functionality.
C$389900

Residential For Sale

26 Steeves Court, Lower Sackville, NS B4C 1K4
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$389900

Residential For Sale

984 Herring Cove Road, Herring Cove, NS B3R 1Z6

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
26Picture(s)
1,140Sqft
Royal LePage Atlantic
C$499900

Residential For Sale

984 Herring Cove Road, Herring Cove, NS B3R 1Z6
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,140Sqft
Royal LePage Atlantic
A truly unique package, in a great location, ready and waiting for a new owner who appreciates the potential! This raised bungalow is set back from the street, surrounded by mature trees, on a large private lot, backing on Crown Land. Originally a modest 2 bedroom home, over the years it grew to accommodate a growing family.
C$499900

Residential For Sale

984 Herring Cove Road, Herring Cove, NS B3R 1Z6
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$499900

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
768Sqft
Keller Williams Select Realty (Truro)
C$439000

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
768Sqft
Keller Williams Select Realty (Truro)
Welcome to your four-season retreat, nestled on 2.2 acres just off the paved Lake Road! This charming property boasts waterfront access complete with a dock, perfect for summer days on the water. The delightful bunkhouse is an ideal space for children to play and create lasting memories.
C$439000

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$439000

Residential For Sale

35 Lisgar Street, Springhill, NS B0M 1X0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
1,222Sqft
Coldwell Banker Performance Realty
C$114900

Residential For Sale

35 Lisgar Street, Springhill, NS B0M 1X0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,222Sqft
Coldwell Banker Performance Realty
Charming 1.5-Storey Home Close to Downtown! This well-kept 3-bedroom, 1-bath home offers plenty of space and versatility for a growing family or first-time buyer. The main level features a bright galley kitchen, large dining room, spacious living room, and a den or office that could easily serve as a 4th bedroom. Upstairs, you’ll find three comfortable bedrooms and a 4-piece bath.
C$114900

Residential For Sale

35 Lisgar Street, Springhill, NS B0M 1X0
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$114900

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
768Sqft
Keller Williams Select Realty (Truro)
C$439000

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
768Sqft
Keller Williams Select Realty (Truro)
Welcome to your four-season retreat, nestled on 2.2 acres just off the paved Lake Road! This charming property boasts waterfront access complete with a dock, perfect for summer days on the water. The delightful bunkhouse is an ideal space for children to play and create lasting memories.
C$439000

Residential For Sale

1127 Lake Road, Mattatall Lake, NS B0M 1Z0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$439000

Residential For Sale

3833 Highway 209, Advocate Harbour, NS B0M 1S0

1Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
30Picture(s)
980Sqft
Coldwell Banker Performance Realty
C$179900

Residential For Sale

3833 Highway 209, Advocate Harbour, NS B0M 1S0
1Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
980Sqft
Coldwell Banker Performance Realty
Located in the hamlet of Advocate Harbour, this charming duplex sits on 15 scenic acres overlooking the breathtaking Bay of Fundy. Ideal for nature lovers and those seeking tranquility, the property offers privacy, space, and stunning views that shift with the dramatic tides. This duplex features a one bedroom apartment on the main floor and a cozy studio apartment on the second floor.
C$179900

Residential For Sale

3833 Highway 209, Advocate Harbour, NS B0M 1S0
Coldwell Banker Performance Realty
1Bedroom(s)
2Bathroom(s)
C$179900

Residential For Sale

12 Bear Cove Road, St. Alphonse, NS B0W 2J0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
40Picture(s)
1,142Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$379900

Residential For Sale

12 Bear Cove Road, St. Alphonse, NS B0W 2J0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,142Sqft
RE/MAX Banner Real Estate(Yarmouth)
Welcome to this beautifully crafted, ultra-efficient home built in 2023 by respected local builder Jeff Richardson. Set on just under an acre of freshly grass-seeded, cleared land, this 3-bedroom, 2-bathroom home blends thoughtful design with modern convenience - all just minutes from the famous Mavillette Beach and 30 minutes' drive to Yarmouth's amenities.
C$379900

Residential For Sale

12 Bear Cove Road, St. Alphonse, NS B0W 2J0
RE/MAX Banner Real Estate(Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

34 Sunset Drive, Bridgewater, NS B4V 3R5

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,344Sqft
Press Realty Inc.
C$674900

Residential For Sale

34 Sunset Drive, Bridgewater, NS B4V 3R5
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,344Sqft
Press Realty Inc.
Welcome to 34 Sunset Drive - where style meets serenity in the heart of Bridgewater. This beautifully updated home blends modern design with warm, comfortable living. Enjoy a bright open-concept layout filled with natural light, a sleek kitchen with stainless steel appliances, and spacious living areas perfect for family life or entertaining guests.
C$674900

Residential For Sale

34 Sunset Drive, Bridgewater, NS B4V 3R5
Press Realty Inc.
4Bedroom(s)
3Bathroom(s)
C$674900
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