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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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23 Newport Drive, Fall River, NS B2T 1A4

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
2,674Sqft
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23 Newport Drive, Fall River, NS B2T 1A4
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,674Sqft
Exit Realty Metro
Welcome to 23 Newport Drive in Fall River! This stylish two-story home is located in the sought-after Fall River Village and is ready for new owners to experience all that Fall River has to offer. This home features three bedrooms and four bathrooms, is fully finished on all three levels, and boasts a finished basement with a walkout, plus a two-car garage.
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23 Newport Drive, Fall River, NS B2T 1A4
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3Bedroom(s)
3Bathroom(s)
GravelParking(s)
44Picture(s)
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1940 Clementsvale Road, Bear River, NS B0S 1B0
3Bedroom(s)
3Bathroom(s)
GravelParking(s)
2,227Sqft
Engel & Volkers (Annapolis Royal)
I am pleased to present this beautiful mid 19th century home which has gone through a Cinderella-like transformation after being completely rebuilt from the inside-out, resulting in a home with the charm of its original vernacular architecture, and all the benefits of a brand new build.
C$695000

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1940 Clementsvale Road, Bear River, NS B0S 1B0
Engel & Volkers (Annapolis Royal)
3Bedroom(s)
3Bathroom(s)
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4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,193Sqft
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C$525000

Residential For Sale

186 Wood Street, Truro, NS B2N 4T9
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,193Sqft
Hants Realty Ltd.
Welcome to 186 Wood Street, a meticulously cared-for two-storey home offering approx 2,193 sqft of finished space in one of Truro's most desirable neighbourhoods.
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4Bedroom(s)
3Bathroom(s)
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589 Highway 203, Carleton, NS B5A 5P9

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
30Picture(s)
1,120Sqft
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589 Highway 203, Carleton, NS B5A 5P9
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,120Sqft
The Real Estate Store
If you are looking for a private and quiet setting 589 Highway 203 in Carleton may be something to consider. This 2 bedroom, 2 bath all on one level home overlooking Mink Lake containing a 13.9 acre surveyed lot may be right for you. The property was designed and has well suited the current owners as a seasonal home.
C$499900

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589 Highway 203, Carleton, NS B5A 5P9
The Real Estate Store
2Bedroom(s)
2Bathroom(s)
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40 Little River Road, Meteghan River, NS B2W 2L0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
36Picture(s)
813Sqft
RE/MAX Banner Real Estate
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40 Little River Road, Meteghan River, NS B2W 2L0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
813Sqft
RE/MAX Banner Real Estate
Affordable & Move-In Ready! Welcome to 40 Little River Road, a charming and well-maintained mobile home nestled in a quiet, peaceful setting. Set back from the road, the spacious front yard offers added privacy, while the backyard provides a relaxing retreat complete with a patio, perfect for enjoying quiet evenings or hosting guests.
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Residential For Sale

40 Little River Road, Meteghan River, NS B2W 2L0
RE/MAX Banner Real Estate
2Bedroom(s)
1Bathroom(s)
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5782 Highway 201 Highway, Paradise, NS B0S 1C0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
36Picture(s)
2,402Sqft
Royal LePage Atlantic (Greenwood)
C$349900

Residential For Sale

5782 Highway 201 Highway, Paradise, NS B0S 1C0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
2,402Sqft
Royal LePage Atlantic (Greenwood)
Nestled in the scenic heart of the Annapolis Valley, this cheerful split-entry home offers a peaceful rural lifestyle with the convenience of nearby towns. Surrounded by lush small farms and a charming roadside farm stand just across the street, the setting is postcard-perfect—complete with a meandering creek that creates a park-like atmosphere right in your own backyard.
C$349900

Residential For Sale

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Royal LePage Atlantic (Greenwood)
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1Bathroom(s)
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32Picture(s)
1,277Sqft
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5Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,277Sqft
Keller Williams Select Realty
Oceanfront Century Home | 10.7 Acres | Over 2,200 Ft of Waterfront Nestled in the quiet seaside community of North East Harbour, this charming and spacious 5-bedroom, 1-bath century home sits on an expansive 10.7-acre lot with an incredible 2,230 feet of direct ocean frontage.
C$350000

Residential For Sale

4847 Shore Road, North East Harbour, NS B0T 1W0
Keller Williams Select Realty
5Bedroom(s)
1Bathroom(s)
C$350000

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4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
42Picture(s)
2,990Sqft
Sotheby's International Realty Canada
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4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,990Sqft
Sotheby's International Realty Canada
Tucked away on a quiet lane in Lower Sackville, 26 McIntyre Lane is a thoughtfully designed and a spacious home offering nearly 3,000 square feet of well-planned living space. From the soaring ceilings in the front entry to the multiple flex spaces throughout, this home is built to adapt to your lifestyle.
C$749000

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26 Mcintyre Lane, Lower Sackville, NS B4C 0B9
Sotheby's International Realty Canada
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91 Sherose Island Road, Sherose Island, NS B0W 1E0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
23Picture(s)
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Keller Williams Select Realty (Shelburne)
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2Bedroom(s)
2Bathroom(s)
GravelParking(s)
789Sqft
Keller Williams Select Realty (Shelburne)
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Keller Williams Select Realty (Shelburne)
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2Bathroom(s)
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53 Broadway Street, Lakeside, NS B3T 1B1

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1Bathroom(s)
DoubleParking(s)
41Picture(s)
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Royal LePage Atlantic (Dartmouth)
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53 Broadway Street, Lakeside, NS B3T 1B1
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
896Sqft
Royal LePage Atlantic (Dartmouth)
Welcome to 53 Broadway Street — a beautifully updated 2-bedroom mini home located in the heart of Halifax. Perfectly suited for first-time buyers, downsizers, or those seeking an affordable and low-maintenance lifestyle, this home combines contemporary touches with cozy comfort. Step inside to discover a bright, open-concept living space featuring updated flooring and paint.
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305-2 Lake Drive, Bedford, NS B4A 4H7

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
33Picture(s)
1,307Sqft
Royal LePage Atlantic
C$499000

Residential For Sale

305-2 Lake Drive, Bedford, NS B4A 4H7
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,307Sqft
Royal LePage Atlantic
Explore this incredible opportunity to own an immaculate and completely remodelled 2 bedroom, 2 bath condominium home at Casa Bonavista! Meticulously renovated to impress the most discerning buyer, this stunning unit offers a modern & well-appointed kitchen by Cabinetworks, complete with stylish white cabinets, new counters, appliances, backsplash, double sinks & custom lighting.
C$499000

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305-2 Lake Drive, Bedford, NS B4A 4H7
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
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1230 Veterans Memorial Highway, Arichat, NS B0E 1A0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
49Picture(s)
2,682Sqft
RE/MAX Nova
C$599900

Residential For Sale

1230 Veterans Memorial Highway, Arichat, NS B0E 1A0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,682Sqft
RE/MAX Nova
Welcome to 1230 Veterans Memorial Highway! This charming 3-bedroom, 2-bath home features a bright open kitchen/dining area with Corian countertops, oak floors on the main level, and a spacious living room with a cozy propane fireplace. Enjoy year-round comfort with ductless heat pumps on both the main level and in the rec room.
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Residential For Sale

1230 Veterans Memorial Highway, Arichat, NS B0E 1A0
RE/MAX Nova
3Bedroom(s)
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