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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

26 Queen Street, Amherst, NS B4H 1P9

5Bedroom(s)
2Bathroom(s)
SingleParking(s)
49Picture(s)
1,839Sqft
Royal LePage Cumberland Realty Ltd.
C$239900

Residential For Sale

26 Queen Street, Amherst, NS B4H 1P9
5Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,839Sqft
Royal LePage Cumberland Realty Ltd.
Centrally located in the heart of Amherst, this well-cared-for five-bedroom home puts you close to everything! The Little League baseball complex and Amherst Stadium are just around the corner, with all levels of schools and downtown amenities within walking distance-making it ideal for a growing family. This home has been maintained with efficiency in mind.
C$239900

Residential For Sale

26 Queen Street, Amherst, NS B4H 1P9
Royal LePage Cumberland Realty Ltd.
5Bedroom(s)
2Bathroom(s)
C$239900

Residential For Sale

498 Glen Allan Drive, Bridgewater, NS B4V 0B1

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
48Picture(s)
2,234Sqft
EXIT Realty Inter Lake
C$519900

Residential For Sale

498 Glen Allan Drive, Bridgewater, NS B4V 0B1
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,234Sqft
EXIT Realty Inter Lake
Be prepared to fall in love! Just when you thought the perfect Home for you and your Family, at a great price, would never come on the market....well here it is!! This gorgeous 3-4 Bed and 3 Bath Home has everything and more that you want in your new Home.
C$519900

Residential For Sale

498 Glen Allan Drive, Bridgewater, NS B4V 0B1
EXIT Realty Inter Lake
4Bedroom(s)
3Bathroom(s)
C$519900

Residential For Sale

147 Birch Hill Road, Bass River, NS B0M 1B0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
20Picture(s)
1,304Sqft
RE/MAX Fairlane Realty
C$249500

Residential For Sale

147 Birch Hill Road, Bass River, NS B0M 1B0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,304Sqft
RE/MAX Fairlane Realty
Come and take a look at this 3 bedroom, 2 bathroom home in beautiful Bass River. The lot is approximately 1 acre. This home is located in a very Quiet location. There is 1300 sq ft of living space, which includes a large living room. This home is equipped with heat pumps to offer you year round comfort. The kitchen & dining room are opened up to maximize the space in the home.
C$249500

Residential For Sale

147 Birch Hill Road, Bass River, NS B0M 1B0
RE/MAX Fairlane Realty
3Bedroom(s)
2Bathroom(s)
C$249500

Residential For Sale

36 Old Highway 354 Highway, Noel, NS B0N 1T0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,024Sqft
Royal LePage Atlantic (Enfield)
C$279900

Residential For Sale

36 Old Highway 354 Highway, Noel, NS B0N 1T0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,024Sqft
Royal LePage Atlantic (Enfield)
3 Bedroom, 2 bath mini home with a detached garage, Ideal Outdoor Lifestyle! Discover peace and privacy with this charming Maple Leaf mini home, set on its own land with 2.88 acres of treed surroundings. Built in 2001, this well-maintained home offers the perfect blend of comfort and outdoor adventure.
C$279900

Residential For Sale

36 Old Highway 354 Highway, Noel, NS B0N 1T0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$279900

Residential For Sale

21 Clydesdale Road, Clydesdale, NS B2G 2K9

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
28Picture(s)
1,587Sqft
Royal LePage Atlantic(Stellarton)
C$299900

Residential For Sale

21 Clydesdale Road, Clydesdale, NS B2G 2K9
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,587Sqft
Royal LePage Atlantic(Stellarton)
Nestled in a tranquil location, this delightful 3-bedroom home offers a blend of seclusion and serene living. Step out from the kitchen onto the rear deck — an ideal spot to enjoy your morning coffee and take in the quiet surroundings.
C$299900

Residential For Sale

21 Clydesdale Road, Clydesdale, NS B2G 2K9
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

53 Charles Drive, Mount Uniacke, NS B0N 1Z0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
43Picture(s)
2,440Sqft
Exit Real Estate Professionals
C$699900

Residential For Sale

53 Charles Drive, Mount Uniacke, NS B0N 1Z0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,440Sqft
Exit Real Estate Professionals
Introducing 53 Charles Drive – a peaceful retreat nestled in the friendly and growing community of Mount Uniacke. This ICF slab bungalow sits on a generous 3.52-acre lot and offers 2,440 square feet of living space, 4 bedrooms, 2 full bathrooms, and a bright open-concept layout with high-quality finishes throughout.
C$699900

Residential For Sale

53 Charles Drive, Mount Uniacke, NS B0N 1Z0
Exit Real Estate Professionals
4Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

910 West Petpeswick Road, West Petpeswick, NS B0J 2L0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
42Picture(s)
1,464Sqft
Century 21 Trident Realty Ltd.
C$625000

Residential For Sale

910 West Petpeswick Road, West Petpeswick, NS B0J 2L0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,464Sqft
Century 21 Trident Realty Ltd.
Welcome Home to 910 West Petpeswick Road - your dream coastal retreat! This gorgeous custom-designed 3-bedroom, 2-bathroom bungalow was built with premium materials and craftsmanship and offers effortless single-level living paired with breathtaking ocean views.
C$625000

Residential For Sale

910 West Petpeswick Road, West Petpeswick, NS B0J 2L0
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$625000

Residential For Sale

19 Quartz Drive, Halifax, NS B3P 0E3

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,049Sqft
Keller Williams Select Realty
C$594900

Residential For Sale

19 Quartz Drive, Halifax, NS B3P 0E3
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,049Sqft
Keller Williams Select Realty
Move-in Ready! 3 Bed | 3.5 Bath | Garage | Private Backyard OasisLovingly cared for by its original owners, 19 Quartz Drive delivers spacious living and modern updates in the highly desirable Governor’s Brook subdivision — a vibrant, family-friendly community just 20 minutes from downtown Halifax.Freshly painted, this home features 3 spacious bedrooms, 3.
C$594900

Residential For Sale

19 Quartz Drive, Halifax, NS B3P 0E3
Keller Williams Select Realty
3Bedroom(s)
4Bathroom(s)
C$594900

Residential For Sale

84 Lady Slipper Road, Westfield, NS B0T 1B0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
28Picture(s)
1,062Sqft
EXIT Realty Inter Lake Liverpool
C$435000

Residential For Sale

84 Lady Slipper Road, Westfield, NS B0T 1B0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,062Sqft
EXIT Realty Inter Lake Liverpool
Welcome to 84 Lady Slipper Rd...... where you can enjoy privacy and 393 feet of lake front on Tupper Lake, and 13 acres across 2 lots in the community of Westfield. Situated in a tranquil and secluded setting, this well built residence promises a lifestyle of serenity.
C$435000

Residential For Sale

84 Lady Slipper Road, Westfield, NS B0T 1B0
EXIT Realty Inter Lake Liverpool
3Bedroom(s)
1Bathroom(s)
C$435000

Residential For Sale

32 O'connell Drive, Porters Lake, NS B3E 1E8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,632Sqft
Century 21 Trident Realty Ltd.
C$599000

Residential For Sale

32 O'connell Drive, Porters Lake, NS B3E 1E8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,632Sqft
Century 21 Trident Realty Ltd.
The ideal family home in the ideal family community! This well updated 3 bed 2 full bath home is being offered to a new family by the original owners! The main floor has 2 spacious bedrooms both with walk in closets, updated 4 pc bath, bright living area and eat in kitchen that spills onto the massive 33x43' deck with pool and hot tub! Downstairs you'll find the primary bedroom complete with wal
C$599000

Residential For Sale

32 O'connell Drive, Porters Lake, NS B3E 1E8
Century 21 Trident Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$599000

Residential For Sale

505-2677 Gladstone Street, Halifax, NS B3L 0A3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
31Picture(s)
1,180Sqft
The Agency Real Estate Brokerage
C$624900

Residential For Sale

505-2677 Gladstone Street, Halifax, NS B3L 0A3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,180Sqft
The Agency Real Estate Brokerage
Welcome to effortless city living at Wellington Court. Perched on the 5th floor, this beautifully renovated condo offers stunning views and a bright, open layout designed for both comfort and style.
C$624900

Residential For Sale

505-2677 Gladstone Street, Halifax, NS B3L 0A3
The Agency Real Estate Brokerage
2Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

304 Pleasant Street, Yarmouth, NS B5A 4L6

4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
42Picture(s)
1,821Sqft
RE/MAX Banner Real Estate(Yarmouth)
C$395000

Residential For Sale

304 Pleasant Street, Yarmouth, NS B5A 4L6
4Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,821Sqft
RE/MAX Banner Real Estate(Yarmouth)
Location! location! location! This 4 bedroom 2 1/2 bath home knows that the right buyer is just around the corner. Move in ready home and can also accommodate a quick closing. Located close to shopping, schools, hospital and so much more.
C$395000

Residential For Sale

304 Pleasant Street, Yarmouth, NS B5A 4L6
RE/MAX Banner Real Estate(Yarmouth)
4Bedroom(s)
3Bathroom(s)
C$395000
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