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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

21 Old South River Road, Greenwold, NS B2G 0B4

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
13Picture(s)
1,056Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$354000

Residential For Sale

21 Old South River Road, Greenwold, NS B2G 0B4
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,056Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
Spacious lot (almost 1/2 acre) with 4 bedroom bungalow located in the fringe area so walking distance to town is an option. PID 01213289 IS ALSO INCLUDED. Ample space for veggie garden - possibility of subdividing and creating an extra lot - restrictive covenants will apply - The property is currently accessible from Old South River Road however could be accessed by Greenwold Avenue .
C$354000

Residential For Sale

21 Old South River Road, Greenwold, NS B2G 0B4
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
4Bedroom(s)
1Bathroom(s)
C$354000

Residential For Sale

148 Ritchie Street, Annapolis Royal, NS B0S 1A0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
32Picture(s)
1,974Sqft
RE/MAX Banner Real Estate
C$275000

Residential For Sale

148 Ritchie Street, Annapolis Royal, NS B0S 1A0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,974Sqft
RE/MAX Banner Real Estate
Set on nearly three-quarters of an acre in the town of Annapolis Royal, this early 20th-century home offers walkable access to nearly every amenity the community has to offer—schools, the public library, the Historic Gardens, farmers’ market, shops, cafés, and restaurants.
C$275000

Residential For Sale

148 Ritchie Street, Annapolis Royal, NS B0S 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$275000

Residential For Sale

326 Highway 3, Simms Settlement, NS B0J 1T0

3Bedroom(s)
2Bathroom(s)
OtherParking(s)
48Picture(s)
1,802Sqft
Red Door Realty
C$424900

Residential For Sale

326 Highway 3, Simms Settlement, NS B0J 1T0
3Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,802Sqft
Red Door Realty
Welcome to 326 Highway 3 – a beautifully maintained 3-bedroom, 2-bathroom home just minutes from the vibrant seaside town of Hubbards. Perfectly located right off Exit 6, this property offers the ideal balance of peaceful rural living and easy access to some of Nova Scotia’s best coastal attractions.
C$424900

Residential For Sale

326 Highway 3, Simms Settlement, NS B0J 1T0
Red Door Realty
3Bedroom(s)
2Bathroom(s)
C$424900

Residential For Sale

108 Cottage Street, Berwick, NS B0P 1E0

2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
28Picture(s)
1,255Sqft
RE/MAX Banner Real Estate
C$365000

Residential For Sale

108 Cottage Street, Berwick, NS B0P 1E0
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,255Sqft
RE/MAX Banner Real Estate
Charming and move-in ready, this renovated home is tucked away on a quiet side street just a short walk from all the amenities of downtown Berwick, right in the heart of the Annapolis Valley. Set on a generous 0.8 acre lot with mature trees, a paved driveway, and a detached 1.5 car garage with workshop space, this property offers rare value and is priced to sell.
C$365000

Residential For Sale

108 Cottage Street, Berwick, NS B0P 1E0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$365000

Residential For Sale

1120 Hwy 359, Steam Mill, NS B4N 3V7

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
50Picture(s)
2,337Sqft
RE/MAX Advantage
C$899000

Residential For Sale

1120 Hwy 359, Steam Mill, NS B4N 3V7
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
2,337Sqft
RE/MAX Advantage
Welcome to this beautifully restored Century home nestled on 8 +- acres of countryside. The barn was built in 2003 and designed as a four-stall horse barn with a tack and hay room. Inside the home is bright and cheerful, and the yard offers a peaceful setting for the family gardener and children to play. You will be impressed with the care and details throughout.
C$899000

Residential For Sale

1120 Hwy 359, Steam Mill, NS B4N 3V7
RE/MAX Advantage
4Bedroom(s)
2Bathroom(s)
C$899000

Residential For Sale

3512 Highway 252, Brook Village, NS B0E 1X0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
938Sqft
Cape Breton Realty (Port Hawkesbury)
C$750000

Residential For Sale

3512 Highway 252, Brook Village, NS B0E 1X0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
938Sqft
Cape Breton Realty (Port Hawkesbury)
Experience the best of rural living with this spectacular 200-acre property featuring a beautiful mountain, babbling brook, and 190 acres of mature hardwood forest. Enjoy captivating sunrises and sunsets with panoramic mountain views, explore the extensive walking and ATV trails that weave throughout the woods,and benefit from a gravity-fed mountain spring providing fresh, clean water year-round.
C$750000

Residential For Sale

3512 Highway 252, Brook Village, NS B0E 1X0
Cape Breton Realty (Port Hawkesbury)
2Bedroom(s)
1Bathroom(s)
C$750000

Residential For Sale

15 Mcdougal Street, Springhill, NS B0M 1X0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
2,910Sqft
Royal LePage Cumberland Realty Ltd.
C$189900

Residential For Sale

15 Mcdougal Street, Springhill, NS B0M 1X0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,910Sqft
Royal LePage Cumberland Realty Ltd.
Great location with this old beauty. She's close to pretty much everything in Springhill, including the downtown core, arena, school, and the community college.
C$189900

Residential For Sale

15 Mcdougal Street, Springhill, NS B0M 1X0
Royal LePage Cumberland Realty Ltd.
5Bedroom(s)
2Bathroom(s)
C$189900

Residential For Sale

202 Catalone Gut Road, Catalone, NS B1C 2E5

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
28Picture(s)
300Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$239900

Residential For Sale

202 Catalone Gut Road, Catalone, NS B1C 2E5
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
300Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Escape to tranquility with this stunning, open-concept bachelor style cabin, just 2 years old and perfectly nestled by the lake. Whether you're a fan of kayaking, Sea-Dooing, or simply relaxing by the water, this is the ideal setting for a summer full of adventure and relaxation. Step inside to find a spacious, open-plan living area that seamlessly combines comfort and functionality.
C$239900

Residential For Sale

202 Catalone Gut Road, Catalone, NS B1C 2E5
Keller Williams Select Realty(Sydney,Townsend St.)
1Bedroom(s)
1Bathroom(s)
C$239900

Residential For Sale

17 Lakeview Avenue, Middle Sackville, NS B4E 3B5

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
22Picture(s)
980Sqft
Realty Connect Ltd.
C$299900

Residential For Sale

17 Lakeview Avenue, Middle Sackville, NS B4E 3B5
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
980Sqft
Realty Connect Ltd.
COZY HOME AND ONE LEVEL LIVING IN MIDDLE SACKVILLE. ONLY MINUTES AWAY FROM SHOPPING, SCHOOLS, BUS ROUTE AND SITUATED ON A BEAUTIFUL LARGE TREED PRIVATE LOT. TAKE NOTE THIS PROPERTY IS ON MUNICIPAL SEWER(no septic).
C$299900

Residential For Sale

17 Lakeview Avenue, Middle Sackville, NS B4E 3B5
Realty Connect Ltd.
2Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

111-85 Spinnaker Drive, Halifax, NS B3N 3E3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
20Picture(s)
1,065Sqft
Royal LePage Anchor Realty
C$440000

Residential For Sale

111-85 Spinnaker Drive, Halifax, NS B3N 3E3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,065Sqft
Royal LePage Anchor Realty
Welcome to The Anchorage! This spacious 2 bedroom, 2 bath corner unit is nestled on the water side of the building, with a beautiful landscaped, tree-lined setting. This is a well-managed, concrete building, featuring laminate flooring throughout, large windows that give natural light, with a beautiful view. It has a generous primary suite, complete with a walk-in closet and ensuite.
C$440000

Residential For Sale

111-85 Spinnaker Drive, Halifax, NS B3N 3E3
Royal LePage Anchor Realty
2Bedroom(s)
2Bathroom(s)
C$440000

Residential For Sale

73 Chambers Lane, Sand Point, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
864Sqft
Keller Williams Select Realty (Truro)
C$349500

Residential For Sale

73 Chambers Lane, Sand Point, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
864Sqft
Keller Williams Select Realty (Truro)
Charming Cottage in Sandpoint, Nova Scotia – Your Coastal Retreat Awaits! Pack your bags for this enchanting two-bedroom cottage, perfectly situated on a spacious 20,000-square-foot lot with stunning ocean views. This four-season property offers the ideal blend of comfort and tranquility.
C$349500

Residential For Sale

73 Chambers Lane, Sand Point, NS B0K 1V0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$349500

Residential For Sale

363 Dagley Road, Italy Cross, NS B4V 0N9

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
41Picture(s)
1,692Sqft
EXIT Realty Inter Lake
C$629900

Residential For Sale

363 Dagley Road, Italy Cross, NS B4V 0N9
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,692Sqft
EXIT Realty Inter Lake
Imagine waking up to the serene beauty of Wallace Lake every morning and ending each day with breathtaking sunsets over the Lake from almost every room in your Home. Picture yourself on your sprawling 1.8-acre lot, where the stunning, level landscape leads you to your own private beach.
C$629900

Residential For Sale

363 Dagley Road, Italy Cross, NS B4V 0N9
EXIT Realty Inter Lake
4Bedroom(s)
2Bathroom(s)
C$629900
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