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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

752 Highway 1, Hebron, NS B5A 5Z5

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
36Picture(s)
1,650Sqft
Engel & Volkers (Yarmouth)
C$330000

Residential For Sale

752 Highway 1, Hebron, NS B5A 5Z5
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,650Sqft
Engel & Volkers (Yarmouth)
Welcome to 752 Highway 1, Hebron — a well-kept 3-bedroom, 1.5-bath bungalow offering a wonderful blend of comfort, space, and convenience. Situated just 10 minutes from Yarmouth in the sought-after Meadowfields School District, this home provides an ideal setting for families and those seeking a quiet lifestyle close to town.
C$330000

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752 Highway 1, Hebron, NS B5A 5Z5
Engel & Volkers (Yarmouth)
3Bedroom(s)
2Bathroom(s)
C$330000

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301-6369 Coburg Road, Halifax, NS B3H 4J7

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
26Picture(s)
680Sqft
Royal LePage Atlantic
C$319000

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301-6369 Coburg Road, Halifax, NS B3H 4J7
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
680Sqft
Royal LePage Atlantic
This well maintained 1 Bedroom Condo offers a great opportunity to live just minutes from Dalhousie University and Kings College, perfect for students and faculty. The location is also ideal for any professional looking to live close to downtown with a bus stop outside your door or a walk to hospitals, shopping and downtown.
C$319000

Residential For Sale

301-6369 Coburg Road, Halifax, NS B3H 4J7
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$319000

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10031 Highway 1, Greenwich, NS B4P 0M7

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,776Sqft
Exit Realty Town & Country
C$998500

Residential For Sale

10031 Highway 1, Greenwich, NS B4P 0M7
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,776Sqft
Exit Realty Town & Country
Once in a while a truly rare and unique property comes along and this is one of those properties. The prime location and combined zoning allowing for residential, agricultural and commercial uses offers any potential buyer the opportunity to let their imagination take off and start the business of their dreams.
C$998500

Residential For Sale

10031 Highway 1, Greenwich, NS B4P 0M7
Exit Realty Town & Country
3Bedroom(s)
2Bathroom(s)
C$998500

Residential For Sale

194 Payzant Drive, Windsor, NS B0N 2T0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
42Picture(s)
1,539Sqft
RE/MAX Nova (Halifax)
C$360000

Residential For Sale

194 Payzant Drive, Windsor, NS B0N 2T0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,539Sqft
RE/MAX Nova (Halifax)
This 3-bedroom, 1.5-bath semi-detached home offers the perfect blend of style, comfort, and convenience in a highly sought-after, family-friendly neighbourhood. The upper level features a bright, open-concept living room, kitchen, and dining area, all painted in a crisp, neutral tone that complements any décor. A convenient half bath completes the main living space.
C$360000

Residential For Sale

194 Payzant Drive, Windsor, NS B0N 2T0
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$360000

Residential For Sale

11 Ashdale Avenue, Halifax, NS B3N 2C7

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
30Picture(s)
828Sqft
Exit Realty Metro
C$399900

Residential For Sale

11 Ashdale Avenue, Halifax, NS B3N 2C7
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
828Sqft
Exit Realty Metro
Located in the desirable community of Fairview, this property presents an excellent opportunity for buyers looking to create their ideal starter home or a smart investment. Offering a functional layout and strong potential for improvement, this 2 bed, 1 bath home is ready for someone with vision to add modern updates and personal touches.
C$399900

Residential For Sale

11 Ashdale Avenue, Halifax, NS B3N 2C7
Exit Realty Metro
2Bedroom(s)
1Bathroom(s)
C$399900

Residential For Sale

149 Long Beach Road, West Glenmont, NS B0P 1H0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
21Picture(s)
1,338Sqft
EXP Realty of Canada Inc.
C$159000

Residential For Sale

149 Long Beach Road, West Glenmont, NS B0P 1H0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,338Sqft
EXP Realty of Canada Inc.
Looking for a project? This handyman special could be just what you are looking for. A make over will do this home wonders, what a chance to make it your own. It was mostly stripped to the studs in 2008, with new insulation, vapour barrier and gyproc. It is currently heated with a wood stove, there is an oil furnace on site but not used for years.
C$159000

Residential For Sale

149 Long Beach Road, West Glenmont, NS B0P 1H0
EXP Realty of Canada Inc.
4Bedroom(s)
1Bathroom(s)
C$159000

Residential For Sale

42 Thomas Street, Sable River, NS B1S 2R3

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
28Picture(s)
908Sqft
3% Realty Nova Scotia
C$149000

Residential For Sale

42 Thomas Street, Sable River, NS B1S 2R3
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
908Sqft
3% Realty Nova Scotia
Welcome to 42 Thomas Street, a cozy 2-bedroom, 1-bath home perfectly situated on a quiet dead-end street in Sydney. This property offers peace and privacy while still being just minutes from all amenities. Step inside to a bright, clean interior featuring a crisp kitchen and comfortable living spaces.
C$149000

Residential For Sale

42 Thomas Street, Sable River, NS B1S 2R3
3% Realty Nova Scotia
2Bedroom(s)
1Bathroom(s)
C$149000

Residential For Sale

637 Aldred Drive, Greenwood, NS B0P 1R0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
1,440Sqft
RE/MAX Banner Real Estate
C$399800

Residential For Sale

637 Aldred Drive, Greenwood, NS B0P 1R0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,440Sqft
RE/MAX Banner Real Estate
Wait to be wowed in this 3 bedroom 2 bath renovated 2 storey in the heart of Greenwood. Modern conveniences and old-style charm combine to give you the best of both worlds. All new metal roofing, most windows, all new kitchen with attractive island and back splash, main floor laundry/bath, new flooring throughout, new decks and more.
C$399800

Residential For Sale

637 Aldred Drive, Greenwood, NS B0P 1R0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$399800

Residential For Sale

159 Brunello Boulevard Lot 14, Timberlea, NS B3T 0J3

4Bedroom(s)
4Bathroom(s)
GarageParking(s)
50Picture(s)
2,382Sqft
Sutton Group Professional Realty
C$769900

Residential For Sale

159 Brunello Boulevard Lot 14, Timberlea, NS B3T 0J3
4Bedroom(s)
4Bathroom(s)
GarageParking(s)
2,382Sqft
Sutton Group Professional Realty
The "HAVEN" Now Available at Links at Brunello! FEATURES just under 2400 square feet of luxury living space! A spacious foyer with bench seat and double closet greets you at the front entry, down the hall you will find a convenient interior access door to the built-in garage and beyond that an open concept living area featuring a large country kitchen with well thought BUTLER'S PANTRY with fantast
C$769900

Residential For Sale

159 Brunello Boulevard Lot 14, Timberlea, NS B3T 0J3
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$769900

Residential For Sale

Yeaholm Way Lot 301, Brookside, NS B3T 2K6

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1Picture(s)
2,139Sqft
Sutton Group Professional Realty
C$771900

Residential For Sale

Yeaholm Way Lot 301, Brookside, NS B3T 2K6
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,139Sqft
Sutton Group Professional Realty
Discover Your Sanctuary: The "Chester" Plan on 1.28 Acres Escape the everyday and step into the "Chester" model, a beautifully designed home to be situated on a serene 1.28-acre lot. Nestled on a quiet paved road and enveloped by nature, this property offers the perfect blend of tranquility and modern living. Open concept main level with Family room, Kitchen and dining for family gatherings.
C$771900

Residential For Sale

Yeaholm Way Lot 301, Brookside, NS B3T 2K6
Sutton Group Professional Realty
3Bedroom(s)
3Bathroom(s)
C$771900

Residential For Sale

250 Maple Leaf Lane, Lapland, NS B4V 7V1

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
46Picture(s)
3,000Sqft
Engel & Volkers (Chester)
C$899900

Residential For Sale

250 Maple Leaf Lane, Lapland, NS B4V 7V1
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,000Sqft
Engel & Volkers (Chester)
LAKEFRONT LIVING ALL YEAR LONG. Lakefront living has never been more spectacular. Situated on the shores of Upper Salters Lake, this stunning property, with 155 feet of lake frontage, offers beauty, tranquillity, and privacy, and is only 20 minutes from the amenities of the Town of Bridgewater.
C$899900

Residential For Sale

250 Maple Leaf Lane, Lapland, NS B4V 7V1
Engel & Volkers (Chester)
3Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

158 Beaver Bank Road, Lower Sackville, NS B4E 0E2

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
27Picture(s)
1,742Sqft
RE/MAX Nova
C$509900

Residential For Sale

158 Beaver Bank Road, Lower Sackville, NS B4E 0E2
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,742Sqft
RE/MAX Nova
Welcome to 158 Beaver Bank Road in vibrant Lower Sackville — a stylish, modern, and move-in-ready executive end-unit townhouse that truly has it all! This beautiful 2-storey home features 3 bedrooms, 3 bathrooms, and a single built-in garage, offering the perfect blend of comfort, functionality, and convenience for today’s lifestyle. Step inside and you’ll immediately feel at home.
C$509900

Residential For Sale

158 Beaver Bank Road, Lower Sackville, NS B4E 0E2
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$509900
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