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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

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8

4Bedroom(s)
2Bathroom(s)
OtherParking(s)
49Picture(s)
1,963Sqft
Keller Williams Select Realty
C$474900

Residential For Sale

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8
4Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,963Sqft
Keller Williams Select Realty
OPEN HOUSE Nov 9th 2-5pm - Welcome to 62 Rosalie Ave in Prospect Bay, this solid bungalow has been lovingly cared for by this one family owner, with so much pride.
C$474900

Residential For Sale

62 Rosalie Avenue, Prospect Bay, NS B3T 1Z8
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$474900

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504-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
50Picture(s)
835Sqft
Royal LePage Anchor Realty
C$469900

Residential For Sale

504-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
835Sqft
Royal LePage Anchor Realty
Waterfront living! Fantastic views of Harbour and Canal! Downtown! Want more? Yes? Good, because there is lots more! Affordable home ownership in a highly desirable location with huge future upside potential. Welcome home to The Anchorage and enjoy urban waterfront living.
C$469900

Residential For Sale

504-15 Kings Wharf Place, Dartmouth, NS B2Y 0C2
Royal LePage Anchor Realty
1Bedroom(s)
1Bathroom(s)
C$469900

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2-3768/3772 Highway 10, Pinehurst, NS B0R 1E0

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
5Picture(s)
1,792Sqft
Royal Lepage Atlantic (Mahone Bay)
C$189000

Residential For Sale

2-3768/3772 Highway 10, Pinehurst, NS B0R 1E0
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,792Sqft
Royal Lepage Atlantic (Mahone Bay)
Affordable living at its finest! Not one, but two mobile homes on a very large acreage. Both are currently rented so you ca enjoy the income or move into one and have income to pay your mortgage. Interior pictures are not available at tenant request. Set back from the highway, this beautiful lot offers trees and room to grow.
C$189000

Residential For Sale

2-3768/3772 Highway 10, Pinehurst, NS B0R 1E0
Royal Lepage Atlantic (Mahone Bay)
5Bedroom(s)
2Bathroom(s)
C$189000

Residential For Sale

1018 Beaver Bank Road, Beaver Bank, NS B4G 1A9

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
49Picture(s)
2,457Sqft
Royal LePage Atlantic
C$599000

Residential For Sale

1018 Beaver Bank Road, Beaver Bank, NS B4G 1A9
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,457Sqft
Royal LePage Atlantic
Looking for a home that feels like more than just four walls? 1018 Beaver Bank Road is calling your name.
C$599000

Residential For Sale

1018 Beaver Bank Road, Beaver Bank, NS B4G 1A9
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$599000

Residential For Sale

4 B Rockhaven Drive, Halifax, NS B3M 1Z9

3Bedroom(s)
4Bathroom(s)
GarageParking(s)
34Picture(s)
1,772Sqft
Domus Realty Limited
C$549900

Residential For Sale

4 B Rockhaven Drive, Halifax, NS B3M 1Z9
3Bedroom(s)
4Bathroom(s)
GarageParking(s)
1,772Sqft
Domus Realty Limited
Welcome to Rockhaven Drive, a mature tree-lined street with views of the Bedford Basin and minutes to the peninsula. 4B boasts the perfect floorplan. A main level perfect for entertaining with its inviting living area, dining room for dinner parties and a very generous kitchen leading to a private patio. To complete the package, there is a convenient powder room.
C$549900

Residential For Sale

4 B Rockhaven Drive, Halifax, NS B3M 1Z9
Domus Realty Limited
3Bedroom(s)
4Bathroom(s)
C$549900

Residential For Sale

18 Trekker Drive, Bedford, NS B4B 2K7

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,557Sqft
RE/MAX Nova (Halifax)
C$754900

Residential For Sale

18 Trekker Drive, Bedford, NS B4B 2K7
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,557Sqft
RE/MAX Nova (Halifax)
Welcome to 18 Trekker Drive, Brookline Park in The Parks of West Bedford! This 1 year old, immaculate new construction END-UNIT townhome is move-in ready and is located minutes from excellent schools, 4pad arena, coffee shops and your favourite West Bedford amenities.
C$754900

Residential For Sale

18 Trekker Drive, Bedford, NS B4B 2K7
RE/MAX Nova (Halifax)
3Bedroom(s)
4Bathroom(s)
C$754900

Residential For Sale

108-40 Regency Park Drive Drive, Halifax, NS B3S 1L4

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
46Picture(s)
1,490Sqft
RE/MAX Nova (Halifax)
C$469900

Residential For Sale

108-40 Regency Park Drive Drive, Halifax, NS B3S 1L4
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,490Sqft
RE/MAX Nova (Halifax)
Welcome to 40 Regency Park Drive – Comfort & Luxury in Clayton Park! Enjoy the perfect blend of convenience and community in this spacious 2-bedroom + den condo offering 1,490 sq. ft. of open-concept living. Natural light fills the home through large windows overlooking peaceful green space, creating a quiet retreat in the heart of Clayton Park.
C$469900

Residential For Sale

108-40 Regency Park Drive Drive, Halifax, NS B3S 1L4
RE/MAX Nova (Halifax)
2Bedroom(s)
2Bathroom(s)
C$469900

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0

1Bedroom(s)
GravelParking(s)
33Picture(s)
204Sqft
RE/MAX Nova
C$312000

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0
1Bedroom(s)
GravelParking(s)
204Sqft
RE/MAX Nova
Rare 7-acre waterfront property just 5 minutes from Tatamagouche! Located at the end of MacConnell Place, this private point of land is surrounded by water with over 1,400 feet of shoreline and covered in beautiful oak trees. The property is gently sloped to the water and offers unmatched privacy—an ideal spot for a year-round home or seasonal retreat.
C$312000

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0
RE/MAX Nova
1Bedroom(s)
C$312000

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0

1Bedroom(s)
GravelParking(s)
33Picture(s)
204Sqft
RE/MAX Nova
C$312000

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0
1Bedroom(s)
GravelParking(s)
204Sqft
RE/MAX Nova
Rare 7-acre waterfront property just 5 minutes from Tatamagouche! Located at the end of MacConnell Place, this private point of land is surrounded by water with over 1,400 feet of shoreline and covered in beautiful oak trees. The property is gently sloped to the water and offers unmatched privacy—an ideal spot for a year-round home or seasonal retreat.
C$312000

Residential For Sale

Highway 6, Waldegrave, NS B0K 1V0
RE/MAX Nova
1Bedroom(s)
C$312000

Residential For Sale

14 Ashford Court, Valley, NS B6L 0E6

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
20Picture(s)
2,040Sqft
PG Direct Realty Ltd.
C$699000

Residential For Sale

14 Ashford Court, Valley, NS B6L 0E6
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,040Sqft
PG Direct Realty Ltd.
Visit Realtor website for additional information. Introducing a stunning new build, with LUX home warranty, in the sought-after community of Valley, thoughtfully designed with quality and comfort in mind. The main level features 9-foot ceilings and an inviting open-concept layout that seamlessly connects the kitchen, dining, and living areas.
C$699000

Residential For Sale

14 Ashford Court, Valley, NS B6L 0E6
PG Direct Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$699000

Residential For Sale

32 Himmelman Lane, Hermans Island, NS B0J 2E0

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
3,200Sqft
Engel & Volkers (Chester)
C$2980000

Residential For Sale

32 Himmelman Lane, Hermans Island, NS B0J 2E0
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
3,200Sqft
Engel & Volkers (Chester)
Set upon 1.63 acres of pristine coastline with 200 feet of private ocean frontage, this contemporary oceanfront residence is a landmark of modern coastal design.
C$2980000

Residential For Sale

32 Himmelman Lane, Hermans Island, NS B0J 2E0
Engel & Volkers (Chester)
4Bedroom(s)
3Bathroom(s)
C$2980000

Residential For Sale

41 Rose Heath Lane, Little Harbour, NS B2H 5C4

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,988Sqft
Red Door Realty
C$1745000

Residential For Sale

41 Rose Heath Lane, Little Harbour, NS B2H 5C4
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,988Sqft
Red Door Realty
Custom-built in 2021, this stunning turn-key executive oceanfront retreat offers modern luxury and serene coastal living on a private 2.82 acre lot in Little Harbour, Pictou County. Featuring +/- 2,988 sf of refined living space, this two-level home offers 4 bedrooms, 3 baths, an in-ground pool with a fully finished pool house, and both built-in and detached garages.
C$1745000

Residential For Sale

41 Rose Heath Lane, Little Harbour, NS B2H 5C4
Red Door Realty
4Bedroom(s)
3Bathroom(s)
C$1745000
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