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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

3131 Highway 7, Lake Echo, NS B3E 1B2

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
30Picture(s)
1,612Sqft
RE/MAX Nova
C$479900

Residential For Sale

3131 Highway 7, Lake Echo, NS B3E 1B2
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,612Sqft
RE/MAX Nova
Welcome to 3131 Highway 7 – Your Move-In Ready Oasis in Lake Echo. This property truly has so much to offer. Tucked away on a spacious, 16,575 sq.ft lot in the scenic community of Lake Echo. This charming bungalow offers the perfect balance of peaceful rural living with convenient access to all of the city amenities.
C$479900

Residential For Sale

3131 Highway 7, Lake Echo, NS B3E 1B2
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$479900

Residential For Sale

2229 Shore Road, Western Head, NS B0T 1K0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
32Picture(s)
1,105Sqft
EXIT Realty Inter Lake (Liverpool)
C$289900

Residential For Sale

2229 Shore Road, Western Head, NS B0T 1K0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,105Sqft
EXIT Realty Inter Lake (Liverpool)
Immaculate 2 bedroom ,1 bath home just minutes from the town of Liverpool and move in ready with needing absolutely no upgrades. The home has a full undeveloped basement with hot water heat as well as wood add on with a heat pump upstairs. The lot is just over an acre with a small pond and large garage with 3 separate sections for multiple usage.
C$289900

Residential For Sale

2229 Shore Road, Western Head, NS B0T 1K0
EXIT Realty Inter Lake (Liverpool)
2Bedroom(s)
1Bathroom(s)
C$289900

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
50Picture(s)
1,225Sqft
Exit Realty Town & Country
C$599900

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,225Sqft
Exit Realty Town & Country
Welcome to 37 Andrew Point Road, a stunning lakeside retreat on the highly sought-after Waterloo Lake. This thoughtfully designed, 4-year-old custom home combines comfort, efficiency, and accessibility in one beautiful package. With 36-inch doors and a generous 4-foot-wide hallway, the home accessible and offers an easy, spacious flow throughout.
C$599900

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$599900

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
46Picture(s)
1,225Sqft
Exit Realty Town & Country
C$589000

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,225Sqft
Exit Realty Town & Country
Welcome to 37 Andrew Point Road, a stunning lakeside retreat on the highly sought-after Waterloo Lake. This thoughtfully designed, 4-year-old custom home combines comfort, efficiency, and accessibility in one beautiful package. With 36-inch doors and a generous 4-foot-wide hallway, the home accessible and offers an easy, spacious flow throughout.
C$589000

Residential For Sale

37 Andrew Point Road, Waterloo Lake, NS B0S 1P0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$589000

Residential For Sale

220 Talus Avenue, Bedford, NS B4B 2G3

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
3,116Sqft
Royal LePage Atlantic
C$1288000

Residential For Sale

220 Talus Avenue, Bedford, NS B4B 2G3
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,116Sqft
Royal LePage Atlantic
220 Talus is the one you've been waiting for! A truly stunning, 3-year-old Cresco custom build set on one of the most desirable and expansive lots in all of Brookline—at close to 16,000 sq/ft, it’s almost triple the size of the avg lot in the neighbourhood.
C$1288000

Residential For Sale

220 Talus Avenue, Bedford, NS B4B 2G3
Royal LePage Atlantic
5Bedroom(s)
5Bathroom(s)
C$1288000

Residential For Sale

481 Falmouth Dyke Road, Falmouth, NS B0P 1P0

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
44Picture(s)
2,752Sqft
Royal LePage Atlantic (Dartmouth)
C$624900

Residential For Sale

481 Falmouth Dyke Road, Falmouth, NS B0P 1P0
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,752Sqft
Royal LePage Atlantic (Dartmouth)
This extensively renovated home in Falmouth offers a great mix of comfort, privacy, and space, in a quiet neighbourhood. Located just minutes from Ski Martock, Avon Valley Golf, Hwy 101, and the town of Windsor. You are also only 20 minutes to Wolfville and 35 minutes to Halifax.
C$624900

Residential For Sale

481 Falmouth Dyke Road, Falmouth, NS B0P 1P0
Royal LePage Atlantic (Dartmouth)
4Bedroom(s)
3Bathroom(s)
C$624900

Residential For Sale

1704-72 Seapoint Road, Dartmouth, NS B3B 0R8

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,651Sqft
Royal LePage Atlantic
C$949000

Residential For Sale

1704-72 Seapoint Road, Dartmouth, NS B3B 0R8
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,651Sqft
Royal LePage Atlantic
The very first PENTHOUSE to hit the market at Seapoint is making waves! Perched on the 17th floor, this 2-bedroom + den corner showpiece spans over 1,650sf of elevated, sun-drenched living space wrapped in floor-to-ceiling glass and crowned with a sprawling 450 square foot terrace. From the moment you step inside it’s clear you’ve arrived somewhere extraordinary.
C$949000

Residential For Sale

1704-72 Seapoint Road, Dartmouth, NS B3B 0R8
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$949000

Residential For Sale

70 Croft Street, Amherst, NS B4H 3A1

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
24Picture(s)
1,538Sqft
Royal LePage Cumberland Realty Ltd.
C$329900

Residential For Sale

70 Croft Street, Amherst, NS B4H 3A1
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,538Sqft
Royal LePage Cumberland Realty Ltd.
Beautiful bungalow on a large corner lot within walking distance to schools, parks the stadium and downtown. The main floor opens to a sizable living room with hardwood floors, there is a spacious updated eat in kitchen with newer Stainless Steel appliances. Down the hall you will find three good sized bedrooms and a four piece bathroom.
C$329900

Residential For Sale

70 Croft Street, Amherst, NS B4H 3A1
Royal LePage Cumberland Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

91 Douglas Crescent, Halifax, NS B3M 3B6

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
34Picture(s)
2,184Sqft
RE/MAX Nova
C$574900

Residential For Sale

91 Douglas Crescent, Halifax, NS B3M 3B6
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,184Sqft
RE/MAX Nova
Welcome to this well-kept home in a fantastic Halifax location. Set in a mature, established neighbourhood of Rockingham, you’ll be close to schools, shopping, recreation facilities, and places of worship — the perfect blend of convenience and community.
C$574900

Residential For Sale

91 Douglas Crescent, Halifax, NS B3M 3B6
RE/MAX Nova
4Bedroom(s)
2Bathroom(s)
C$574900

Residential For Sale

515 Thorn Avenue, Beaver Bank, NS B4E 1P5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
20Picture(s)
1,071Sqft
Exit Real Estate Professionals
C$289900

Residential For Sale

515 Thorn Avenue, Beaver Bank, NS B4E 1P5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,071Sqft
Exit Real Estate Professionals
Welcome to 515 Thorn Avenue! This amazing 3 bedroom, 2 full bath mini home is sure to please with its spacious rooms, open concept main living area, heat pump and AMAZING yard! As soon as you pull in the double paved driveway you’ll notice the pride of ownership! This one-owner home is only 4 years young but shows like brand new! When you walk in you will be greeted by the bright main living are
C$289900

Residential For Sale

515 Thorn Avenue, Beaver Bank, NS B4E 1P5
Exit Real Estate Professionals
3Bedroom(s)
2Bathroom(s)
C$289900

Residential For Sale

47 Delcraft Court, Eastern Passage, NS B3G 0B2

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
1,825Sqft
Royal LePage Atlantic
C$515000

Residential For Sale

47 Delcraft Court, Eastern Passage, NS B3G 0B2
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,825Sqft
Royal LePage Atlantic
Looking for a home on a quiet cul-de-sac close to Shearwater, Fisherman's Cove, McCormack's Beach and great schools? This 4 bedroom 3 bath home checks all the boxes! With a newly renovation kitchen and main bath and updated flooring there is nothing you need to do except move in. The upper floor has 3 bedrooms and a full bath.
C$515000

Residential For Sale

47 Delcraft Court, Eastern Passage, NS B3G 0B2
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$515000

Residential For Sale

14 Cottage Street, Dominion, NS B1G 1C1

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
1,810Sqft
Coldwell Banker Boardwalk Realty
C$184900

Residential For Sale

14 Cottage Street, Dominion, NS B1G 1C1
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,810Sqft
Coldwell Banker Boardwalk Realty
GREAT LOCATION, very well maintained, move in ready, three bedrooms, three bathrooms and so much more. As you enter the side door, there is a porch with room to place jackets and shoes, next is the spacious eat-in kitchen with solid cupboards which leads to a main floor bath.
C$184900

Residential For Sale

14 Cottage Street, Dominion, NS B1G 1C1
Coldwell Banker Boardwalk Realty
3Bedroom(s)
3Bathroom(s)
C$184900
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