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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

183 Cottage Street, Berwick, NS B0P 1E0

5Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,688Sqft
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C$499900

Residential For Sale

183 Cottage Street, Berwick, NS B0P 1E0
5Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,688Sqft
Exit Realty Town & Country
This elegant home is a timeless example of old world class & craftsmanship seamlessly brought into todays standards of efficiency & style. Meticulously maintained by the same family for 44 years, this home has been thoughtfully upgraded to preserve the character throughout.
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183 Cottage Street, Berwick, NS B0P 1E0
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5Bedroom(s)
2Bathroom(s)
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3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1Picture(s)
1,380Sqft
Sutton Group Professional Realty
C$589900

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Woodchuck Lane Lot 3, Goffs, NS B2T 1B9
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,380Sqft
Sutton Group Professional Realty
3 Bedroom bungalow on slab built by Marchand Homes. Excellent opportunity for the first-time home buyer to purchase a newly constructed home close to the airport and only 20 minutes to Dartmouth Crossing. This home has an ensuite bath with a walk-through closet in the primary bedroom and an open concept kitchen, dining room and living room with a 7'x3' island in the kitchen.
C$589900

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Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$589900

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3Bedroom(s)
5Bathroom(s)
AttachedParking(s)
37Picture(s)
2,344Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$649900

Residential For Sale

51 Ballou Crest Road, Labelle, NS B0T 1E0
3Bedroom(s)
5Bathroom(s)
AttachedParking(s)
2,344Sqft
RE/MAX Banner Real Estate (Bridgewater)
A very private oasis nestled on 1.1 acres, this home with over 2300 sq ft of living space offers multiple views of Ponhook Lake with your exposure facing southwest for those evening sunsets.
C$649900

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51 Ballou Crest Road, Labelle, NS B0T 1E0
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
5Bathroom(s)
C$649900

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41 Prince William Street, Oxford, NS B0M 1P0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,425Sqft
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C$329900

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41 Prince William Street, Oxford, NS B0M 1P0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,425Sqft
Coldwell Banker Performance Realty
Elegant 2-Storey Home with Historical Charm! This charming home is situated in a prime location, surrounded by other character homes that contribute to the area's historical appeal. The neighborhood is known for its friendly community and picturesque streets, offering a perfect setting for families and individuals alike.
C$329900

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41 Prince William Street, Oxford, NS B0M 1P0
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4Bedroom(s)
2Bathroom(s)
C$329900

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2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,176Sqft
Sutton Group Professional Realty
C$459000

Residential For Sale

812-60 Walter Havill Drive, Halifax, NS B3N 0A9
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,176Sqft
Sutton Group Professional Realty
Welcome to Unit 812 at 60 Walter Havill Drive, a stunning 2-bedroom, 2-bathroom executive condominium situated in the highly sought-after, prestigious Waterton Condominium development. This residence combines high-end finishes, incredible views, and a prime location for the ultimate maintenance-free lifestyle.
C$459000

Residential For Sale

812-60 Walter Havill Drive, Halifax, NS B3N 0A9
Sutton Group Professional Realty
2Bedroom(s)
2Bathroom(s)
C$459000

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1634 Camperdown Road, Camperdown, NS B4V 6S5

4Bedroom(s)
3Bathroom(s)
GravelParking(s)
40Picture(s)
3,150Sqft
Red Door Realty(Lunenburg)
C$895000

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1634 Camperdown Road, Camperdown, NS B4V 6S5
4Bedroom(s)
3Bathroom(s)
GravelParking(s)
3,150Sqft
Red Door Realty(Lunenburg)
This lake front property has been a much-loved family home for years, and it is ready to welcome a new chapter. Set on 1.77 acres of peaceful, subdividable land, this property is situated on one of the regions largest and quietest lakes, with an impressive 363 feet of secluded shoreline.
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1634 Camperdown Road, Camperdown, NS B4V 6S5
Red Door Realty(Lunenburg)
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2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
42Picture(s)
2,308Sqft
Results Realty Atlantic Inc.
C$269900

Residential For Sale

178 Linacy Road, Linacy, NS B2H 5C4
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
2,308Sqft
Results Realty Atlantic Inc.
Discover comfort and tranquility in this beautifully maintained 2-bedroom bungalow, perfectly set on a spacious 2 acre lot in a private country setting.This home has been thoughtfully updated for worry-free living, featuring newer roof in 2024, heat pumps less then 8 months, deck 2024 and ample storage throughout. Garage is 30x40.
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Residential For Sale

178 Linacy Road, Linacy, NS B2H 5C4
Results Realty Atlantic Inc.
2Bedroom(s)
1Bathroom(s)
C$269900

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8776 Peggys Cove Road, Indian Harbour, NS B3Z 3P3

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
9Picture(s)
2,917Sqft
Engel & Volkers
C$989900

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8776 Peggys Cove Road, Indian Harbour, NS B3Z 3P3
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,917Sqft
Engel & Volkers
Situated along the scenic Peggys Cove Road in the charming oceanside community of Indian Harbour, this stunning 2-storey home offers the perfect blend of privacy, modern comfort, and coastal living. Enjoy ocean views and direct access to the water, all just minutes from world-famous Peggys Cove.
C$989900

Residential For Sale

8776 Peggys Cove Road, Indian Harbour, NS B3Z 3P3
Engel & Volkers
4Bedroom(s)
4Bathroom(s)
C$989900

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83 Samuel Oickle Road, West Clifford, NS B4V 8J2

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,749Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$369000

Residential For Sale

83 Samuel Oickle Road, West Clifford, NS B4V 8J2
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,749Sqft
RE/MAX Banner Real Estate (Bridgewater)
Sitting on just over 5 acres of peaceful countryside, this split-entry home offers space, comfort, and the perfect balance of rural living with easy access to town amenities.
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83 Samuel Oickle Road, West Clifford, NS B4V 8J2
RE/MAX Banner Real Estate (Bridgewater)
2Bedroom(s)
1Bathroom(s)
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Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,920Sqft
Sutton Group Professional Realty
C$449000

Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,920Sqft
Sutton Group Professional Realty
Right of way over neighbouring property to access the waters of Herring Cove. Situated on a mature, well-treed lot with seasonal views of Herring Cove, sits this one owner-built home. This well-built, traditional, two-story home is as attractive as it is sturdy and has embraced one family for nearly 60 years. The home sits on a corner lot just across a quaint bridge on a quiet, dead-end street.
C$449000

Residential For Sale

1 Shore Road, Herring Cove, NS B3V 1G6
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$449000

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9-4 Rose Way, Dartmouth, NS B2Y 4L9

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
25Picture(s)
946Sqft
Keller Williams Select Realty
C$339900

Residential For Sale

9-4 Rose Way, Dartmouth, NS B2Y 4L9
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
946Sqft
Keller Williams Select Realty
Welcome to Suite 9 at 4 Rose Way, a bright and inviting two-bedroom plus loft condo that offers comfort and convenience. With its own private entrance, this unit provides a sense of privacy and independence not often found in condo living. Inside, you'll find vaulted ceilings, fresh paint, and beautifully refinished hardwood floors that create an open, airy atmosphere filled with natural light.
C$339900

Residential For Sale

9-4 Rose Way, Dartmouth, NS B2Y 4L9
Keller Williams Select Realty
2Bedroom(s)
1Bathroom(s)
C$339900

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
43Picture(s)
1,312Sqft
Century 21 Optimum Realty
C$1277000

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,312Sqft
Century 21 Optimum Realty
Discover one of Nova Scotia’s best-kept secrets in the charming seaside village of Port Mouton. This rustic beach house retreat offers over 1 acre of oceanfront land with 150 feet of private sandy beach frontage — a rare opportunity to own your very own piece of paradise.
C$1277000

Residential For Sale

144 Burgess Road, Port Mouton, NS B0T 1T0
Century 21 Optimum Realty
4Bedroom(s)
1Bathroom(s)
C$1277000
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