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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

201 Brunello Boulevard, Brunello Estates, NS B3T 0J3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
5Picture(s)
2,440Sqft
PLUMB LINE REALTY INC. - 12234
C$779900

Residential For Sale

201 Brunello Boulevard, Brunello Estates, NS B3T 0J3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,440Sqft
PLUMB LINE REALTY INC. - 12234
Now under construction on the extension of Brunello Boulevard, A bright foyer welcomes you to a lovely den/flex space with glass overlooking the entry. The spectacular Great Room has 9' ceilings & large windows, including a massive window in the kitchen making the most of natural light and views to the spacious backyard.
C$779900

Residential For Sale

201 Brunello Boulevard, Brunello Estates, NS B3T 0J3
PLUMB LINE REALTY INC. - 12234
4Bedroom(s)
4Bathroom(s)
C$779900

Residential For Sale

1 Lumberman Drive, Middle Sackville, NS B4E 2W5

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
37Picture(s)
2,121Sqft
Keller Williams Select Realty
C$609900

Residential For Sale

1 Lumberman Drive, Middle Sackville, NS B4E 2W5
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,121Sqft
Keller Williams Select Realty
WELCOME TO MILLWOOD SUBDIVISION!! This beautiful Split Entry located on an oversized corner lot has been very well cared for. Main level offers a cozy living room, kitchen/dining area with custom cabinets, main 4pc bathroom with infloor heating, two bedrooms and the large primary bedroom with 3pc ensuite that also offers infloor heating.
C$609900

Residential For Sale

1 Lumberman Drive, Middle Sackville, NS B4E 2W5
Keller Williams Select Realty
5Bedroom(s)
3Bathroom(s)
C$609900

Residential For Sale

404 Glenrise Drive, Beaver Bank, NS B4E 1M5

2Bedroom(s)
2Bathroom(s)
PavedParking(s)
38Picture(s)
1,072Sqft
RE/MAX Nova
C$279900

Residential For Sale

404 Glenrise Drive, Beaver Bank, NS B4E 1M5
2Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,072Sqft
RE/MAX Nova
Welcome to 404 Glenrise Avenue! This charming,almost bran new 2-bedroom, 2-bath mini home is nestled in a quiet, private setting.This home has been meticulosly cared for and shows very well. It`s perfect for the first time home buyer, or someone looking to downsize. The open-concept layout offers spacious living areas, including a generously sized living room and kitchen.
C$279900

Residential For Sale

404 Glenrise Drive, Beaver Bank, NS B4E 1M5
RE/MAX Nova
2Bedroom(s)
2Bathroom(s)
C$279900

Residential For Sale

40 Chute Road, Bear River, NS B0S 1B0

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
50Picture(s)
1,600Sqft
RE/MAX Banner Real Estate(Digby)
C$475000

Residential For Sale

40 Chute Road, Bear River, NS B0S 1B0
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,600Sqft
RE/MAX Banner Real Estate(Digby)
Originally built in circa 1850 and completely rebuilt to modern standards in 2019/2020. This house sits on an elevated, private lot surrounded by mature trees, with a small barn/workshop as well. There is ample parking and a low maintenance yard part of which if fenced in.
C$475000

Residential For Sale

40 Chute Road, Bear River, NS B0S 1B0
RE/MAX Banner Real Estate(Digby)
3Bedroom(s)
3Bathroom(s)
C$475000

Residential For Sale

46 Beaver Harbour Road, Beaver Harbour, NS B0J 2R0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,846Sqft
Century 21 Trident Realty Ltd.
C$224900

Residential For Sale

46 Beaver Harbour Road, Beaver Harbour, NS B0J 2R0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,846Sqft
Century 21 Trident Realty Ltd.
If you’ve been looking for a home with character and lots of potential, this could be the one! This century 2-storey home with 1970's addition offers plenty of space and flexibility for a growing family or someone wanting an in-law suite.
C$224900

Residential For Sale

46 Beaver Harbour Road, Beaver Harbour, NS B0J 2R0
Century 21 Trident Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$224900

Residential For Sale

89 Nicholas Road, Lower Wedgeport, NS B0W 2B0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
19Picture(s)
840Sqft
The Real Estate Store
C$69900

Residential For Sale

89 Nicholas Road, Lower Wedgeport, NS B0W 2B0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
840Sqft
The Real Estate Store
Looking for an affordable property with room to grow? This 2-bedroom, 1-bath home is set on 3.2 acres in the heart of Wedgeport. The open-concept kitchen and living area provide a great space for entertaining, while the heat pump offers efficient year-round comfort. Conveniently located just 4 minutes from Carl’s Store and approximately 20 minutes from Yarmouth and all major amenities.
C$69900

Residential For Sale

89 Nicholas Road, Lower Wedgeport, NS B0W 2B0
The Real Estate Store
2Bedroom(s)
1Bathroom(s)
C$69900

Residential For Sale

177 Marwood Drive, Middle Sackville, NS B4B 2S6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
36Picture(s)
3,680Sqft
Keller Williams Select Realty
C$1375800

Residential For Sale

177 Marwood Drive, Middle Sackville, NS B4B 2S6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,680Sqft
Keller Williams Select Realty
Welcome to HRM's newest & best kept secret, McCabe Lake Estates, bordering the shores of iconic McCabe Lake, phase 1 (of 7 phases) welcomes you to mature treed private lots ready to become your oasis as you arrive home to your newly built custom ReDesigns Construction exquisite quality custom bungalow!!Step inside to the expansive high ceilings gracing the open concept great room bathed in natura
C$1375800

Residential For Sale

177 Marwood Drive, Middle Sackville, NS B4B 2S6
Keller Williams Select Realty
4Bedroom(s)
3Bathroom(s)
C$1375800

Residential For Sale

14 Bristolton Avenue, Bedford, NS B4B 1H6

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
2,702Sqft
RE/MAX Nova
C$849900

Residential For Sale

14 Bristolton Avenue, Bedford, NS B4B 1H6
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,702Sqft
RE/MAX Nova
Welcome to this stunning Rooftight-built, 5-year-young single detached home located in the prestigious Brookline Community of West Bedford — one of Halifax’s fastest-growing and most desirable neighborhoods.
C$849900

Residential For Sale

14 Bristolton Avenue, Bedford, NS B4B 1H6
RE/MAX Nova
4Bedroom(s)
4Bathroom(s)
C$849900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
49Picture(s)
1,159Sqft
EXIT Realty Inter Lake
C$479900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
1,159Sqft
EXIT Realty Inter Lake
This charming 3-bedroom, 1-bath home offers approximately 200 feet of stunning ocean frontage — the perfect setting to enjoy coastal living at its finest. The property has been surveyed and offers exciting potential to be subdivided into three lots, making it a rare investment opportunity in this sought-after area.
C$479900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$479900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0

3Bedroom(s)
1Bathroom(s)
NoneParking(s)
49Picture(s)
1,159Sqft
EXIT Realty Inter Lake
C$479900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
3Bedroom(s)
1Bathroom(s)
NoneParking(s)
1,159Sqft
EXIT Realty Inter Lake
This charming 3-bedroom, 1-bath home offers approximately 200 feet of stunning ocean frontage — the perfect setting to enjoy coastal living at its finest. The property has been surveyed and offers exciting potential to be subdivided into three lots, making it a rare investment opportunity in this sought-after area.
C$479900

Residential For Sale

348 Mill Cove Shore Road, Mill Cove, NS B0J 1T0
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$479900

Residential For Sale

9 Water Street, Digby, NS B0V 1A0

GravelParking(s)
23Picture(s)
3,336Sqft
Engel & Volkers (Annapolis Royal)
C$199000

Residential For Sale

9 Water Street, Digby, NS B0V 1A0
GravelParking(s)
3,336Sqft
Engel & Volkers (Annapolis Royal)
Signature Landmark Opportunity! On a large double lot with most of the heavy work done this blank canvas is remarkably located for a multitude of potential uses. Boasting not just a new roof top but new trusses creating a new third storey and poised at the entrance to the town, this prominent historic building's shell is ready for a modern repurposing.
C$199000

Residential For Sale

9 Water Street, Digby, NS B0V 1A0
Engel & Volkers (Annapolis Royal)
C$199000

Residential For Sale

48 Dundee Close, Fall River, NS B2T 1M7

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
39Picture(s)
2,639Sqft
Royal LePage Atlantic
C$825000

Residential For Sale

48 Dundee Close, Fall River, NS B2T 1M7
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,639Sqft
Royal LePage Atlantic
Welcome to 48 Dundee Close in Fall River! This meticulously maintained four-bedroom family home is nestled on a private 1.3-acre lot at the end of a quiet cul-de-sac. Offering the perfect blend of tranquility and convenience, this property is just minutes from local amenities, the lake, and top-rated schools.
C$825000

Residential For Sale

48 Dundee Close, Fall River, NS B2T 1M7
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$825000
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