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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

204-63 Farnham Gate Road, Clayton Park, NS B3M 4A7

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
40Picture(s)
856Sqft
RE/MAX Nova (Halifax)
C$329900

Residential For Sale

204-63 Farnham Gate Road, Clayton Park, NS B3M 4A7
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
856Sqft
RE/MAX Nova (Halifax)
Welcome to this well maintained condo unit in one of Halifax's most desirable locations - Clayton Park. The condo features a great layout, heat pump in both the main living area and primary bedroom, high quality laminate flooring, full bath, in unit laundry, storage, and more. Minutes from great schools and amenities such as Bayer's Lake, Canada Games Centre, transit... etc.
C$329900

Residential For Sale

204-63 Farnham Gate Road, Clayton Park, NS B3M 4A7
RE/MAX Nova (Halifax)
2Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

1198-1200 Maple Street, Waterville, NS B0P 1V0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1Picture(s)
2,128Sqft
Royal LePage Atlantic (New Minas)
C$599000

Residential For Sale

1198-1200 Maple Street, Waterville, NS B0P 1V0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
2,128Sqft
Royal LePage Atlantic (New Minas)
Home & Income Opportunity – Waterville: Looking to get started in real estate or add to your portfolio? This well-kept duplex offers an ideal opportunity. Each unit features a bright living room, functional kitchen, two bedrooms, and a built-in garage. Perfect for first-time investors or retirees seeking steady income with minimal upkeep.
C$599000

Residential For Sale

1198-1200 Maple Street, Waterville, NS B0P 1V0
Royal LePage Atlantic (New Minas)
2Bedroom(s)
1Bathroom(s)
C$599000

Residential For Sale

1190-1192 Maple Street, Waterville, NS B0P 1V0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
2Picture(s)
2,128Sqft
Royal LePage Atlantic (New Minas)
C$599000

Residential For Sale

1190-1192 Maple Street, Waterville, NS B0P 1V0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
2,128Sqft
Royal LePage Atlantic (New Minas)
Home & Income Opportunity – Waterville: Looking to get started in real estate or add to your portfolio? This well-kept duplex offers an ideal opportunity. Each unit features a bright living room, functional kitchen, two bedrooms, and a built-in garage. Perfect for first-time investors or retirees seeking steady income with minimal upkeep.
C$599000

Residential For Sale

1190-1192 Maple Street, Waterville, NS B0P 1V0
Royal LePage Atlantic (New Minas)
2Bedroom(s)
1Bathroom(s)
C$599000

Residential For Sale

16 Mountain Ash Court, Dartmouth, NS B2Y 4J8

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
43Picture(s)
3,331Sqft
RE/MAX Nova (Halifax)
C$750000

Residential For Sale

16 Mountain Ash Court, Dartmouth, NS B2Y 4J8
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,331Sqft
RE/MAX Nova (Halifax)
Welcome to 16 Mountain Ash Court, nestled on a quiet street in the sought-after community of Manor Park. This spacious 5-bedroom home has been lovingly maintained by the same family, with thoughtful updates made over the years.
C$750000

Residential For Sale

16 Mountain Ash Court, Dartmouth, NS B2Y 4J8
RE/MAX Nova (Halifax)
5Bedroom(s)
3Bathroom(s)
C$750000

Residential For Sale

454 Lawrence Road, Union Corner, NS B0N 2A0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
34Picture(s)
1,268Sqft
Royal LePage Atlantic - Valley(Windsor)
C$449900

Residential For Sale

454 Lawrence Road, Union Corner, NS B0N 2A0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,268Sqft
Royal LePage Atlantic - Valley(Windsor)
This charming 3 bedroom, 1 bathroom bungalow is perfectly situated on a spacious 1.1 acre lot with beautiful Valley views. The home offers convenient single-level living and a ducted heat pump for efficient year-round comfort. Featuring a bright living room that flows nicely into the kitchen and dining area, which opens onto the back deck.
C$449900

Residential For Sale

454 Lawrence Road, Union Corner, NS B0N 2A0
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
1Bathroom(s)
C$449900

Residential For Sale

955 Herring Cove Road, Herring Cove, NS B3R 1Z5

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,308Sqft
Sutton Group Professional Realty
C$599900

Residential For Sale

955 Herring Cove Road, Herring Cove, NS B3R 1Z5
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,308Sqft
Sutton Group Professional Realty
Welcome to 955 Herring Cove Road in beautiful Herring Cove. This well-maintained 4-bedroom, 2-bath home blends comfort, style, and convenience. Recent updates include a new roof, refreshed upper-level bath, and an updated kitchen with quartz countertops designed for modern living. Gorgeous hardwood floors extend throughout, adding warmth and character to every space.
C$599900

Residential For Sale

955 Herring Cove Road, Herring Cove, NS B3R 1Z5
Sutton Group Professional Realty
4Bedroom(s)
2Bathroom(s)
C$599900

Residential For Sale

1715 Ashdale Road, South Rawdon, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
27Picture(s)
2,286Sqft
Exit Realty Metro
C$525000

Residential For Sale

1715 Ashdale Road, South Rawdon, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,286Sqft
Exit Realty Metro
Imagine living on a quiet country road with plenty of privacy and still 30 minutes from all the amenities. This 3 bedroom, 1.5 bath home is big enough for a growing family. The yard has an in-ground pool, greenhouse, fruit trees, a pond, cherry and apple trees, 3 kinds of grapes growing as well as a variety of perennials.
C$525000

Residential For Sale

1715 Ashdale Road, South Rawdon, NS B0N 1Z0
Exit Realty Metro
3Bedroom(s)
2Bathroom(s)
C$525000

Residential For Sale

624 Salem Cross Road, Macphees Corner, NS B0N 2H0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
40Picture(s)
928Sqft
Century 21 Trident Realty Ltd.
C$239900

Residential For Sale

624 Salem Cross Road, Macphees Corner, NS B0N 2H0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
928Sqft
Century 21 Trident Realty Ltd.
Welcome to 264 Salem Cross Road, MacPhees Corner. This private home is surrounded by 5.4 Acres of beautiful scenery and boasts a haven of plants and wildlife. This 2 bedroom, 1 Bath mini home sits on a poured concrete foundation and is set well back from the road giving it a real feel of serenity and peacefulness.
C$239900

Residential For Sale

624 Salem Cross Road, Macphees Corner, NS B0N 2H0
Century 21 Trident Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$239900

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
1,487Sqft
Viewpoint Realty Services Inc.
C$375000

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,487Sqft
Viewpoint Realty Services Inc.
Looking for the perfect family home with space to grow both inside and out? This 4-bedroom, 2-bathroom home sits on a beautiful 3-acre property, just minutes from the vibrant heart of Tatamagouche – known for its quaint shops, cafés, schools, and coastal charm.
C$375000

Residential For Sale

9781 Highway 311, Tatamagouche, NS B0K 1V0
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$375000

Residential For Sale

5478 Highway 337, Cape George, NS B2G 2L2

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
38Picture(s)
1,480Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
C$749000

Residential For Sale

5478 Highway 337, Cape George, NS B2G 2L2
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,480Sqft
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
Oceanfront home (4.08 acres) in beautiful Cape George with stairs to the swimmable beach on St.
C$749000

Residential For Sale

5478 Highway 337, Cape George, NS B2G 2L2
ROYAL LEPAGE HIGHLAND PROPERTIES - D100
2Bedroom(s)
2Bathroom(s)
C$749000

Residential For Sale

15 Harriet Street, Sydney River, NS B1S 1S5

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
1,872Sqft
Coldwell Banker Boardwalk Realty
C$269900

Residential For Sale

15 Harriet Street, Sydney River, NS B1S 1S5
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,872Sqft
Coldwell Banker Boardwalk Realty
Welcome home! This charming 4 bedroom, 1 bath family home has the space, comfort and character you've been searching for. Nestled on a peaceful dead-end street, its the perfect spot to put down your roots and watch your family grow.
C$269900

Residential For Sale

15 Harriet Street, Sydney River, NS B1S 1S5
Coldwell Banker Boardwalk Realty
4Bedroom(s)
1Bathroom(s)
C$269900

Residential For Sale

303 Ioney Hill, Beaver Bank, NS B4E 1M6

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
38Picture(s)
980Sqft
Keller Williams Select Realty
C$269900

Residential For Sale

303 Ioney Hill, Beaver Bank, NS B4E 1M6
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
980Sqft
Keller Williams Select Realty
Just five years young, this lovely mobile home in a quiet dog friendly park setting offers an open concept design with fresh neutral paint throughout and a bright, inviting atmosphere. The carpet free interior features a smart layout with the living space in the center and bedrooms on opposite ends, providing privacy for the spacious primary bedroom.
C$269900

Residential For Sale

303 Ioney Hill, Beaver Bank, NS B4E 1M6
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$269900
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