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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

26 Highway 336, Newton Mills, NS B0N 2P0

1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
39Picture(s)
560Sqft
Royal LePage Truro Real Estate
C$109500

Residential For Sale

26 Highway 336, Newton Mills, NS B0N 2P0
1Bedroom(s)
1Bathroom(s)
DetachedParking(s)
560Sqft
Royal LePage Truro Real Estate
Escape to this cozy country cottage set on over an acre of peaceful, private land. Perfect for nature lovers or those seeking a quiet getaway, this property offers space, charm and flexibility. Cottage: ready for finishing touches. Land: over an acre of open and treed space, plenty of room for gardens, pets, hobby farm or future development.
C$109500

Residential For Sale

26 Highway 336, Newton Mills, NS B0N 2P0
Royal LePage Truro Real Estate
1Bedroom(s)
1Bathroom(s)
C$109500

Residential For Sale

426 Buchanan Road, Rockland, NS B0P 1E0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,563Sqft
Royal LePage Atlantic (New Minas)
C$389900

Residential For Sale

426 Buchanan Road, Rockland, NS B0P 1E0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,563Sqft
Royal LePage Atlantic (New Minas)
Charming century home with a large front deck on a quiet country road…yes please! You’ll love the privacy with mature trees and landscaping on a ¾ acre lot. Mudroom from the side deck leads to a custom kitchen featuring new flooring, countertops, hardware, and sink with maple cabinets, lots of light and a dining nook.
C$389900

Residential For Sale

426 Buchanan Road, Rockland, NS B0P 1E0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$389900

Residential For Sale

73 Montague Street, Lunenburg, NS B0J 2C0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
49Picture(s)
1,780Sqft
Keller Williams Select Realty (Lunenburg)
C$650000

Residential For Sale

73 Montague Street, Lunenburg, NS B0J 2C0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,780Sqft
Keller Williams Select Realty (Lunenburg)
Circa 1885 Character Home in the Heart of Historic Lunenburg. Ideally located on Montague Street in Lunenburg, a UNESCO World Heritage Site, this charming two-storey, hipped-roof home features distinctive round-headed “Roman” windows and timeless appeal.
C$650000

Residential For Sale

73 Montague Street, Lunenburg, NS B0J 2C0
Keller Williams Select Realty (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$650000

Residential For Sale

90 Clayton Park Drive, Halifax, NS B3M 1L9

4Bedroom(s)
2Bathroom(s)
CarportParking(s)
50Picture(s)
1,843Sqft
Sutton Group Professional Realty
C$499000

Residential For Sale

90 Clayton Park Drive, Halifax, NS B3M 1L9
4Bedroom(s)
2Bathroom(s)
CarportParking(s)
1,843Sqft
Sutton Group Professional Realty
Prepare to be impressed by 90 Clayton Park Drive! This well-maintained 2-storey semi-detached home is packed with features, starting with its fantastic location at the quiet top end of Clayton Park Drive, within walking distance of Clayton Park Plaza at Dunbrack Street and Lacewood Drive. Inside, the home is spotless and welcoming.
C$499000

Residential For Sale

90 Clayton Park Drive, Halifax, NS B3M 1L9
Sutton Group Professional Realty
4Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

66 James Street, Timberlea, NS B3T 1N9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
25Picture(s)
1,700Sqft
Royal LePage Atlantic
C$465000

Residential For Sale

66 James Street, Timberlea, NS B3T 1N9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,700Sqft
Royal LePage Atlantic
Welcome to 66 James Street! This family home is situated in the highly desirable Glengarry Estates in Timberlea. The main level features an inviting open-concept living room, dining room, and kitchen, complete with garden doors to deck. Two spacious bedrooms and a full bathroom complete this level.
C$465000

Residential For Sale

66 James Street, Timberlea, NS B3T 1N9
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$465000

Residential For Sale

207-5234 Morris Street, Halifax, NS B3J 0A3

2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
31Picture(s)
1,140Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

207-5234 Morris Street, Halifax, NS B3J 0A3
2Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,140Sqft
Royal LePage Atlantic
5234 Morris Street is located in the South End of Halifax, Nova Scotia. A vibrant area known for its proximity to downtown amenities, including the waterfront, Spring Garden Road shopping district, universities, hospitals, library and restaurants. The building, known as Letson Court, is a low-rise condo structure with 54 units, built in 2006.
C$699900

Residential For Sale

207-5234 Morris Street, Halifax, NS B3J 0A3
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$699900

Residential For Sale

2731 Fern Lane, Halifax, NS B3K 4L3

2Bedroom(s)
1Bathroom(s)
SharedParking(s)
27Picture(s)
1,160Sqft
Exit Realty Metro
C$499900

Residential For Sale

2731 Fern Lane, Halifax, NS B3K 4L3
2Bedroom(s)
1Bathroom(s)
SharedParking(s)
1,160Sqft
Exit Realty Metro
Step into a part of old Halifax with history charm and endless potential. This home will be great for first time home buyers looking to be a part of the vibrant urban lifestyle. This home offers great structure and endless potential. There is plenty of access to transit or walking distance to restaurants and of course the Hydrostone market.
C$499900

Residential For Sale

2731 Fern Lane, Halifax, NS B3K 4L3
Exit Realty Metro
2Bedroom(s)
1Bathroom(s)
C$499900

Residential For Sale

83 Red Cliff Drive, Seafoam, NS B0K 1N0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
50Picture(s)
864Sqft
Sutton Group Professional Realty
C$419900

Residential For Sale

83 Red Cliff Drive, Seafoam, NS B0K 1N0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
864Sqft
Sutton Group Professional Realty
Leave your worries behind as you step into this delightful Ocean Front Cottage with an enviable 225 feet of shore line on the desirable Northumberland Strait known for its warmer gentler waters. This property consists of 3 lots (PID's) which are roughly 75 x 100 each.
C$419900

Residential For Sale

83 Red Cliff Drive, Seafoam, NS B0K 1N0
Sutton Group Professional Realty
2Bedroom(s)
1Bathroom(s)
C$419900

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
42Picture(s)
1,365Sqft
Royal LePage Atlantic(Stellarton)
C$329900

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,365Sqft
Royal LePage Atlantic(Stellarton)
Nestled between New Glasgow and Antigonish, this charming 3-bedroom, 1-bath bungalow on Shore Road in Lismore offers the perfect mix of comfort and coastal living.
C$329900

Residential For Sale

4650 Shore Road, Lismore, NS B0K 1G0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$329900

Residential For Sale

81 Viridian Drive, Dartmouth, NS B3A 0B6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,252Sqft
Royal LePage Anchor Realty
C$715000

Residential For Sale

81 Viridian Drive, Dartmouth, NS B3A 0B6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,252Sqft
Royal LePage Anchor Realty
Welcome to this exceptional R-2000 certified single-family home, offering over 2,200 square feet of thoughtfully designed living space in one of Dartmouth’s most desirable and peaceful family friendly neighborhoods. Tucked away on a quiet, sought-after street in Lancaster, this home offers the perfect balance of tranquility and convenience.
C$715000

Residential For Sale

81 Viridian Drive, Dartmouth, NS B3A 0B6
Royal LePage Anchor Realty
4Bedroom(s)
3Bathroom(s)
C$715000

Residential For Sale

60 Fletcher Drive, Fall River, NS B2T 1J2

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
33Picture(s)
2,371Sqft
EXP Realty of Canada Inc.
C$689900

Residential For Sale

60 Fletcher Drive, Fall River, NS B2T 1J2
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,371Sqft
EXP Realty of Canada Inc.
Nestled at 60 Fletcher Dr, Fall River, this inviting 4 bedroom, 3 bath home offers 2,316 sqft of updated living space. The heart of the home is a stunning open kitchen complete with white cabinetry and a huge island — perfect for homework sessions or casual morning breakfasts.
C$689900

Residential For Sale

60 Fletcher Drive, Fall River, NS B2T 1J2
EXP Realty of Canada Inc.
4Bedroom(s)
3Bathroom(s)
C$689900

Residential For Sale

5898 Highway 1, Mavillette, NS B5A 5B3

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
23Picture(s)
2,178Sqft
Modern Realty
C$329900

Residential For Sale

5898 Highway 1, Mavillette, NS B5A 5B3
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
2,178Sqft
Modern Realty
Experience timeless charm with this century-old home, offering breathtaking sunset views of St. Mary’s Bay and Mavillette beach. This property provides easy access to 1.5 kms of sandy beach, perfect for leisurely walks, relaxation, swimming and surfing.
C$329900

Residential For Sale

5898 Highway 1, Mavillette, NS B5A 5B3
Modern Realty
4Bedroom(s)
1Bathroom(s)
C$329900
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