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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

50 Burke Drive, Wilmot, NS B0P 1W0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
28Picture(s)
888Sqft
RE/MAX Banner Real Estate
C$74900

Residential For Sale

50 Burke Drive, Wilmot, NS B0P 1W0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
888Sqft
RE/MAX Banner Real Estate
Well maintained mini home on beautiful leased lot in A and D Trailer Park. Most windows and exterior doors have been replaced. The porch roof has been re-shingled. Includes heat pump, fridge, stove, 8' x 10' shed and new ramp.
C$74900

Residential For Sale

50 Burke Drive, Wilmot, NS B0P 1W0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$74900

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,075Sqft
Engel & Volkers (Yarmouth)
C$350000

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,075Sqft
Engel & Volkers (Yarmouth)
Discover lakeside living at 102 Third Lake Point Road, a charming 3-bedroom, 1-bath home with over 155 feet of frontage on the serene waters of Hunter Lake. Nestled among mature trees, this property offers privacy, natural beauty, and a peaceful retreat just steps from the shoreline.
C$350000

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0
Engel & Volkers (Yarmouth)
3Bedroom(s)
1Bathroom(s)
C$350000

Residential For Sale

653 Indian Point Road, Glen Haven, NS B3Z 2T5

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,740Sqft
Engel & Volkers
C$839900

Residential For Sale

653 Indian Point Road, Glen Haven, NS B3Z 2T5
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,740Sqft
Engel & Volkers
Discover the essence of coastal living in this beautifully designed 3-level home located in quaint coastal community on the scenic Lighthouse Route. Wake up to the distant sounds of the ocean, make friends with the curious wildlife, and enjoy the proximity to the beloved Micou’s Beach & Island.
C$839900

Residential For Sale

653 Indian Point Road, Glen Haven, NS B3Z 2T5
Engel & Volkers
3Bedroom(s)
4Bathroom(s)
C$839900

Residential For Sale

727-244 Parish Street, Fall River, NS B2T 0W9

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1Picture(s)
2,125Sqft
Sutton Group Professional Realty
C$1049000

Residential For Sale

727-244 Parish Street, Fall River, NS B2T 0W9
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,125Sqft
Sutton Group Professional Realty
Welcome to the market, a facsimile listing for one of Marchand Homes’ custom bungalows, to be built on a spacious 4.3-acre lot located on a cul-de-sac in the highly sought-after community of Kinloch Estates in Fall River. This executive residence will showcase the quality, craftsmanship, and thoughtful upgrades that Marchand Homes is known for, offering modern living in a serene setting.
C$1049000

Residential For Sale

727-244 Parish Street, Fall River, NS B2T 0W9
Sutton Group Professional Realty
3Bedroom(s)
3Bathroom(s)
C$1049000

Residential For Sale

1084 Ridge Road, North Range, NS B0W 1H0

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
39Picture(s)
2,630Sqft
Royal LePage Atlantic (Greenwood)
C$415000

Residential For Sale

1084 Ridge Road, North Range, NS B0W 1H0
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,630Sqft
Royal LePage Atlantic (Greenwood)
Welcome to this spacious 3-bedroom main-level home offering comfort, versatility, and peace of mind with recent upgrades throughout.
C$415000

Residential For Sale

1084 Ridge Road, North Range, NS B0W 1H0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
2Bathroom(s)
C$415000

Residential For Sale

168 East River East Side Road, Sunnybrae, NS B0K 1T0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
1,779Sqft
Blinkhorn Real Estate Ltd.
C$324900

Residential For Sale

168 East River East Side Road, Sunnybrae, NS B0K 1T0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,779Sqft
Blinkhorn Real Estate Ltd.
Nestled in the peaceful community of Sunny Brae, this beautifully renovated 1.5-storey home is move-in ready and full of charm. Featuring 3 bedrooms and 2 full baths, it offers the perfect blend of modern updates and cozy country living. The current owners are relocating for work and truly hate to leave this special property behind.
C$324900

Residential For Sale

168 East River East Side Road, Sunnybrae, NS B0K 1T0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$324900

Residential For Sale

21 Grandview Avenue, Trenton, NS B0K 1X0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
45Picture(s)
992Sqft
Results Realty Atlantic Inc.
C$249000

Residential For Sale

21 Grandview Avenue, Trenton, NS B0K 1X0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
992Sqft
Results Realty Atlantic Inc.
Welcome to your next opportunity! This cozy 2-bedroom bungalow is nestled in a quiet, family-friendly neighborhood known for its mature trees, walkability, and strong sense of community.
C$249000

Residential For Sale

21 Grandview Avenue, Trenton, NS B0K 1X0
Results Realty Atlantic Inc.
2Bedroom(s)
1Bathroom(s)
C$249000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
29Picture(s)
700Sqft
RE/MAX Nova (Halifax)
C$274000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
700Sqft
RE/MAX Nova (Halifax)
Charming One-Bedroom Cottage with Loft & Harbour Views. Discover the peaceful charm of 62 Cole Harbour Road in scenic Guysborough County. This cozy one-bedroom cottage features a versatile family room loft, perfect for extra sleeping space, a home office, or a relaxing reading nook.
C$274000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9
RE/MAX Nova (Halifax)
1Bedroom(s)
1Bathroom(s)
C$274000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
29Picture(s)
700Sqft
RE/MAX Nova (Halifax)
C$274000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
700Sqft
RE/MAX Nova (Halifax)
Charming One-Bedroom Cottage with Loft & Harbour Views. Discover the peaceful charm of 62 Cole Harbour Road in scenic Guysborough County. This cozy one-bedroom cottage features a versatile family room loft, perfect for extra sleeping space, a home office, or a relaxing reading nook.
C$274000

Residential For Sale

62 Cole Harbour Road, Cole Harbour, NS B2Z 1B9
RE/MAX Nova (Halifax)
1Bedroom(s)
1Bathroom(s)
C$274000

Residential For Sale

238 Hillsboro Drive, Dartmouth, NS B2W 0J2

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
49Picture(s)
3,270Sqft
Royal LePage Atlantic
C$824900

Residential For Sale

238 Hillsboro Drive, Dartmouth, NS B2W 0J2
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,270Sqft
Royal LePage Atlantic
If a careful curation of modern design, high end custom finishes, and space for everyone is on your list - 238 Hillsboro Drive is the property for you. You're going to fall in love from the moment you walk into the front foyer which offers a powder room and walk in coat closet with built in storage.
C$824900

Residential For Sale

238 Hillsboro Drive, Dartmouth, NS B2W 0J2
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$824900

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
50Picture(s)
1,075Sqft
Engel & Volkers (Yarmouth)
C$350000

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,075Sqft
Engel & Volkers (Yarmouth)
Discover lakeside living at 102 Third Lake Point Road, a charming 3-bedroom, 1-bath home with over 155 feet of frontage on the serene waters of Hunter Lake. Nestled among mature trees, this property offers privacy, natural beauty, and a peaceful retreat just steps from the shoreline.
C$350000

Residential For Sale

102 Third Lake Point Road, Briar Lake, NS B0W 2Y0
Engel & Volkers (Yarmouth)
3Bedroom(s)
1Bathroom(s)
C$350000

Residential For Sale

62 Second Street, Howie Centre, NS B1L 1C9

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
28Picture(s)
1,120Sqft
Viewpoint Realty Services Inc. (Sydney)
C$229000

Residential For Sale

62 Second Street, Howie Centre, NS B1L 1C9
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,120Sqft
Viewpoint Realty Services Inc. (Sydney)
One Storey Manufactured Home located in Heather Estates, Howie Centre. Built in 1993 and Well maintained over the years. Heating sources include: Electric baseboards, Ductless Heat pump and a Propane fireplace. Laminate and vinyl flooring throughout. Three good sized bedrooms, large eat-in kitchen and lots of storage space.
C$229000

Residential For Sale

62 Second Street, Howie Centre, NS B1L 1C9
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
1Bathroom(s)
C$229000
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