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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

33 Riverside Avenue, Bible Hill, NS B2N 4G2

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
21Picture(s)
1,088Sqft
RE/MAX Fairlane Realty
C$245900

Residential For Sale

33 Riverside Avenue, Bible Hill, NS B2N 4G2
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,088Sqft
RE/MAX Fairlane Realty
Tucked away on a dead-end street in Bible Hill, 33 Riverside Avenue is a solid little starter home with more going for it than you'd think. Just across the bridge from Truro, its an easy walk to town, close to the Dalhousie Agricultural Campus, and even within reach of Victoria Park for your weekend hikes or dog walks. Sitting on a flat 10,000 sq. ft.
C$245900

Residential For Sale

33 Riverside Avenue, Bible Hill, NS B2N 4G2
RE/MAX Fairlane Realty
2Bedroom(s)
1Bathroom(s)
C$245900

Residential For Sale

1 Wagner Avenue, Halifax, NS B3M 2H9

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,930Sqft
Century 21 Trident Realty Ltd.
C$719000

Residential For Sale

1 Wagner Avenue, Halifax, NS B3M 2H9
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,930Sqft
Century 21 Trident Realty Ltd.
Tucked away in a tranquil wooded neighbourhood near Bedford, this beautiful family home offers a harmonious blend of nature and convenience. The open concept design spans four levels in a side-split layout, situated in the peaceful Fernleigh Park community, close to amenities. The updated kitchen features a stunning stone countertop and a spacious center island, perfect for family gatherings.
C$719000

Residential For Sale

1 Wagner Avenue, Halifax, NS B3M 2H9
Century 21 Trident Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$719000

Residential For Sale

8865 8869 Hwy 101 Highway, Brighton, NS B0V 1A0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
30Picture(s)
1,755Sqft
Century 21 Trident Realty Ltd.
C$649999

Residential For Sale

8865 8869 Hwy 101 Highway, Brighton, NS B0V 1A0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,755Sqft
Century 21 Trident Realty Ltd.
Welcome to a great investment opportunity. A 3 bedroom 1 bathroom home nestled on 3.56 acres of stunning oceanfront land. This property even includes your own private beach offering idyllic coastal lifestyle.
C$649999

Residential For Sale

8865 8869 Hwy 101 Highway, Brighton, NS B0V 1A0
Century 21 Trident Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$649999

Residential For Sale

23 Blueberry Station Drive, Wentzells Lake, NS B0R 1E0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
30Picture(s)
2,426Sqft
EXIT Realty Inter Lake
C$599900

Residential For Sale

23 Blueberry Station Drive, Wentzells Lake, NS B0R 1E0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,426Sqft
EXIT Realty Inter Lake
Stunning would be the word that comes to mind when you first lay eyes on this modern property! Before setting foot inside you are surrounded by lush grass, beautiful beds, flowers and mature maple trees. The large, detached garage is a dream! Features a wood stove, parking for 2 large vehicles and room for whatever else you could imagine.
C$599900

Residential For Sale

23 Blueberry Station Drive, Wentzells Lake, NS B0R 1E0
EXIT Realty Inter Lake
5Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

2 Mama Lien Drive, Lantz, NS B2S 1T5

2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
18Picture(s)
1,109Sqft
Keller Williams Select Realty
C$419900

Residential For Sale

2 Mama Lien Drive, Lantz, NS B2S 1T5
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,109Sqft
Keller Williams Select Realty
Welcome to 2 Mama Lien Dr, in Lantz! This stunning bungalow semidetached boasts 2 spacious bedrooms and 2 full bathrooms, providing ample space for you and your family to live comfortably. With electric heating throughout and an additional heatpump, you can enjoy the perfect temperature all year round, whether you want to cozy up in the winter or stay cool in the summer.
C$419900

Residential For Sale

2 Mama Lien Drive, Lantz, NS B2S 1T5
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$419900

Residential For Sale

670 Cottage Road, Sydney, NS B1P 6S6

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
46Picture(s)
1,914Sqft
Viewpoint Realty Services Inc. (Sydney)
C$349900

Residential For Sale

670 Cottage Road, Sydney, NS B1P 6S6
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,914Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 670 Cottage Road! This charming split-entry home offers over 1,900 sq. ft. of well-designed living space, perfect for families or anyone seeking room to grow. Situated in a family-oriented neighborhood, the property features a fully fenced backyard, a spacious rear deck—ideal for entertaining—and a 16x24 detached garage.
C$349900

Residential For Sale

670 Cottage Road, Sydney, NS B1P 6S6
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

3066 Lovett Road, Coldbrook, NS B4R 1A4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,770Sqft
Royal LePage Atlantic (New Minas)
C$435000

Residential For Sale

3066 Lovett Road, Coldbrook, NS B4R 1A4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,770Sqft
Royal LePage Atlantic (New Minas)
Welcome to 3066 Lovett Road in Coldbrook, a remarkable property that offers a unique blend of comfort and functionality. Situated on 1.36 acres of private land, featuring a charming 3-bedroom, 2-bathroom bungalow with 1,770 sq.
C$435000

Residential For Sale

3066 Lovett Road, Coldbrook, NS B4R 1A4
Royal LePage Atlantic (New Minas)
3Bedroom(s)
2Bathroom(s)
C$435000

Residential For Sale

5 Susan Place, Crichton Park, NS B3A 4M3

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
29Picture(s)
1,835Sqft
RE/MAX Nova
C$849900

Residential For Sale

5 Susan Place, Crichton Park, NS B3A 4M3
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,835Sqft
RE/MAX Nova
Crichton Park Gem on Quiet Cul-de-Sac! Located in one of Dartmouth’s most sought-after neighborhoods, this fully renovated 3+1 bedroom, 3-bath back-split home offers exceptional space, comfort, and family-friendly features.
C$849900

Residential For Sale

5 Susan Place, Crichton Park, NS B3A 4M3
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$849900

Residential For Sale

51 Wood Lane, Upper Wedgeport, NS B0W 1B0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
48Picture(s)
2,450Sqft
The Real Estate Store
C$449900

Residential For Sale

51 Wood Lane, Upper Wedgeport, NS B0W 1B0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,450Sqft
The Real Estate Store
Welcome to 51 Wood Lane in Upper Wedgeport. This well built multi level home just 10-15 minutes from Yarmouth is sitting on 1.66 acres of land on a very private setting . Well back from the main road you can enjoy country living and not worry about noise or traffic.
C$449900

Residential For Sale

51 Wood Lane, Upper Wedgeport, NS B0W 1B0
The Real Estate Store
3Bedroom(s)
3Bathroom(s)
C$449900

Residential For Sale

190 Main Street, Berwick, NS B0P 1E0

4Bedroom(s)
3Bathroom(s)
PavedParking(s)
50Picture(s)
2,850Sqft
Royal LePage Atlantic (New Minas)
C$649999

Residential For Sale

190 Main Street, Berwick, NS B0P 1E0
4Bedroom(s)
3Bathroom(s)
PavedParking(s)
2,850Sqft
Royal LePage Atlantic (New Minas)
Welcome to 190 Main Street in the heart of Berwick —a stunning blend of timeless charm and modern comfort. This beautifully updated century home features 3 bedrooms, 2.5 bathrooms, and a thoughtfully designed layout perfect for everyday living and entertaining.
C$649999

Residential For Sale

190 Main Street, Berwick, NS B0P 1E0
Royal LePage Atlantic (New Minas)
4Bedroom(s)
3Bathroom(s)
C$649999

Residential For Sale

287 Aylesford Road, Springfield, NS B0R 1H0

1Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,053Sqft
RE/MAX Nova (Halifax)
C$449900

Residential For Sale

287 Aylesford Road, Springfield, NS B0R 1H0
1Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,053Sqft
RE/MAX Nova (Halifax)
Discover your lakeside sanctuary at 287 Aylesford Rd., Springfield, NS! Embrace the charm of lake life in this stunning Heartwood Log home, perfectly situated on Burke Lake. This rare gem features one spacious bedroom 1.5 baths, plus a cozy Bunkie, ideal for hosting guests, with a capacity for up to four.
C$449900

Residential For Sale

287 Aylesford Road, Springfield, NS B0R 1H0
RE/MAX Nova (Halifax)
1Bedroom(s)
2Bathroom(s)
C$449900

Residential For Sale

8 Paddock Lane, Falmouth, NS B0P 1L0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
48Picture(s)
900Sqft
MacKay Real Estate Ltd.
C$160000

Residential For Sale

8 Paddock Lane, Falmouth, NS B0P 1L0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
900Sqft
MacKay Real Estate Ltd.
Affordable & Adorable in the Heart of Falmouth! Welcome to 8 Paddock Lane – a charming 3-bedroom, 1-bath mobile home perfectly situated in the heart of Falmouth. Just minutes from local schools, shopping, and everyday amenities, this home also offers quick and easy highway access for commuters.
C$160000

Residential For Sale

8 Paddock Lane, Falmouth, NS B0P 1L0
MacKay Real Estate Ltd.
3Bedroom(s)
1Bathroom(s)
C$160000
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