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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

716 Little Pond Road, Florence, NS B1Y 1S7

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
27Picture(s)
1,270Sqft
EXP Realty of Canada Inc.
C$299000

Residential For Sale

716 Little Pond Road, Florence, NS B1Y 1S7
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,270Sqft
EXP Realty of Canada Inc.
Welcome to this beautifully maintained bungalow, ideally situated in a sought-after area of Florence. Set on nearly half an acre of landscaped property with mature trees, this home offers both privacy and charm. The warm and inviting interior features an open-concept kitchen that flows seamlessly into a comfortable family room, creating an ideal space for both everyday living and entertaining.
C$299000

Residential For Sale

716 Little Pond Road, Florence, NS B1Y 1S7
EXP Realty of Canada Inc.
2Bedroom(s)
1Bathroom(s)
C$299000

Residential For Sale

111 Mica Crescent, Spryfield, NS B3P 0H7

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
44Picture(s)
1,999Sqft
Royal LePage Atlantic (Dartmouth)
C$650000

Residential For Sale

111 Mica Crescent, Spryfield, NS B3P 0H7
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1,999Sqft
Royal LePage Atlantic (Dartmouth)
Stylish Six Year-Old Home in Sought-After Governors Brook Welcome to this modern and beautifully maintained six year-old home located in the vibrant community of Governors Brook. Thoughtfully designed with both style and functionality in mind, this home offers three levels of comfortable living space and is perfect for families or those who love to entertain.
C$650000

Residential For Sale

111 Mica Crescent, Spryfield, NS B3P 0H7
Royal LePage Atlantic (Dartmouth)
3Bedroom(s)
4Bathroom(s)
C$650000

Residential For Sale

5 Clover Lane, Harrietsfield, NS B3V 1A7

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
26Picture(s)
938Sqft
Keller Williams Select Realty
C$219900

Residential For Sale

5 Clover Lane, Harrietsfield, NS B3V 1A7
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
938Sqft
Keller Williams Select Realty
First time buyers or folks wanting a more simple lifestyle, 5 Clover Lane is the the perfect home for you! This mini home has been lovingly updated and maintained by it's current owners including a kitchen and bathroom renovation with new appliances and finishes, a brand new deck, new flooring in the bathroom and kitchen and so much more! You will be able to see the care as soon as you walk throug
C$219900

Residential For Sale

5 Clover Lane, Harrietsfield, NS B3V 1A7
Keller Williams Select Realty
3Bedroom(s)
1Bathroom(s)
C$219900

Residential For Sale

3691 Lynch Street, Halifax, NS B3K 3L3

4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
44Picture(s)
2,140Sqft
Dockside Realty
C$859900

Residential For Sale

3691 Lynch Street, Halifax, NS B3K 3L3
4Bedroom(s)
4Bathroom(s)
No GarageParking(s)
2,140Sqft
Dockside Realty
Beautifully rebuilt 2 storey home in Halifax’s North end, minutes to CFB Halifax and Downtown! Open concept main living space with gorgeous kitchen with Corian counters & stainless appliances, spacious living and dining, and half bath. A fabulous covered deck overlooks the treed backyard with seasonal views of Halifax Harbour.
C$859900

Residential For Sale

3691 Lynch Street, Halifax, NS B3K 3L3
Dockside Realty
4Bedroom(s)
4Bathroom(s)
C$859900

Residential For Sale

33 Trident Lane, Halifax, NS B3M 0B7

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
46Picture(s)
2,036Sqft
Royal LePage Atlantic
C$549000

Residential For Sale

33 Trident Lane, Halifax, NS B3M 0B7
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,036Sqft
Royal LePage Atlantic
Come explore this updated, 3 bdrm, semi-detached Rockingham home in a quiet & peaceful setting. Tucked away on a limited access street, the privacy & serenity of this property is unparalleled! The main floor features a spacious living room with hardwood floors & bay window. Enjoy the bonus family rm or formal dining rm adjacent.
C$549000

Residential For Sale

33 Trident Lane, Halifax, NS B3M 0B7
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$549000

Residential For Sale

327 East Uniacke Road, East Uniacke, NS B0N 1Z0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
45Picture(s)
1,102Sqft
Viewpoint Realty Services Inc.
C$379900

Residential For Sale

327 East Uniacke Road, East Uniacke, NS B0N 1Z0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,102Sqft
Viewpoint Realty Services Inc.
Welcome to 327 East Uniacke Road! This charming and well-maintained 2-3 bedroom bungalow offers comfortable one-level living with additional space to enjoy both indoors and out! The main floor features a large kitchen with central island, a sunny living room with heat pump, two generous bedrooms, a bright den ideal for a home office, guest bedroom or nursery and a full bathroom.
C$379900

Residential For Sale

327 East Uniacke Road, East Uniacke, NS B0N 1Z0
Viewpoint Realty Services Inc.
2Bedroom(s)
2Bathroom(s)
C$379900

Residential For Sale

17 Gordon Road, Margaretsville, NS B0S 1N0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
19Picture(s)
864Sqft
RE/MAX Banner Real Estate
C$265000

Residential For Sale

17 Gordon Road, Margaretsville, NS B0S 1N0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
864Sqft
RE/MAX Banner Real Estate
Rare opportunity to own an affordable cottage just steps from the world-famous Bay of Fundy and close to the scenic Margaretsville lighthouse. Enjoy breathtaking sunsets, refreshing sea breezes, and easy access to popular tourist attractions right at your doorstep. This lovely retreat comes fully furnished, making it an ideal option for immediate use as a seasonal rental or personal getaway.
C$265000

Residential For Sale

17 Gordon Road, Margaretsville, NS B0S 1N0
RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$265000

Residential For Sale

12 Osprey Court, Bible Hill, NS B2N 7B3

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,859Sqft
Viewpoint Realty Services Inc.
C$739900

Residential For Sale

12 Osprey Court, Bible Hill, NS B2N 7B3
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,859Sqft
Viewpoint Realty Services Inc.
12 Osprey Court, Bible Hill Welcome to 12 Osprey Court—a modern farmhouse-style home in a sought-after Bible Hill neighbourhood. This beautifully updated 4-bedroom, 4-bath home offers over 3,500 sq. ft. of finished space, ideal for growing families or multi-generational living.
C$739900

Residential For Sale

12 Osprey Court, Bible Hill, NS B2N 7B3
Viewpoint Realty Services Inc.
4Bedroom(s)
4Bathroom(s)
C$739900

Residential For Sale

333 Queen Street, New Glasgow, NS B2H 6A6

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
42Picture(s)
3,840Sqft
Turning Point Real Estate Limited
C$479000

Residential For Sale

333 Queen Street, New Glasgow, NS B2H 6A6
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
3,840Sqft
Turning Point Real Estate Limited
Perched on a corner lot, this charming bungalow catches your eye right away. The paved driveway sweeps in from both streets, curving around the back and leading to a double garage, offering plenty of space for vehicles, projects, or storage. Out front, a beautiful maple tree offers just the right amount of shade, while lush shrubs and a thriving peach tree bring color and life to the yard.
C$479000

Residential For Sale

333 Queen Street, New Glasgow, NS B2H 6A6
Turning Point Real Estate Limited
5Bedroom(s)
3Bathroom(s)
C$479000

Residential For Sale

6 Macquarrie Drive Extension, Port Hawkesbury, NS B9A 3S9

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
16Picture(s)
1,100Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
C$479000

Residential For Sale

6 Macquarrie Drive Extension, Port Hawkesbury, NS B9A 3S9
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,100Sqft
RE/MAX Park Place Inc. (Port Hawkesbury)
Ideal location for future development! This 4.8 acre lot is ZONED R-3 (RESIDENTIAL MULTIPLE UNIT) and centrally located in the heart of Port Hawkesbury and within walking distance to all amenities, such as grocery stores, restaurants, parks, walking trails, high school and Civic Center. There is a century home on the property that could be restored or removed to accommodate new builds.
C$479000

Residential For Sale

6 Macquarrie Drive Extension, Port Hawkesbury, NS B9A 3S9
RE/MAX Park Place Inc. (Port Hawkesbury)
3Bedroom(s)
1Bathroom(s)
C$479000

Residential For Sale

64 Mae Avenue, Sydney Mines, NS B1V 3J1

4Bedroom(s)
2Bathroom(s)
NoneParking(s)
49Picture(s)
2,400Sqft
RE/MAX Park Place Inc.
C$399900

Residential For Sale

64 Mae Avenue, Sydney Mines, NS B1V 3J1
4Bedroom(s)
2Bathroom(s)
NoneParking(s)
2,400Sqft
RE/MAX Park Place Inc.
Nestled in a picturesque subdivision where pride of ownership shines, this charming four-bedroom bungalow at 64 Mae Street welcomes you with open arms. Perfectly maintained, this home is your sanctuary, combining functionality with delightful aesthetics. With four generously sized bedrooms, this layout promises ample room for families of all sizes.
C$399900

Residential For Sale

64 Mae Avenue, Sydney Mines, NS B1V 3J1
RE/MAX Park Place Inc.
4Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

409-87 Kearney Lake Road, Clayton Park, NS B3M 4H1

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
41Picture(s)
840Sqft
The Agency Real Estate Brokerage
C$369900

Residential For Sale

409-87 Kearney Lake Road, Clayton Park, NS B3M 4H1
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
840Sqft
The Agency Real Estate Brokerage
This top floor corner unit is the standout gem of the area, offering the perfect blend of comfort, style, and lifestyle amenities. Bathed in natural light thanks to its elevated position and extra windows, this two bedroom, one bathroom condo has been lovingly updated throughout with modern finishes that truly elevate the space.
C$369900

Residential For Sale

409-87 Kearney Lake Road, Clayton Park, NS B3M 4H1
The Agency Real Estate Brokerage
2Bedroom(s)
1Bathroom(s)
C$369900
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