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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

38 Beacon Street, Yarmouth, NS B5A 2W4

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
25Picture(s)
1,812Sqft
Modern Realty
C$449000

Residential For Sale

38 Beacon Street, Yarmouth, NS B5A 2W4
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,812Sqft
Modern Realty
Imagine the ease of town amenities combined with the freedom of a large yard and a spacious garage – that’s what awaits you at this remarkable property! Nestled on a sizeable 14,360 ft.² corner lot, this home boasts a substantial fenced in area perfect for pets, kids, or gardening.
C$449000

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38 Beacon Street, Yarmouth, NS B5A 2W4
Modern Realty
5Bedroom(s)
2Bathroom(s)
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986 Herring Cove Road, Halifax, NS B3R 1Z6

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
9Picture(s)
1,450Sqft
PG Direct Realty Ltd.
C$425000

Residential For Sale

986 Herring Cove Road, Halifax, NS B3R 1Z6
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,450Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Older home, family-owned since the 1930s, with some upgrades and lots of potential. Located on a terraced lot with road frontage, streetlights, a bus stop, and a community mailbox. The house features a pitched roof with shed dormers.
C$425000

Residential For Sale

986 Herring Cove Road, Halifax, NS B3R 1Z6
PG Direct Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$425000

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198 Mowatt Street, Shelburne, NS B0T 1W0

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
17Picture(s)
1,500Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$285000

Residential For Sale

198 Mowatt Street, Shelburne, NS B0T 1W0
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
1,500Sqft
Viewpoint Realty Services Inc. (Shelburne)
Welcome to 198 Mowatt Street. One of the most highly sought after locations for a family in Shelburne Town. Once a 4 bedroom home, this is now 2 big bedrooms on the 2nd level and one bedroom on the main level. There are 2 and 1/5 baths including the ensuite with corner tub. The main level has an open concept, bright kitchen and dining area with garden doors to the back deck and yard.
C$285000

Residential For Sale

198 Mowatt Street, Shelburne, NS B0T 1W0
Viewpoint Realty Services Inc. (Shelburne)
3Bedroom(s)
3Bathroom(s)
C$285000

Residential For Sale

33 Burgess Road, Garlands Crossing, NS B0N 2T0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
2,104Sqft
ViewPoint Realty Services Inc.(Greenwood)
C$519900

Residential For Sale

33 Burgess Road, Garlands Crossing, NS B0N 2T0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,104Sqft
ViewPoint Realty Services Inc.(Greenwood)
Discover the perfect blend of comfort, functionality, and pride of ownership in this beautifully maintained 3-bedroom, 2-bathroom home, ideal for families, professionals, or anyone looking for a move-in ready space with room to entertain. Nestled on a landscaped lot with a lovely front yard and a generous backyard, this home offers the perfect setting both inside and out.
C$519900

Residential For Sale

33 Burgess Road, Garlands Crossing, NS B0N 2T0
ViewPoint Realty Services Inc.(Greenwood)
3Bedroom(s)
2Bathroom(s)
C$519900

Residential For Sale

30 Cocoa Street, Forest Hills, NS B2W 4W7

3Bedroom(s)
1Bathroom(s)
PavedParking(s)
31Picture(s)
1,072Sqft
RE/MAX Nova
C$285000

Residential For Sale

30 Cocoa Street, Forest Hills, NS B2W 4W7
3Bedroom(s)
1Bathroom(s)
PavedParking(s)
1,072Sqft
RE/MAX Nova
Step into style, comfort, and total convenience with this fully renovated 3-bedroom, 1-bathroom mobile home on a private corner lot. Every inch has been thoughtfully upgraded—from waterproof laminate flooring to a sleek new kitchen with a dishwasher, brand-new washer and dryer, and dual heat pumps for year-round efficiency.
C$285000

Residential For Sale

30 Cocoa Street, Forest Hills, NS B2W 4W7
RE/MAX Nova
3Bedroom(s)
1Bathroom(s)
C$285000

Residential For Sale

216 Caledonia Road, Dartmouth, NS B2X 1L4

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,540Sqft
Keller Williams Select Realty
C$549900

Residential For Sale

216 Caledonia Road, Dartmouth, NS B2X 1L4
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,540Sqft
Keller Williams Select Realty
Welcome Home! This sweet home offers a warm and functional layout with great curb appeal, a detached garage, and a double paved driveway! Inside, you’ll find a bright and airy living room that flows into the spacious kitchen and dining area with updated light fixture.
C$549900

Residential For Sale

216 Caledonia Road, Dartmouth, NS B2X 1L4
Keller Williams Select Realty
4Bedroom(s)
2Bathroom(s)
C$549900

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3Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
1,047Sqft
Exit Realty Metro
C$549900

Residential For Sale

11635 Peggys Cove Road, Seabright, NS B3Z 2Y1
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,047Sqft
Exit Realty Metro
Nova Scotia's coastal living is waiting for you in this unique 1.5 storey home with incredible views of St. Margaret's Bay. Not only do you have the views from atop the wrap around deck and outside the 16 foot window span from the living room but you also have a private stairway and sitting dock across the road directly on the water.......
C$549900

Residential For Sale

11635 Peggys Cove Road, Seabright, NS B3Z 2Y1
Exit Realty Metro
3Bedroom(s)
1Bathroom(s)
C$549900

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97 Annabels Beach Lane, Amherst Shore, NS B0L 1E0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
50Picture(s)
960Sqft
RE/MAX County Line Realty Ltd.
C$429900

Residential For Sale

97 Annabels Beach Lane, Amherst Shore, NS B0L 1E0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
960Sqft
RE/MAX County Line Realty Ltd.
EXPERIENCE Coastal Bliss at This Charming Waterfront Cottage along our beautiful Northumberland Strait! Discover the serenity of coastal living with this beautifully renovated two-bedroom cottage, perfectly positioned on 200 feet of pristine waterfront.
C$429900

Residential For Sale

97 Annabels Beach Lane, Amherst Shore, NS B0L 1E0
RE/MAX County Line Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$429900

Residential For Sale

149 Frankville Branch Road, Frankville, NS B0H 1K0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,690Sqft
RE/MAX Nova (Halifax)
C$369000

Residential For Sale

149 Frankville Branch Road, Frankville, NS B0H 1K0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,690Sqft
RE/MAX Nova (Halifax)
Like a fine wine some things getting better with time; 149 Frankville Branch Road is a stellar example. This beautifully landscaped property is 7 acres of perfection! This home has been beautifully modernized while maintaining the charm and character you'd expect from a century home. The main level is bright and spacious with high ceilings and lots of windows for natural light.
C$369000

Residential For Sale

149 Frankville Branch Road, Frankville, NS B0H 1K0
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$369000

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910-1650 Granville Street, Halifax, NS B3J 0E1

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
43Picture(s)
1,000Sqft
Verve Realty Group
C$835000

Residential For Sale

910-1650 Granville Street, Halifax, NS B3J 0E1
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,000Sqft
Verve Realty Group
The Roy - Live your best life in downtown! This 2 bedroom plus den condo gives you breath taking city views from the 335 sq foot wrap around terrace where you can relax on a warm summer evening with friends and family and enjoy the hustle and bustle of the city energy. The Roy offers the highest level of service, amenities, fitness and convenience.
C$835000

Residential For Sale

910-1650 Granville Street, Halifax, NS B3J 0E1
Verve Realty Group
2Bedroom(s)
2Bathroom(s)
C$835000

Residential For Sale

310-15 Langbrae Drive, Halifax, NS B3M 3W5

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
34Picture(s)
900Sqft
Exit Realty Metro
C$329000

Residential For Sale

310-15 Langbrae Drive, Halifax, NS B3M 3W5
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
900Sqft
Exit Realty Metro
Move-In Ready! Updated 1 Bedroom + Den with Ground-Level Parking. Welcome to this bright and spacious one-bedroom plus den unit, complete with an assigned surface parking stall. The layout includes a functional kitchen, dining area, sunlit living room, one generous bedroom, a versatile den (perfect for a home office), and a combined laundry/storage room.
C$329000

Residential For Sale

310-15 Langbrae Drive, Halifax, NS B3M 3W5
Exit Realty Metro
1Bedroom(s)
1Bathroom(s)
C$329000

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
40Picture(s)
1,658Sqft
Engel & Volkers
C$724900

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,658Sqft
Engel & Volkers
Discover luxury living in Bretton Woods Estates. This stunning new construction 3-bedroom, 2-bathroom bungalow showcases 1,658 square feet of exceptional craftsmanship on a private 1.97-acre lot backing onto a serene greenbelt.
C$724900

Residential For Sale

216 Bretton Woods Road, Hillsvale, NS B0N 1Z0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$724900
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