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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

235 North Side Road, Riverport, NS B0J 2W0

4Bedroom(s)
4Bathroom(s)
OtherParking(s)
49Picture(s)
3,754Sqft
EXIT Realty Inter Lake
C$699900

Residential For Sale

235 North Side Road, Riverport, NS B0J 2W0
4Bedroom(s)
4Bathroom(s)
OtherParking(s)
3,754Sqft
EXIT Realty Inter Lake
Where history meets coastal soul — Welcome to Riverport, a close-knit and proud coastal community built on generations of trust and storytelling. Perched proudly in the heart of this seaside village is this grand sea captain's house nationally featured in Canada's Macleans Magazine and on the design site Apartment Therapy. With 4 bedrooms and 3.
C$699900

Residential For Sale

235 North Side Road, Riverport, NS B0J 2W0
EXIT Realty Inter Lake
4Bedroom(s)
4Bathroom(s)
C$699900

Residential For Sale

60 Sandy Cove Road, Terence Bay, NS B3T 1Y2

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
12Picture(s)
1,001Sqft
Press Realty Inc.
C$449900

Residential For Sale

60 Sandy Cove Road, Terence Bay, NS B3T 1Y2
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,001Sqft
Press Realty Inc.
Welcome to 60 Sandy Cove Road, Terence Bay, Nova Scotia. This charming property sits on a beautiful lot and offers a fantastic opportunity for investors, home owners, or business owners seeking flexibility and potential. Zoned MU-1, the property features a second unit with separate access perfect for a rental suite, extended family, or a home based business.
C$449900

Residential For Sale

60 Sandy Cove Road, Terence Bay, NS B3T 1Y2
Press Realty Inc.
2Bedroom(s)
1Bathroom(s)
C$449900

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54 Church Street, Tatamagouche, NS B0K 1V0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
49Picture(s)
1,967Sqft
Royal LePage Atlantic (Enfield)
C$425000

Residential For Sale

54 Church Street, Tatamagouche, NS B0K 1V0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,967Sqft
Royal LePage Atlantic (Enfield)
Welcome to this charming and character-filled family home nestled in the heart of the historic Village of Tatamagouche. Brimming with original features including stunning hardwood floors throughout, this home offers a warm and inviting atmosphere.
C$425000

Residential For Sale

54 Church Street, Tatamagouche, NS B0K 1V0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$425000

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1330 Prospect Bay Road, Prospect Bay, NS B3T 2B1

3Bedroom(s)
3Bathroom(s)
1.5Parking(s)
50Picture(s)
2,427Sqft
RE/MAX Nova
C$1195000

Residential For Sale

1330 Prospect Bay Road, Prospect Bay, NS B3T 2B1
3Bedroom(s)
3Bathroom(s)
1.5Parking(s)
2,427Sqft
RE/MAX Nova
This beautiful, two year old, oceanfront A-frame offers an open concept main level with cathedral ceilings and panoramic ocean views. Two full bedrooms, full bath and laundry room are also on the main level. The upper level is dedicated to your primary bedroom, with French doors leading to a gorgeous ensuite and walk-in closet.
C$1195000

Residential For Sale

1330 Prospect Bay Road, Prospect Bay, NS B3T 2B1
RE/MAX Nova
3Bedroom(s)
3Bathroom(s)
C$1195000

Residential For Sale

1207 Truro Road, Hilden, NS B0N 1C0

3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
38Picture(s)
1,142Sqft
Royal LePage Atlantic (Enfield)
C$339900

Residential For Sale

1207 Truro Road, Hilden, NS B0N 1C0
3Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,142Sqft
Royal LePage Atlantic (Enfield)
Welcome to 1207 Truro Road in Hilden—a spacious bungalow set on a picturesque 6-acre property with a fully matured yard that includes apple trees, blueberry bushes, and beautiful landscaping throughout.
C$339900

Residential For Sale

1207 Truro Road, Hilden, NS B0N 1C0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
1Bathroom(s)
C$339900

Residential For Sale

233 Douglas Avenue, Glace Bay, NS B1A 1C2

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
28Picture(s)
1,171Sqft
Coldwell Banker Boardwalk Realty
C$169900

Residential For Sale

233 Douglas Avenue, Glace Bay, NS B1A 1C2
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,171Sqft
Coldwell Banker Boardwalk Realty
Welcome to this charming three-bedroom, two-bath home situated on a desirable corner lot in Glace Bay. The main level features an inviting open-concept living room and dining area, perfect for entertaining and family gatherings. The well-appointed kitchen provides ample space for cooking, while the convenient mudroom and three-piece bath add functionality to the home's layout.
C$169900

Residential For Sale

233 Douglas Avenue, Glace Bay, NS B1A 1C2
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$169900

Residential For Sale

328 King Street, Windsor, NS B0N 2T0

6Bedroom(s)
2Bathroom(s)
GravelParking(s)
39Picture(s)
2,923Sqft
Royal LePage Atlantic - Valley(Windsor)
C$459000

Residential For Sale

328 King Street, Windsor, NS B0N 2T0
6Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,923Sqft
Royal LePage Atlantic - Valley(Windsor)
Lovely character home on Kings St in Windsor. Within easy walking distance of parks, eateries and downtown. 6 bedrooms, 2 full baths and a stunning Decoste eat-in kitchen with solid cherry cabinets that fits perfectly with the style of the home.
C$459000

Residential For Sale

328 King Street, Windsor, NS B0N 2T0
Royal LePage Atlantic - Valley(Windsor)
6Bedroom(s)
2Bathroom(s)
C$459000

Residential For Sale

178 Duffus Drive, Bedford, NS B4A 3T5

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,105Sqft
Keller Williams Select Realty
C$524900

Residential For Sale

178 Duffus Drive, Bedford, NS B4A 3T5
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,105Sqft
Keller Williams Select Realty
Welcome Home to 178 Duffus Drive! A fantastic opportunity to settle into one of Bedford’s most family-friendly neighbourhoods! Just minutes to Sunnyside Mall, Bedford Commons, great schools, parks, commuter routes, and more. This well-maintained home features a bright, functional layout across all three levels, with natural light streaming in throughout.
C$524900

Residential For Sale

178 Duffus Drive, Bedford, NS B4A 3T5
Keller Williams Select Realty
3Bedroom(s)
3Bathroom(s)
C$524900

Residential For Sale

54 Fescue Court, Middle Sackville, NS B4E 0L8

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
17Picture(s)
1,760Sqft
Exit Realty Metro
C$479900

Residential For Sale

54 Fescue Court, Middle Sackville, NS B4E 0L8
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,760Sqft
Exit Realty Metro
Welcome to 54 Fescue Court — a beautifully maintained end-unit townhouse tucked away on a cul-de-sac in the highly sought-after Millwood subdivision. This stylish 3-bedroom, 2.5-bath home is ideal for families, first-time buyers, or those looking to downsize. The main level features a bright, open-concept living space, a primary bedroom with ensuite, and the convenience of main-floor laundry.
C$479900

Residential For Sale

54 Fescue Court, Middle Sackville, NS B4E 0L8
Exit Realty Metro
3Bedroom(s)
3Bathroom(s)
C$479900

Residential For Sale

208-41 Moirs Mill Road, Bedford, NS B4A 3C4

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
16Picture(s)
664Sqft
One Percent Realty East Inc.
C$322900

Residential For Sale

208-41 Moirs Mill Road, Bedford, NS B4A 3C4
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
664Sqft
One Percent Realty East Inc.
Picture Yourself Here: Bright, Updated, and Effortlessly Comfortable - 41 Moirs Mill Road. Wake up in a light-filled 1-bedroom, 1-bath condo where everything feels open, fresh, and easy. Open the door to your private deck and sip coffee while enjoying peaceful views of the landscaped grounds—your own little escape right outside your living room.
C$322900

Residential For Sale

208-41 Moirs Mill Road, Bedford, NS B4A 3C4
One Percent Realty East Inc.
1Bedroom(s)
1Bathroom(s)
C$322900

Residential For Sale

3b-28 Simona Drive, Dartmouth, NS B2X 2E1

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
5Picture(s)
2,113Sqft
Royal LePage Atlantic
C$624900

Residential For Sale

3b-28 Simona Drive, Dartmouth, NS B2X 2E1
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,113Sqft
Royal LePage Atlantic
**Pre-closing special! Appliance package included now until labour day!** Meet "Marley", a beautifully designed three-level semi-detached home by Rooftight Homes on Simona Drive. This model starts at $624,900 offering exceptional value in The Parks of Lake Charles.
C$624900

Residential For Sale

3b-28 Simona Drive, Dartmouth, NS B2X 2E1
Royal LePage Atlantic
3Bedroom(s)
4Bathroom(s)
C$624900

Residential For Sale

110 Given Drive, Grand Lake, NS B2T 0K1

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
39Picture(s)
2,647Sqft
Royal LePage Atlantic
C$849000

Residential For Sale

110 Given Drive, Grand Lake, NS B2T 0K1
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,647Sqft
Royal LePage Atlantic
Welcome home to this absolutely stunning open-concept bungalow, nestled on a private, tree-lined lot with over 2.3 acres of beautifully landscaped grounds. From the moment you arrive, you'll appreciate the curb appeal, with a fully paved driveway leading to the spacious double car attached garage.
C$849000

Residential For Sale

110 Given Drive, Grand Lake, NS B2T 0K1
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$849000
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