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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

31 Allen Street, Glace Bay, NS B1A 1X7

1Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,855Sqft
RE/MAX Park Place Inc.
C$299900

Residential For Sale

31 Allen Street, Glace Bay, NS B1A 1X7
1Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,855Sqft
RE/MAX Park Place Inc.
Welcome to 31 Allen Street, a well-maintained bungalow offering an exceptional blend of comfort, efficiency, and location. Upon entry, you’ll be welcomed by gleaming hardwood floors that enhance the warmth and character of the main living area.
C$299900

Residential For Sale

31 Allen Street, Glace Bay, NS B1A 1X7
RE/MAX Park Place Inc.
1Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0

2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
13Picture(s)
1,200Sqft
Royal LePage Atlantic (Enfield)
C$425900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,200Sqft
Royal LePage Atlantic (Enfield)
Welcome to this charming 1200 sq ft, 2 bedroom, 2 bath, open concept home, designed for comfortable living and modern convenience. The spacious layout features three bedrooms, perfect for family or guests, and two well-appointed bathrooms ensure privacy and functionality. The inviting living area seamlessly flows into the kitchen, creating an ideal space for entertaining and family gatherings.
C$425900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
2Bathroom(s)
C$425900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
9Picture(s)
1,000Sqft
Royal LePage Atlantic (Enfield)
C$299900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,000Sqft
Royal LePage Atlantic (Enfield)
Introducing a small but mighty 1000 sq ft plan featuring 2 bedrooms and 1 well-appointed bathroom. This versatile layout is perfect for first homebuyers or those looking to downsize in retirement. Enjoy the charm and functionality of a space designed for comfort, no matter your stage in life.
C$299900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
1Bathroom(s)
C$299900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0

1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
9Picture(s)
800Sqft
Royal LePage Atlantic (Enfield)
C$279900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
1Bedroom(s)
1Bathroom(s)
No GarageParking(s)
800Sqft
Royal LePage Atlantic (Enfield)
Welcome to your dream open-concept living home! This stylish space features a spacious layout that seamlessly connects the living area to a fully equipped kitchen—perfect for entertaining or enjoying family time. The kitchen boasts modern appliances and ample counter space, making meal preparation a breeze.
C$279900

Residential For Sale

Irwin Lake Road, Hilden, NS B0N 1C0
Royal LePage Atlantic (Enfield)
1Bedroom(s)
1Bathroom(s)
C$279900

Residential For Sale

47 Daley Road, New Victoria, NS B1H 4Z5

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
40Picture(s)
2,473Sqft
Coldwell Banker Boardwalk Realty
C$319000

Residential For Sale

47 Daley Road, New Victoria, NS B1H 4Z5
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,473Sqft
Coldwell Banker Boardwalk Realty
Welcome to 47 Daley Rd in beautiful New Victoria! Nestled in one of Cape Breton’s most scenic coastal communities, this charming 3-bedroom, 2-full-bath bungalow sits on a large, generously sized lot, offering fresh ocean breezes, peaceful surroundings, and plenty of space for families to enjoy.
C$319000

Residential For Sale

47 Daley Road, New Victoria, NS B1H 4Z5
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$319000

Residential For Sale

4395 Prospect Road, North Alton, NS B4N 3V8

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
1,008Sqft
Exit Realty Town & Country
C$385000

Residential For Sale

4395 Prospect Road, North Alton, NS B4N 3V8
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,008Sqft
Exit Realty Town & Country
Meticulously Maintained Bungalow on 1.5 Private Acres Experience the perfect blend of rural privacy and modern efficiency in this move-in-ready 3-bedroom, 4-piece bath bungalow. Located just one minute from highway access and less than 10 minutes from the vibrant hubs of Kentville and New Minas, this home offers an ideal commute and unparalleled convenience.
C$385000

Residential For Sale

4395 Prospect Road, North Alton, NS B4N 3V8
Exit Realty Town & Country
3Bedroom(s)
1Bathroom(s)
C$385000

Residential For Sale

153d Harbourside Drive, Fox Harbour, NS B0K 1Y0

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
35Picture(s)
1,776Sqft
Coldwell Banker Maritime Realty
C$329900

Residential For Sale

153d Harbourside Drive, Fox Harbour, NS B0K 1Y0
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,776Sqft
Coldwell Banker Maritime Realty
Quarter ownership offers a smart, flexible way to enjoy recreational property—ideal for both your lifestyle and your finances.
C$329900

Residential For Sale

153d Harbourside Drive, Fox Harbour, NS B0K 1Y0
Coldwell Banker Maritime Realty
3Bedroom(s)
3Bathroom(s)
C$329900

Residential For Sale

11 Poonam Court, Dartmouth, NS B2X 0B6

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
45Picture(s)
2,614Sqft
Sutton Group Professional Realty
C$789900

Residential For Sale

11 Poonam Court, Dartmouth, NS B2X 0B6
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,614Sqft
Sutton Group Professional Realty
The home you have been waiting for is 11 Poonam Crt. Exceptionally maintained spacious, bright, with economical heat pumps and with a profitable Airbnb. Carpet-free home features a welcoming foyer, powder room, open concept main floor showcasing a gorgeous kitchen with a built-in pantry, cook's dream kitchen, new gas stove, quartz countertop, dining area and a cozy living room.
C$789900

Residential For Sale

11 Poonam Court, Dartmouth, NS B2X 0B6
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$789900

Residential For Sale

13 Fred Keyes Court, Bedford, NS B4A 4B6

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
50Picture(s)
1,770Sqft
Royal LePage Atlantic
C$535000

Residential For Sale

13 Fred Keyes Court, Bedford, NS B4A 4B6
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,770Sqft
Royal LePage Atlantic
Overview: A three-bedroom, semi-detached house in a desirable Bedford South subdivision. 2 good-sized bedrooms are on the upper floor plus an Ensuite bedroom and a full bathroom. Each of the bedrooms comes with a closet and the master bedroom has a ductless heat pump. The Main floor features the living room and dining room with a large kitchen and a powder room.
C$535000

Residential For Sale

13 Fred Keyes Court, Bedford, NS B4A 4B6
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$535000

Residential For Sale

12376 Hwy 316, Goldboro, NS B0H 1L0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
29Picture(s)
1,650Sqft
Century 21 Optimum Realty
C$139900

Residential For Sale

12376 Hwy 316, Goldboro, NS B0H 1L0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,650Sqft
Century 21 Optimum Realty
This century home is located in Goldboro. It overlooks Isaac's Harbour. On the main level this residence offers an ample kitchen, living room, a family room, a bathroom, and the porch. The second level has also great vistas of the harbour, and the three bedrooms and a bathroom are located on this level. The ocean front lot is just across the road.
C$139900

Residential For Sale

12376 Hwy 316, Goldboro, NS B0H 1L0
Century 21 Optimum Realty
4Bedroom(s)
2Bathroom(s)
C$139900

Residential For Sale

205 Hodgson's Road, Middle Ohio, NS B0T 1W0

5Bedroom(s)
1Bathroom(s)
SingleParking(s)
41Picture(s)
1,866Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$297500

Residential For Sale

205 Hodgson's Road, Middle Ohio, NS B0T 1W0
5Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,866Sqft
Viewpoint Realty Services Inc. (Shelburne)
Century Farm house with 75 acres of fields and forest. 4 or 5 bedrooms, renovated bathroom, 2 heat pumps and woodstove. Home is well insulated, roof has been reshingled in the past few years, dug well has never gone dry. There is a 10 stall barn, small garage, woodshed on the property. Ready for new owners to love this country home.
C$297500

Residential For Sale

205 Hodgson's Road, Middle Ohio, NS B0T 1W0
Viewpoint Realty Services Inc. (Shelburne)
5Bedroom(s)
1Bathroom(s)
C$297500

Residential For Sale

73 Union Street, Bedford, NS B4A 2B6

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
43Picture(s)
2,000Sqft
RE/MAX Nova (Halifax)
C$549900

Residential For Sale

73 Union Street, Bedford, NS B4A 2B6
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,000Sqft
RE/MAX Nova (Halifax)
This beautiful home stands out for the exceptional quality of its interior finish. Everywhere you look, the design choices — from the flooring and colour palette to the kitchen and bathrooms — have been tastefully selected to complement the home’s traditional character. It has also been meticulously maintained; a quick walk through will show just how pristine it truly is.
C$549900

Residential For Sale

73 Union Street, Bedford, NS B4A 2B6
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$549900
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