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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

821 45 Vimy Avenue, Halifax, NS B3M 4C5

3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
47Picture(s)
1,315Sqft
Royal LePage Atlantic
C$463900

Residential For Sale

821 45 Vimy Avenue, Halifax, NS B3M 4C5
3Bedroom(s)
2Bathroom(s)
UndergroundParking(s)
1,315Sqft
Royal LePage Atlantic
Enjoy stunning harbour views from every window in this bright 3-bedroom, 2-bath condo! The open-concept living and dining area features an electric fireplace and walkout to a private balcony, while the well-planned kitchen flows seamlessly into the main space – perfect for entertaining or unwinding at home.
C$463900

Residential For Sale

821 45 Vimy Avenue, Halifax, NS B3M 4C5
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$463900

Residential For Sale

82 Bolivar Drive, Dayspring, NS B4V 5S2

4Bedroom(s)
1Bathroom(s)
SingleParking(s)
42Picture(s)
1,651Sqft
RE/MAX Nova (Halifax)
C$334900

Residential For Sale

82 Bolivar Drive, Dayspring, NS B4V 5S2
4Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,651Sqft
RE/MAX Nova (Halifax)
Welcome to this charming 4 bedroom, 1 bathroom bungalow nestled on a large , quiet lot in the peaceful community of Dayspring, Nova Scotia, situated less than 5 minutes to Bridgewater and under 15 minutes to the vibrant seaside town of Lunenburg.
C$334900

Residential For Sale

82 Bolivar Drive, Dayspring, NS B4V 5S2
RE/MAX Nova (Halifax)
4Bedroom(s)
1Bathroom(s)
C$334900

Residential For Sale

115 Queen, Baddeck, NS B0E 1B0

3Bedroom(s)
2Bathroom(s)
12Picture(s)
1,200Sqft
Harvey Realties Limited
C$375000

Residential For Sale

115 Queen, Baddeck, NS B0E 1B0
3Bedroom(s)
2Bathroom(s)
1,200Sqft
Harvey Realties Limited
This is a wonderful property in a lovely quiet residential area in the Village of Baddeck! The property features a very well-maintained 1.5-sty year round home and storage shed on a landscaped level lot with paved driveway. The main floor features a back porch, open-concept kitchen and dining room, living room and front porch. Upstairs there is a nice landing, three bedrooms and a full bathroom.
C$375000

Residential For Sale

115 Queen, Baddeck, NS B0E 1B0
Harvey Realties Limited
3Bedroom(s)
2Bathroom(s)
C$375000

Residential For Sale

149 Duke Street, Chester, NS B0J 1J0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
37Picture(s)
1,700Sqft
Engel & Volkers (Chester)
C$579000

Residential For Sale

149 Duke Street, Chester, NS B0J 1J0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,700Sqft
Engel & Volkers (Chester)
A WORTHY CHESTER PROJECT. Originally the "George Webber" house circa 1905, this 2 storey, solid home is located in the heart of Chester, with glimpses of the Front Harbour and Quaker Island, walking distance to schools, grocery stores, yacht club, live theatre, shops and restaurants and all that Chester has to offer.
C$579000

Residential For Sale

149 Duke Street, Chester, NS B0J 1J0
Engel & Volkers (Chester)
4Bedroom(s)
2Bathroom(s)
C$579000

Residential For Sale

10 Willow Street, Hantsport, NS B0P 1P0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
48Picture(s)
2,125Sqft
Viewpoint Realty Services Inc.
C$399900

Residential For Sale

10 Willow Street, Hantsport, NS B0P 1P0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,125Sqft
Viewpoint Realty Services Inc.
Welcome to 10 Willow Street in Hantsport! This well-maintained bungalow has seen many renovations in recent years and offers a warm, inviting layout- perfect for family living! The main level features a spacious living room with heat pump, a bright den or home office, a full bath and an eat-in kitchen with a heat pump and expansive dining area- ideal for entertaining.
C$399900

Residential For Sale

10 Willow Street, Hantsport, NS B0P 1P0
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

152 Island View Drive, Brass Hill, NS B0W 1E0

3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
39Picture(s)
1,780Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$359999

Residential For Sale

152 Island View Drive, Brass Hill, NS B0W 1E0
3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,780Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Welcome to this charming and thoughtfully updated home in the preferred area of Brass Hill! Featuring 3 bedrooms and 1.5 baths, this move-in-ready property blends modern comfort with everyday convenience. Enjoy new flooring, fresh paint, new windows and updated electrical and plumbing, giving you peace of mind for years to come.
C$359999

Residential For Sale

152 Island View Drive, Brass Hill, NS B0W 1E0
Viewpoint Realty Services Inc. (Barrington Passage)
3Bedroom(s)
2Bathroom(s)
C$359999

Residential For Sale

27 Catherine Street, Glace Bay, NS B1A 2J7

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
1,991Sqft
Dockside Realty
C$225000

Residential For Sale

27 Catherine Street, Glace Bay, NS B1A 2J7
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,991Sqft
Dockside Realty
Set on a corner lot overlooking Renwick Brook, this four-bedroom home combines comfort, privacy, and convenience. The property enjoys a lovely position across from the Renwick Brook walking trail, where you can watch the sunrise each morning and enjoy an easy stroll through one of Glace Bay’s most peaceful areas.
C$225000

Residential For Sale

27 Catherine Street, Glace Bay, NS B1A 2J7
Dockside Realty
4Bedroom(s)
1Bathroom(s)
C$225000

Residential For Sale

12 Tannery Road, Hantsport, NS B0P 1P0

2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
21Picture(s)
1,076Sqft
Royal LePage Atlantic - Valley(Windsor)
C$375000

Residential For Sale

12 Tannery Road, Hantsport, NS B0P 1P0
2Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,076Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to a well-cared-for and inviting bungalow located in a friendly, walkable community. This charming 2+ bedroom, 1 bath home has been thoughtfully updated with a modern kitchen and energy-efficient heat pumps. The spacious sunroom offers flexible options to suit your needs - whether as a bedroom, office, or relaxing retreat.
C$375000

Residential For Sale

12 Tannery Road, Hantsport, NS B0P 1P0
Royal LePage Atlantic - Valley(Windsor)
2Bedroom(s)
1Bathroom(s)
C$375000

Residential For Sale

5959 Spring Garden Road Suite 701, Halifax, NS B3H 1Y5

1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
33Picture(s)
742Sqft
Royal LePage Atlantic
C$384000

Residential For Sale

5959 Spring Garden Road Suite 701, Halifax, NS B3H 1Y5
1Bedroom(s)
1Bathroom(s)
UndergroundParking(s)
742Sqft
Royal LePage Atlantic
Welcome to Unit 701 at 5959 Spring Garden Road — a bright, modern one-bedroom condo in the heart of Halifax’s vibrant Spring Garden district. This move-in-ready unit features an open layout, large windows that fill the space with natural light, ample storage, remodeled bathroom, and a sleek new kitchen with granite countertops, and stainless steel appliances.
C$384000

Residential For Sale

5959 Spring Garden Road Suite 701, Halifax, NS B3H 1Y5
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$384000

Residential For Sale

562 Mineville Road, Mineville, NS B2Z 1J9

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
48Picture(s)
1,550Sqft
Coldwell Banker Maritime Realty
C$449900

Residential For Sale

562 Mineville Road, Mineville, NS B2Z 1J9
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,550Sqft
Coldwell Banker Maritime Realty
Welcome to 562 Mineville Rd! Discover this inviting 3-bedroom plus den home nestled in the peaceful community of Mineville. Ideally located just minutes from Highway 107, local amenities, schools, and the sandy shores of Lawrencetown and Conrad’s Beach, and the scenic Salt Marsh Trail, this property offers the perfect balance of convenience and coastal charm.
C$449900

Residential For Sale

562 Mineville Road, Mineville, NS B2Z 1J9
Coldwell Banker Maritime Realty
3Bedroom(s)
2Bathroom(s)
C$449900

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$290000

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$290000

Residential For Sale

208-41 Moirs Mill Road, Bedford, NS B4A 3C4
One Percent Realty East Inc.
1Bedroom(s)
1Bathroom(s)
C$290000

Residential For Sale

26 Meldrum Avenue, Bridgewater, NS B4V 2Y6

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
1,580Sqft
Engel & Volkers (Lunenburg)
C$399000

Residential For Sale

26 Meldrum Avenue, Bridgewater, NS B4V 2Y6
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,580Sqft
Engel & Volkers (Lunenburg)
This sweet house is located in a quiet, solely residential neighborhood of tree-lined streets and other well maintained homes. The front of the house consists of an open-concept, living-dining-kitchen space with a propane fireplace at one end. The kitchen is of a generous size with a large island which looks onto the main living space.
C$399000

Residential For Sale

26 Meldrum Avenue, Bridgewater, NS B4V 2Y6
Engel & Volkers (Lunenburg)
3Bedroom(s)
2Bathroom(s)
C$399000
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