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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

103 Prince William Street, Digby, NS B0V 1A0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
20Picture(s)
1,200Sqft
Pier II Realty Limited
C$196000

Residential For Sale

103 Prince William Street, Digby, NS B0V 1A0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,200Sqft
Pier II Realty Limited
#103 Prince William Street ... Here is a fairly private setting nestled in behind the trees, within walking distance of shopping, recreation and health care facilities. The main floor offers a fully open concept kitchen, dining area and spacious living room with vaulted ceiling. In 2021/22 a dishwasher, range hood and kitchen flooring were added, plus kitchen facets, sink and plumbing was updated.
C$196000

Residential For Sale

103 Prince William Street, Digby, NS B0V 1A0
Pier II Realty Limited
2Bedroom(s)
1Bathroom(s)
C$196000

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
1,621Sqft
RE/MAX Nova (Halifax)
C$349900

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,621Sqft
RE/MAX Nova (Halifax)
Welcome to your dream coastal retreat! Nestled on the serene Round Bay Ferry Road, this enchanting 4-bedroom home offers the perfect blend of modern comfort and rustic charm. Located just minutes away from a peaceful beach, this property is a haven for those seeking tranquility and natural beauty.
C$349900

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0

6Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
30Picture(s)
2,975Sqft
Exit Realty Town & Country
C$495900

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0
6Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
2,975Sqft
Exit Realty Town & Country
Step into this beautifully restored 6-bedroom, 2-full-bath century home in the heart of Bridgetown, where historic charm meets modern elegance. This move-in-ready gem has been meticulously upgraded with a spacious new kitchen, newly designed bathrooms, new plumbing, electrical, and a generator panel for ultimate convenience.
C$495900

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0
Exit Realty Town & Country
6Bedroom(s)
2Bathroom(s)
C$495900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
26Picture(s)
1,344Sqft
Royal LePage Cumberland Realty Ltd.
C$169900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,344Sqft
Royal LePage Cumberland Realty Ltd.
This cottage is tucked away at the very end of a quiet lane, this private four bedroom cottage sits on a double lot, offering plenty of outdoor space to relax, entertain, or expand. Surrounded by mature trees, it feels like your own hidden escape yet it’s just steps from the beach, with a right-of-way access not far away.Inside, the cottage is bright and spacious, filled with natural light.
C$169900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,245Sqft
Royal LePage Atlantic (Greenwood)
C$725000

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,245Sqft
Royal LePage Atlantic (Greenwood)
Once in a blue moon, a special one-of-a-kind property becomes available. Offering maximum privacy, a spacious interior with high end finishes, and 15 acres of freedom! Located in a peaceful rural setting, yet only minutes to amenities and with great services such as wired fiber-op high speed internet, garbage pickup, and on a school bus route.
C$725000

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$725000

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
27Picture(s)
609Sqft
Royal LePage Atlantic
C$319900

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
609Sqft
Royal LePage Atlantic
Welcome to this bright and stylish one-bedroom, one-bath condo located in the vibrant core of downtown Halifax. Just steps from Point Pleasant Park, the Public Gardens, Dalhousie and Saint Mary’s Universities, this well-appointed unit offers the perfect balance of city convenience and everyday comfort. As you enter, you’re welcomed by a nice hallway that leads to the bedroom and full bathroom.
C$319900

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$319900

Residential For Sale

230 Victoria Street E, Amherst, NS B4H 1Y9

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
27Picture(s)
2,037Sqft
Royal LePage Cumberland Realty Ltd.
C$429900

Residential For Sale

230 Victoria Street E, Amherst, NS B4H 1Y9
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,037Sqft
Royal LePage Cumberland Realty Ltd.
Step inside this charming 108-year-old Victorian home featuring 3 bedrooms plus a bonus 2-bedroom income-generating apartment! Brimming with character and thoughtfully updated, this beautiful home sits on over 25,000 square feet of lush green space, offering breathtaking views of rolling farmland and Fort Lawrence Ridge—an ideal backdrop for stunning sunset evenings.
C$429900

Residential For Sale

230 Victoria Street E, Amherst, NS B4H 1Y9
Royal LePage Cumberland Realty Ltd.
3Bedroom(s)
2Bathroom(s)
C$429900

Residential For Sale

12 Costin Drive, Amherst, NS B4H 4B6

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
31Picture(s)
952Sqft
Coldwell Banker Performance Realty
C$154900

Residential For Sale

12 Costin Drive, Amherst, NS B4H 4B6
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
952Sqft
Coldwell Banker Performance Realty
Location, Location! Walking distance to shopping centers and grocery stores. This cozy mini home has been well-maintained and offers a comfortable living space perfect for first-time buyers, retirees, or those looking to downsize. The yard provides ample space for outdoor activities and gardening, while the secure fencing ensures a safe environment for pets and children.
C$154900

Residential For Sale

12 Costin Drive, Amherst, NS B4H 4B6
Coldwell Banker Performance Realty
3Bedroom(s)
1Bathroom(s)
C$154900

Residential For Sale

522 Culloden Road, Mount Pleasant, NS B0V 1A0

2Bedroom(s)
2Bathroom(s)
OtherParking(s)
38Picture(s)
1,516Sqft
RE/MAX Banner Real Estate
C$125000

Residential For Sale

522 Culloden Road, Mount Pleasant, NS B0V 1A0
2Bedroom(s)
2Bathroom(s)
OtherParking(s)
1,516Sqft
RE/MAX Banner Real Estate
Welcome to 522 Culloden Road, Mount Pleasant NS. Sitting just outside of the town of Digby and its many amenities (shopping, schools, restaurants, golf course.. and more!) - this fixer upper awaits someone to bring it back to life. Have you been looking for a house to make your own? This home is partially redone, and looking to be finished! A blank canvas.
C$125000

Residential For Sale

522 Culloden Road, Mount Pleasant, NS B0V 1A0
RE/MAX Banner Real Estate
2Bedroom(s)
2Bathroom(s)
C$125000

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
47Picture(s)
3,245Sqft
Avalon Realty
C$975000

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,245Sqft
Avalon Realty
At the end of a curving tree-lined driveway, you're greeted by a classic two story colonial-style home and the sound of the ocean when you step out of the car in front of the double bay garage. It is hard to believe you are only minutes from the city. That's 1939 Cow Bay Road. The main door opens on a centre hall with a winding staircase to the second floor and a hallway to the kitchen.
C$975000

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6
Avalon Realty
3Bedroom(s)
4Bathroom(s)
C$975000

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
35Picture(s)
1,778Sqft
EXIT Realty Inter Lake
C$349900

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,778Sqft
EXIT Realty Inter Lake
Located on a quiet street in the heart of Bridgewater, this cozy 3-bedroom, 1-bathroom home offers the perfect blend of in-town convenience and peaceful living. Just minutes from all amenities—including schools, shopping, parks, and restaurants—this property is ideal for families, first-time buyers, or anyone looking to settle into a welcoming community.
C$349900

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0

1Bedroom(s)
2Bathroom(s)
AttachedParking(s)
11Picture(s)
864Sqft
Coldwell Banker Open Door Realty Ltd.
C$81000

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0
1Bedroom(s)
2Bathroom(s)
AttachedParking(s)
864Sqft
Coldwell Banker Open Door Realty Ltd.
This one of a kind over-under setup offers more than just a place to live - it's a chance to launch something exciting. The upstairs apartment features a cozy layout with a living room, small kitchen, bedroom and bathroom - perfect for comfortable, independent living. Downstairs, the compact lower unit has been reconfigured from the former reception area of the on site garage.
C$81000

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0
Coldwell Banker Open Door Realty Ltd.
1Bedroom(s)
2Bathroom(s)
C$81000
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