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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

8 Birch Hill Road Lot 7, Maplewood, NS B0R 1A0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
16Picture(s)
2,200Sqft
Engel & Volkers (Lunenburg)
C$329900

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8 Birch Hill Road Lot 7, Maplewood, NS B0R 1A0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,200Sqft
Engel & Volkers (Lunenburg)
Welcome to this inviting four-season home or cottage nestled in a peaceful, private setting with deeded access to Sherbrooke Lake, located just across the road. This tranquil lake—also known as Nine Mile Lake—is perfect for swimming, boating, kayaking, paddle boarding, or even fishing up a story worth telling.
C$329900

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8 Birch Hill Road Lot 7, Maplewood, NS B0R 1A0
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3Bedroom(s)
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2Bathroom(s)
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2,016Sqft
RE/MAX Fairlane Realty
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1Bathroom(s)
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31Picture(s)
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C$169900

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5Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,451Sqft
Royal LePage Cumberland Realty Ltd.
Priced to sell, and ready for a new owner! Featuring 4/5 bedrooms, a large kitchen with plenty of cupboards and counter space, separate dining, large living room, and main floor laundry. Home is vinyl sided, vinyl windows, fibreglass oil tank as well.
C$169900

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Royal LePage Cumberland Realty Ltd.
5Bedroom(s)
1Bathroom(s)
C$169900

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4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
43Picture(s)
4,423Sqft
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C$1199000

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4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
4,423Sqft
Parachute Realty
Tucked between the tranquil shores of Fish Lake and Grand Lake, 25 Meadowvale Lane offers a rare blend of organic elegance and refined family living. Set in the coveted Oakfield Park Community - an enclave of estate-style homes - this property invites you to breathe a little deeper, stretch out a little more, and settle into a lifestyle that feels both grounded and elevated.
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3Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
37Picture(s)
1,010Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$279000

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26 Dwyer Street, Sydney Mines, NS B1V 1E7
2Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,010Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Tucked away off the Shore Rd in Sydney Mines, on a double lot is this lovely 2-story home ready for the new owner. This home has an open concept kitchen/living room-dining nook. Beautiful oak kitchen cabinets,4-Pc bath, lots of storage, foyer off the living room, very bright rooms throughout with vinyl windows. The second floor has spacious bedrooms along with a 3 pc bath.
C$279000

Residential For Sale

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Keller Williams Select Realty(Sydney,Townsend St.)
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5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,964Sqft
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C$710100

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5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,964Sqft
Royal LePage Atlantic (New Minas)
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Royal LePage Atlantic (New Minas)
5Bedroom(s)
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1Bedroom(s)
NoneParking(s)
9Picture(s)
168Sqft
Keller Williams Select Realty
C$99900

Residential For Sale

1184 Lake Charlotte Water Access Way, Upper Lakeville, NS B0J 2L0
1Bedroom(s)
NoneParking(s)
168Sqft
Keller Williams Select Realty
Welcome to Lake Charlotte. This lake front water access cottage lot with 12x14 bunkhouse/camp is ready for new ownership. The lot is 1.8acres with 168ft of shoreline that is southerly facing. The lot has been a large cleared level area. The building on site is 12x14 and two years old. It was built off to the side to leave space for what was intended to be the main cabin.
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1184 Lake Charlotte Water Access Way, Upper Lakeville, NS B0J 2L0
Keller Williams Select Realty
1Bedroom(s)
C$99900

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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
30Picture(s)
1,250Sqft
Engel & Volkers (Chester)
C$450000

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129 Crandall Road, Martins Point, NS B0J 2E0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,250Sqft
Engel & Volkers (Chester)
MOVE RIGHT IN,MARTIN'S POINT. Relax and enjoy this charming, 2 bedroom, one level home with detached workshop/bunky with ocean view deck. Includes most contents. The second storey sundeck oasis with wonderful water views is a must see. Located a leisurely stroll from the famous Oak Island Treasure where the show is filmed.
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2Bedroom(s)
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2 Golden Eagle Drive, North Kentville, NS B4N 0E5

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4Bathroom(s)
AttachedParking(s)
50Picture(s)
2,828Sqft
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Residential For Sale

2 Golden Eagle Drive, North Kentville, NS B4N 0E5
5Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,828Sqft
EXP Realty of Canada Inc.(Kentville)
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EXP Realty of Canada Inc.(Kentville)
5Bedroom(s)
4Bathroom(s)
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4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
1,856Sqft
Exit Realty Town & Country
C$699999

Residential For Sale

209 Main Street, Wolfville, NS B4P 2H9
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,856Sqft
Exit Realty Town & Country
Welcome to this beautifully renovated bungalow in one of Wolfville's most sought-after neighborhoods, where tree-lined streets create a tranquil blend of history and charm. Ideally situated within walking distance to downtown, Acadia University, and the rails & trails system, this stunning home offers both convenience and serenity.
C$699999

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209 Main Street, Wolfville, NS B4P 2H9
Exit Realty Town & Country
4Bedroom(s)
2Bathroom(s)
C$699999

Residential For Sale

204 Provence Way, Timberlea, NS B3T 0N8

3Bedroom(s)
3Bathroom(s)
ConcreteParking(s)
3Picture(s)
1,496Sqft
Royal LePage Atlantic
C$609000

Residential For Sale

204 Provence Way, Timberlea, NS B3T 0N8
3Bedroom(s)
3Bathroom(s)
ConcreteParking(s)
1,496Sqft
Royal LePage Atlantic
Check to see if you qualify for the first time home buyers' GST Rebate. Welcome to 204 Provence Way , " The Grove", where modern design meets timeless comfort. This beautifully crafted home is designed with attention to detail and quality finishes throughout. Upon entering, you'll be greeted by elegant ceramic tile flooring in the entryway and bathrooms, offering both durability and style.
C$609000

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204 Provence Way, Timberlea, NS B3T 0N8
Royal LePage Atlantic
3Bedroom(s)
3Bathroom(s)
C$609000

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223 Whale Cove Road, Whale Cove, NS B0V 1E0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
41Picture(s)
1,852Sqft
RE/MAX Banner Real Estate
C$189000

Residential For Sale

223 Whale Cove Road, Whale Cove, NS B0V 1E0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,852Sqft
RE/MAX Banner Real Estate
The ocean views over the Bay of Fundy from this home face west to best enjoy spectacular sun sets. The home has a bright sunporch, a large back porch, cozy kitchen, spacious living, dining room and a family room which could also be a downstairs bedroom. The roof shingles are all new (April 2025).
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Residential For Sale

223 Whale Cove Road, Whale Cove, NS B0V 1E0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$189000
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