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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

1083 Bog Road, Falmouth, NS B0P 1P0

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
49Picture(s)
3,450Sqft
Royal LePage Atlantic - Valley(Windsor)
C$789000

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1083 Bog Road, Falmouth, NS B0P 1P0
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
3,450Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to this stunning country oasis nestled on 10 acres of pristine, private land in the heart of Falmouth. This expansive home offers a thoughtfully designed living space that is ideal for growing families or anyone seeking room to spread out and thrive. From the moment you arrive, the charming curb appeal and classic wraparound veranda set the tone for what lies within.
C$789000

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1083 Bog Road, Falmouth, NS B0P 1P0
Royal LePage Atlantic - Valley(Windsor)
5Bedroom(s)
5Bathroom(s)
C$789000

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663 Cross 3 Road, Mount Uniacke, NS B0N 1Z0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
2,110Sqft
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C$949900

Residential For Sale

663 Cross 3 Road, Mount Uniacke, NS B0N 1Z0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,110Sqft
Viewpoint Realty Services Inc.
Equestrian facility with income potential close to HRM. No expense has been spared! Built just 4 yrs ago for ease of use and future expansion. The 3126 sq. ft. barn w/ steel roof is on an engineered slab w/ integrated rubber mats and 14' aisleway. The 16 large box stalls have individual water taps & System Fence sliding doors.
C$949900

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663 Cross 3 Road, Mount Uniacke, NS B0N 1Z0
Viewpoint Realty Services Inc.
3Bedroom(s)
2Bathroom(s)
C$949900

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3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
2,448Sqft
Cape Breton Realty
C$429000

Residential For Sale

1235 Loch Lomond Road, Grand River Falls, NS B0E 1M0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,448Sqft
Cape Breton Realty
Discover this beautifully maintained two-story home on almost five acres along the scenic Grand River. Offering privacy, comfort, and natural beauty, this property is ideal for family living, outdoor enthusiasts, or those seeking a peaceful retreat. The home is highly accessible, featuring a ramp, wide doorways, and an accessible shower.
C$429000

Residential For Sale

1235 Loch Lomond Road, Grand River Falls, NS B0E 1M0
Cape Breton Realty
3Bedroom(s)
2Bathroom(s)
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9210 #4 Highway, River Tillard, NS B0E 2X0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
11Picture(s)
1,146Sqft
Cape Breton Realty
C$234900

Residential For Sale

9210 #4 Highway, River Tillard, NS B0E 2X0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,146Sqft
Cape Breton Realty
**3-Bedroom, 1.5-Bath Two-Storey Home – Just 3 Minutes from St. Peter's** This well-maintained two-storey home offers 3 bedrooms and 1.5 bathrooms, situated only a 3-minute drive from St. Peter's. Approximately 25 years ago, the property underwent a comprehensive renovation down to the studs, incorporating new wiring, plumbing, insulation, a full poured concrete foundation, and a septic system.
C$234900

Residential For Sale

9210 #4 Highway, River Tillard, NS B0E 2X0
Cape Breton Realty
3Bedroom(s)
2Bathroom(s)
C$234900

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1707 Brow Of Mountain Road, Glenmont, NS B0P 1J0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
14Picture(s)
1,724Sqft
PG Direct Realty Ltd.
C$639000

Residential For Sale

1707 Brow Of Mountain Road, Glenmont, NS B0P 1J0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,724Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Tucked away on 3.6 wooded acres just 15 mins from Kentville & New Minas, this custom chalet-style home blends peace, privacy & modern comfort. The open-concept main level offers 1 bedroom + den & a full bath, while the upper-level primary suite is a private retreat with jetted soaker tub & walk-in shower.
C$639000

Residential For Sale

1707 Brow Of Mountain Road, Glenmont, NS B0P 1J0
PG Direct Realty Ltd.
2Bedroom(s)
2Bathroom(s)
C$639000

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70 Cn Access Road, Shubenacadie, NS B0N 2H0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
29Picture(s)
2,281Sqft
Royal LePage Atlantic (Enfield)
C$599900

Residential For Sale

70 Cn Access Road, Shubenacadie, NS B0N 2H0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,281Sqft
Royal LePage Atlantic (Enfield)
Welcome to 70 CN Access Road in the quaint community of Shubenacadie. Located just 30 minutes to Dartmouth Crossing, 20 minutes to the Halifax Airport, and 25 minutes to Truro, this home is perfectly located for anyone who is looking for a rural feel, but also needs to be close to amenities. This home is situated on a 1.
C$599900

Residential For Sale

70 Cn Access Road, Shubenacadie, NS B0N 2H0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
3Bathroom(s)
C$599900

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3629 Prospect Road, Shad Bay, NS B3T 2B4

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
25Picture(s)
1,633Sqft
PG Direct Realty Ltd.
C$479900

Residential For Sale

3629 Prospect Road, Shad Bay, NS B3T 2B4
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,633Sqft
PG Direct Realty Ltd.
Visit REALTOR® website for additional information. Tastefully updated 4-bedroom back split in beautiful Shad Bay! Just a 2-min walk to Atlantic Memorial Elementary & minutes to beaches, golf & Bayer's Lake. The main level features a bright living room with electric fireplace & an eat-in kitchen with dining nook & a breakfast bar with seating for two.
C$479900

Residential For Sale

3629 Prospect Road, Shad Bay, NS B3T 2B4
PG Direct Realty Ltd.
4Bedroom(s)
2Bathroom(s)
C$479900

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92 Darjeeling Drive, Long Lake, NS B3P 0K1

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
38Picture(s)
2,480Sqft
One Percent Realty East Inc.
C$639900

Residential For Sale

92 Darjeeling Drive, Long Lake, NS B3P 0K1
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,480Sqft
One Percent Realty East Inc.
Experience the perfect blend of nature and city living in this attractive townhome in Halifax’s sought-after Long Lake community. Just minutes from downtown, you'll enjoy easy access to renowned restaurants, the scenic waterfront, and top hospitals — all while being a short walk from the serene trails and lakes of Long Lake Provincial Park.
C$639900

Residential For Sale

92 Darjeeling Drive, Long Lake, NS B3P 0K1
One Percent Realty East Inc.
3Bedroom(s)
4Bathroom(s)
C$639900

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10 Harnish Drive, Herring Cove, NS B3V 1H5

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3Picture(s)
1,843Sqft
RE/MAX Nova (Halifax)
C$784900

Residential For Sale

10 Harnish Drive, Herring Cove, NS B3V 1H5
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
1,843Sqft
RE/MAX Nova (Halifax)
Wonderful turn-key home package being offered for this finely crafted new home design which will feature exceptional styling and wonderful curb appeal. Located in a wonderful neighbourhood and only 20 minutes to downtown Halifax. Features of this new home design will include hardwood stairs along with upgraded trims and finishes .
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Residential For Sale

10 Harnish Drive, Herring Cove, NS B3V 1H5
RE/MAX Nova (Halifax)
3Bedroom(s)
3Bathroom(s)
C$784900

Residential For Sale

136 Middle Village Road, West Dover, NS B3Z 3T3

4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
47Picture(s)
2,808Sqft
Assist-2-Sell Homeworks Realty
C$645000

Residential For Sale

136 Middle Village Road, West Dover, NS B3Z 3T3
4Bedroom(s)
4Bathroom(s)
DetachedParking(s)
2,808Sqft
Assist-2-Sell Homeworks Realty
This 2+ acre property with a stunning 2-year-old 4-bedroom home, with a detached wired 24 x 24 garage, is just 30 minutes outside Halifax in the quaint village of West Dover. This beautifully crafted 4-bedroom, 4-bath home combines contemporary design with practical luxury.
C$645000

Residential For Sale

136 Middle Village Road, West Dover, NS B3Z 3T3
Assist-2-Sell Homeworks Realty
4Bedroom(s)
4Bathroom(s)
C$645000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4

2Bedroom(s)
1Bathroom(s)
DirtParking(s)
44Picture(s)
960Sqft
3% Realty Nova Scotia
C$369000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
2Bedroom(s)
1Bathroom(s)
DirtParking(s)
960Sqft
3% Realty Nova Scotia
Discover this beautiful single-level home nestled on 4 tranquil acres at 99 Blaze Road. Built in 2022, this modern 2-bedroom residence offers an open-concept living area filled with natural light, perfect for comfortable living and entertaining. The cozy wood stove adds warmth and charm, while the sunroom provides a serene space to relax and enjoy the surroundings.
C$369000

Residential For Sale

99 Blaze Road, Loch Lomond, NS B2E 1A4
3% Realty Nova Scotia
2Bedroom(s)
1Bathroom(s)
C$369000

Residential For Sale

489 South Frederick Street, New Glasgow, NS B2H 5N2

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
42Picture(s)
1,650Sqft
Blinkhorn Real Estate Ltd.
C$259900

Residential For Sale

489 South Frederick Street, New Glasgow, NS B2H 5N2
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,650Sqft
Blinkhorn Real Estate Ltd.
Welcome to 489 South Frederick Street—a charming and well-maintained 2-story home featuring 4 bedrooms and 1 bathroom in a highly sought-after location just minutes from downtown. With convenient access to Sobeys, banks, and a variety of local shops, this home offers both comfort and prime location.
C$259900

Residential For Sale

489 South Frederick Street, New Glasgow, NS B2H 5N2
Blinkhorn Real Estate Ltd.
4Bedroom(s)
1Bathroom(s)
C$259900
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