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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

417 Penney Road, Upper Northfield, NS B4V 2W1

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
50Picture(s)
2,139Sqft
EXIT Realty Inter Lake
C$639900

Residential For Sale

417 Penney Road, Upper Northfield, NS B4V 2W1
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
2,139Sqft
EXIT Realty Inter Lake
Welcome to your own private slice of the countryside — a beautifully laid-out property designed for comfort, function, and rural charm. Surrounded by natural beauty, this peaceful homestead offers everything you need to enjoy a simple, spacious lifestyle with modern conveniences tucked into a serene setting.
C$639900

Residential For Sale

417 Penney Road, Upper Northfield, NS B4V 2W1
EXIT Realty Inter Lake
4Bedroom(s)
2Bathroom(s)
C$639900

Residential For Sale

23 Odell Drive, Cole Harbour, NS B2W 3T3

3Bedroom(s)
2Bathroom(s)
41Picture(s)
1,673Sqft
Royal LePage Atlantic (Enfield)
C$525900

Residential For Sale

23 Odell Drive, Cole Harbour, NS B2W 3T3
3Bedroom(s)
2Bathroom(s)
1,673Sqft
Royal LePage Atlantic (Enfield)
Welcome to this inviting 3-bedroom, 1.5-bath family home nestled in the heart of Cole Harbour. Perfectly designed for both comfort and functionality, this home offers a spacious layout with room for everyone to enjoy. The main level features a bright and welcoming living room, a separate dining area, and a well-appointed kitchen—ideal for everyday living and entertaining.
C$525900

Residential For Sale

23 Odell Drive, Cole Harbour, NS B2W 3T3
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$525900

Residential For Sale

227 Kingsburg Road, Lower Rose Bay, NS B0J 2X0

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
1,970Sqft
Sutton Group Professional Realty
C$859000

Residential For Sale

227 Kingsburg Road, Lower Rose Bay, NS B0J 2X0
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,970Sqft
Sutton Group Professional Realty
TWO DWELLINGS! Discover an extraordinary opportunity for multi-generational living or income generation in the picturesque coastal community of Rose Bay. This sprawling 1-acre property features a beautifully updated main residence, a brand-new secondary dwelling, and an impressive oceanside garage, all connected by a convenient paved driveway.
C$859000

Residential For Sale

227 Kingsburg Road, Lower Rose Bay, NS B0J 2X0
Sutton Group Professional Realty
5Bedroom(s)
3Bathroom(s)
C$859000

Residential For Sale

17 Beech Street, Sydney Mines, NS B1V 1H2

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
47Picture(s)
1,644Sqft
Viewpoint Realty Services Inc. (Sydney)
C$277000

Residential For Sale

17 Beech Street, Sydney Mines, NS B1V 1H2
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,644Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 17 Beech Street, Sydney Mines! This charming and spacious 2.5-storey home offers nearly 1,700 sq ft of living space and sits on a generous lot with an impressive backyard oasis. Featuring 4 bedrooms and 1.5 bathrooms, this home is perfect for families or anyone looking for comfortable, updated living with room to grow.
C$277000

Residential For Sale

17 Beech Street, Sydney Mines, NS B1V 1H2
Viewpoint Realty Services Inc. (Sydney)
4Bedroom(s)
2Bathroom(s)
C$277000

Residential For Sale

236 James Street, New Glasgow, NS B2H 2Z1

3Bedroom(s)
2Bathroom(s)
NoneParking(s)
24Picture(s)
1,000Sqft
Blinkhorn Real Estate Ltd.
C$139900

Residential For Sale

236 James Street, New Glasgow, NS B2H 2Z1
3Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,000Sqft
Blinkhorn Real Estate Ltd.
Motivated Seller! Charming and affordable, 236 James Street offers classic character in the heart of New Glasgow. This 1.5-storey, 3-bedroom, 1-bath home is perfect for the buyer who loves to tinker inside or garden outside, with a spacious yard that's a true horticultural haven.
C$139900

Residential For Sale

236 James Street, New Glasgow, NS B2H 2Z1
Blinkhorn Real Estate Ltd.
3Bedroom(s)
2Bathroom(s)
C$139900

Residential For Sale

486 335 Highway, West Pubnico, NS B0W 3S0

6Bedroom(s)
2Bathroom(s)
DetachedParking(s)
43Picture(s)
1,693Sqft
The Real Estate Store
C$350000

Residential For Sale

486 335 Highway, West Pubnico, NS B0W 3S0
6Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,693Sqft
The Real Estate Store
Welcome to 486 Highway 335, West Pubnico —a spacious 6–7 bedroom, 1.5 bath home set on 7 acres, with an additional 12-acre parcel across the road offering generous frontage on Pubnico Harbour. This unique property provides plenty of room to enjoy the outdoors, with established walking paths, maturing fruit trees, and a fenced dog run.
C$350000

Residential For Sale

486 335 Highway, West Pubnico, NS B0W 3S0
The Real Estate Store
6Bedroom(s)
2Bathroom(s)
C$350000

Residential For Sale

200 Lingan Road, Sydney, NS B1N 1V8

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
17Picture(s)
1,356Sqft
Viewpoint Realty Services Inc. (Sydney)
C$134900

Residential For Sale

200 Lingan Road, Sydney, NS B1N 1V8
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,356Sqft
Viewpoint Realty Services Inc. (Sydney)
Single family Home located in Whitney Pier at an Affordable Price. This Two storey design offers three bedrooms, updated 4-pc bathroom, good sized kitchen, Large dining/Living room area and two mudrooms. Electric baseboard heating throughout with an updated Breaker panel. Hardwood, laminate and vinyl flooring. Roofing shingles were replaced in 2023, All vinyl windows.
C$134900

Residential For Sale

200 Lingan Road, Sydney, NS B1N 1V8
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
1Bathroom(s)
C$134900

Residential For Sale

162 Halls Road, Enfield, NS B2T 1C4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
1,360Sqft
Royal LePage Atlantic (Enfield)
C$539000

Residential For Sale

162 Halls Road, Enfield, NS B2T 1C4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,360Sqft
Royal LePage Atlantic (Enfield)
Welcome to 162 Halls Road. This bright and modern a-frame modular home is just 3 years old, and is nestled in the heart of Enfield on a quiet street. Featuring 3 bedrooms and 2 bathrooms, this home offers a perfect balance of contemporary design and comfort with an open-concept layout that creates a spacious, airy feel throughout.
C$539000

Residential For Sale

162 Halls Road, Enfield, NS B2T 1C4
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$539000

Residential For Sale

185 King Street, Bridgewater, NS B4V 1A5

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
1,800Sqft
ViewPoint Realty Services Inc.(Lunenburg)
C$515000

Residential For Sale

185 King Street, Bridgewater, NS B4V 1A5
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
1,800Sqft
ViewPoint Realty Services Inc.(Lunenburg)
Discover peaceful river views from this charming three-story, four-bedroom home in a prime location. Take a leisurely stroll along the river, and within minutes, you'll find yourself in the heart of Bridgewater, surrounded by professional buildings, SSR hospital, shopping, and dining options.
C$515000

Residential For Sale

185 King Street, Bridgewater, NS B4V 1A5
ViewPoint Realty Services Inc.(Lunenburg)
4Bedroom(s)
2Bathroom(s)
C$515000

Residential For Sale

2515 Evangeline Trail, Aylesford, NS B0P 1C0

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
45Picture(s)
1,100Sqft
Easy List Realty Ltd.
C$299999

Residential For Sale

2515 Evangeline Trail, Aylesford, NS B0P 1C0
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,100Sqft
Easy List Realty Ltd.
For more information, please click the "More Information" button. Charming Century-Old Bungalow in the Heart of Aylesford. Step back in time and experience the warmth and charm of this well-loved century-old bungalow, ideally located along the main highway in the peaceful village of Aylesford. Nestled on a spacious 0.
C$299999

Residential For Sale

2515 Evangeline Trail, Aylesford, NS B0P 1C0
Easy List Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$299999

Residential For Sale

341 Townsend Street, Sydney, NS B1P 5G1

6Bedroom(s)
2Bathroom(s)
PavedParking(s)
32Picture(s)
2,032Sqft
Coldwell Banker Boardwalk Realty
C$269900

Residential For Sale

341 Townsend Street, Sydney, NS B1P 5G1
6Bedroom(s)
2Bathroom(s)
PavedParking(s)
2,032Sqft
Coldwell Banker Boardwalk Realty
Great investment opportunity! This property was converted from an office building to accommodate the high demand for student rental space. The new owners renovated the property by upgrading the electrical to 200 amp, converted the half bath on the first floor to a full bath. They converted two office rooms to bedrooms on the first floor.
C$269900

Residential For Sale

341 Townsend Street, Sydney, NS B1P 5G1
Coldwell Banker Boardwalk Realty
6Bedroom(s)
2Bathroom(s)
C$269900

Residential For Sale

399 East Chezzetcook Road, East Chezzetcook, NS B0J 2L0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
31Picture(s)
1,252Sqft
Viewpoint Realty Services Inc.
C$379000

Residential For Sale

399 East Chezzetcook Road, East Chezzetcook, NS B0J 2L0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,252Sqft
Viewpoint Realty Services Inc.
This amazing well maintained home in East Chezzetcook will drawn your attention when you enter the front door. First floor consists of a livingroom, kitchen, bedroom and 3 piece bath with shower. The upper level has two bedrooms and a vacant area for office space or a bath. The lower basement area is a dry undeveloped area waiting for your magic touch. A sump pump is in place if needed.
C$379000

Residential For Sale

399 East Chezzetcook Road, East Chezzetcook, NS B0J 2L0
Viewpoint Realty Services Inc.
3Bedroom(s)
1Bathroom(s)
C$379000
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