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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

620 Macdonald Street, Beaver Bank, NS B4E 1N3

3Bedroom(s)
2Bathroom(s)
NoneParking(s)
23Picture(s)
1,184Sqft
Royal LePage Anchor Realty
C$330000

Residential For Sale

620 Macdonald Street, Beaver Bank, NS B4E 1N3
3Bedroom(s)
2Bathroom(s)
NoneParking(s)
1,184Sqft
Royal LePage Anchor Realty
Welcome to 620 Macdonald Street in Woodbine Trailer Park, a spacious 3 bedroom, 2 bath mini home offering 1,184 sq ft of well planned living space. The open concept design features a bright living and dining area, a large kitchen with a double island, pot and pan drawers, and a walk in pantry. The primary suite includes a walk in closet and a seated, barrier free shower.
C$330000

Residential For Sale

620 Macdonald Street, Beaver Bank, NS B4E 1N3
Royal LePage Anchor Realty
3Bedroom(s)
2Bathroom(s)
C$330000

Residential For Sale

91 Driftwood Court, Garden Lots, NS B0J 2C0

4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
4,654Sqft
Royal LePage Atlantic
C$2320000

Residential For Sale

91 Driftwood Court, Garden Lots, NS B0J 2C0
4Bedroom(s)
5Bathroom(s)
AttachedParking(s)
4,654Sqft
Royal LePage Atlantic
Stunning executive 3-BR, 3-½ bath home with vaulted ceiling, + cottage. Ideally situated on 394 ft of oceanfront property. Designed to maximize water views it offers a seamless blend of modern convenience and coastal charm. Lg open kitchen, floor to ceiling cabinets, quartz counters, island with prep sink & seats for 4, gas range with hood, walk-in pantry.
C$2320000

Residential For Sale

91 Driftwood Court, Garden Lots, NS B0J 2C0
Royal LePage Atlantic
4Bedroom(s)
5Bathroom(s)
C$2320000

Residential For Sale

1 Hillcrest Drive, Stewiacke, NS B0N 2J0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
26Picture(s)
2,324Sqft
Royal LePage Atlantic (Enfield)
C$519900

Residential For Sale

1 Hillcrest Drive, Stewiacke, NS B0N 2J0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,324Sqft
Royal LePage Atlantic (Enfield)
A summertime treat in Stewiacke. Welcome to 1 Hillcrest Drive. This 3 bedroom, 3 bath home is a chocolate fudge sundae with nuts and a big ol’ cherry on top. The main level is over 1500 sqft of living space. The kitchen has a breakfast nook and all the appliances are included. The primary bedroom has a walk-in closet plus a 3 piece ensuite bath. The basement has a rec room and an office.
C$519900

Residential For Sale

1 Hillcrest Drive, Stewiacke, NS B0N 2J0
Royal LePage Atlantic (Enfield)
3Bedroom(s)
3Bathroom(s)
C$519900

Residential For Sale

2453 Highway 334, Wedgeport, NS B0W 1B0

2Bedroom(s)
3Bathroom(s)
45Picture(s)
1,235Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$447500

Residential For Sale

2453 Highway 334, Wedgeport, NS B0W 1B0
2Bedroom(s)
3Bathroom(s)
1,235Sqft
Viewpoint Realty Services Inc. (Shelburne)
Luxury Oceanfront Living in Wedgeport Welcome to 2453 Highway 334 — a fully renovated century home blending historic character with modern luxury. Situated in the scenic fishing village of Wedgeport, this coastal property offers stunning water views, refined finishes, and exceptional comfort for year-round living or an idyllic seasonal escape.
C$447500

Residential For Sale

2453 Highway 334, Wedgeport, NS B0W 1B0
Viewpoint Realty Services Inc. (Shelburne)
2Bedroom(s)
3Bathroom(s)
C$447500

Residential For Sale

90 Highland Avenue, Wolfville, NS B4P 1Z6

4Bedroom(s)
1Bathroom(s)
PavedParking(s)
18Picture(s)
1,012Sqft
Prescott Real Estate Limited
C$359900

Residential For Sale

90 Highland Avenue, Wolfville, NS B4P 1Z6
4Bedroom(s)
1Bathroom(s)
PavedParking(s)
1,012Sqft
Prescott Real Estate Limited
Set on a deep 276-foot lot in the heart of Wolfville, 90 Highland Avenue offers a rare combination of location, lot size, and zoning flexibility - just steps from Acadia University. Zoned R-3, this property allows for higher-density residential development, making it an excellent candidate for multi-unit housing, townhomes, or other redevelopment (buyer to verify, subject to municipal approvals).
C$359900

Residential For Sale

90 Highland Avenue, Wolfville, NS B4P 1Z6
Prescott Real Estate Limited
4Bedroom(s)
1Bathroom(s)
C$359900

Residential For Sale

57 Pleasant Street, Truro, NS B2N 3R8

3Bedroom(s)
2Bathroom(s)
PavedParking(s)
33Picture(s)
1,529Sqft
Royal LePage Atlantic (Enfield)
C$374900

Residential For Sale

57 Pleasant Street, Truro, NS B2N 3R8
3Bedroom(s)
2Bathroom(s)
PavedParking(s)
1,529Sqft
Royal LePage Atlantic (Enfield)
Fully Renovated & Move-In Ready - A Smart Investment in the Heart of Truro! Welcome to 57 Pleasant Street, a beautifully updated 3-bedroom, 2-bath detached home offering 1,529 sq ft of bright, modern living space in one of Truro’s most desirable neighbourhoods.
C$374900

Residential For Sale

57 Pleasant Street, Truro, NS B2N 3R8
Royal LePage Atlantic (Enfield)
3Bedroom(s)
2Bathroom(s)
C$374900

Residential For Sale

11 Bog Road, Hantsport, NS B0P 1P0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
27Picture(s)
975Sqft
Royal LePage Atlantic - Valley(Windsor)
C$299900

Residential For Sale

11 Bog Road, Hantsport, NS B0P 1P0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
975Sqft
Royal LePage Atlantic - Valley(Windsor)
Welcome to this charming two bedroom bungalow located in the picturesque town of Hantsport. Situated on a spacious lot, this property boasts a large backyard with two outbuildings, perfect for storage or potential workshop space. The home features a new front deck and back deck, offering stunning valley views that make for the perfect spot to relax and unwind.
C$299900

Residential For Sale

11 Bog Road, Hantsport, NS B0P 1P0
Royal LePage Atlantic - Valley(Windsor)
2Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

20 Randolph Street, Halifax, NS B3P 2B1

6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,890Sqft
CANOE REALTY - 14497
C$949900

Residential For Sale

20 Randolph Street, Halifax, NS B3P 2B1
6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,890Sqft
CANOE REALTY - 14497
20 Randolph Street is a rare opportunity to own a beautifully updated bungalow on a quiet cul-de-sac in the sought-after Fleming Heights neighborhood! This custom-designed, fully renovated, turn-key home offers a versatile layout with 4 to 6 bedrooms, 3 full bathrooms, and an open concept kitchen-dining-living area.
C$949900

Residential For Sale

20 Randolph Street, Halifax, NS B3P 2B1
CANOE REALTY - 14497
6Bedroom(s)
3Bathroom(s)
C$949900

Residential For Sale

362 Wyman Road, Sand Beach, NS B5A 5G4

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
25Picture(s)
1,098Sqft
Engel & Volkers (Yarmouth)
C$189000

Residential For Sale

362 Wyman Road, Sand Beach, NS B5A 5G4
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,098Sqft
Engel & Volkers (Yarmouth)
This charming 2-bedroom bungalow offers comfortable, efficient living in a peaceful rural setting just minutes from the town of Yarmouth. Whether you're a first-time buyer or looking to downsize, this thoughtfully designed home is a perfect fit. Inside, you'll find a smart layout with minimal hallway space, maximizing every inch of the home.
C$189000

Residential For Sale

362 Wyman Road, Sand Beach, NS B5A 5G4
Engel & Volkers (Yarmouth)
2Bedroom(s)
1Bathroom(s)
C$189000

Residential For Sale

9682 221 Highway, Canning, NS B0P 1H0

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
41Picture(s)
1,896Sqft
MacKay Real Estate Ltd.
C$449000

Residential For Sale

9682 221 Highway, Canning, NS B0P 1H0
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,896Sqft
MacKay Real Estate Ltd.
Nestled within walking distance of charming downtown Canning and the local elementary school, this 1.5-storey home is the perfect blend of character and modern convenience. Featuring 4 bedrooms and 1.5 baths, the property welcomes you with warmth and style. A standout feature is the elegant kitchen, renovated in 2018, boasting a custom island with Corian countertops—ideal for family gatherings.
C$449000

Residential For Sale

9682 221 Highway, Canning, NS B0P 1H0
MacKay Real Estate Ltd.
4Bedroom(s)
2Bathroom(s)
C$449000

Residential For Sale

21 Woodward Street, Glace Bay, NS B1A 4R4

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
48Picture(s)
3,035Sqft
RE/MAX Park Place Inc.
C$649000

Residential For Sale

21 Woodward Street, Glace Bay, NS B1A 4R4
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,035Sqft
RE/MAX Park Place Inc.
This impressive 4 bedroom, 4 bathroom 2 storey home offers space, comfort, and luxury on a 1/2 acre fenced lot. The main living area features new vinyl plank flooring, infloor heating in the basement and attached garage/rec room, and heat pumps. A large wrap around deck with an attached gazebo provides the perfect spot for year round outdoor entertaining overlooking a fully fenced yard.
C$649000

Residential For Sale

21 Woodward Street, Glace Bay, NS B1A 4R4
RE/MAX Park Place Inc.
4Bedroom(s)
4Bathroom(s)
C$649000

Residential For Sale

Long Lake Road Lot 100, French Village, NS B3Z 0P9

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
34Picture(s)
168Sqft
Royal LePage Atlantic
C$275000

Residential For Sale

Long Lake Road Lot 100, French Village, NS B3Z 0P9
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
168Sqft
Royal LePage Atlantic
Escape to your own off-grid paradise just 30 minutes from Halifax! Nestled on 4.8 acres with 185 feet of lakefront on a serene cove, this unique propertyoffers endless possibilities for relaxation or adventure. Included is a 2016, 21-foot Coachman Freedom Express travel trailer, solar panels, a generator, jet pump for lake water supply, a porta potty, and a sea-can for ample storage.
C$275000

Residential For Sale

Long Lake Road Lot 100, French Village, NS B3Z 0P9
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$275000
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