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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

225 Hemlock Haven, Lower Ohio, NS B0T 1W0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
30Picture(s)
780Sqft
Keller Williams Select Realty
C$299000

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225 Hemlock Haven, Lower Ohio, NS B0T 1W0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
780Sqft
Keller Williams Select Realty
Welcome to your perfect escape—whether you’re seeking year-round living or a seasonal getaway, this beautiful lakeside property delivers comfort, privacy, and breathtaking views. Built in 2000 and featuring 240 feet of private lake frontage, this property offers direct access to boating, swimming, and fishing.
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1Bathroom(s)
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C$104900

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2Bedroom(s)
1Bathroom(s)
GravelParking(s)
693Sqft
Harbourside Realty Ltd.
Welcome to 1432 Upper Clyde Road—a peaceful riverside escape on a private 1.48-acre lot in the heart of Clyde River. This cozy 2-bedroom, 1-bathroom cottage offers 672 sq ft of rustic charm with warm wood interiors, a ful functional kitchen, and a spacious living room featuring a wall of windows that invite in forest and river views.
C$104900

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2Bedroom(s)
1Bathroom(s)
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3Bedroom(s)
1Bathroom(s)
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16Picture(s)
945Sqft
Royal LePage Atlantic (Greenwood)
C$60000

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5755 West Dalhousie Road, West Dalhousie, NS B0S 1C0
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
945Sqft
Royal LePage Atlantic (Greenwood)
Bring Your Vision to Life! This partially gutted home is ready for your creative touch. With no kitchen or bathroom currently in place, this property is being sold as is, where is, offering a rare opportunity for a full restoration or custom finish.
C$60000

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5755 West Dalhousie Road, West Dalhousie, NS B0S 1C0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
1Bathroom(s)
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634 Celebration Drive Lot 755, Fall River, NS B2T 0K6

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1Picture(s)
2,624Sqft
Sutton Group Professional Realty
C$809900

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634 Celebration Drive Lot 755, Fall River, NS B2T 0K6
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,624Sqft
Sutton Group Professional Realty
The Bonsai by Marchand Homes is a thoughtfully designed split-entry home offering over 2,600 square feet of finished living space. The main level features an open-concept layout with a large kitchen island, walk-in pantry, and easy flow into the dining area and living room. The primary bedroom includes a walk-in closet and a full ensuite with a soaker tub and acrylic shower.
C$809900

Residential For Sale

634 Celebration Drive Lot 755, Fall River, NS B2T 0K6
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$809900

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648 Celebration Drive Lot 754, Fall River, NS B2T 0K6

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1Picture(s)
2,459Sqft
Sutton Group Professional Realty
C$871900

Residential For Sale

648 Celebration Drive Lot 754, Fall River, NS B2T 0K6
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,459Sqft
Sutton Group Professional Realty
The Midnight is a beautifully designed split-entry home offering over 2,450 square feet of finished living space. The main level features a bright, open-concept layout that includes a spacious kitchen with a large island, a corner pantry, and soft-close cabinetry. It flows seamlessly into the dining area and great room, creating a comfortable space for gatherings and day-to-day living.
C$871900

Residential For Sale

648 Celebration Drive Lot 754, Fall River, NS B2T 0K6
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$871900

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139 Smeltzer Road, Upper Vaughan, NS B0N 2T0

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
2,413Sqft
Viewpoint Realty Services Inc.
C$680000

Residential For Sale

139 Smeltzer Road, Upper Vaughan, NS B0N 2T0
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,413Sqft
Viewpoint Realty Services Inc.
Are you looking for a private lake oasis with a well-built home? It's hard to find...but here it is on 400 feet of frontage on Mockingigh Lake! This lake is well known as a super bass fishing lake and is connected to Falls Lake as well; all of your water sports dreams can come true! This custom built home has had only one owner and is hitting the market for the first time.
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Residential For Sale

139 Smeltzer Road, Upper Vaughan, NS B0N 2T0
Viewpoint Realty Services Inc.
4Bedroom(s)
2Bathroom(s)
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2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
16Picture(s)
1,308Sqft
Parachute Realty
C$449900

Residential For Sale

10 Chester Hills Drive, Chester, NS B0J 1J0
2Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,308Sqft
Parachute Realty
Welcome to Chester Hills, a charming new retirement community in Chester, Nova Scotia. These beautifully designed single-level homes feature 2 bedrooms and 2 modern bathrooms. Inspired by Chester’s timeless charm, each home offers elegant architectural details and high-quality finishes.
C$449900

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10 Chester Hills Drive, Chester, NS B0J 1J0
Parachute Realty
2Bedroom(s)
2Bathroom(s)
C$449900

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3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
28Picture(s)
1,424Sqft
BORDEN REAL ESTATE LIMITED - A586
C$499900

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25 Ridge, Stewiacke, NS B0N 2J0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,424Sqft
BORDEN REAL ESTATE LIMITED - A586
Another New Home under construction in Stewiacke River Crossing . Wheelchair friendly home with infloor heat including double garage. 9 foot cielings. Quartz counter tops. Heat Pump. NOTE: room sizes are from plans. NOTE: Pantry on plans is mechanical room. Home will be landsacped by builder. This home is over 1400 sq ft. Photos are from previous home by same builder.
C$499900

Residential For Sale

25 Ridge, Stewiacke, NS B0N 2J0
BORDEN REAL ESTATE LIMITED - A586
3Bedroom(s)
2Bathroom(s)
C$499900

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3Bedroom(s)
1Bathroom(s)
CarportParking(s)
21Picture(s)
1,350Sqft
RE/MAX Banner Real Estate
C$309900

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3Bedroom(s)
1Bathroom(s)
CarportParking(s)
1,350Sqft
RE/MAX Banner Real Estate
Curb appeal galore in this attractive centrally located bungalow on pretty treed lot. Lovely front verandah and spacious back deck are great for entertaining family and friends. Complete renovation about 15 years ago included siding, windows, doors, shingles, beautiful kitchen and renovated bath. Open concept dining/living room. Lower level is insulated plus drywalled exterior walls.
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RE/MAX Banner Real Estate
3Bedroom(s)
1Bathroom(s)
C$309900

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25 Chase Road, Berwick West, NS B0P 1E0

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
46Picture(s)
3,565Sqft
The Agency Real Estate Brokerage
C$950000

Residential For Sale

25 Chase Road, Berwick West, NS B0P 1E0
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,565Sqft
The Agency Real Estate Brokerage
Private Valley Retreat with Resort-Style Amenities on 6.7 Acres 225 Chase Road, Berwick | A Custom Oasis in Nova Scotia’s Wine Country Welcome to your own private retreat in the heart of the Annapolis Valley. Just three minutes from Berwick, this over 3,500 sq. ft. custom bungalow sits on 6.7 acres of landscaped, A1-zoned land—offering space, serenity, and luxury living.
C$950000

Residential For Sale

25 Chase Road, Berwick West, NS B0P 1E0
The Agency Real Estate Brokerage
3Bedroom(s)
4Bathroom(s)
C$950000

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2629 Crowell Road, East Lawrencetown, NS B2Z 1P4

6Bedroom(s)
6Bathroom(s)
DoubleParking(s)
50Picture(s)
4,448Sqft
Royal LePage Atlantic
C$1396000

Residential For Sale

2629 Crowell Road, East Lawrencetown, NS B2Z 1P4
6Bedroom(s)
6Bathroom(s)
DoubleParking(s)
4,448Sqft
Royal LePage Atlantic
Historic charm meets modern comfort in this beautifully restored East Lawrencetown home on approximately 4 acres with frontage on Porters Lake and views of the Atlantic Ocean. Built in the late 1800s by the Lloy family, this 6-bedroom, 6-bath home combines original character with thoughtful updates.
C$1396000

Residential For Sale

2629 Crowell Road, East Lawrencetown, NS B2Z 1P4
Royal LePage Atlantic
6Bedroom(s)
6Bathroom(s)
C$1396000

Residential For Sale

35 Allan J Memorial Avenue, Inverness, NS B0E 1N0

2Bedroom(s)
1Bathroom(s)
OtherParking(s)
29Picture(s)
880Sqft
Engel & Volkers
C$229000

Residential For Sale

35 Allan J Memorial Avenue, Inverness, NS B0E 1N0
2Bedroom(s)
1Bathroom(s)
OtherParking(s)
880Sqft
Engel & Volkers
Charming Inverness Gem – Steps from Cabot Cape Breton & the Beach! Welcome to the heart of Inverness – where lifestyle, location, and opportunity come together.
C$229000

Residential For Sale

35 Allan J Memorial Avenue, Inverness, NS B0E 1N0
Engel & Volkers
2Bedroom(s)
1Bathroom(s)
C$229000
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