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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

1899 Clementsvale Road, Bear River, NS B0S 1B0

7Bedroom(s)
6Bathroom(s)
SingleParking(s)
43Picture(s)
5,200Sqft
Exit Realty Town & Country
C$724900

Residential For Sale

1899 Clementsvale Road, Bear River, NS B0S 1B0
7Bedroom(s)
6Bathroom(s)
SingleParking(s)
5,200Sqft
Exit Realty Town & Country
Welcome to Bear River, said to be the second oldest settlement in Canada, where the river that runs beneath historic stilt buildings, rises and falls with the tide. This is where you will find the grand old Picturesque style Victorian home built in 1868 by Chas Brown, sea Captain.
C$724900

Residential For Sale

1899 Clementsvale Road, Bear River, NS B0S 1B0
Exit Realty Town & Country
7Bedroom(s)
6Bathroom(s)
C$724900

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811 Lahave Street, Bridgewater, NS B4V 2V2

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
43Picture(s)
2,208Sqft
EXIT Realty Inter Lake
C$649900

Residential For Sale

811 Lahave Street, Bridgewater, NS B4V 2V2
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,208Sqft
EXIT Realty Inter Lake
Charming, Character-Filled Home with Lush Gardens & Elegant Interiors Nestled among mature trees and beautifully manicured gardens, this stately residence offers timeless curb appeal and a tranquil sense of privacy. From the moment you arrive, the home's classic exterior and inviting grounds set the tone for what lies within. Step inside to discover a perfect blend of character and modern touches.
C$649900

Residential For Sale

811 Lahave Street, Bridgewater, NS B4V 2V2
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$649900

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278 Fox Hill Avenue, North Kentville, NS B4N 5A6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
35Picture(s)
2,163Sqft
Royal LePage Atlantic (New Minas)
C$524900

Residential For Sale

278 Fox Hill Avenue, North Kentville, NS B4N 5A6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,163Sqft
Royal LePage Atlantic (New Minas)
Charming North Kentville Home in Desirable Fox Hill Subdivision This well-maintained home offers 4 bedrooms, 3 bathrooms, a finished basement, and an attached garage—perfect for family living and entertaining. The main floor features a bright living room, functional kitchen, formal dining area, and a convenient 2-piece bath.
C$524900

Residential For Sale

278 Fox Hill Avenue, North Kentville, NS B4N 5A6
Royal LePage Atlantic (New Minas)
4Bedroom(s)
3Bathroom(s)
C$524900

Residential For Sale

4540 Black Rock Road, Canada Creek, NS B0P 1V0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
37Picture(s)
720Sqft
Exit Realty Town & Country
C$199000

Residential For Sale

4540 Black Rock Road, Canada Creek, NS B0P 1V0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
720Sqft
Exit Realty Town & Country
What GEM! Just a short walk to the beach, where you can experience the highest tides in the world. Enjoy stunning ocean views and waves during high tide, or hunt for beautiful agates and even amethyst during low tide if you're fortunate.
C$199000

Residential For Sale

4540 Black Rock Road, Canada Creek, NS B0P 1V0
Exit Realty Town & Country
2Bedroom(s)
1Bathroom(s)
C$199000

Residential For Sale

11 Coldstream Road, Gays River, NS B0N 2H0

4Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
29Picture(s)
1,503Sqft
Royal LePage Atlantic (Enfield)
C$344900

Residential For Sale

11 Coldstream Road, Gays River, NS B0N 2H0
4Bedroom(s)
1Bathroom(s)
Circular DrivewayParking(s)
1,503Sqft
Royal LePage Atlantic (Enfield)
Welcome to 11 Coldstream Road! This charming four bedroom, one bathroom home offers an ideal setting for the growing family. Entering through the rear entrance, you will be greeted by a spacious porch - perfect for organizing coats, shoes, and seasonal gear.
C$344900

Residential For Sale

11 Coldstream Road, Gays River, NS B0N 2H0
Royal LePage Atlantic (Enfield)
4Bedroom(s)
1Bathroom(s)
C$344900

Residential For Sale

43 Lew Crescent, Lantz, NS B2S 2A5

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
7Picture(s)
2,169Sqft
Royal LePage Atlantic (Enfield)
C$559900

Residential For Sale

43 Lew Crescent, Lantz, NS B2S 2A5
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,169Sqft
Royal LePage Atlantic (Enfield)
Welcome to The Haven by Integrity Homes, where modern design meets exceptional value. Located in the masterfully planned community of Kiln Creek in Lantz, East Hants, this stunning semi-detached home offers 2,169 square feet of thoughtfully designed living space. With 3 bedrooms, 3.5 bathrooms, and a single-car garage, this home is perfect for families or professionals seeking comfort and style.
C$559900

Residential For Sale

43 Lew Crescent, Lantz, NS B2S 2A5
Royal LePage Atlantic (Enfield)
3Bedroom(s)
4Bathroom(s)
C$559900

Residential For Sale

41 Lew Crescent, Lantz, NS B2S 2A5

3Bedroom(s)
4Bathroom(s)
SingleParking(s)
7Picture(s)
2,169Sqft
Royal LePage Atlantic (Enfield)
C$559900

Residential For Sale

41 Lew Crescent, Lantz, NS B2S 2A5
3Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,169Sqft
Royal LePage Atlantic (Enfield)
Welcome to The Haven by Integrity Homes, where modern design meets exceptional value. Located in the masterfully planned community of Kiln Creek in Lantz, East Hants, this stunning semi-detached home offers 2,169 square feet of thoughtfully designed living space. With 3 bedrooms, 3.5 bathrooms, and a single-car garage, this home is perfect for families or professionals seeking comfort and style.
C$559900

Residential For Sale

41 Lew Crescent, Lantz, NS B2S 2A5
Royal LePage Atlantic (Enfield)
3Bedroom(s)
4Bathroom(s)
C$559900

Residential For Sale

310 Zaffre Drive Lot 5014, Middle Sackville, NS B4E 0W8

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
34Picture(s)
1,804Sqft
Royal LePage Atlantic
C$699900

Residential For Sale

310 Zaffre Drive Lot 5014, Middle Sackville, NS B4E 0W8
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,804Sqft
Royal LePage Atlantic
COME AND SEE US AT OUR MODEL HOME AT 50 SWEETFERN LANE EVERY SUNDAY FROM 2-4PM. Amara Developments is introducing “The Aspen” in the newest phase of Indigo Shores in Middle Sackville, Nova Scotia.
C$699900

Residential For Sale

310 Zaffre Drive Lot 5014, Middle Sackville, NS B4E 0W8
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$699900

Residential For Sale

299 Dominion Street, Glace Bay, NS B1A 3N4

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
8Picture(s)
572Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$91000

Residential For Sale

299 Dominion Street, Glace Bay, NS B1A 3N4
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
572Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Handy Man Special: this 3/4 Acre lot with its one bedroom bungalow is in a great location close to downtown Glace Bay. The home does need some repair work on roofing shingles, and it has a block foundation. But with a little bit of work you will have yourself a lovely little home -private and quiet.
C$91000

Residential For Sale

299 Dominion Street, Glace Bay, NS B1A 3N4
Keller Williams Select Realty(Sydney,Townsend St.)
1Bedroom(s)
1Bathroom(s)
C$91000

Residential For Sale

810 Basinview Drive, Bedford, NS B4A 3N4

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
46Picture(s)
2,200Sqft
Red Door Realty
C$629900

Residential For Sale

810 Basinview Drive, Bedford, NS B4A 3N4
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,200Sqft
Red Door Realty
Welcome to 810 Basinview Drive in vibrant Bedford, Nova Scotia—where comfort meets convenience in one of the area's most sought-after family neighbourhoods. This inviting 4-bedroom, 3-bathroom split-entry home offers a perfect blend of functionality, space, and updates.
C$629900

Residential For Sale

810 Basinview Drive, Bedford, NS B4A 3N4
Red Door Realty
4Bedroom(s)
3Bathroom(s)
C$629900

Residential For Sale

521 330 Highway, North East Point, NS B0W 2P0

2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
40Picture(s)
1,456Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
C$429000

Residential For Sale

521 330 Highway, North East Point, NS B0W 2P0
2Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,456Sqft
Viewpoint Realty Services Inc. (Barrington Passage)
Coastal Comfort & Modern Style – Renovated Home on Cape Sable Island Welcome to your seaside sanctuary on beautiful Cape Sable Island—just 1 km from a stunning white sand beach, local amenities, and nature trails. This meticulously renovated 2-bedroom, 1.5-bath home offers stylish one-level living with thoughtful upgrades and year-round comfort.
C$429000

Residential For Sale

521 330 Highway, North East Point, NS B0W 2P0
Viewpoint Realty Services Inc. (Barrington Passage)
2Bedroom(s)
2Bathroom(s)
C$429000

Residential For Sale

51 Ringling Court, Fall River, NS B2T 0G6

5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
45Picture(s)
4,290Sqft
Coldwell Banker Maritime Realty
C$1059900

Residential For Sale

51 Ringling Court, Fall River, NS B2T 0G6
5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
4,290Sqft
Coldwell Banker Maritime Realty
Welcome to a custom-built retreat on a beautiful private lot with lake access and your own dock. Tucked away on a quiet court and accessed by a winding paved driveway, this 4-acre estate offers exceptional elevated west-facing views of Kinsac Lake — perfect for unforgettable sunsets.
C$1059900

Residential For Sale

51 Ringling Court, Fall River, NS B2T 0G6
Coldwell Banker Maritime Realty
5Bedroom(s)
3Bathroom(s)
C$1059900
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