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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

47 Simona Drive, Dartmouth, NS B2X 0E1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2Picture(s)
2,643Sqft
Royal LePage Atlantic
C$674900

Residential For Sale

47 Simona Drive, Dartmouth, NS B2X 0E1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,643Sqft
Royal LePage Atlantic
Welcome to Lot 19 Unit A Simona Drive, Dartmouth. Located in the picturesque Parks of Lake Charles neighbourhood, this semi-detached 2-storey home with a walkout basement offers the perfect combination of modern design and functional comfort. With 4 bedrooms and 3.5 bathrooms, it's designed to cater to both family living and entertaining.
C$674900

Residential For Sale

47 Simona Drive, Dartmouth, NS B2X 0E1
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$674900

Residential For Sale

813 Upper Branch Road, Auburndale, NS B4V 3M5

4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
42Picture(s)
2,267Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$530000

Residential For Sale

813 Upper Branch Road, Auburndale, NS B4V 3M5
4Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,267Sqft
RE/MAX Banner Real Estate (Bridgewater)
Charming 4-Bedroom Country Home with Expansive Heated Garage - Just Minutes from Bridgewater. Nestled on 1.58 acres of beautifully landscaped property, this spacious 2-storey, 4-bedroom home offers the perfect blend of peaceful country living and convenient proximity only minutes from all amenities in Bridgewater.
C$530000

Residential For Sale

813 Upper Branch Road, Auburndale, NS B4V 3M5
RE/MAX Banner Real Estate (Bridgewater)
4Bedroom(s)
2Bathroom(s)
C$530000

Residential For Sale

Lot 1 Old Guysborough Road, Devon, NS B2T 1K8

3Bedroom(s)
3Bathroom(s)
SingleParking(s)
16Picture(s)
1,570Sqft
Engel & Volkers
C$539900

Residential For Sale

Lot 1 Old Guysborough Road, Devon, NS B2T 1K8
3Bedroom(s)
3Bathroom(s)
SingleParking(s)
1,570Sqft
Engel & Volkers
Dreaming of new construction without breaking the bank? Welcome to Ramar Homes' The Dana - a thoughtfully designed split-entry home that offers the perfect combination of style, function, and affordability. This brand-new build will be fully finished, featuring 3 bedrooms (2 up/ 1 down) and 3 full bathrooms, and a bright, open-concept main level ideal for modern living.
C$539900

Residential For Sale

Lot 1 Old Guysborough Road, Devon, NS B2T 1K8
Engel & Volkers
3Bedroom(s)
3Bathroom(s)
C$539900

Residential For Sale

36 Kent Drive, Amherst, NS B4H 4L3

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
26Picture(s)
984Sqft
RE/MAX County Line Realty Ltd.
C$99900

Residential For Sale

36 Kent Drive, Amherst, NS B4H 4L3
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
984Sqft
RE/MAX County Line Realty Ltd.
WELL MAINTAINED THREE BEDROOM, ONE BATH MINI-HOME! This property is located on Kent Drive, minutes from downtown Amherst. The home offers a front entry, open concept kitchen, living room with separate dining room (could be an office, also offers an exterior door), large primary bedroom, full bath and two additional guest bedrooms. Outside provides buyers a new deck & green space for a shed.
C$99900

Residential For Sale

36 Kent Drive, Amherst, NS B4H 4L3
RE/MAX County Line Realty Ltd.
3Bedroom(s)
1Bathroom(s)
C$99900

Residential For Sale

No 8 Highway Lot 3, South Brookfield, NS B0T 1X0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
5Picture(s)
1,104Sqft
Keller Williams Select Realty
C$459000

Residential For Sale

No 8 Highway Lot 3, South Brookfield, NS B0T 1X0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,104Sqft
Keller Williams Select Realty
?? Lakeside Living with Modern Comfort on Bear Trap Lake – South Brookfield, NS ?? This is your chance to own a piece of paradise on the pristine shores of Bear Trap Lake, part of the renowned Ponhook Lake system—a true recreational haven for boating, fishing, swimming, and peaceful lake days.
C$459000

Residential For Sale

No 8 Highway Lot 3, South Brookfield, NS B0T 1X0
Keller Williams Select Realty
2Bedroom(s)
2Bathroom(s)
C$459000

Residential For Sale

555 Chebucto, Baddeck, NS B0E 1B0

5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
50Picture(s)
1,500Sqft
RE/MAX Park Place Inc.
C$459000

Residential For Sale

555 Chebucto, Baddeck, NS B0E 1B0
5Bedroom(s)
5Bathroom(s)
AttachedParking(s)
1,500Sqft
RE/MAX Park Place Inc.
Welcome to a charming and versatile property ideally located at the east end of Chebucto Street in the heart of Baddeck, just steps from the Alexander Graham Bell Museum and within easy walking distance to the waterfront and all village amenities. This well-maintained character home offers year-round comfort and wonderful water views of the Bras d'Or Lakes.
C$459000

Residential For Sale

555 Chebucto, Baddeck, NS B0E 1B0
RE/MAX Park Place Inc.
5Bedroom(s)
5Bathroom(s)
C$459000

Residential For Sale

17 Glenesk Trailer Park Road, Reserve Mines, NS B1E 1B8

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
19Picture(s)
946Sqft
Coldwell Banker Boardwalk Realty
C$114900

Residential For Sale

17 Glenesk Trailer Park Road, Reserve Mines, NS B1E 1B8
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
946Sqft
Coldwell Banker Boardwalk Realty
Welcome to your new home! This beautifully maintained three bedroom, one bathroom mobile home is ideally situated in a quiet, private area of a well-kept mobile home park. It offers the perfect combination of comfort, convenience, and affordability. Enjoy a bright and inviting living space filled with natural light from large windows.
C$114900

Residential For Sale

17 Glenesk Trailer Park Road, Reserve Mines, NS B1E 1B8
Coldwell Banker Boardwalk Realty
3Bedroom(s)
1Bathroom(s)
C$114900

Residential For Sale

5 Seawood Avenue, Lower Sackville, NS B4C 2L1

5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
47Picture(s)
1,822Sqft
Century 21 Trident Realty Ltd.
C$459900

Residential For Sale

5 Seawood Avenue, Lower Sackville, NS B4C 2L1
5Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,822Sqft
Century 21 Trident Realty Ltd.
Move-in ready 5-bedroom, 2-bath split-entry home in the heart of Lower Sackville! Perfect for families, multi-generational living, or investors, this spacious property features major updates: all new flooring & paint (2025), new roof & windows (2024–25), furnace & oil tank (2023), 200 AMP generator panel, sump pump with battery backup (2024), and more.
C$459900

Residential For Sale

5 Seawood Avenue, Lower Sackville, NS B4C 2L1
Century 21 Trident Realty Ltd.
5Bedroom(s)
2Bathroom(s)
C$459900

Residential For Sale

225 Munroe Avenue, New Glasgow, NS B2H 2E9

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
1,691Sqft
Results Realty Atlantic Inc.
C$299900

Residential For Sale

225 Munroe Avenue, New Glasgow, NS B2H 2E9
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,691Sqft
Results Realty Atlantic Inc.
Move -In Ready! Step into comfort and style with this freshly renovated 4 bedroom, 2 bath home. It has seen plenty of updates over the past two years. Boasting newer upgrades including paint, flooring, roof shingles, and more. It is located in a highly desirable neighbourhood on the West Side of New Glasgow.
C$299900

Residential For Sale

225 Munroe Avenue, New Glasgow, NS B2H 2E9
Results Realty Atlantic Inc.
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

5105 Highway 320, Arichat, NS B0E 1A0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
2,531Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$410000

Residential For Sale

5105 Highway 320, Arichat, NS B0E 1A0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,531Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
This move in ready family home greets you with bright, open concept living. A spacious kitchen and dining area that flows seamlessly into a drop down family room, perfect for gatherings or cozy movie nights.
C$410000

Residential For Sale

5105 Highway 320, Arichat, NS B0E 1A0
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$410000

Residential For Sale

3-12 Kirkwood, Bedford, NS B4A 0A8

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
2,427Sqft
Press Realty Inc.
C$667500

Residential For Sale

3-12 Kirkwood, Bedford, NS B4A 0A8
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,427Sqft
Press Realty Inc.
Welcome to 12 Kirkwood Court—an executive condo townhome in Bedford’s sought-after Ravines neighbourhood, ideal for those seeking low-maintenance living without downsizing to apartment-style living. The bright, open-concept main level features 9’ ceilings, hardwood floors, a ductless heat pump, and a spacious kitchen with granite counters and a large island—perfect for entertaining.
C$667500

Residential For Sale

3-12 Kirkwood, Bedford, NS B4A 0A8
Press Realty Inc.
3Bedroom(s)
3Bathroom(s)
C$667500

Residential For Sale

74 Old Oakland Road, Indian Point, NS B0J 2E0

1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
24Picture(s)
768Sqft
Engel & Volkers (Chester)
C$474900

Residential For Sale

74 Old Oakland Road, Indian Point, NS B0J 2E0
1Bedroom(s)
1Bathroom(s)
DoubleParking(s)
768Sqft
Engel & Volkers (Chester)
This two year old home is ideally located on a 4+ acre subdivide-able lot minutes from the rail to trails and seaside shores of Indian Point. Perfect for a single person, couple or, with a few small adjustments those who make use of a wheelchair. The home is exceptionally well built and offers privacy in natural surroundings.
C$474900

Residential For Sale

74 Old Oakland Road, Indian Point, NS B0J 2E0
Engel & Volkers (Chester)
1Bedroom(s)
1Bathroom(s)
C$474900
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