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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

10610 316 Highway, Goldboro Ns B0h 1l0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
528Sqft
Re/Max Park Place Inc. (Antigonish)
C$134900

Residential For Sale

10610 316 Highway, Goldboro Ns B0h 1l0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
528Sqft
Re/Max Park Place Inc. (Antigonish)
Summer home or your full time home. This is the perfect spot. Lots of room for family to join you for summer holidays. This property has a small home that is lived in year round. You also gain a century old home and bunky to house all your summer guests . New well installed in 2024. New roof in 2022. Live in the smaller home while you restore the larger home.
C$134900

Residential For Sale

10610 316 Highway, Goldboro Ns B0h 1l0
Re/Max Park Place Inc. (Antigonish)
1Bedroom(s)
1Bathroom(s)
C$134900

Residential For Sale

10610 316 Highway, Goldboro Ns B0h 1l0

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
37Picture(s)
528Sqft
Re/Max Park Place Inc. (Antigonish)
C$134900

Residential For Sale

10610 316 Highway, Goldboro Ns B0h 1l0
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
528Sqft
Re/Max Park Place Inc. (Antigonish)
Summer home or your full time home. This is the perfect spot. Lots of room for family to join you for summer holidays. This property has a small home that is lived in year round. You also gain a century old home and bunky to house all your summer guests . New well installed in 2024. New roof in 2022. Live in the smaller home while you restore the larger home.
C$134900

Residential For Sale

10610 316 Highway, Goldboro Ns B0h 1l0
Re/Max Park Place Inc. (Antigonish)
1Bedroom(s)
1Bathroom(s)
C$134900

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46 South Street, Truro Ns B2n 7j4

4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
22Picture(s)
1,728Sqft
Prescott Real Estate Limited
C$189900

Residential For Sale

46 South Street, Truro Ns B2n 7j4
4Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,728Sqft
Prescott Real Estate Limited
Exceptional Opportunity on South Street - Bring Your Vision! Welcome to 46 South Street, a diamond in the rough sitting on a large corner lot in one of Truro’s most sought-after mature neighbourhoods. This property may have seen better days, but it has exceptional bones and the potential to become something truly special for the right buyer.
C$189900

Residential For Sale

46 South Street, Truro Ns B2n 7j4
Prescott Real Estate Limited
4Bedroom(s)
1Bathroom(s)
C$189900

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2653 Malagash Road, Malagash Centre Ns B0k 1e0

4Bedroom(s)
1Bathroom(s)
GravelParking(s)
26Picture(s)
1,452Sqft
Sunrise Brokerage & Sales Ltd.
C$298000

Residential For Sale

2653 Malagash Road, Malagash Centre Ns B0k 1e0
4Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,452Sqft
Sunrise Brokerage & Sales Ltd.
This lovely old 4 bedroom home is waiting for new owners! So many memories are locked in these walls, why not come and make your own. Main floor has a large eat in kitchen, formal dining room, large living room and full bath. Upstairs you will find four good size bedrooms.
C$298000

Residential For Sale

2653 Malagash Road, Malagash Centre Ns B0k 1e0
Sunrise Brokerage & Sales Ltd.
4Bedroom(s)
1Bathroom(s)
C$298000

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Old Mulgrave Road, Monastery Ns B0h 1w0

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
50Picture(s)
1,192Sqft
Royal LePage Atlantic(Stellarton)
C$429444

Residential For Sale

Old Mulgrave Road, Monastery Ns B0h 1w0
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,192Sqft
Royal LePage Atlantic(Stellarton)
Welcome to your year-round off-grid sanctuary nestled in the serene community of Monastery—just minutes from the Trans-Canada Highway. This 52-acre park-like property offers ultimate privacy, security, and natural beauty with cultured woodlands, a gated driveway, and perimeter fencing.
C$429444

Residential For Sale

Old Mulgrave Road, Monastery Ns B0h 1w0
Royal LePage Atlantic(Stellarton)
3Bedroom(s)
1Bathroom(s)
C$429444

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3Bedroom(s)
2Bathroom(s)
GravelParking(s)
9Picture(s)
1,323Sqft
Keller Williams Select Realty
C$499900

Residential For Sale

A-3 Avondale Road, Avondale Ns B0n 2a0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,323Sqft
Keller Williams Select Realty
Beautiful Nordic-Style Bungalow New Construction on 1.48 Acres in Avondale. This stunning Nordic-inspiredbungalow is set on a private lot in the desirable Avondale area, just 10 minutes from Windsor and 45 minutes toHalifax. The home offers three bedrooms, including a spacious primary suite with a walk-in closet and a 4-footshower ensuite.
C$499900

Residential For Sale

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Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$499900

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6818 Highway 3, Woods Harbour Ns B0w 2e0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
38Picture(s)
1,716Sqft
Keller Williams Select Realty
C$299000

Residential For Sale

6818 Highway 3, Woods Harbour Ns B0w 2e0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,716Sqft
Keller Williams Select Realty
Step back in time upon entering this 3 bedroom, two bath show stopping century home with loads of character and quality construction located in the small oceanside community of Woods Harbour. This historic home is architecturally magnificent inside and out. Two large bay windows adorn the front of the home underneath the second story balcony.
C$299000

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6818 Highway 3, Woods Harbour Ns B0w 2e0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$299000

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7645 Highway 6, Port Howe Ns B0k 1k0

3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
48Picture(s)
2,658Sqft
RE/MAX County Line Realty Ltd.
C$599900

Residential For Sale

7645 Highway 6, Port Howe Ns B0k 1k0
3Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,658Sqft
RE/MAX County Line Realty Ltd.
WELCOME TO OUR EXECUTIVE HOME NESTLED ON 4.5 ACRES+~, WITH TRIPLE CAR GARAGE, LARGE POND AND VIEW/QUICK ACCESS OF OUR INCREDIBLE NORTHUMBERLAND STRAIGHT! This custom-built home is strategically placed on this picturesque lot, providing buyers with spectacular panoramic view of the Northumberland Strait. The property goes on to offer a 22 x 43.
C$599900

Residential For Sale

7645 Highway 6, Port Howe Ns B0k 1k0
RE/MAX County Line Realty Ltd.
3Bedroom(s)
3Bathroom(s)
C$599900

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352 Bear Point Road, Bear Point Ns B0w 3b0

4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
50Picture(s)
1,940Sqft
Royal Lepage Atlantic (Mahone Bay)
C$459900

Residential For Sale

352 Bear Point Road, Bear Point Ns B0w 3b0
4Bedroom(s)
1Bathroom(s)
DoubleParking(s)
1,940Sqft
Royal Lepage Atlantic (Mahone Bay)
Welcome to 352 Bear Point Road! This impressive 4-bedroom, 1-bath home sits on approximately 1.5 acres in the highly sought-after community of Bear Point. Recently renovated and move-in ready, the home has seen extensive upgrades, including new drywall, blown-in insulation, updated plumbing and electrical, new siding, windows, and flooring—ensuring modern comfort and efficiency throughout.
C$459900

Residential For Sale

352 Bear Point Road, Bear Point Ns B0w 3b0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
1Bathroom(s)
C$459900

Residential For Sale

172 Kennedy Lake Road, Waldegrave Ns B0k 1v0

2Bedroom(s)
1Bathroom(s)
GravelParking(s)
47Picture(s)
892Sqft
Keller Williams Select Realty (Truro)
C$337900

Residential For Sale

172 Kennedy Lake Road, Waldegrave Ns B0k 1v0
2Bedroom(s)
1Bathroom(s)
GravelParking(s)
892Sqft
Keller Williams Select Realty (Truro)
Discover this delightful two-bedroom, one-bath cottage nestled on the serene shores of Kennedy Lake. Located just 5 minutes from the charming village of Tatamagouche and only minutes from some of Nova Scotia's most beautiful beaches, this property offers the perfect blend of relaxation and convenience.
C$337900

Residential For Sale

172 Kennedy Lake Road, Waldegrave Ns B0k 1v0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$337900

Residential For Sale

3094 East Avenue, New Waterford Ns B1h 1s1

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
15Picture(s)
649Sqft
3% Realty Nova Scotia
C$79900

Residential For Sale

3094 East Avenue, New Waterford Ns B1h 1s1
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
649Sqft
3% Realty Nova Scotia
AFFORDABLE STARTER HOME OR RENTAL PROPERTY. 3094 East Avenue, New Waterford. Located on a quiet end street. Here's your chance to purchase an affordable home instead of paying huge rental costs. This single-storey home offers one-level living, 1 bedroom, 1 bathroom, open kitchen/living room, entry/laundry area. There is a finished bedroom in the attic that has potential.
C$79900

Residential For Sale

3094 East Avenue, New Waterford Ns B1h 1s1
3% Realty Nova Scotia
1Bedroom(s)
1Bathroom(s)
C$79900

Residential For Sale

1273 North Main Street, Westville Ns B0k 2a0

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
41Picture(s)
2,303Sqft
Royal LePage Atlantic(Stellarton)
C$489500

Residential For Sale

1273 North Main Street, Westville Ns B0k 2a0
4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
2,303Sqft
Royal LePage Atlantic(Stellarton)
This beautifully maintained 4 bed, 2 bath home is nestled on over 4 acres, offering the perfect blend of space, privacy, and timeless charm. Inside, you’ll be welcomed by warm hardwood floors, a cozy propane stove to gather around, and two sun-filled porches that invite slow mornings and peaceful evenings.
C$489500

Residential For Sale

1273 North Main Street, Westville Ns B0k 2a0
Royal LePage Atlantic(Stellarton)
4Bedroom(s)
2Bathroom(s)
C$489500
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