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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

204 Loop Of Route 311, Tatamagouche Ns B0k 1v0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,539Sqft
Century 21 Trident Realty Ltd.
C$789000

Residential For Sale

204 Loop Of Route 311, Tatamagouche Ns B0k 1v0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,539Sqft
Century 21 Trident Realty Ltd.
Theres so much to love with this estate style property it really must be viewed in person. This 15 year old bungalow is nestled amongst an old orchard with plenty of privacy. The 4 bed, 4 bath 3500+ sq.ft home in both modern and functional. The open concept design features a large kitchen with custom cabinetry and plenty of counter space.
C$789000

Residential For Sale

204 Loop Of Route 311, Tatamagouche Ns B0k 1v0
Century 21 Trident Realty Ltd.
4Bedroom(s)
4Bathroom(s)
C$789000

Residential For Sale

4166 Highway 3, Lower Argyle Ns B0w 1w0

3Bedroom(s)
1Bathroom(s)
OtherParking(s)
28Picture(s)
1,194Sqft
The Real Estate Store
C$314900

Residential For Sale

4166 Highway 3, Lower Argyle Ns B0w 1w0
3Bedroom(s)
1Bathroom(s)
OtherParking(s)
1,194Sqft
The Real Estate Store
Welcome to 4166 Highway #3 in Lower Argyle. This 3 bedroom 1 bathroom home is sitting on 2.71 acres with good road frontage and backing on the former rail line that is now used for recreation. There is a large back deck with above ground pool. Additionally there is a large barn/garage/workshop. This could serve many purposes.
C$314900

Residential For Sale

4166 Highway 3, Lower Argyle Ns B0w 1w0
The Real Estate Store
3Bedroom(s)
1Bathroom(s)
C$314900

Residential For Sale

130 Scottsdale Lane, Round Island Ns B1b 1p7

5Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
1,564Sqft
RE/MAX Park Place Inc.
C$565000

Residential For Sale

130 Scottsdale Lane, Round Island Ns B1b 1p7
5Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,564Sqft
RE/MAX Park Place Inc.
Welcome to this beautiful piece of heaven right here on Cape Breton Island. Enjoy your peaceful, serene views of Round Island as you drink your morning coffee, oh, don't forget your sunset views to enjoy in the evening. It is so quiet that you can hear the birds in nature. 130 Scottsdale has three bedrooms and two bathrooms, painted throughout.
C$565000

Residential For Sale

130 Scottsdale Lane, Round Island Ns B1b 1p7
RE/MAX Park Place Inc.
5Bedroom(s)
2Bathroom(s)
C$565000

Residential For Sale

329 Granville Street, Bridgetown Ns B0s 1c0

6Bedroom(s)
8Bathroom(s)
No GarageParking(s)
48Picture(s)
3,612Sqft
RE/MAX Banner Real Estate
C$625000

Residential For Sale

329 Granville Street, Bridgetown Ns B0s 1c0
6Bedroom(s)
8Bathroom(s)
No GarageParking(s)
3,612Sqft
RE/MAX Banner Real Estate
Circa 1836 and reimagined for modern living in 2025, 329 Granville Street in charming Bridgetown, Nova Scotia, is a truly exceptional 6-bedroom home that combines timeless character with contemporary craftsmanship.
C$625000

Residential For Sale

329 Granville Street, Bridgetown Ns B0s 1c0
RE/MAX Banner Real Estate
6Bedroom(s)
8Bathroom(s)
C$625000

Residential For Sale

8963/8965 Highway 201 Highway, Nictaux Ns B0s 1p0

5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
44Picture(s)
3,040Sqft
Royal LePage Atlantic (Greenwood)
C$569950

Residential For Sale

8963/8965 Highway 201 Highway, Nictaux Ns B0s 1p0
5Bedroom(s)
3Bathroom(s)
No GarageParking(s)
3,040Sqft
Royal LePage Atlantic (Greenwood)
Stop scrolling and start reading! This unique home has a lot to offer to its new owners. The possibilities are endless in this one. This dwelling offers 2, 2 bedroom units with a shared common area accompanied by a large loft and 3 piece bath.
C$569950

Residential For Sale

8963/8965 Highway 201 Highway, Nictaux Ns B0s 1p0
Royal LePage Atlantic (Greenwood)
5Bedroom(s)
3Bathroom(s)
C$569950

Residential For Sale

850 330 Highway, Centreville Ns B0w 2g0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
50Picture(s)
3,056Sqft
Royal Lepage Atlantic (Mahone Bay)
C$675000

Residential For Sale

850 330 Highway, Centreville Ns B0w 2g0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
3,056Sqft
Royal Lepage Atlantic (Mahone Bay)
Remarkable Oceanside Retreat on the Shores of Centreville Nestled on a sprawling 1.6-acre lot with 200 feet of easily accessible ocean frontage, this stunning 3-bedroom (plus den), 1.5-bath home offers the ultimate in coastal living. With breathtaking views, unforgettable sunsets, and a peaceful setting just minutes from Barrington, this property is a true oceanside sanctuary.
C$675000

Residential For Sale

850 330 Highway, Centreville Ns B0w 2g0
Royal Lepage Atlantic (Mahone Bay)
3Bedroom(s)
2Bathroom(s)
C$675000

Residential For Sale

34 Birchwood Ridge, Arisaig Ns B2g 2l1

5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
50Picture(s)
2,556Sqft
Red Door Realty
C$799900

Residential For Sale

34 Birchwood Ridge, Arisaig Ns B2g 2l1
5Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,556Sqft
Red Door Realty
Imagine a panorama that includes blue sky, rolling hills, and views across the Northumberland Strait. That image could become your reality at 34 Birchwood Ridge in Arisaig. Enjoy over 2,500 square feet of beautiful finishes and modern features.
C$799900

Residential For Sale

34 Birchwood Ridge, Arisaig Ns B2g 2l1
Red Door Realty
5Bedroom(s)
4Bathroom(s)
C$799900

Residential For Sale

8931 Hwy#209 Highway, Fox River Ns B0m 1s0

2Bedroom(s)
1Bathroom(s)
SingleParking(s)
34Picture(s)
1,171Sqft
Royal LePage Cumberland Realty Ltd.
C$189900

Residential For Sale

8931 Hwy#209 Highway, Fox River Ns B0m 1s0
2Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,171Sqft
Royal LePage Cumberland Realty Ltd.
Quaint adorable home located in Fox River Nova Scotia with a view of Cape Split in the distance. This two bedroom home offers some great updates such as a decent roof, newer windows and siding, a new deck on the front and mostly laminate flooring in the downstairs. All of the electrical in the house was updated within the last year and inspected by NS Power.
C$189900

Residential For Sale

8931 Hwy#209 Highway, Fox River Ns B0m 1s0
Royal LePage Cumberland Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$189900

Residential For Sale

5042-471 Bondi Drive, Middle Sackville Ns B4e 0w3

4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
6Picture(s)
2,443Sqft
Sutton Group Professional Realty
C$829900

Residential For Sale

5042-471 Bondi Drive, Middle Sackville Ns B4e 0w3
4Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,443Sqft
Sutton Group Professional Realty
Welcome to the market and currently under construction, one of Marchand Homes newest plans, a stunning executive split-entry residence nestled in the sought-after community of Indigo Shores. This is a remarkable new construction, family-focused home that is absolutely packed with upgrades.
C$829900

Residential For Sale

5042-471 Bondi Drive, Middle Sackville Ns B4e 0w3
Sutton Group Professional Realty
4Bedroom(s)
3Bathroom(s)
C$829900

Residential For Sale

30 Schooner Drive, Auburndale Ns B4v 3r2

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
33Picture(s)
2,256Sqft
EXIT Realty Inter Lake
C$469000

Residential For Sale

30 Schooner Drive, Auburndale Ns B4v 3r2
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
2,256Sqft
EXIT Realty Inter Lake
Charming Bungalow Minutes from Bridgewater Nestled just 2 minutes from the heart of Bridgewater in a quiet, family-friendly subdivision, this bright and welcoming bungalow offers the perfect blend of comfort and convenience. Featuring 3 spacious bedrooms on the main level and an additional room downstairs, ideal for an office or bonus bedroom. There's plenty of space for the whole family.
C$469000

Residential For Sale

30 Schooner Drive, Auburndale Ns B4v 3r2
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$469000

Residential For Sale

30 Chant Street, Reserve Mines Ns B1e 1b2

5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,139Sqft
Viewpoint Realty Services Inc. (Sydney)
C$325000

Residential For Sale

30 Chant Street, Reserve Mines Ns B1e 1b2
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,139Sqft
Viewpoint Realty Services Inc. (Sydney)
Welcome to 30 Chant Street—a distinctive 1.5-storey chalet-style home nestled in the peaceful community of Reserve Mines. Situated on more than half an acre, this unique property offers both character and functionality, making it ideal for families, multi-generational living, or anyone seeking additional space.
C$325000

Residential For Sale

30 Chant Street, Reserve Mines Ns B1e 1b2
Viewpoint Realty Services Inc. (Sydney)
5Bedroom(s)
2Bathroom(s)
C$325000

Residential For Sale

3836 Highway 105, South Haven Ns B0e 1b0

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
26Picture(s)
1,590Sqft
Cape Breton Realty
C$499900

Residential For Sale

3836 Highway 105, South Haven Ns B0e 1b0
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
1,590Sqft
Cape Breton Realty
Take the virtual tour—then come see it for yourself. Once you do, you won’t want to leave! This spacious 3-bedroom, 3-bathroom home is nestled on 1.6 acres of beautifully landscaped grounds, with sweeping views of St. Ann’s Harbour. Just 15 minutes from the picturesque village of Baddeck, this property offers the perfect balance of privacy and convenience.
C$499900

Residential For Sale

3836 Highway 105, South Haven Ns B0e 1b0
Cape Breton Realty
3Bedroom(s)
3Bathroom(s)
C$499900
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