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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

34 Mary Drive, Greenhill, NS B0K 2A0

5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
2,520Sqft
Blinkhorn Real Estate Ltd.
C$469900

Residential For Sale

34 Mary Drive, Greenhill, NS B0K 2A0
5Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,520Sqft
Blinkhorn Real Estate Ltd.
Motivated to make a move, the seller offers a great opportunity to step into peaceful rural living with this well-cared-for 18-year-old split-entry home, set on over 2 acres in the quiet Green Hill subdivision. With a picturesque pond and a 26x24 detached wired garage/workshop, this property blends comfort and functionality for families seeking space to grow.
C$469900

Residential For Sale

34 Mary Drive, Greenhill, NS B0K 2A0
Blinkhorn Real Estate Ltd.
5Bedroom(s)
2Bathroom(s)
C$469900

Residential For Sale

116-79 Collins Grove, Nantucket, NS B2W 6B9

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
16Picture(s)
800Sqft
Viewpoint Realty Services Inc.
C$289900

Residential For Sale

116-79 Collins Grove, Nantucket, NS B2W 6B9
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
800Sqft
Viewpoint Realty Services Inc.
Welcome to this beautifully maintained 2-bedroom, 2-level condo offering the perfect blend of comfort, style, and convenience. A quiet, pet-friendly building, this charming unit features low condo fees and comes with one dedicated parking space.
C$289900

Residential For Sale

116-79 Collins Grove, Nantucket, NS B2W 6B9
Viewpoint Realty Services Inc.
2Bedroom(s)
1Bathroom(s)
C$289900

Residential For Sale

66 Innsbrook Way, Bedford, NS B4B 0X6

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
39Picture(s)
3,353Sqft
Royal LePage Atlantic
C$989000

Residential For Sale

66 Innsbrook Way, Bedford, NS B4B 0X6
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,353Sqft
Royal LePage Atlantic
Welcome to 66 Innsbrook Way in the most sought-after the parks of West Bedford. Located in a quiet street with walking distance to West Bedford School.
C$989000

Residential For Sale

66 Innsbrook Way, Bedford, NS B4B 0X6
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$989000

Residential For Sale

1041 Chapel Road, Canning, NS B0P 1H0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
44Picture(s)
1,812Sqft
Royal LePage Atlantic
C$384900

Residential For Sale

1041 Chapel Road, Canning, NS B0P 1H0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,812Sqft
Royal LePage Atlantic
Charming Renovated Bungalow – Move-In Ready! Welcome to this beautifully updated 3-bedroom, 2 full bath bungalow, perfectly situated on a private lot offering both comfort and privacy. Tastefully renovated from top to bottom, this home features a carpet-free interior, providing a modern, clean aesthetic with low maintenance.
C$384900

Residential For Sale

1041 Chapel Road, Canning, NS B0P 1H0
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$384900

Residential For Sale

79 Willow Avenue, New Glasgow, NS B2H 1Z4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
42Picture(s)
2,120Sqft
Results Realty Atlantic Inc.
C$384500

Residential For Sale

79 Willow Avenue, New Glasgow, NS B2H 1Z4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,120Sqft
Results Realty Atlantic Inc.
The castle on Willow as I like to call it! Welcome to 79 Willow Ave in the historic Town of New Glasgow. This well loved and maintained home is ready for its next chapter. You feel up in the trees when in the upstairs bedrooms and what beautifully mature trees they are. The main floor has old world charm but its brilliantly open which will allow for wonderful gatherings.
C$384500

Residential For Sale

79 Willow Avenue, New Glasgow, NS B2H 1Z4
Results Realty Atlantic Inc.
3Bedroom(s)
2Bathroom(s)
C$384500

Residential For Sale

77 Bedford Hills Road, Bedford, NS B4A 1J8

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
46Picture(s)
2,098Sqft
Keller Williams Select Realty
C$624900

Residential For Sale

77 Bedford Hills Road, Bedford, NS B4A 1J8
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,098Sqft
Keller Williams Select Realty
Welcome to 77 Bedford Hills Road, where the tranquility of Bedford Village meets modern comfort. Located in one of Bedford’s most sought-after school catchments — Basinview Drive Elementary and Bedford Academy — this is a place where kids can walk to and from school with ease, fostering the kind of neighbourhood connection families love.
C$624900

Residential For Sale

77 Bedford Hills Road, Bedford, NS B4A 1J8
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

5686 Inglis Street, Halifax, NS B3H 1K3

2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
20Picture(s)
1,350Sqft
Coldwell Banker Maritime Realty
C$549900

Residential For Sale

5686 Inglis Street, Halifax, NS B3H 1K3
2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
1,350Sqft
Coldwell Banker Maritime Realty
The Garden Unit at The Thorndean is a stunning example of 1800s Georgian architecture, beautifully preserved and thoughtfully transformed into five distinctive condominium residences in Halifax’s sought-after South End. This residence strikes the perfect balance between timeless elegance and modern convenience.
C$549900

Residential For Sale

5686 Inglis Street, Halifax, NS B3H 1K3
Coldwell Banker Maritime Realty
2Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

99 Stone Mount Drive, Lower Sackville, NS B4C 4A2

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
39Picture(s)
2,188Sqft
Press Realty Inc.
C$684990

Residential For Sale

99 Stone Mount Drive, Lower Sackville, NS B4C 4A2
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,188Sqft
Press Realty Inc.
Stone Mount Drive is one of those streets where people wave when they pass, and nature tends to sneak into your morning coffee routine! Sitting on just over an acre, this 4-bedroom side split has the space, privacy, and updates that make daily life easy. The kitchen was completely redone in 2024 with quartz countertops, large copper sink, and brand new appliances.
C$684990

Residential For Sale

99 Stone Mount Drive, Lower Sackville, NS B4C 4A2
Press Realty Inc.
4Bedroom(s)
2Bathroom(s)
C$684990

Residential For Sale

1554 Shore Road, Gunning Cove, NS B0T 1W0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
44Picture(s)
1,646Sqft
Exit Real Estate Professionals
C$169900

Residential For Sale

1554 Shore Road, Gunning Cove, NS B0T 1W0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,646Sqft
Exit Real Estate Professionals
Tucked away in the peaceful seaside community of Gunning Cove, this 50.44-acre property is brimming with potential and waiting for someone with vision to bring it to life. The existing 1.5-storey, 3 bedroom home is vacant and is offering a rare chance to re-imagine the space from the ground up.
C$169900

Residential For Sale

1554 Shore Road, Gunning Cove, NS B0T 1W0
Exit Real Estate Professionals
3Bedroom(s)
2Bathroom(s)
C$169900

Residential For Sale

326 Upper Blandford Road, Deep Cove, NS B0J 1T0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
44Picture(s)
1,179Sqft
Engel & Volkers (Chester)
C$699000

Residential For Sale

326 Upper Blandford Road, Deep Cove, NS B0J 1T0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,179Sqft
Engel & Volkers (Chester)
Breathtaking ocean views and spectacular sunsets can be enjoyed here. Two lots with 9.2 acres of land, a charming four-season home, a boathouse by the water and a detached workshop & barn - it’s the full package! The boat house has prime westward ocean views with double doors and a loft above - ideal for storing your toys, boats, cars or converting into a seasonal bunkie for overflow guests.
C$699000

Residential For Sale

326 Upper Blandford Road, Deep Cove, NS B0J 1T0
Engel & Volkers (Chester)
2Bedroom(s)
1Bathroom(s)
C$699000

Residential For Sale

83 Victoria Street, Digby, NS B0V 1A0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,428Sqft
RE/MAX Banner Real Estate
C$259000

Residential For Sale

83 Victoria Street, Digby, NS B0V 1A0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,428Sqft
RE/MAX Banner Real Estate
Welcome to 83 Victoria Street located in the charming town of Digby, This home sits on a landscaped for privacy lot, and walking distance to all amenities.
C$259000

Residential For Sale

83 Victoria Street, Digby, NS B0V 1A0
RE/MAX Banner Real Estate
3Bedroom(s)
2Bathroom(s)
C$259000

Residential For Sale

940 210 Highway, Waterloo, NS B4V 8J7

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
44Picture(s)
1,404Sqft
Bryant Realty Atlantic
C$474000

Residential For Sale

940 210 Highway, Waterloo, NS B4V 8J7
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,404Sqft
Bryant Realty Atlantic
Lakefront Farm House. Rain or shine relax and enjoy the covered Varanda overlooking landscaped mature gardens & century old trees. This quaint 4 bedroom, nicely updated and well maintained home would be a wonderful primary residence or cottage. For those who enjoy privacy there is a large main level primary suite with bonus space perfect for a home office.
C$474000

Residential For Sale

940 210 Highway, Waterloo, NS B4V 8J7
Bryant Realty Atlantic
4Bedroom(s)
2Bathroom(s)
C$474000
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