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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

32 Murray Drive, Bridgewater, NS B4V 2M7

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
20Picture(s)
1,793Sqft
RE/MAX Banner Real Estate (Bridgewater)
C$499900

Residential For Sale

32 Murray Drive, Bridgewater, NS B4V 2M7
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,793Sqft
RE/MAX Banner Real Estate (Bridgewater)
Nice updates with this 3 bedroom home located near Bridgewater's Elementary & Junior High Schools. The home offers updated kitchen, baths (one full & one half bath), main level redesigned lower space (2 bedroom apartment now) with a finished family area and laundry room for the main home. Rental income for the 2 bedroom apartment is $1750 monthly.
C$499900

Residential For Sale

32 Murray Drive, Bridgewater, NS B4V 2M7
RE/MAX Banner Real Estate (Bridgewater)
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

58 Emeneau Road, Brooklyn, NS B0J 1H0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
27Picture(s)
2,010Sqft
EXIT Realty Inter Lake
C$289000

Residential For Sale

58 Emeneau Road, Brooklyn, NS B0J 1H0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
2,010Sqft
EXIT Realty Inter Lake
One-level living with this well-maintained 3-bedroom, 1-bath home—perfect for retirees or first-time buyers! This move-in-ready property features a galley kitchen with real wood cabinets, a spacious dining room, and a bright, inviting living room with large windows. Equipped with three new heat pumps for efficient year-round heating and cooling.
C$289000

Residential For Sale

58 Emeneau Road, Brooklyn, NS B0J 1H0
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$289000

Residential For Sale

103 Prince William Street, Digby, NS B0V 1A0

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
20Picture(s)
1,200Sqft
Pier II Realty Limited
C$196000

Residential For Sale

103 Prince William Street, Digby, NS B0V 1A0
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,200Sqft
Pier II Realty Limited
#103 Prince William Street ... Here is a fairly private setting nestled in behind the trees, within walking distance of shopping, recreation and health care facilities. The main floor offers a fully open concept kitchen, dining area and spacious living room with vaulted ceiling. In 2021/22 a dishwasher, range hood and kitchen flooring were added, plus kitchen facets, sink and plumbing was updated.
C$196000

Residential For Sale

103 Prince William Street, Digby, NS B0V 1A0
Pier II Realty Limited
2Bedroom(s)
1Bathroom(s)
C$196000

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
44Picture(s)
1,621Sqft
RE/MAX Nova (Halifax)
C$349900

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,621Sqft
RE/MAX Nova (Halifax)
Welcome to your dream coastal retreat! Nestled on the serene Round Bay Ferry Road, this enchanting 4-bedroom home offers the perfect blend of modern comfort and rustic charm. Located just minutes away from a peaceful beach, this property is a haven for those seeking tranquility and natural beauty.
C$349900

Residential For Sale

171 Round Bay Ferry Road, Round Bay, NS B0T 1W0
RE/MAX Nova (Halifax)
4Bedroom(s)
2Bathroom(s)
C$349900

Residential For Sale

310 Kelly Road, Wellington, NS B2T 1B6

6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
31Picture(s)
3,529Sqft
Royal LePage Atlantic (Enfield)
C$499900

Residential For Sale

310 Kelly Road, Wellington, NS B2T 1B6
6Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,529Sqft
Royal LePage Atlantic (Enfield)
Welcome to 310 Kelly Road, located on a privately maintained road where year-round upkeep is the responsibility of property owners. This peaceful 10-acre property offers the perfect blend of seclusion and convenience—just minutes from Highway 2 with quick access to Highway 102 via the new Aerotec Connector, making commutes to HRM a breeze.
C$499900

Residential For Sale

310 Kelly Road, Wellington, NS B2T 1B6
Royal LePage Atlantic (Enfield)
6Bedroom(s)
3Bathroom(s)
C$499900

Residential For Sale

16 Esh Lane, Eastern Passage, NS B3B 0E3

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
39Picture(s)
2,470Sqft
Royal LePage Anchor Realty
C$635000

Residential For Sale

16 Esh Lane, Eastern Passage, NS B3B 0E3
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,470Sqft
Royal LePage Anchor Realty
Enjoy refined coastal living in this beautifully finished two-story home with thoughtful modern upgrades throughout. Featuring a double garage, three bedrooms, and 3.5 baths, this home combines comfort and style in a sought-after, family friendly neighborhood near Fisherman’s Cove.
C$635000

Residential For Sale

16 Esh Lane, Eastern Passage, NS B3B 0E3
Royal LePage Anchor Realty
3Bedroom(s)
4Bathroom(s)
C$635000

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0

6Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
30Picture(s)
2,975Sqft
Exit Realty Town & Country
C$495900

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0
6Bedroom(s)
2Bathroom(s)
ConcreteParking(s)
2,975Sqft
Exit Realty Town & Country
Step into this beautifully restored 6-bedroom, 2-full-bath century home in the heart of Bridgetown, where historic charm meets modern elegance. This move-in-ready gem has been meticulously upgraded with a spacious new kitchen, newly designed bathrooms, new plumbing, electrical, and a generator panel for ultimate convenience.
C$495900

Residential For Sale

22 Washington Street, Bridgetown, NS B0S 1C0
Exit Realty Town & Country
6Bedroom(s)
2Bathroom(s)
C$495900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
26Picture(s)
1,344Sqft
Royal LePage Cumberland Realty Ltd.
C$169900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,344Sqft
Royal LePage Cumberland Realty Ltd.
This cottage is tucked away at the very end of a quiet lane, this private four bedroom cottage sits on a double lot, offering plenty of outdoor space to relax, entertain, or expand. Surrounded by mature trees, it feels like your own hidden escape yet it’s just steps from the beach, with a right-of-way access not far away.Inside, the cottage is bright and spacious, filled with natural light.
C$169900

Residential For Sale

37 Buddies Way, Tidnish Bridge, NS B4H 3E1
Royal LePage Cumberland Realty Ltd.
4Bedroom(s)
1Bathroom(s)
C$169900

Residential For Sale

279 Paradise Cove Road, Middle New Cornwall, NS B0J 2E0

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
46Picture(s)
1,184Sqft
EXIT Realty Inter Lake
C$399900

Residential For Sale

279 Paradise Cove Road, Middle New Cornwall, NS B0J 2E0
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,184Sqft
EXIT Realty Inter Lake
They say you can’t buy happiness… but you can buy a cottage on Big Mush Mush Lake, and honestly, that’s pretty much the same thing. This 3-bedroom, 1.5-bath beauty is perfectly positioned in Paradise Cove (yes, that’s actually the name—and yes, it lives up to it).
C$399900

Residential For Sale

279 Paradise Cove Road, Middle New Cornwall, NS B0J 2E0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

168 Hemlock Drive, Elmsdale, NS B2S 1C2

4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
39Picture(s)
1,408Sqft
Exit Realty Metro
C$398000

Residential For Sale

168 Hemlock Drive, Elmsdale, NS B2S 1C2
4Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,408Sqft
Exit Realty Metro
Welcome to 168 Hemlock Drive—an updated, move-in-ready semi-detached home nestled in the heart of Elmsdale’s Elmwood Subdivision. Whether you're buying your first home or looking to downsize, this property delivers the ideal balance of space, comfort, and upgrades.
C$398000

Residential For Sale

168 Hemlock Drive, Elmsdale, NS B2S 1C2
Exit Realty Metro
4Bedroom(s)
2Bathroom(s)
C$398000

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
2,245Sqft
Royal LePage Atlantic (Greenwood)
C$725000

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
2,245Sqft
Royal LePage Atlantic (Greenwood)
Once in a blue moon, a special one-of-a-kind property becomes available. Offering maximum privacy, a spacious interior with high end finishes, and 15 acres of freedom! Located in a peaceful rural setting, yet only minutes to amenities and with great services such as wired fiber-op high speed internet, garbage pickup, and on a school bus route.
C$725000

Residential For Sale

237 Inglisville Road, West Inglisville, NS B0S 1M0
Royal LePage Atlantic (Greenwood)
3Bedroom(s)
2Bathroom(s)
C$725000

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1

1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
27Picture(s)
609Sqft
Royal LePage Atlantic
C$329900

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1
1Bedroom(s)
1Bathroom(s)
AssignedParking(s)
609Sqft
Royal LePage Atlantic
Welcome to this bright and stylish one-bedroom, one-bath condo located in the vibrant core of downtown Halifax. Just steps from Point Pleasant Park, the Public Gardens, Dalhousie and Saint Mary’s Universities, this well-appointed unit offers the perfect balance of city convenience and everyday comfort. As you enter, you’re welcomed by a nice hallway that leads to the bedroom and full bathroom.
C$329900

Residential For Sale

305-990 Mclean Street, Halifax, NS B3H 2V1
Royal LePage Atlantic
1Bedroom(s)
1Bathroom(s)
C$329900
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