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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

6357 Highway 215, Cheverie, NS B0N 2A0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
43Picture(s)
1,426Sqft
Press Realty Inc.
C$449900

Residential For Sale

6357 Highway 215, Cheverie, NS B0N 2A0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,426Sqft
Press Realty Inc.
Enjoy coastal living at its finest in this beautifully maintained waterfront home with panoramic views of the Minas Basin tides. Thoughtful upgrades include a spacious modern kitchen, new upstairs flooring, a durable metal roof, new heat pumps, beautifully renovated bathrooms, and laundry/mudroom. Hardwood floors and exposed wood ceilings preserve the home’s original charm.
C$449900

Residential For Sale

6357 Highway 215, Cheverie, NS B0N 2A0
Press Realty Inc.
2Bedroom(s)
2Bathroom(s)
C$449900

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25 Dargie Cove Road, Woodvale Ns B5a 5b1

1Bedroom(s)
1Bathroom(s)
GravelParking(s)
43Picture(s)
480Sqft
Engel & Volkers (Yarmouth)
C$365000

Residential For Sale

25 Dargie Cove Road, Woodvale Ns B5a 5b1
1Bedroom(s)
1Bathroom(s)
GravelParking(s)
480Sqft
Engel & Volkers (Yarmouth)
Welcome to 25 Dargie Cove in Woodvale! Escape to your private retreat on the serene shores of the ocean with this charming off-grid log home nestled on almost 5 acres of pristine land. Embrace the tranquility of nature as you step onto the expansive property, surrounded by lush greenery and breathtaking panoramic views of the ocean.
C$365000

Residential For Sale

25 Dargie Cove Road, Woodvale Ns B5a 5b1
Engel & Volkers (Yarmouth)
1Bedroom(s)
1Bathroom(s)
C$365000

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347 Highway 217, Freeport Ns B0v 1b0

4Bedroom(s)
2Bathroom(s)
GravelParking(s)
33Picture(s)
1,706Sqft
RE/MAX Banner Real Estate
C$320000

Residential For Sale

347 Highway 217, Freeport Ns B0v 1b0
4Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,706Sqft
RE/MAX Banner Real Estate
Welcome to this stunningly renovated home located walking distance from the Bay of Fundy. Enjoy the cove aptly named Beautiful Cove located almost in your backyard.
C$320000

Residential For Sale

347 Highway 217, Freeport Ns B0v 1b0
RE/MAX Banner Real Estate
4Bedroom(s)
2Bathroom(s)
C$320000

Residential For Sale

47 School Street, Glace Bay Ns B1a 1j3

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
29Picture(s)
1,149Sqft
Coldwell Banker Boardwalk Realty
C$240000

Residential For Sale

47 School Street, Glace Bay Ns B1a 1j3
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,149Sqft
Coldwell Banker Boardwalk Realty
Complete Renovation. Updated Slab Foundation (2024). Ductless Mini-Split Heat Pump (2024). Close to amenities and Bus Routes. You must check out this 3 bedroom, 2 bathroom home that has been completely renovated tastefully. Outside you have a multiple products to give this property some character. On the main level, you have a large open concept living area and bright open kitchen.
C$240000

Residential For Sale

47 School Street, Glace Bay Ns B1a 1j3
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$240000

Residential For Sale

33 Amelia Street, Sydney, NS B1P 6C3

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
36Picture(s)
1,541Sqft
Viewpoint Realty Services Inc. (Sydney)
C$279900

Residential For Sale

33 Amelia Street, Sydney, NS B1P 6C3
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,541Sqft
Viewpoint Realty Services Inc. (Sydney)
New Price & Available for a Quick Closing! This 2.5 storey Home has been Extensively renovated and is Move-in-Ready! Centrally located in the North End of Sydney, next to the vibrant Downtown core. Three bedrooms, Two bathrooms, this house blends Historic character with a modern renovations. The Main level offers an open concept design with Hardwood flooring. All electric heating throughout.
C$279900

Residential For Sale

33 Amelia Street, Sydney, NS B1P 6C3
Viewpoint Realty Services Inc. (Sydney)
3Bedroom(s)
2Bathroom(s)
C$279900

Residential For Sale

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

Residential For Sale

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

Residential For Sale

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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A-3 Avondale Road, Avondale Ns B0n 2a0

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

A-3 Avondale Road, Avondale Ns B0n 2a0
Keller Williams Select Realty
3Bedroom(s)
2Bathroom(s)
C$499900

Residential For Sale

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

Residential For Sale

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

Residential For Sale

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$430000

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$430000

Residential For Sale

352 Bear Point Road, Bear Point Ns B0w 3b0
Royal Lepage Atlantic (Mahone Bay)
4Bedroom(s)
1Bathroom(s)
C$430000

Residential For Sale

1273 North Main Street, Westville Ns B0k 2a0

4Bedroom(s)
2Bathroom(s)
Circular DrivewayParking(s)
34Picture(s)
2,303Sqft
Royal LePage Atlantic(Stellarton)
C$475000

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$475000

Residential For Sale

1273 North Main Street, Westville Ns B0k 2a0
Royal LePage Atlantic(Stellarton)
4Bedroom(s)
2Bathroom(s)
C$475000
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