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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

149 Canongate Drive, Hammonds Plains, NS B4B 1V5

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
45Picture(s)
3,012Sqft
Sutton Group Professional Realty
C$769900

Residential For Sale

149 Canongate Drive, Hammonds Plains, NS B4B 1V5
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,012Sqft
Sutton Group Professional Realty
Set on nearly 5 acres at the end of a private cul-de-sac, this well-maintained, one-owner 4-bedroom home is located in the popular White Hills community of Hammonds Plains. The main floor includes a family room with corner propane fireplace, a bright eat-in kitchen with center island and ample prep and cabinet space, a formal dining room, and a home office.
C$769900

Residential For Sale

149 Canongate Drive, Hammonds Plains, NS B4B 1V5
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$769900

Residential For Sale

38 Island Watch Run, Northwest Cove, NS B0J 1T0

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,317Sqft
Engel & Volkers (Chester)
C$4475000

Residential For Sale

38 Island Watch Run, Northwest Cove, NS B0J 1T0
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,317Sqft
Engel & Volkers (Chester)
Rockbound – an architectural marvel by the renowned Omar Gandhi. This spectacular, custom-designed home is nestled seamlessly into the rugged, untouched coastline of St. Margaret’s Bay, offering unobstructed views of the iconic Peggy’s Cove lighthouse and the open Atlantic.
C$4475000

Residential For Sale

38 Island Watch Run, Northwest Cove, NS B0J 1T0
Engel & Volkers (Chester)
4Bedroom(s)
4Bathroom(s)
C$4475000

Residential For Sale

228 South Street, Cape Breton Regional Municipality, NS B1A 1W5

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
15Picture(s)
1,236Sqft
RE/MAX Nova (Halifax)
C$294900

Residential For Sale

228 South Street, Cape Breton Regional Municipality, NS B1A 1W5
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,236Sqft
RE/MAX Nova (Halifax)
Welcome to your new home in Glace Bay—just a minute from the hospital, close to downtown, and offering partial ocean views. Completely renovated and thoughtfully redesigned 3 years ago, this home is ready for you to move in and enjoy. The open-concept living space is filled with natural light and features energy-efficient heat pumps on both levels.
C$294900

Residential For Sale

228 South Street, Cape Breton Regional Municipality, NS B1A 1W5
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$294900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2

5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
50Picture(s)
2,975Sqft
Royal LePage Atlantic
C$899900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2
5Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,975Sqft
Royal LePage Atlantic
This is a rare Grand Lake property that offers the perfect blend of natural beauty, comfort, and versatility with a chalet-style family home that is also a legal duplex set on nearly 50,000 sq ft of gently sloping land and 152 feet of lake frontage.
C$899900

Residential For Sale

333/335 Kings Road, Wellington, NS B2T 1A2
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$899900

Residential For Sale

7051 Highway 2, Portapique, NS B0M 1B0

2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
34Picture(s)
784Sqft
Keller Williams Select Realty (Truro)
C$279000

Residential For Sale

7051 Highway 2, Portapique, NS B0M 1B0
2Bedroom(s)
1Bathroom(s)
DetachedParking(s)
784Sqft
Keller Williams Select Realty (Truro)
Completely rebuilt from the studs up in 2020, this charming 2-bedroom mini home is set on its own spacious 0.45-acre lot just minutes from the spectacular Bay of Fundy with excellent bass fishing. Thoughtfully upgraded and move-in ready, it perfectly blends comfort, style, and functionality.
C$279000

Residential For Sale

7051 Highway 2, Portapique, NS B0M 1B0
Keller Williams Select Realty (Truro)
2Bedroom(s)
1Bathroom(s)
C$279000

Residential For Sale

10 Hemford Crescent, Hemford, NS B0R 1E0

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
33Picture(s)
1,318Sqft
EXIT Realty Inter Lake
C$499000

Residential For Sale

10 Hemford Crescent, Hemford, NS B0R 1E0
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,318Sqft
EXIT Realty Inter Lake
Located in the private and tranquil subdivision known as Hemford Forest, where you will find a mixture of both cottages and year round homes, is this well maintained, 1 level, 3 bedroom, 2 bath home. With direct lake frontage on Hirtle Lake with a southwest exposure you will enjoy many of a sunset overlooking the lake.
C$499000

Residential For Sale

10 Hemford Crescent, Hemford, NS B0R 1E0
EXIT Realty Inter Lake
3Bedroom(s)
2Bathroom(s)
C$499000

Residential For Sale

12 Nausett Crescent, Woodlawn Heights, NS B2W 5A3

3Bedroom(s)
2Bathroom(s)
WiredParking(s)
49Picture(s)
1,708Sqft
RE/MAX Nova
C$649900

Residential For Sale

12 Nausett Crescent, Woodlawn Heights, NS B2W 5A3
3Bedroom(s)
2Bathroom(s)
WiredParking(s)
1,708Sqft
RE/MAX Nova
Where Style Meets Sustainability – And the Backyard Feels Like Vacation This isn't just a house — it’s your future staycation headquarters. Fully renovated and brimming with modern upgrades, this 3-bedroom, 2-bath side-split is equal parts smart, stylish, and sun-powered. With a ducted heat pump, 9.
C$649900

Residential For Sale

12 Nausett Crescent, Woodlawn Heights, NS B2W 5A3
RE/MAX Nova
3Bedroom(s)
2Bathroom(s)
C$649900

Residential For Sale

278/280 Etta Drive, Economy, NS B0M 1B0

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
48Picture(s)
3,329Sqft
Royal LePage Atlantic (New Minas)
C$799000

Residential For Sale

278/280 Etta Drive, Economy, NS B0M 1B0
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,329Sqft
Royal LePage Atlantic (New Minas)
A Bay of Fundy retreat for generations to come, this exceptional 3.9-acre hilltop property features two beautifully updated homes with sweeping ocean views and the world’s highest tides just beyond your doorstep.
C$799000

Residential For Sale

278/280 Etta Drive, Economy, NS B0M 1B0
Royal LePage Atlantic (New Minas)
3Bedroom(s)
4Bathroom(s)
C$799000

Residential For Sale

201-2070 Quingate Place, Halifax Peninsula, NS B3L 4S1

2Bedroom(s)
2Bathroom(s)
SingleParking(s)
37Picture(s)
1,050Sqft
Royal LePage Atlantic
C$399900

Residential For Sale

201-2070 Quingate Place, Halifax Peninsula, NS B3L 4S1
2Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,050Sqft
Royal LePage Atlantic
If you are looking for exceptional value in the heart of Halifax, this corner unit at Quingate Place is the one. Featuring two-level living with two bedrooms and one and a half bathrooms, this unit is move-in ready and boasts fresh paint throughout, brand new carpet on the stairs and bedroom level, balcony, and a ductless heat pump.
C$399900

Residential For Sale

201-2070 Quingate Place, Halifax Peninsula, NS B3L 4S1
Royal LePage Atlantic
2Bedroom(s)
2Bathroom(s)
C$399900

Residential For Sale

6791 Highway 4, Linacy, NS B2H 5C4

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,380Sqft
Results Realty Atlantic Inc.
C$239900

Residential For Sale

6791 Highway 4, Linacy, NS B2H 5C4
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,380Sqft
Results Realty Atlantic Inc.
This move in ready home offers a blend of comfort, efficiency, and outdoor space all in a quiet setting. Situated on a large yard, perfect for gardening, relaxing or entertaining. Located just minutes from Town with low county taxes. Bright and cosy layout, ideal for retirees, small families or first time homebuyers. Roof shingles install installed in 2024, three heat pumps installed in 2023.
C$239900

Residential For Sale

6791 Highway 4, Linacy, NS B2H 5C4
Results Realty Atlantic Inc.
2Bedroom(s)
2Bathroom(s)
C$239900

Residential For Sale

1 Paradise Avenue, Amherst, NS B4H 4W9

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,258Sqft
Coldwell Banker Performance Realty
C$419900

Residential For Sale

1 Paradise Avenue, Amherst, NS B4H 4W9
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,258Sqft
Coldwell Banker Performance Realty
5-Bedroom, 3-Bathroom home nestled in a peaceful subdivision just minutes from all three school levels, offering the perfect blend of comfort and convenience. The property boasts a spacious, fully fenced backyard with a new deck, ideal for relaxing or entertaining, complemented by a 20x24 insulated garage and a circular cement driveway for ample parking.
C$419900

Residential For Sale

1 Paradise Avenue, Amherst, NS B4H 4W9
Coldwell Banker Performance Realty
5Bedroom(s)
3Bathroom(s)
C$419900

Residential For Sale

53 Mader Road, Stanley Section, NS B0R 1E0

2Bedroom(s)
NoneParking(s)
12Picture(s)
672Sqft
Sutton Group Professional Realty
C$89900

Residential For Sale

53 Mader Road, Stanley Section, NS B0R 1E0
2Bedroom(s)
NoneParking(s)
672Sqft
Sutton Group Professional Realty
Beautiful 4 acre property with great privacy just minutes away from New Germany and 25 minutes from Bridgewater offering peaceful setting, mature trees and quick access to the Highway and all great amenities. The land is partially cleared and there is an older home/camp on the property which is currently unsuitable. There is a dug well and an older septic system.
C$89900

Residential For Sale

53 Mader Road, Stanley Section, NS B0R 1E0
Sutton Group Professional Realty
2Bedroom(s)
C$89900
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