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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

7752 Highway 14, Brooklyn, NS B0N 2A0

5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
47Picture(s)
2,851Sqft
EXIT Realty Inter Lake
C$589900

Residential For Sale

7752 Highway 14, Brooklyn, NS B0N 2A0
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,851Sqft
EXIT Realty Inter Lake
This spacious and stately 5-bedroom, 2-bathroom century farmhouse is full of character, charm, and opportunity. Located in the scenic countryside of Wesrt Hants, this grand home offers the perfect mix of historic appeal and modern upgrades—ideal for a growing family, hobby farmer, or anyone seeking a peaceful rural lifestyle with income potential.
C$589900

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7752 Highway 14, Brooklyn, NS B0N 2A0
EXIT Realty Inter Lake
5Bedroom(s)
2Bathroom(s)
C$589900

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1909 Hammonds Plains Road, Hammonds Plains, NS B4B 1P4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,772Sqft
RE/MAX Nova (Halifax)
C$794900

Residential For Sale

1909 Hammonds Plains Road, Hammonds Plains, NS B4B 1P4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,772Sqft
RE/MAX Nova (Halifax)
Live, Work & Grow – MU1 Zoned 0.8-Acre Lot on Prime Hammonds Plains Road! Unlock the potential of this rare 0.8-acre property, ideally located on the high-visibility and high-traffic Hammonds Plains Road. Zoned MU1, this property offers incredible flexibility, live in your dream home and operate your business on the same property — from a retail storefront, professional office.. etc.
C$794900

Residential For Sale

1909 Hammonds Plains Road, Hammonds Plains, NS B4B 1P4
RE/MAX Nova (Halifax)
3Bedroom(s)
2Bathroom(s)
C$794900

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57 Old Falls Road, Liverpool, NS B0T 1K0

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
50Picture(s)
1,783Sqft
Engel & Volkers
C$459000

Residential For Sale

57 Old Falls Road, Liverpool, NS B0T 1K0
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,783Sqft
Engel & Volkers
Nestled in the picturesque town of Liverpool, established in the 1700s, this exquisite farmhouse, over 150 years old, offers a rare blend of historic charm and modern comfort. Set on a sprawling 40,000 square-foot lot with seasonal water views, the possibilities are endless.
C$459000

Residential For Sale

57 Old Falls Road, Liverpool, NS B0T 1K0
Engel & Volkers
3Bedroom(s)
2Bathroom(s)
C$459000

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13 Breeze Circle, Simms Settlement, NS B0J 1T0

3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
28Picture(s)
980Sqft
Royal LePage Atlantic
C$272500

Residential For Sale

13 Breeze Circle, Simms Settlement, NS B0J 1T0
3Bedroom(s)
1Bathroom(s)
DoubleParking(s)
980Sqft
Royal LePage Atlantic
Affordable Living in a Vibrant Coastal Community This 3-bedroom, 1-bath mini home offers comfortable, low-maintenance living in a friendly, close-knit community. Just 5.5 years old, it features a bright, functional layout and easy single-level living—perfect for first-time buyers, downsizers, or anyone looking for a welcoming place to call home.
C$272500

Residential For Sale

13 Breeze Circle, Simms Settlement, NS B0J 1T0
Royal LePage Atlantic
3Bedroom(s)
1Bathroom(s)
C$272500

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1-88 Main Street, Tatamagouche, NS B0K 1V0

2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
26Picture(s)
885Sqft
Royal LePage Atlantic (Enfield)
C$279900

Residential For Sale

1-88 Main Street, Tatamagouche, NS B0K 1V0
2Bedroom(s)
1Bathroom(s)
AssignedParking(s)
885Sqft
Royal LePage Atlantic (Enfield)
Discover the perfect blend of comfort and convenience in this charming 2-bedroom, 1-bathroom ICF Construction-built condo in the heart of Tatamagouche. Ideal for seniors or anyone looking to downsize, this single-level home offers a practical and attractive living solution with many recent upgrades.
C$279900

Residential For Sale

1-88 Main Street, Tatamagouche, NS B0K 1V0
Royal LePage Atlantic (Enfield)
2Bedroom(s)
1Bathroom(s)
C$279900

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2321 Loretta Avenue, Coldbrook, NS B4R 1A7

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
49Picture(s)
3,006Sqft
Royal LePage Atlantic (New Minas)
C$725000

Residential For Sale

2321 Loretta Avenue, Coldbrook, NS B4R 1A7
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,006Sqft
Royal LePage Atlantic (New Minas)
This stately 5-bedroom, 2.5-bathroom residence, nestled on a sprawling .92-acre lot at 2321 Loretta Avenue in Coldbrook, is now available for sale. 3 levels of finished living space totalling 3,006 sq. ft, this home is perfect for a growing family.
C$725000

Residential For Sale

2321 Loretta Avenue, Coldbrook, NS B4R 1A7
Royal LePage Atlantic (New Minas)
5Bedroom(s)
3Bathroom(s)
C$725000

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102 Oceantide Lane, West Pennant, NS B3V 0E9

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
40Picture(s)
3,000Sqft
Viewpoint Realty Services Inc.
C$975000

Residential For Sale

102 Oceantide Lane, West Pennant, NS B3V 0E9
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
3,000Sqft
Viewpoint Realty Services Inc.
Don’t miss your chance to own 187 ft of stunning Nova Scotia oceanfront with deep water anchorage! This beautifully designed 4-bed, 3.5-bath home sits on a 3.7-acre landscaped lot that leads right to the shore—ideal for ocean lovers and outdoor living.
C$975000

Residential For Sale

102 Oceantide Lane, West Pennant, NS B3V 0E9
Viewpoint Realty Services Inc.
4Bedroom(s)
4Bathroom(s)
C$975000

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3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1

4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
49Picture(s)
2,702Sqft
RE/MAX Nova (Halifax)
C$1340000

Residential For Sale

3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1
4Bedroom(s)
4Bathroom(s)
DoubleParking(s)
2,702Sqft
RE/MAX Nova (Halifax)
Welcome to your coastal dream home, set on a generous 1.5-acre lot with breathtaking views of the Atlantic Ocean. Nestled along the busy shipping lane to Halifax Harbour, you'll enjoy watching cruise ships and marine traffic from your own backyard—an ever-changing seascape right outside your window.
C$1340000

Residential For Sale

3 Kittiwake Ridge, Halibut Bay, NS B2V 1R1
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$1340000

Residential For Sale

25 Roost Street, Glace Bay, NS B1A 5K1

3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
43Picture(s)
2,304Sqft
RE/MAX Park Place Inc.
C$345000

Residential For Sale

25 Roost Street, Glace Bay, NS B1A 5K1
3Bedroom(s)
3Bathroom(s)
DoubleParking(s)
2,304Sqft
RE/MAX Park Place Inc.
Ready and waiting for its next chapter to begin! This home has a lot to offer its new owners. Starting outside you have a double lot with PID's totalling 13,105 sq ft; a double paved driveway and a detached and wired, double garage.
C$345000

Residential For Sale

25 Roost Street, Glace Bay, NS B1A 5K1
RE/MAX Park Place Inc.
3Bedroom(s)
3Bathroom(s)
C$345000

Residential For Sale

460-9 Forest Hills Parkway, Cole Harbour, NS B2W 0M5

2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
43Picture(s)
1,022Sqft
Viewpoint Realty Services Inc.
C$339000

Residential For Sale

460-9 Forest Hills Parkway, Cole Harbour, NS B2W 0M5
2Bedroom(s)
2Bathroom(s)
AssignedParking(s)
1,022Sqft
Viewpoint Realty Services Inc.
This 2 bed 1.5 bath condo in Woodbridge Court Condominiums has been updated and in an excellent location. Extensively renovated, nothing to do but move in & enjoy! Beautiful balcony off the living room. Primary has 2 pc ensuite & walk in closet. Both the ensuite & main bathrooms have been updated with new lighting, flooring and vanities.
C$339000

Residential For Sale

460-9 Forest Hills Parkway, Cole Harbour, NS B2W 0M5
Viewpoint Realty Services Inc.
2Bedroom(s)
2Bathroom(s)
C$339000

Residential For Sale

4189 Highway 215, Lower Burlington, NS B0N 2A0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,272Sqft
Viewpoint Realty Services Inc.
C$599900

Residential For Sale

4189 Highway 215, Lower Burlington, NS B0N 2A0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,272Sqft
Viewpoint Realty Services Inc.
Sorrel Ridge is now for sale! Welcome to this distinctive two-storey home in charming Lower Burlington. Built on a slab for easy maintenance, this property offers a thoughtfully designed layout perfect for comfortable living and entertaining.
C$599900

Residential For Sale

4189 Highway 215, Lower Burlington, NS B0N 2A0
Viewpoint Realty Services Inc.
3Bedroom(s)
3Bathroom(s)
C$599900

Residential For Sale

340-3389 340 Highway, Carleton, NS B5A 5P8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
47Picture(s)
2,200Sqft
Viewpoint Realty Services Inc. (Shelburne)
C$599000

Residential For Sale

340-3389 340 Highway, Carleton, NS B5A 5P8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
2,200Sqft
Viewpoint Realty Services Inc. (Shelburne)
3389 Highway 340 – Modern Home on 2.2 Acres Situated on 2.2 acres of landscaped and treed land, this six-year-old home offers modern construction, a functional layout, and a range of desirable features.
C$599000

Residential For Sale

340-3389 340 Highway, Carleton, NS B5A 5P8
Viewpoint Realty Services Inc. (Shelburne)
3Bedroom(s)
2Bathroom(s)
C$599000
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