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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

25 Dorothea Drive, Dartmouth, NS B2W 5X1

4Bedroom(s)
3Bathroom(s)
SingleParking(s)
36Picture(s)
2,446Sqft
RE/MAX Nova
C$689000

Residential For Sale

25 Dorothea Drive, Dartmouth, NS B2W 5X1
4Bedroom(s)
3Bathroom(s)
SingleParking(s)
2,446Sqft
RE/MAX Nova
Nestled in a quiet, family-friendly neighbourhood in the sought-after City of Lakes, this charming two-storey home offers the perfect blend of comfort, space, and location. Just a short walk to local schools, it’s ideal for families looking to settle into a welcoming community. Step inside the bright front foyer and you’ll immediately appreciate the home’s traditional layout.
C$689000

Residential For Sale

25 Dorothea Drive, Dartmouth, NS B2W 5X1
RE/MAX Nova
4Bedroom(s)
3Bathroom(s)
C$689000

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2

3Bedroom(s)
2Bathroom(s)
SingleParking(s)
26Picture(s)
1,258Sqft
Sutton Group Professional Realty
C$385000

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2
3Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,258Sqft
Sutton Group Professional Realty
Welcome to 78A Old Sambro Road, a bright and inviting semi-detached home, just steps from Long Lake Park, known for its beautiful swimming spots and scenic walking trails. Offering three bedrooms, one full and one half bathroom, and efficient propane heating, this property blends comfort, convenience and value.
C$385000

Residential For Sale

78a Old Sambro Road, Halifax, NS B3R 1R2
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$385000

Residential For Sale

131 Marbern Street, Howie Centre, NS B1L 1H1

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
39Picture(s)
1,726Sqft
Coldwell Banker Boardwalk Realty
C$549900

Residential For Sale

131 Marbern Street, Howie Centre, NS B1L 1H1
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,726Sqft
Coldwell Banker Boardwalk Realty
Welcome to this beautiful five year old home offering style, comfort and thoughtful design throughout. Step inside to a bright, open-concept living space featuring cathedral ceilings and a seamless flow between the kitchen, dining and living areas. The kitchen is a true show stopper, complete with a large island, walk in pantry and elegant quartz countertops.
C$549900

Residential For Sale

131 Marbern Street, Howie Centre, NS B1L 1H1
Coldwell Banker Boardwalk Realty
3Bedroom(s)
2Bathroom(s)
C$549900

Residential For Sale

11 Willow Avenue, Meadowvale, NS B0P 1R0

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
36Picture(s)
3,038Sqft
RE/MAX Banner Real Estate
C$495000

Residential For Sale

11 Willow Avenue, Meadowvale, NS B0P 1R0
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,038Sqft
RE/MAX Banner Real Estate
Located in the peaceful Jefferson Pines subdivision, just 10 minutes from Greenwood and CFB Greenwood, this beautiful property offers a perfect blend of privacy, natural beauty, and spacious living. Set at the back of a long private driveway, this home provides a true sense of seclusion with the Black River meandering along the property boundary and through the backyard.
C$495000

Residential For Sale

11 Willow Avenue, Meadowvale, NS B0P 1R0
RE/MAX Banner Real Estate
4Bedroom(s)
3Bathroom(s)
C$495000

Residential For Sale

1030 Club Crescent, New Minas, NS B4N 4Z5

4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
50Picture(s)
2,156Sqft
Century 21 All Points
C$524900

Residential For Sale

1030 Club Crescent, New Minas, NS B4N 4Z5
4Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,156Sqft
Century 21 All Points
Fresh, updated, and move-in ready! Just minutes from schools, parks, shopping, and the renowned Ken-Wo Golf Club. This 4-bedroom, 2-full-bath home sits on a beautifully landscaped, level, park-like lot in one of New Minas’ most convenient and family-friendly areas. Inside, the entire home has been professionally painted in 2025, offering a clean and modern feel throughout.
C$524900

Residential For Sale

1030 Club Crescent, New Minas, NS B4N 4Z5
Century 21 All Points
4Bedroom(s)
2Bathroom(s)
C$524900

Residential For Sale

503 1 Highway, Deep Brook, NS B0S 1J0

2Bedroom(s)
2Bathroom(s)
GravelParking(s)
42Picture(s)
1,596Sqft
Royal LePage Atlantic (Greenwood)
C$359000

Residential For Sale

503 1 Highway, Deep Brook, NS B0S 1J0
2Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,596Sqft
Royal LePage Atlantic (Greenwood)
Welcome to this beautifully maintained character home overlooking the scenic Annapolis Basin. Full of warmth and personality, this property offers classic charm with plenty of flexible living space to suit your needs.
C$359000

Residential For Sale

503 1 Highway, Deep Brook, NS B0S 1J0
Royal LePage Atlantic (Greenwood)
2Bedroom(s)
2Bathroom(s)
C$359000

Residential For Sale

3439 Duggan Avenue, New Waterford, NS B1H 1P4

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
37Picture(s)
1,585Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
C$269900

Residential For Sale

3439 Duggan Avenue, New Waterford, NS B1H 1P4
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
1,585Sqft
Keller Williams Select Realty(Sydney,Townsend St.)
Welcome to 3439 Duggan Avenue where you'll find this wonderful 3-bedroom property tucked away on a quiet street in New Waterford. This meticulously-kept home (features 3 bedrooms, one full bathroom and a half bath downstairs with a fantastic family room for entertaining and family gatherings.
C$269900

Residential For Sale

3439 Duggan Avenue, New Waterford, NS B1H 1P4
Keller Williams Select Realty(Sydney,Townsend St.)
3Bedroom(s)
2Bathroom(s)
C$269900

Residential For Sale

5674 Kane Street, Halifax Peninsula, NS B3K 2B4

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
44Picture(s)
1,542Sqft
Royal LePage Atlantic
C$729900

Residential For Sale

5674 Kane Street, Halifax Peninsula, NS B3K 2B4
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,542Sqft
Royal LePage Atlantic
Super 3 bedroom plus den, 2 bathroom full-detached home that’s just steps away from the sought after Hydrostone area on the Halifax Peninsula is sure to please! This property offers a wonderful blend of old-world charm and modern upgrades including enclosed front porch, updated kitchen, renovated main floor bathroom/laundry, fresh exterior/interior paint, vinyl windows, covered rear porch, upgra
C$729900

Residential For Sale

5674 Kane Street, Halifax Peninsula, NS B3K 2B4
Royal LePage Atlantic
3Bedroom(s)
2Bathroom(s)
C$729900

Residential For Sale

71 Blackbird Lane Lot 5056, Middle Sackville, NS B4E 0W6

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
1Picture(s)
3,710Sqft
Sutton Group Professional Realty
C$1144900

Residential For Sale

71 Blackbird Lane Lot 5056, Middle Sackville, NS B4E 0W6
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,710Sqft
Sutton Group Professional Realty
Welcome to the Annapolis by Marchand Homes. This newly designed two-storey home offers four bedrooms (three up, one down), three full bathrooms, one half bathroom, and a double attached heated garage, with all three levels fully finished. Situated on over four acres of land with lake frontage on Drain Lake, in the sought-after community of Indigo Shores.
C$1144900

Residential For Sale

71 Blackbird Lane Lot 5056, Middle Sackville, NS B4E 0W6
Sutton Group Professional Realty
4Bedroom(s)
4Bathroom(s)
C$1144900

Residential For Sale

Old Guysborough Road Lot 11, Goffs, NS B2T 1B9

3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1Picture(s)
1,380Sqft
Sutton Group Professional Realty
C$589900

Residential For Sale

Old Guysborough Road Lot 11, Goffs, NS B2T 1B9
3Bedroom(s)
2Bathroom(s)
GravelParking(s)
1,380Sqft
Sutton Group Professional Realty
3 Bedroom bungalow on slab built by Marchand Homes. Excellent opportunity for the first time home buyer to purchase a newly constructed home close to the airport and only 20 minutes to Dartmouth Crossing. This home has an ensuite bath with walk through closet in the primary bedroom and an open concept kitchen, dining room and living room with a 7'x3' island in the kitchen.
C$589900

Residential For Sale

Old Guysborough Road Lot 11, Goffs, NS B2T 1B9
Sutton Group Professional Realty
3Bedroom(s)
2Bathroom(s)
C$589900

Residential For Sale

51 Woodward Crescent, Halifax, NS B3M 1J6

4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,924Sqft
Royal LePage Atlantic
C$624900

Residential For Sale

51 Woodward Crescent, Halifax, NS B3M 1J6
4Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,924Sqft
Royal LePage Atlantic
Welcome to 51 Woodward Crescent — a charming brick home nestled in the heart of Old Clayton Park. Set on a beautifully manicured, level lot, this property offers the perfect balance of comfort, character, and convenience.
C$624900

Residential For Sale

51 Woodward Crescent, Halifax, NS B3M 1J6
Royal LePage Atlantic
4Bedroom(s)
2Bathroom(s)
C$624900

Residential For Sale

112 Arklow Drive Drive, Cole Harbour, NS B2W 4E4

5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
32Picture(s)
2,023Sqft
EXP Realty of Canada Inc.
C$499000

Residential For Sale

112 Arklow Drive Drive, Cole Harbour, NS B2W 4E4
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
2,023Sqft
EXP Realty of Canada Inc.
The pride of ownership over the past 50 years is undeniable at this charming five bed, two bath split entry home in the community of Forest Hills. Both the front and back yards are made of once-manicured shrub gardens with exotic trees, bushes and flowers that provide the perfect canvas to carve out your own slice of nature in the heart of the city.
C$499000

Residential For Sale

112 Arklow Drive Drive, Cole Harbour, NS B2W 4E4
EXP Realty of Canada Inc.
5Bedroom(s)
2Bathroom(s)
C$499000
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