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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

164 Royal Avenue, Sydney, NS B1P 4M6

3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
50Picture(s)
1,748Sqft
RE/MAX Park Place Inc.
C$369900

Residential For Sale

164 Royal Avenue, Sydney, NS B1P 4M6
3Bedroom(s)
2Bathroom(s)
AttachedParking(s)
1,748Sqft
RE/MAX Park Place Inc.
Welcome to your dream home! Nestled in the vibrant south end of the city, this beautifully maintained two story is the epitome of move-in readiness. With its prime location close to schools, expansive parks, and convenient public transit access, you'll enjoy a lifestyle of convenience and comfort. Imagine living just steps away from everything you need.
C$369900

Residential For Sale

164 Royal Avenue, Sydney, NS B1P 4M6
RE/MAX Park Place Inc.
3Bedroom(s)
2Bathroom(s)
C$369900

Residential For Sale

61 Puncheon Way, Bedford, NS B4B 2L1

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
42Picture(s)
2,917Sqft
Parachute Realty
C$989000

Residential For Sale

61 Puncheon Way, Bedford, NS B4B 2L1
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
2,917Sqft
Parachute Realty
Tucked in to one of West Bedford's most walkable corners, 61 Puncheon Way blends community charm with a designer touch. Mornings in Brookline Park might start with a walk to your favourite coffee shop, and evenings could include a pickleball match followed by a stroll to dinner with friends. Just 2 years young, this home pairs a fresh, modern feel with thoughtful upgrades throughout.
C$989000

Residential For Sale

61 Puncheon Way, Bedford, NS B4B 2L1
Parachute Realty
4Bedroom(s)
4Bathroom(s)
C$989000

Residential For Sale

636 Myers Point Road, Myers Point, NS B0J 1N0

5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,737Sqft
Royal LePage Atlantic (Dartmouth)
C$1250000

Residential For Sale

636 Myers Point Road, Myers Point, NS B0J 1N0
5Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,737Sqft
Royal LePage Atlantic (Dartmouth)
With a current 58 nights at $700 a night booked for the 2025 season Captain G's Airbnb is 5 star rated and has successfully ran for the last 3.5 years, as an owner occupied airbnb and located in an MU zone it will not be affected by HRM's new short term legislation as its currently being run. House being sold completely outfitted with all contents, seller only wishes to take his clothes.
C$1250000

Residential For Sale

636 Myers Point Road, Myers Point, NS B0J 1N0
Royal LePage Atlantic (Dartmouth)
5Bedroom(s)
3Bathroom(s)
C$1250000

Residential For Sale

17 Pearlgarden Close, Dartmouth, NS B2X 0C3

4Bedroom(s)
4Bathroom(s)
SingleParking(s)
38Picture(s)
2,740Sqft
Royal LePage Atlantic
C$829900

Residential For Sale

17 Pearlgarden Close, Dartmouth, NS B2X 0C3
4Bedroom(s)
4Bathroom(s)
SingleParking(s)
2,740Sqft
Royal LePage Atlantic
Welcome to 17 Pearlgarden Close, a stunning 2,740 sq. ft. home that perfectly blends luxury, comfort, and modern design in the heart of Dartmouth.
C$829900

Residential For Sale

17 Pearlgarden Close, Dartmouth, NS B2X 0C3
Royal LePage Atlantic
4Bedroom(s)
4Bathroom(s)
C$829900

Residential For Sale

158 Port Bickerton Village Road, Port Bickerton, NS B0J 1A0

3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
20Picture(s)
1,344Sqft
Re/Max Park Place Inc. (Antigonish)
C$137900

Residential For Sale

158 Port Bickerton Village Road, Port Bickerton, NS B0J 1A0
3Bedroom(s)
1Bathroom(s)
AttachedParking(s)
1,344Sqft
Re/Max Park Place Inc. (Antigonish)
SELLER MOTIVATED !!!Located in the village of Port Bickerton this 3 bedroom family home is ready for you. This home has had many improvements over the past few years. Most of the windows have been upgraded(2018). New siding(2018). 200 Amp electrical upgrade(2018). On demand tankless hot water(2022), new roof and new Selkirk Chimney with liner..
C$137900

Residential For Sale

158 Port Bickerton Village Road, Port Bickerton, NS B0J 1A0
Re/Max Park Place Inc. (Antigonish)
3Bedroom(s)
1Bathroom(s)
C$137900

Residential For Sale

84 Roosevelt Avenue, Truro, NS B2N 1B6

4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
39Picture(s)
2,028Sqft
RE/MAX Fairlane Realty
C$420000

Residential For Sale

84 Roosevelt Avenue, Truro, NS B2N 1B6
4Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,028Sqft
RE/MAX Fairlane Realty
Step Into Charm and Possibility at 84 Roosevelt Avenue in Truro. This beautifully updated 4-bedroom, 3-bathroom home is nestled in a family-friendly neighborhood, just a short walk from the golf course, local shops, schools, and all the amenities you need.
C$420000

Residential For Sale

84 Roosevelt Avenue, Truro, NS B2N 1B6
RE/MAX Fairlane Realty
4Bedroom(s)
3Bathroom(s)
C$420000

Residential For Sale

32 Arthur Street, Glace Bay, NS B1A 3Y4

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
26Picture(s)
870Sqft
Coldwell Banker Boardwalk Realty
C$74900

Residential For Sale

32 Arthur Street, Glace Bay, NS B1A 3Y4
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
870Sqft
Coldwell Banker Boardwalk Realty
This two-bedroom home offers functional living with a comfortable layout and practical design. The main level features a welcoming living room, a dining area suited for everyday meals, and a good-sized kitchen with plenty of potential. Upstairs you'll find two bedrooms and a 3-piece bath, providing all the essentials for simple, efficient living.
C$74900

Residential For Sale

32 Arthur Street, Glace Bay, NS B1A 3Y4
Coldwell Banker Boardwalk Realty
2Bedroom(s)
1Bathroom(s)
C$74900

Residential For Sale

43 Glen Torridon Court, Hammonds Plains, NS B4B 1W3

4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
50Picture(s)
3,408Sqft
RE/MAX Nova (Halifax)
C$949900

Residential For Sale

43 Glen Torridon Court, Hammonds Plains, NS B4B 1W3
4Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,408Sqft
RE/MAX Nova (Halifax)
Welcome to 43 Glen Torridon Drive, a beautiful family home located in the heart of Hammonds Plains within the highly sought after Glen Arbour Golf Community. Built by Carleton Homes, this property offers over 3,000 sq. ft. of thoughtfully designed living space with 4 bedrooms and 3.5 bathrooms, backing onto the 5th hole of the Glen Arbour Golf Course.
C$949900

Residential For Sale

43 Glen Torridon Court, Hammonds Plains, NS B4B 1W3
RE/MAX Nova (Halifax)
4Bedroom(s)
4Bathroom(s)
C$949900

Residential For Sale

51 Five Point Road, Lower Debert, NS B0M 1G0

3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
32Picture(s)
2,240Sqft
Royal LePage Truro Real Estate
C$465000

Residential For Sale

51 Five Point Road, Lower Debert, NS B0M 1G0
3Bedroom(s)
2Bathroom(s)
DoubleParking(s)
2,240Sqft
Royal LePage Truro Real Estate
Located just minutes from Masstown Market & Castle Hardware, highway access, shopping & restaurants, this COMPLETELY RENOVATED 3-bedroom, 2-bath home, finished on 2 levels, offers the perfect blend of convenience & peaceful country living.
C$465000

Residential For Sale

51 Five Point Road, Lower Debert, NS B0M 1G0
Royal LePage Truro Real Estate
3Bedroom(s)
2Bathroom(s)
C$465000

Residential For Sale

2 International, Glace Bay, NS B1A 3P7

3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
25Picture(s)
814Sqft
RE/MAX Park Place Inc.
C$74000

Residential For Sale

2 International, Glace Bay, NS B1A 3P7
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
814Sqft
RE/MAX Park Place Inc.
Welcome to 2 International Street, a 3-bedroom, 1-bathroom semi-detached home located on a quiet street in Glace Bay. Sitting on a desirable corner lot, this property offers both comfort and convenience. Inside, you’ll find new flooring throughout, an updated kitchen and a refreshed bathroom. The home is heated with efficient electric baseboards, providing easy maintenance year-round.
C$74000

Residential For Sale

2 International, Glace Bay, NS B1A 3P7
RE/MAX Park Place Inc.
3Bedroom(s)
1Bathroom(s)
C$74000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4

5Bedroom(s)
5Bathroom(s)
GravelParking(s)
50Picture(s)
5,647Sqft
Cape Breton Realty
C$2900000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4
5Bedroom(s)
5Bathroom(s)
GravelParking(s)
5,647Sqft
Cape Breton Realty
Uncover the unparalleled charm of this extraordinary 5-bedroom, 5-bath timber frame home, meticulously crafted from salvaged barn wood and adorned with beams from historic barns. Central to its design is a majestic white pine tree over a century old, adding a touch of heritage to this architectural gem spanning about 6,000 square feet.
C$2900000

Residential For Sale

65 Meadow Breeze Lane, Kings Head, NS B2H 5C4
Cape Breton Realty
5Bedroom(s)
5Bathroom(s)
C$2900000

Residential For Sale

2a-368 Heathbell Road, Heathbell, NS B0K 1R0

3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
2,035Sqft
Blinkhorn Real Estate Ltd.
C$479900

Residential For Sale

2a-368 Heathbell Road, Heathbell, NS B0K 1R0
3Bedroom(s)
3Bathroom(s)
AttachedParking(s)
2,035Sqft
Blinkhorn Real Estate Ltd.
This fantastic 3-bedroom, 3-bathroom home has so much to offer—space, style, and incredible value! As soon as you arrive, you will be charmed by the beautiful curb appeal, featuring lovely stone siding and a double-door attached garage that sets a welcoming tone for what awaits inside.
C$479900

Residential For Sale

2a-368 Heathbell Road, Heathbell, NS B0K 1R0
Blinkhorn Real Estate Ltd.
3Bedroom(s)
3Bathroom(s)
C$479900
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