Still Renting? It May Be Time to Invest in Yourself Instead of Your Landlord.
Renting can make sense for a season of life. But if you have steady income, have saved some money, and plan to stay in the area, it may be worth asking an important question:
Could the money you’re paying in rent each month be helping you build your own financial future instead?
Every rent payment helps pay for someone else’s property. When you own your home, your monthly payment can help you build equity in an asset of your own.
Here are five reasons now may be a good time to consider making the move from renter to homeowner.
#1. Start Investing in Yourself
When you rent, your monthly payment provides you with a place to live—but you don’t own the property.
Buying changes that. As you make mortgage payments and build equity, you’re investing in something that belongs to you.
Instead of helping your landlord build wealth through real estate, homeownership gives you the opportunity to start building wealth of your own.
#2. You May Not Need a 20% Down Payment
One of the biggest misconceptions among renters is that they need a 20% down payment before they can even consider buying.
Depending on your financial situation and the loan programs you qualify for, there may be options requiring significantly less.
The important first step is finding out what you can actually afford. You may be closer to homeownership than you think.
#3. Your First Home Doesn’t Have to Be Your Forever Home
Waiting until you can afford your dream home could mean spending several more years renting.
Instead, consider making your first home a stepping stone.
A new townhome can be a great way to transition from renting to owning. You get the benefits of a brand-new home, modern finishes, and a thoughtfully designed floor plan without taking on the renovations and maintenance that can come with an older home.
As your needs change, the equity you’ve built may also help you move into your next home.
#4. Build Equity Instead of Paying Rent
This is one of the biggest differences between renting and owning.
Rent is an expense. Once you pay it, that money is gone.
With homeownership, a portion of your mortgage payment can help reduce the amount you owe on your home. Over time, that can help you build equity—an asset that may become an important part of your long-term financial picture.
Your home can become more than a place to live. It can become an investment in your future.
#5. Compare the Real Cost of Renting vs. Buying
Don’t assume renting is automatically the more affordable option.
Look at what you’re currently paying each month and compare it with the potential cost of owning a home. Then consider what you’re receiving in return.
With renting, you’re paying for temporary use of someone else’s property. With homeownership, you’re putting money toward a place of your own with the potential to build equity over time.
The numbers may be closer than you expect.
Ready to Stop Renting and Start Investing in Yourself?
For a limited time, you may be able to own a brand-new townhome at Moray at Maltby Village in Maltby, WA, with a monthly payment as low as $2,826.
Instead of putting another rent payment toward your landlord’s investment, see what it could look like to start investing in a home—and future—of your own.
Schedule a tour of Moray at Maltby Village and let Westcott Homes help you explore your options for making the move from renting to owning.
Westcott Homes offers modern living and smart design for today’s active families, in neighborhoods with room to grow. Our flexible floorplans, durable Pacific Northwest exteriors and luxurious interior details add up to a home you’ll delight in every day, and for years to come.
