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Top 10 Reasons to Buy a Home

How buying your own home can end the hassles and uncertainties of renting.


Have you ever had something go wrong in your rental? It probably led to a merry-go-round of phone calls and decision-making outside of your control that took hours, days, or even weeks to resolve. If you’re tired of waiting for others to make decisions about where you live—and what you pay to live there—it may be time for you to buy a home of your own. Here you’ll find ten reasons why purchasing a home may be right for you now.

You’re ready for homeownership if you’re looking for any of the following:

1. To Control Your Space

One of the best reasons to buy a home is simply the freedom and flexibility you’ll enjoy as the decision-maker for your own place. Unlike a rental where the landlord decides what you need and how your home looks, homeownership gives you all the options. Whether you want to renovate the kitchen and baths or put a pool in the backyard, you will call the shots on the way your home looks and feels.

2. To Put Down Roots

There’s something primal and emotional in the ability to live in a home that is truly your own. This will be the background for dinners with friends, family holidays, and your most cherished memories. The neighbors, the local diner, the playground, and park—they’ll all play a part in the story of your life.

3. To Enjoy Greater Stability

When you’re renting, you are subject to the whims and wishes of your landlord, property manager, or rental agent. They may choose whether or not to renew your lease, raise the rent next year, or sell the property altogether. However, when you own a home with a fixed-rate mortgage in place, you will enjoy both financial stability and the advantages of long-term housing security.

4. To Invest in Your Future

When you are renting, you’re spending hundreds or even thousands of dollars each month to pay off the landlord’s mortgage. But, when you apply that money toward your own mortgage, along with your down payment, you’re investing in your long-term financial future.

5. For the Tax Benefits

When you own a home, you may enjoy a host of tax advantages, including deductions related to mortgage interest, property taxes, and closing costs. Contact your tax advisor for more information. In addition, you may be able to check out grants and credits related to energy-efficient home upgrades in your area.

6. For the Equity Building

With every mortgage payment, you’ll build equity that can help you lay the foundation for greater financial stability in the future. Tap into that equity for home improvements, upgrades that build greater equity value into your home, pay for college tuition, or use it to finance the purchase of a second home or investment property.

7. For the Fixed Costs

The fair market value of your apartment or rental home may go up or down depending on demand in the local area. That could translate into a significant rental rate increase that prices you out of the neighborhood. By contrast, the price you pay today for your home is fixed, and so are your mortgage payments when you choose a fixed-rate loan. That means you know what your payment will be all the way until the day you pay off your home for good.

8. For the Added Peace of Mind

When you rent, you don’t really know much about the property's condition or how the previous tenants treated it. However, when you own, you will have the home inspection report to let you know what kind of shape the home is in and what improvements can make it better. You will manage the maintenance and understand the systems so that you have a clearer picture of how your home is performing. You will never have to wait for a landlord to decide whether or not it’s time to fix or replace something—you will call the shots yourself.

9. For Multi-Generational Security

Does your adult child need a soft place to land after graduation? Are you the caretaker for elderly parents or a friend who’s grappling with an illness? When you own your home, you can provide shelter and comfort to those you love and to make them a part of your day-to-day life.

10. For the Emotional Benefits

According to a survey of academic studies, including both short-term and long-term evaluations, homeowners experienced greater emotional satisfaction and happiness than renters, regardless of the type of home, its location, or other lifestyle factors. In addition, the personal freedom and sense of stability homeownership can provide seem to translate into both psychological and social benefits that last throughout the ownership experience.

Rohe, William M. et al. “The Social Benefits and Costs of Homeownership: A Critical Assessment of the Research.” Joint Center for Housing Studies of Harvard University. Oct 2001.

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Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5


1Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.