Time for a history lesson: Many of us have learned that May 1st is otherwise known as May Day, but what does that mean here in the United States? Anyone, anyone? May Day commemorates 1886’s Haymarket Riot in Chicago, which, among other things, coincided with the introduction of the 8-hour workday into U.S. law.

And while markedly shortened workdays are a staple of the American Dream, nothing typifies it so much as home ownership. Maybe that’s why May 1st is also known as New Homeowner’s Day.
Not only is it a day to celebrate the many advantages of owning your own place, it’s also a great time to think about moving out of your apartment – or your parents’ basement – and into a home of your very own.

And even though one look at the real estate pages of a newspaper might give many first-time homebuyers the wallet-willies, Mya Carden of Keller Williams Realty South has four reasons you might want to take the plunge:

• Renting will cost you more in the long run. Fire up your computer and find one of the many renting vs. buying comparison calculators available on the Web. Then enter your monthly rent and a few other figures and prepare to be surprised. If, for example, you pay $750 per month for your “cozy” apartment, you could purchase a $150,000 home and still save almost $35,000 over the next 10 years!

• A home can work a lot like a piggy bank. Money you spend on rent is about as likely to come back to you as a Barry Bonds homer – in other words, don’t hold your breath. But buying a home is an investment: Every dollar you sink into your down payment – and an ever-increasing fraction of your monthly payment – earns, historically, around 4% a year as home prices increase.

• You can let your home go to the dogs. When you own your own place, nobody can tell you that you can’t get a Schnauzer puppy or even a whole basket full of them. And when you want to paint a room entirely in Pepto-Bismol pink, the only thing stopping you is good taste.

• Uncle Sam favors homeowners. Looking for a few more deductions on your next tax return? If you own a home and you itemize, you can probably use the money you pay in mortgage interest and property taxes to get a nice tax break the next time around.

If you’ve been considering putting down roots lately, let this year’s New Homeowner’s Day be the day you finally do something about it. Not only is home ownership more affordable than you might think, the independence it offers is priceless. (Do reconsider that Pepto-Bismol pink paint, however.)

About Mya

Mya has lived in Fayette County for 35 years and loves her community. She recently joined a team of Real Estate Experts known as Group CTC. On this team are Hattie Tait, Connie Clifton-Peacock and herself. Combined they have over 40 years of experience and are eager to help you with any of your real estate needs.

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