….And a Promise of a Home Mortgage Interest Deduction…..
In elementary school, my daughter knew what a tough time I was having as a single mom of two children. One Mother’s Day she made me a card that said, “Mom, if I could I would give you the world”. Awwww….I hugged her tight and said, I know you would but it’s good enough I have you.
My son would write poems for me and write adoring letters to let me know how much he loved me. He would always come up to me when things looked bleak and would pat me on the back and say, Mom, we’ll be okay. I hugged him extra hard.
I was not able to buy a house for my family, and we only had enough to live with my mom and pay her some rent. Cost of living is high in Hawaii and no matter how good of a job a single parent has, it is TOUGH to make it on one income.
I read a story in the newspaper when I first started in real estate. It was about a single mom who started out with a condo and sold it to buy a bigger townhouse a few years later. A few years later she eventually she was able to buy a home with a yard.
That story inspired me because she took the risk of home ownership with the promise of being able to claim the home mortgage interest deduction every year. With this deduction it is blessing to not only single parents struggling but to always believe that THAT is one of the perks of home ownership.
My children will be 31 and 32 years old.
What do I tell them about the perks of owning their own home? Okay, so they won’t have to worry about the landlord raising their rent, or selling the home and having to move. What about the American Dream of owning their own home and also getting a deduction on the mortgage interest?
I eventually bought my first ‘home’…a one bedroom townhouse with my husband and have enjoyed this benefit as well. Even though I am in Real Estate I live in a high cost of living area and need every penny, every deduction there is.
At what cost will it be to own our own home?
Without this deduction… some may say…..
Why buy when we can rent?