If I Could I'd Give You the World .........

By
Real Estate Agent with Liberty Homes RS-#62825

….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?

Posted by

                                                       

 

Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2015 Celeste "Sally" Cheeseman's

Hawaii Real Estate and Relocation Blog.

All rights reserved.

     

 


 

 

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POSITIVE ATTITUDE for the Weary Soul
"Whacked"!!!
Diary of a Realtor
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Rainmaker
1,026,862
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Well said Celeste, we hope it doesn't disappear although it looks as if it will all too soon.  It is a saving grace for many homeowners to not only get in but to keep their foot in the door! 

Dec 20, 2012 09:17 AM #1
Rainer
172,764
John & Irma Nelson
San Antonio Real Estate Broker/Agent with Get It Sold Realty - San Antonio, TX
San Antonio Real Estate Agents - San Antonio Homes

Man you nailed it on the head with that one - so much we will be losing if they don't keep that deduction in place

Dec 20, 2012 10:20 AM #2
Rainer
269,442
Steve Merson 512 412 1621
Keller Williams Realty - Austin, TX
CNE, e-PRO

Great article Sally. Let's keep our fingers crossed on this one!!

Have a merry Christmas and a happy and prosperous new year. 

Dec 20, 2012 10:25 AM #3
Rainmaker
2,844,651
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Sally, Reading this brought tears to my eyes. Not because we may lost the mortgage interest deduction but because your children so love and appreciated you as a single parent. With love, all things are possible.  When we are blessed with amazing children ... it seems that not much else matters. You are an amazing mother and inspiration to your children and those who know you. Merry Christmas.

Dec 20, 2012 12:13 PM #4
Ambassador
1,091,324
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Thanks Kevin....I'll remain positive hoping we all continue to be able to receive this deduction. During all these hard times for homeowners...it would just be the icing on the cake that for those that were able to keep their homes to continue receiving their deductions. OR for new homeowners to say that they don't regret owning a home.

Dec 20, 2012 01:00 PM #5
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1,091,324
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

John and Irma...yup...I think many of us feel the same.

Dec 20, 2012 01:01 PM #6
Ambassador
1,091,324
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Thanks Steve...and with that said...a very Happy, Healthy and prosperous 2013 to you and your family too!!

Hi Kathleen....and I might add...I am a wonderful grandmother too :)  :)   We all hope to have a great dream of owning our own home.  With taking this away we all would lose so much!  I may only own a small townhouse (I might add this cost us 165k for a one bedroom townhouse w/a fenced 'courtyard') but it means the world to me because I OWN it. I also pay General Excise Tax on top of Fed and State taxes on my business. It almost seems that with taking this away it will make it even harder on all of us small business owners.

 

Dec 20, 2012 01:08 PM #7
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Sally, I know that you are right. My oldest will have such a hard time keeping her house if this goes away. She works so hard for her home, she was able to buy it through a first time home buyers program. It was a foreclosure, and honestly, when she bought it she didn't ever think she would have two children. Now that could be at risk.

What a beautiful, heartfelt post of a very necessary subject. I would imagine many home owners are saying "All I want for Christmas is my mortgage interest deduction."

Dec 20, 2012 07:01 PM #8
Rainmaker
1,527,918
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

THey do need to come up with a way to keep it...even if it is only for the first home purchase.

Dec 20, 2012 09:27 PM #9
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