if rents were higher would be only more incentive to buy. I don’t think would make much difference. And if ever enacted probably would be gradual.
Plus there are too many other factors that influence rental costs — so impossible to ever figure out in end how much could have been because of mort. interest deduction.
Hopefully you can stay in Kensington if you buy. It seems like a really nice place to raise kids. Same with most parts of Flatbush. Lots of nice houses with yards.
Rob, I think you are right about higher rents if mortgage tax deduction were altered. BUT I don’t think it will happen. I think that shifting the Retirement age for Social Security is high on the list for changes. Throughout this election season, I was amazed by all the fiscal conservatives that came out into the light of day. Where were they when Bush passed Medicare Part D?
Depends how and when it’s done. It’s abolition didn’t have much effect in the UK but the amount deductible had already been reduced. Was abolished just before I bought my place there in 1997. Mortgage interest isn’t deductible in Canada but I don’t know whether it ever was.
But I might be your next door neighbor, Kensingtonian.
All very good points above although I am in no need of an affordability speech. I’m usually the one giving them! We are super conservative, happily renting in our late 30s with 3 kids, two good incomes and a decent amount of money in the bank.
Our problem is our landlord wants to move back into the house we rent (very disruptive given kids in school) and finding a nice 3 or 4 bedroom house for us and our rowdy kids to rent is not easy. And if we rent again, maybe in 12 months we lose that one and have to disrupt my family again.
So, I’m thinking about buying and trying to pencil it out…and I’d sure like to know my tax bill.
The world was sure shaken up when credit card interest was disallowed as a deduction.
a real fiscal conservative wouldn’t be fighting tooth and nail for bush tax cuts either.
if rents were higher would be only more incentive to buy. I don’t think would make much difference. And if ever enacted probably would be gradual.
Plus there are too many other factors that influence rental costs — so impossible to ever figure out in end how much could have been because of mort. interest deduction.
Hopefully you can stay in Kensington if you buy. It seems like a really nice place to raise kids. Same with most parts of Flatbush. Lots of nice houses with yards.
Rob, I think you are right about higher rents if mortgage tax deduction were altered. BUT I don’t think it will happen. I think that shifting the Retirement age for Social Security is high on the list for changes. Throughout this election season, I was amazed by all the fiscal conservatives that came out into the light of day. Where were they when Bush passed Medicare Part D?
Depends how and when it’s done. It’s abolition didn’t have much effect in the UK but the amount deductible had already been reduced. Was abolished just before I bought my place there in 1997. Mortgage interest isn’t deductible in Canada but I don’t know whether it ever was.
im all for getting rid of the mortgage deduction but it worries me that it would cause rents to get a lot higher. am i right in thinking that?
*rob*
But I might be your next door neighbor, Kensingtonian.
All very good points above although I am in no need of an affordability speech. I’m usually the one giving them! We are super conservative, happily renting in our late 30s with 3 kids, two good incomes and a decent amount of money in the bank.
Our problem is our landlord wants to move back into the house we rent (very disruptive given kids in school) and finding a nice 3 or 4 bedroom house for us and our rowdy kids to rent is not easy. And if we rent again, maybe in 12 months we lose that one and have to disrupt my family again.
So, I’m thinking about buying and trying to pencil it out…and I’d sure like to know my tax bill.
Agreed, NYGuy7.