Renting Vs. Buying: The Pros and Cons

10797449516_daeca30fe6At some point, nearly everyone is confronted with this dilemma. Since most people usually start out renting a house, it is a question of whether or not to make the leap into the responsibility of home-ownership. Both sides of this coin have their own sets of benefits and pitfalls, let’s have a peek at both sides before you make the leap into a BOQ Mortgage.

The Bad

Let’s take a look at some of the drawbacks of renting. First and most obvious is the fact that when you rent, it isn’t really your place. You are paying another person’s mortgage every month in exchange to occupy that space. Plus, you are paying someone else’s mortgage without reaping any of the benefits and you’re monthly rent can raise with minimal notice.

You usually can’t change the way the place looks – you must ask before you paint or make other lasting alterations. If an appliance or the like needs replaced, the tenant rarely has any influence in the style or quality of the replacement. When you rent, there is no guarantee that you won’t be asked to leave. Whether the landlord decides to sell the place, or they want to let their friend or family member move in instead of you, there is no permanence.

Owning has its negative aspects as well. If you are a home-owner, you don’t have the luxury of ringing the landlord when the drains clog, the roof springs a leak or you discover a crack in the foundation. There are other often unexpected issues to arise such as maintaining landscaping or having trees pruned. Depending on where you live, you may also be required to pay body corporate fees.

The Bright Side

As a renter, there are bound to be times when you found it a relief that you didn’t have the obligations that accompany home-ownership. If the need to relocate arises, you don’t have to worry about selling your house or deal with the hassle of renting it. Noisy neighbors move in? A huge construction project begins across the street? Kids need to attend a different school? No problem, it’s not your place.

To have a house to call your own means you have a valuable asset. One that can be improved upon to increase its worth. One which can appreciate and make you money.

Home-owners can often enjoy certain tax breaks such as deducting their mortgage and property tax paid throughout the year. A certain level of stability can be found in your monthly mortgage payment if you secure a fixed-rate mortgage loan.

Beyond the financial reasons, an important benefit of home-ownership means that you can be a part of the community. Knowing that you won’t be forced to leave lets you put down roots and become involved in the neighborhood which you help comprise.

There are good arguments to be made for both renting and owning a home. It is important to carefully evaluate your lifestyle and needs to assure that you explore the options that are best for you. If you have weighed up the pros and cons and decided that it’s time for you to buy, a Clear Path Variable Home Loan from BOQ may be the right solution for you. It offers a competitive interest rate and flexible repayments which can help immensely as you adjust to your new life as a homeowner.

 

Image via Flickr (https://farm6.staticflickr.com/5492/10797449516_daeca30fe6.jpg)

The Twins are 3 Weeks Old + A Writing Wrap Up

Budget Blonde babyMy twins are almost 3 weeks old, and since I haven’t really written an update about them since I wrote their birth story, I thought I’d do a quick post to tell you about the past few weeks.

The babies spent a little over two weeks in the NICU. It will probably go down as some of the most difficult days of our lives but also some of the best too. There were times when we were so happy that they were progressing and doing well and then there were rough days where we both cried when we got home because we just wanted them home so badly.

We took our son home first from the NICU, and as soon as he got home, our daughter progressed really rapidly. It was almost as if she didn’t want to miss out on the party at home.

She went from being on a feeding tube in an isolette to coming home with us just three days later. She is still hooked up to a monitor 24/7 and will be for the next month. She is also taking meds to manage her heart rate, but other than that, she is really doing great and we’re thankful to have her here with us.

In a weird way, their NICU stay was a huge blessing in disguise. It’s almost as if the nurses taught us how to be parents. We didn’t really know the best way to handle a schedule with twins or even how to burp them the right way or anything like that. We consider our two weeks in the NICU to be our five star parent training class. We’ve kept the twins on the exact same 3 hour schedule that they were on in the NICU, and they seem to respond well to it.

Budget Blonde babiesUnlike many couples with new babies, the hubs and I really can’t take turns at night. At least at this point, the twins really require both of us to be up. Otherwise, it’s just too hard. So, every 3 hours the two of us pop up and get down to business.

We change them, I breastfeed one while he bottle feeds the other, and then I stay up after he goes to sleep to pump so we have enough food to go around for the next feeding session. It’s definitely physically exhausting for me especially but on the bright side, I’ve lost almost all of my baby weight 3 weeks in. I’ve definitely had my moments of wanting to give up all the pumping, etc. but then other days I feel really empowered that I’ve managed to feed two humans for 3 weeks and somehow they’re still alive.

Other than that, we’re just spending time washing dishes, doing crazy amounts of laundry, and trying to squeeze in a little bit of work and lots of baby snuggles whenever we get a free second.

All in all, things are going well, and we’re slowly getting used to our new normal even though it’s a bit crazy!

I couldn’t have made it through the past few weeks without the help of a few bloggers who were kind enough to guest post for me the past 3 weeks. They all took time out of their days to answer comments and in general be super awesome, so I wanted to showcase some of their writing from their blogs:

Michelle found a $100 Starbucks gift card on the floor. Nice.

Grayson explained affiliate marketing in a very easy to understand way.

Jane talks about why her business donates to causes she believes in.

Matt talks about how to make irregular expenses regular.

Laurie’s green thumb seriously impresses me!

Brian explains a few reasons why some aren’t fans of Dave Ramsey.

Thanks again to those bloggers for making my life run a bit smoother the past few weeks. The hubs and I are so thankful that you’re helping to keep this blog – our primary income – humming for a bit longer while we recoup!

I’d also like to thank Michelle, who is managing my e-mails like a champ as well as the following bloggers for including me in the carnivals below:

Aspiring Blogger Financial Carnival hosted by Aspiring Blogger
Finance Carnival For Young Adults hosted by Debt Free Tejana
Carnival of Money hosted by Carnival of Money
Lifestyle Carnival hosted by Prepping Is Sexy
Carnival of Financial Camaraderie hosted by Tuition Assist
Aspiring Blogger Financial Carnival hosted by Aspiring Blogger
Carnival of Money hosted by Root of Good
Yakezie Carnival hosted by The Money Principle
Lifestyle Carnival hosted by Primal Weight Loss
Carnival of Financial Camaraderie hosted by Finance With Reason
Festival of Frugality hosted by Save and Conquer
Carnival of Financial Planning B hosted by Financial Nerd
Carnival of MoneyPros hosted by The Money Principle
Lifestyle Carnival hosted by Hurricanes, Panties & Dollars
Carnival of Financial Camaraderie hosted by I Need Money ASAP
Carnival of Personal Finance hosted by Prairie Eco-Thrifter
Carnival of Money hosted by Carnival of Money
Aspiring Blogger Financial Carnival hosted by Aspiring Blogger

Okay, the hubs is probably up to his elbows in diapers so I better go help him. :) I hope everyone has a great weekend!