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Should I Buy A House Or Rent An Apartment In Indianapolis?

January 20, 2021

Exterior of apartment in Indianapolis

In the past several years, traditional fiscal wisdom in relation to purchasing a home or renting an apartment in Indianapolis has flipped upside down. Buying a home gives for a point of pride and connectivity that you cannot get from renting, but it can also be a cause of frustration and steep costs. Renting may have some restrictions, but also allows for adaptability and fixed expenditures home ownership doesn’t. Here are a handful of notes to think about prior to deciding to acquire a house or rent an apartment in Indianapolis.
Apartment building in Indianapolis

Money is King

Costs, both in-advance and reoccurring, can fluctuate greatly between buying a house and renting an apartment. The house purchasing transaction is teeming with expenses that traditionally have to be collected upfront - not including your down payment. There is first-year insurance costs, earnest money, home appraisals and inspections, and other small charges - all before your monthly bills even begin. That’s not even including the supplementary prices of maintenance and any remodeling you may desire.

Renting has a considerably shorter barrier for entry. Standard renting upfront expenses include a security deposit, initial month’s rent, and other various deposits or payments. While some say that money used on renting is gone forever, money paid on a location to reside is never a waste.

Living room in Indianapolis apartment

Room for You and the Entire Family 

What you need from your living area may be the determining aspect in deciding if you should rent an apartment or buy a house in Indianapolis. The average house floor size in North America is trending upward, meaning more space for bedrooms or an extra bathroom. A home will likely have a backyard for kids and pets to roam free and play in.

You can locate apartments in various layouts and floorplans. At most complexes, you can get anything from a 1-bedroom to a 3-bedroom, but the apartments all come in fixed layouts. Your apartment will likely have walking routes and a dog park, and residents living in the unit next to you. Of course, most houses don’t come with amenities like a fully equipped gym or swimming pool

Repair in Indianapolis apartment

All the Bells and Whistles

While the versatility that comes having a house is remarkable, it does come with a few strings attached. In the off chance that a pipe burst or furnace break, it is on you or someone you hire to conduct the repairs. In an apartment, there is a trained maintenance staff that is always on stand-by. Not only is having a maintenance professional on-call convenient, but it can also save you some big repair costs. Repair expenses are included in your renting costs, while any replacements on a home come straight from your bank account.

Flexibility for Your Way Of Living

Your job and lifestyle can be large factors in choosing to rent an apartment or buy a house in Indianapolis. Selling your home can be a long, stressful process. If you work in a position that requires you to relocate frequently, taking on the selling procedure will likely be more taxing than it is worth. Renting an apartment is a more streamlined process that doesn’t require any real estate agents or money lending - just the apartment staff and you.

Ready To Begin Looking For Your Perfect Apartment Space?

When you want an apartment in Indianapolis, your first choice should be Block 20. We have roomy floorplans, attentive staff, and excellent amenities. Simply call 463-777-2762 or click the “schedule a tour button” to find your new home.