Should I Buy A House Or Rent An Apartment 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.
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.
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.