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

During the past several years, common wisdom in regards to acquiring property or renting an apartment in Indianapolis has been spun upside down. Buying property allows for a cause of pride and belonging that you cannot get from renting, but it could also be an origin point for difficulty and steep costs. Renting may bring some restrictions, but also creates room for flexibility and financial savings home ownership cannot. Here are a few notes to think about prior to deciding to purchase a house or rent an apartment in Indianapolis.

Money is Key

Costs, both initial expense and continuing, can differ greatly between buying a house and renting an apartment. The home buying process is overflowing with charges that traditionally have to be collected upfront - in addition to your down payment. There are property appraisal and inspections, earnest money, first-year insurance costs, and other small fees - all before your ongoing bills even start. Not to mention the supplementary prices of upkeep and any renovations you may want.

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

Space for Yourself and the Entire Family 

What you need from your living space may be the critical aspect in deciding if you should buy a house or rent an apartment in Indianapolis. The average house square footage in North America is continually growing, meaning more space for a home gym or a nursery. A house may have a yard for kids and pets to roam free and play in.

You can find apartments in various layouts and floorplans. At most complexes, you can find anything from a 1-bedroom to a 3-bedroom, but the apartments all come in static layouts. Your apartment should have have walking routes and a dog park, and neighbors living in the unit next to you. Of course, most homes don’t come with amenities like a stocked gym or swimming pool.

Maintenance Woes

While the choices that come owning a house is liberating, it does come with a price. Should a pipe burst or furnace break, it is up to you or a professional you hire to conduct the repairs. In a rental, there are maintenance professionals that is always on stand-by. Not only is having a maintenance professional on-call handy, but it will likely also save you some sizable replacement fees. Repair fees are a part of your renting costs, while any repairs on a home come straight from your bank account.

Flexibility for Your Lifestyle

Your job and lifestyle can be large factors in whether to buy a house or rent an apartment in Indianapolis. Selling a house can be a lengthy, complex process. If you work in a position that requires you to relocate frequently, undertaking the selling process will likely be more stressful than it is worth. Renting an apartment is a more simplified process that doesn’t require any real estate agents or money lending - only the apartment staff and you.

Ready To Start Looking For Your Ideal Apartment Space?

When you’re ready for an apartment in Indianapolis, your first choice should be The Line-Urban Flats on the Monon. We have roomy floorplans, attentive staff, and sublime amenities. Simply call (317) 659-6620 or click the “schedule a tour button” to locate your new home.