During the past decade, common wisdom in regards to acquiring property or renting an apartment in Indianapolis has turned upside down. Buying property allows for a point of pride and belonging that you cannot get from renting, but it may also be a source of difficulty and big costs. Renting may bring some restrictions, but also creates room for flexibility and financial savings home ownership does not. Here are a few points to think about prior to deciding to purchase a house or rent an apartment in Indianapolis.
Money is Key
Costs, both initial expense and reoccurring, can differ wildly between buying a house and renting an apartment. The property buying process is overflowing with expenses that normally have to be paid upfront - in addition to your down payment. There are home appraisal and inspections, earnest money, first-year insurance costs, and other assorted fees - all before your ongoing bills even kick in. Not to mention the supplementary prices of repairs and any renovations you may want.
Renting has a noticeably smaller barrier for entry. Normal renting upfront fees include a security deposit, first month’s rent, and other various deposits or fees. While some say that money paid for renting is gone forever, money paid on a location to stay is never a loss.
Space for Yourself and the Entire Family
What you need from your living space may be the critical consideration in deciding if you should buy a house or rent an apartment in Indianapolis. The average house floor size in North America is continually growing, meaning more space for a home gym or a nursery. A house will likely have a yard for kids and pets to move freely and play in.
You can find apartments in various layouts and floorplans. For your unit, you can have anything from a 1-bedroom to a 3-bedroom, but the units all come in fixed layouts. Your apartment should have have walking paths 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.
While the versatility that comes 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 handyman you hire to do the repairs. In a complex, 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 included in your renting bill, while any repairs on a home come straight from your savings.
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, stressful process. If you work in a position that requires you to relocate routinely, 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 Dream 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 top-of-the-line amenities. Simply call 317-659-6620
or click the “schedule a tour button”
to locate your perfect living space.