Should I Buy A House Or Rent An Apartment In Indianapolis?
Money is Key
Costs, both upfront and continuing, can fluctuate considerably between renting an apartment and buying a house. The property buying transaction is rife with costs and fees that normally have to be paid upfront - not including the down payment. There is first-year insurance costs, earnest money, property appraisals and inspections, and other small bills - all before your ongoing bills even start. That’s not even including the supplementary prices of maintenance and any renovations you may want.
Renting has a noticeably shorter barrier for entry. Typical renting upfront costs include a security deposit, initial month’s rent, and other various deposits or fees. While some say that money spent on renting is wasted, money paid on a location to reside is never a loss.
Areas for Yourself and the Entire Family
What you need from your living quarters may be the key aspect in determining if you should rent an apartment or buy a house in Indianapolis. The average house square footage in the US is continually growing, meaning more room for a home gym or an extra bathroom. A home will likely have a yard for kids and pets to roam free and play in.
You can discover apartments in assorted layouts and floorplans. For your unit, you can have anything from a 1-bedroom to a townhouse, but they all come in static layouts. Your apartment should have have walking routes and a dog park, and other families living on the other side of the wall. Of course, most homes don’t come with amenities like a fully equipped workout room or swimming pool.
All the Bells and Whistles
While the choices that come owning a house is liberating, it does come at a cost. In the off chance that a pipe burst or air conditioner break, it is on you or someone you call in to do the repairs. In a complex, there is a trained maintenance staff that is always just a call away. Not only is having a maintenance specialist on-call handy, but it may also save you some big money. Repair expenses are a part of your renting costs, while any repairs on a home come directly from your savings.
Freedom and Flexibility for Your Lifestyle
Your job and lifestyle can be determining factors in choosing to buy a house or rent an apartment in Indianapolis. Selling a house can be a lengthy, stressful process. If you work a job that calls for you to relocate regularly, taking on the selling process could be more taxing than it is worth. Renting an apartment is a more simple process that doesn’t require any real estate agents or banks - only the apartment staff and you.