Should I Buy a House Or Rent an Apartment In Indianapolis?

During the past several years, conventional financial wisdom in relation to buying a house or renting an apartment in Indianapolis has flipped on its head. Owning a house allows for a point of pride and connectivity that you cannot get from renting, but it may also be a cause of difficulty and big costs. Renting may bring some restrictions, but also provides for flexibility and financial savings home ownership doesn’t. Here are a few points to think about before deciding to acquire a house or rent an apartment in Indianapolis.

Money is Key

Costs, both upfront and continuing, can differ considerably between renting an apartment and buying a house. The property buying procedure is teeming with costs and fees that traditionally have to be collected upfront - not including the down payment. There is earnest money, house appraisal and inspections, first-year insurance bills, and other assorted charges - all before your ongoing bills even kick in. That’s not even including the supplementary prices of maintenance and any renovations you may want.

Renting has a considerably smaller barrier for entry. Typical renting upfront costs include a security deposit, first month’s rent, and other various deposits or fees. While some say that money spent on renting is wasted, money paid on a space to stay is never a loss.

Room for Yourself and the Entire Family 

What you need from your living quarters may be the critical aspect in determining if you should rent an apartment or buy a house in Indianapolis. The average house floor size in the US is continually growing, meaning more room for an office or an extra bathroom. A home may have a yard for kids and pets to move freely 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 fixed layouts. Your apartment should have have walking paths and a dog park, and other families living right next to you. Of course, most properties don’t come with amenities like a decked out workout room or swimming pool.

All the Bells and Whistles

While the versatility that comes owning a house is remarkable, it does come at a cost. In the event 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 sizable money. Repair expenses are a part of your renting bill, while any repairs on a home come directly from your savings.

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 demands you to relocate regularly, undergoing the selling process will likely be more taxing than it is worth. Renting an apartment is a more simplified process that doesn’t require any real estate agents or banks - only the apartment staff and you.

Ready To Start Looking For Your Perfect Apartment Space?

When you need an apartment in Indianapolis, your first choice should be Riverview Apartments. We have roomy floorplans, courteous staff, and sublime amenities. Simply call (317) 751-4053 or click the “schedule a tour button” to discover your new home.