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

January 20, 2021

Exterior of apartment in Indianapolis

During the past decade, conventional financial wisdom in respect 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 could also be a cause of difficulty and steep costs. Renting may come with some restrictions, but also creates room for flexibility and financial savings home ownership doesn’t. Here are a few points to think about ahead of deciding to purchase a house or rent an apartment in Indianapolis.
 
Apartment building 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.

Living room in Indianapolis apartment

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

Repair in Indianapolis apartment

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.

Ready To Start Looking For Your Perfect Apartment Space?

When you’re ready for an apartment in Indianapolis, your first choice should be Riverview Apartments. We have roomy floorplans, attentive staff, and sublime amenities. Simply call (317) 751-4053 or click the “schedule a tour button” to discover your perfect living space.