Should I Buy A House Or Rent An Apartment In Indianapolis?
Money is Key
Costs, both in-advance and ongoing, can fluctuate considerably between buying a house and renting an apartment. The property buying process is overflowing with expenses that traditionally have to be collected upfront - in addition to the down payment. There is first-year insurance fees, earnest money, house appraisals and inspections, and other various fees - all before your ongoing bills even start. Not to mention the supplementary price tag for maintenance and any restorations you may desire.
Renting has a noticeably shorter barrier for entry. Typical renting upfront costs include a security deposit, that month’s rent, and other assorted deposits or fees. While some say that money paid for renting is wasted, money spent on a location to live is never a waste.
Areas for Yourself and the Entire Family
What you require out of your living space may be the determining aspect in deciding if you should rent an apartment or buy a house in Indianapolis. The typical house size in the US is continually growing, meaning more space for a home gym or a nursery. A home will likely have a yard for kids and pets to move freely and play in.
You can locate apartments in numerous layouts and floorplans. Inside, you can have anything from a 1-bedroom to a 3-bedroom, but the units all come in static layouts. Your apartment should have have walking routes and a dog park, and neighbors living right next to you. Of course, most homes don’t come with amenities like a fully equipped workout room or swimming pool.
Maintenance Woes
While the freedom that comes with possessing a home is liberating, it does come at a cost. Should a pipe burst or furnace break, it is up to you or a professional you employ to make the repairs. In a rental, there is a trained maintenance staff that is available 24/7. Not only is having a maintenance specialist on-call convenient, but it can also save you some sizable money. Repair expenses are factored into your renting fees, while any fixes on a house come directly out of pocket.
Flexibility for Your Way Of Living
Your career and lifestyle can be massive factors in choosing to buy a house or rent an apartment in Indianapolis. Selling a house can be a arduous, stressful process. If you work a job that demands you to relocate frequently, undertaking the selling procedure will likely be more taxing than it is worth. Renting an apartment is a more simplified process that doesn’t involve real estate agents or money lending - simply the apartment staff and you.