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

In the past decade, traditional wisdom in relation to purchasing property or renting an apartment in Indianapolis has been spun upside down. Owning a home allows for a cause of pride and belonging that you cannot derive from renting, but it can also be an origin point for frustration and steep costs. Renting may have some restrictions, but also provides 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.

Apartment building 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 charges that normally have to be paid upfront - in addition to the down payment. There is first-year insurance bills, earnest money, home 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 considerably shorter barrier for entry. Typical renting upfront fees include a security deposit, that month’s rent, and other assorted deposits or fees. While some say that money used on renting is wasted, money spent on a space to live is never a waste.

Living room in Indianapolis apartment
Living Room at The Legacy Apartments

Areas for Yourself and the Entire Family 

What you want 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 standard house size in the US is continually growing, meaning more space for a home gym or a nursery. A home may have a yard for kids and pets to roam free and play in.

You can discover apartments in numerous layouts and floorplans. Inside, you can have anything from a 1-bedroom to a 3-bedroom, but the apartments 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 decked out workout room or swimming pool.

Repair in Indianapolis apartment

Maintenance Woes

While the freedom that comes with possessing a home is remarkable, it does come at a cost. Should a pipe burst or furnace break, it is up to you or a handyman you employ to make the repairs. In a complex, there is a trained maintenance staff that is available 24/7. Not only is having a maintenance professional on-call useful, but it can also save you some big money. Repair fees are factored into your renting fees, while any fixes on a house come directly out of pocket.

Freedom and Flexibility for Your Way Of Living

Your career 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 routinely, undertaking the selling procedure could be more taxing than it is worth. Renting an apartment is a more simple process that doesn’t involve real estate agents or money lending - only the apartment staff and you.

Ready To Begin Finding For Your Dream Apartment Space?

When you want an apartment in Indianapolis, your first choice should be The Waverley Apartments. We have spacious floorplans, courteous staff, and excellent amenities. Simply call 317-800-7017 or click the “schedule a tour button” to find your new apartment.
The Waverley Apartments
140 Pope St. , Suite 1
IndianapolisIndiana 46202
Phone: 317-800-7017
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Office Hours
  • Monday  9:00 - 6:00
  • Tuesday  9:00 - 6:00
  • Wednesday  9:00 - 6:00
  • Thursday  9:00 - 6:00
  • Friday  9:00 - 6:00
  • Saturday  10:00 - 5:00
  • Sunday  CLOSED
Apartments Close to Indianapolis, IN
J.C. Hart is an equal housing opportunity provider.
The Waverley Apartments
The Waverley Apartments is a luxury apartment community located at S East St. and E Georgia St. in Indianapolis. by the J.C. Hart Company, The Waverley is committed to helping our Residents feel at home. We offer various floor plans and amenities to fit any lifestyle, and our Residents love living near downtown Indianapolis.
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