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

January 20, 2021

Exterior of apartment in Indianapolis

During the 21st century, conventional financial wisdom in relation to purchasing property or renting an apartment in Indianapolis has been spun on its head. Obtaining property allows for a source of pride and connectedness that you cannot obtain from renting, but it can also be an origin point for frustration and serious costs. Renting may bring some restrictions, but also provides for adaptability and financial savings home ownership doesn’t. Here are a couple notes to think about before deciding to purchase a house or rent an apartment in Indianapolis.
 
Apartment building in Indianapolis

Money is King

Costs, both initial expense and ongoing, can fluctuate considerably between renting an apartment and buying a house. The home buying procedure is overflowing with expenses that typically have to be paid upfront - in addition to your down payment. There is earnest money, property appraisal and inspections, first-year insurance fees, and other various charges - all before your utility bills even kick in. Not to mention the supplementary costs of upkeep and any restorations you may desire.

Renting has a noticeably smaller barrier for entry. Standard renting upfront fees include a security deposit, first month’s rent, and other various deposits or payments. While some say that money spent on renting is gone forever, money spent on a place to stay is never a loss.

Living room in Indianapolis apartment

Room for Yourself and the Entire Family 

What you want from your living quarters may be the determining consideration in determining if you should buy a house or rent an apartment in Indianapolis. The average house square footage in the United States is continually growing, meaning more room for a home gym or a nursery. A home may have a backyard for kids and pets to move freely and play in.

You can find 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 predefined layouts. Your apartment should have have walking routes and a dog park, and residents living right next to you. Of course, most houses don’t come with amenities like a fully equipped gym or swimming pool

Repair in Indianapolis apartment

Maintenance Woes

While the versatility that comes possessing a house is remarkable, it does come at a cost. In the off chance that a pipe burst or air conditioner break, it is up to you or a professional you hire to make 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 useful, but it may also save you some serious replacement fees. Repair fees are factored into your renting bill, while any replacements on a house come directly from your bank account.

Freedom and Flexibility for Your Lifestyle

Your profession and lifestyle can be determining factors in whether to rent an apartment or buy a house in Indianapolis. Selling a house can be a arduous, drawn-out process. If you work in a position that demands you to relocate frequently, taking on the selling procedure 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 mortgages - only the apartment staff and you.

Ready To Start Seeking For Your Perfect Apartment Space?

When you’re ready for an apartment in Indianapolis, your first choice should be The Edge Apartment Living. We have spacious floorplans, helpful staff, and excellent amenities. Simply call 463-345-4399 or click the “schedule a tour button” to find your new home.