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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 21st century, traditional financial wisdom in regards to acquiring property or renting an apartment in Indianapolis has turned on its head. Owning a home gives for a point of pride and belonging that you cannot get from renting, but it could also be an origin point for frustration and steep costs. Renting may have some added rules, but also provides for flexibility and fixed expenditures home ownership cannot. Here are a handful of notes to know before deciding to acquire a house or rent an apartment in Indianapolis.
 
Apartment building in Indianapolis

Money is King

Costs, both in-advance and continuing, can vary greatly between renting an apartment and buying a house. The home buying transaction is rife with charges that traditionally have to be given upfront - not including the down payment. There are home appraisal and inspections, earnest money, first-year insurance costs, and other small charges - all before your monthly bills even begin. That’s not even including the added price tag for maintenance and any renovations you may want.

Renting has a considerably smaller limit for entry. Normal renting upfront costs include a security deposit, first month’s rent, and other various deposits or fees. While some say that money used on renting is wasted, money spent on a location to live is never a loss.

Living room in Indianapolis apartment

Room for Yourself and the Entire Family 

What you require from your living quarters may be the key aspect in choosing if you should buy a house or rent an apartment in Indianapolis. The typical house floor size in North America is continually growing, meaning more space for bedrooms or an extra bathroom. A house could have grass for kids and pets to run free and play in.

You can discover apartments in various layouts and floorplans. Inside, you can have anything from a 1-bedroom to a 3-bedroom, but the apartments all come in predefined layouts. Your apartment will likely have walking paths and a dog park, and neighbors living on the other side of the wall. Of course, most houses don’t come with amenities like a decked out gym or swimming pool

Repair in Indianapolis apartment

Maintenance Woes

While the versatility that comes owning a house is liberating, it does come with a few strings attached. Should a pipe burst or furnace break, it is up to you or someone you hire to make the repairs. In an apartment, there are maintenance professionals that is always on stand-by. Not only is having a maintenance team on-call handy, but it will likely also save you some serious replacement fees. Repair costs are included in your renting costs, while any fixes on a home come directly from your savings.

Freedom and Flexibility for Your Way Of Living

Your job and lifestyle can be massive factors in whether to buy a house or rent an apartment in Indianapolis. Selling a house can be a lengthy, stressful process. If you work in a position that demands you to relocate frequently, taking on the selling process may be more trouble than it is worth. Renting an apartment is a more streamlined process that doesn’t require any real estate agents or mortgages - 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 City's End - Fountain Square Apartments. We have roomy floorplans, attentive staff, and excellent amenities. Simply call 317-218-1626 or click the “schedule a tour button” to discover your new apartment.