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

During the past decade, common fiscal wisdom in respect to purchasing a home or renting an apartment in Indianapolis has turned on its head. Buying a house gives for a source of pride and connectedness that you cannot get from renting, but it can also be a cause of difficulty and big costs. Renting may come with some restrictions, but also creates room for flexibility and financial savings home ownership doesn’t. Here are a handful of things to think about ahead of deciding to buy a house or rent an apartment in Indianapolis.

Apartment building in Indianapolis

Money is King

Costs, both in-advance and continuing, can fluctuate greatly between buying a house and renting an apartment. The house buying transaction is rife with costs and fees that typically have to be given upfront - not including the down payment. There is first-year insurance fees, earnest money, house appraisals and inspections, and other various charges - all before your utility bills even start. That’s not even including the added costs of maintenance and any renovations you may need.

Renting has a much lower limit for entry. Typical renting upfront expenses include a security deposit, first month’s rent, and other assorted deposits or payments. While some say that money spent on renting is gone forever, money paid on a space to stay is never a loss.

Living room in Indianapolis apartment
Living Room at The Legacy Apartments

Areas for You 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 average house size in the United States is trending upward, meaning more space for a home gym or an extra bathroom. A house could have a backyard for kids and pets to run free and play in.

You can find apartments in various layouts and floorplans. Inside, you can find anything from a 1-bedroom to a 3-bedroom, but the units all come in fixed layouts. Your apartment should have have walking trails and a dog park, and neighbors living on the other side of the wall. Of course, most properties don’t come with amenities like a stocked gym or swimming pool.

Repair in Indianapolis apartment

Maintenance Woes

While the choices that come possessing a home is liberating, it does come with a price. In the event that a pipe burst or furnace break, it is up to you or someone you call in to make the repairs. In a complex, there are maintenance professionals that is available 24/7. Not only is having a maintenance professional on-call convenient, but it will likely also save you some sizable replacement fees. Repair expenses are included in your renting costs, while any fixes on a home come directly from your bank account.

Freedom for Your Lifestyle

Your profession and lifestyle can be large factors in whether to rent an apartment or buy a house in Indianapolis. Selling a house can be a long, drawn-out process. If you work a job that calls for you to relocate routinely, undertaking the selling procedure could be more stressful than it is worth. Renting an apartment is a more streamlined process that doesn’t require any real estate agents or banks - just the apartment staff and you.

Ready To Start Finding For Your Ideal Apartment Space?

When you want an apartment in Indianapolis, your first choice should be Linden Square Village Apartments. We have luxurious floorplans, attentive staff, and excellent amenities. Simply call 317-333-6914 or click the “schedule a tour button” to find your perfect living space.
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