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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 past decade, traditional wisdom in relation to acquiring property or renting an apartment in Indianapolis has been spun on its head. Buying a house provides for a source of pride and connectivity 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 provides for flexibility and financial savings home ownership doesn’t. Here are a couple things to think about before deciding to buy a house or rent an apartment in Indianapolis.
 
Apartment building in Indianapolis

Money is Central

Costs, both upfront and continuing, can differ wildly between buying a house and renting an apartment. The house buying procedure is rife with costs and fees that typically have to be given upfront - not including the down payment. There is earnest money, property appraisal and inspections, first-year insurance bills, and other various bills - all before your monthly 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. Standard renting upfront expenses include a security deposit, initial month’s rent, and other assorted deposits or payments. While some say that money spent on renting is gone forever, money used on a space to stay is never a loss.

Living room in Indianapolis apartment

Room for You and the Entire Family 

What you want from your living quarters may be the key aspect in determining 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 an office 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 homes don’t come with amenities like a stocked gym or swimming pool

Repair in Indianapolis apartment

Maintenance Woes

While the choices that come having a home is liberating, it does come with a price. In the off chance that a pipe burst or air conditioner break, it is up to you or someone you employ to make the repairs. In a rental, there are maintenance professionals that is available 24/7. Not only is having a maintenance specialist on-call convenient, but it may also save you some big replacement fees. Repair fees are a part of your renting bill, while any replacements on a home come directly from your bank account.

Freedom for Your Lifestyle

Your job 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 demands you to relocate routinely, undertaking the selling procedure will likely 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 Seeking For Your Ideal Apartment Space?

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